chandlan@pheaa.org 717.514.9038 FAFSA Tips Dont mix answers for - - PowerPoint PPT Presentation

Carol Handlan chandlan@pheaa.org 717.514.9038

• Don’t mix answers for student and parent information
• Ensure SSN accuracy
• Gender question is optional – answer it!
• Have federal income tax and other related information as references
• If you have yet to file your federal income taxes, you can estimate income

information and update/correct later with the IRS Data Retrieval Tool

• Remember to complete the PA State Grant form from the confirmation

page

• Don’t delay – know your school deadlines and try to meet them!

FAFSA Tips

• Applicants may need the following items:

» Social security numbers » Drivers license (student only; this information is optional) » Federal income tax returns (1040, 1040A or 1040EZ) » W-2 forms from all employers » Current bank statements (checking and savings) » Current business and farm records » Records of any stocks, bonds and other investments, including 529 accounts » Additional untaxed income tax records may be needed such as: Veteran’s non educational benefits, child support paid/received and workers compensation. » Alien registration or permanent resident card (if not a US citizen)

» **These are also listed on the FAFSA Tipsheet and in the FAFSA Reference Guide.

Documents Needed to Complete the FAFSA

• Get your FSA ID PRIOR to sitting down to

complete the FAFSA

• Sign the FAFSA Electronically
• The student and 1 parent will need an

FSA ID

• Do NOT lose it; write it down and store in a

safe place (write down the challenge question answers, too)

• Do NOT share it with anyone
• You will need your FSA ID every year you

file a FAFSA and to log in to sign loan paperwork

FSA ID

The major issue is that it seems like a lot of people are confused about the nature of the ID:

• -- They don't understand that things are case sensitive.
• -- They didn't write down their user name and/or password.
• -- They try to enter the parent ID to start the FAFSA.
• -- They try to enter the student ID for the parent signature.
• -- They entered their info on the FSA ID site, but then they expected to

receive an assigned number that would be their "code". As a result, they try to enter the six-digit code they received when verifying their e-mail address as their FSA ID username and/or password.

• -- They write down absolutely everything that occurs during the FSA ID

sign-up process for parent and student (usernames, passwords, 6-digit codes, challenge questions, etc.) all in a jumble on one piece of paper, and then they can't remember which items apply to which ID.

Mistakes with FSA ID

FAFSA.gov

Click here for initial FAFSA Click here for saved applications, corrections or renewal FAFSA

Where you see the student bar, only enter student information

Login

Review Help and Hints sections to answer questions

Enter FSA ID

Select the correct FAFSA year

Can be anything – just so you can get back into the application

Save Key

i.e. the family dog’s name, your favorite color, etc.:

More Help Information

Student Demographics

Use the previous and next buttons within the application

• Male students get

the selective service question;

• Answer “yes” to

the work-study question;

• Have you

received FSA? (most freshman will answer “no”)

Student Eligibility

Must list and confirm your high school

• List up to 10

schools

• List the school

you’re most likely to attend first

• Enter school code
• r look them up

Postsecondary School Selection

Click and add them to your list Postsecondary school selection

Housing Selection

Can change the order (remember to list the school most likely to attend first) Select Housing Status

All “no” answers = dependent student “Yes” answers = additional questions to determine independent status

Dependency

FAFSA Tips

Dependent students must provide parent data Note: If unable to provide parent data, it will be a special circumstance that will be up to the school and PHEAA to determine status

Marital status (stepparent info is required) Determine household size and number in college

Parent Demographics

Note: Parent’s last names must match SSN

Bar changes to Parent – only answer information for the parent here

Financial Information

Can answer “will file” and estimate tax information “Have filed” opens up the IRS Data Retrieval window

Click OK to go to IRS site, then click OK again

If you estimate initially, you can go back and submit a correction by changing your “will file” answer to “have filed” and then complete this process.

These fields are pre-filled based on FAFSA responses Complete the address information as it appears on your tax return

Click “Transfer Now”

It will tell you it’s been successful List parent(s) income from work (2015) Dislocated worker means laid off or unemployed

• Credits

» Education credits » Child support paid

• Untaxed income

» (payments to tax- deferred pensions listed on W-2 forms, box 12) » Child support received

Financial Information

Other untaxed income not reported elsewhere – click

• n the untaxed

income button to see what counts

Financial Information

Bar switches back to student Use IRS DRT or you can estimate information If student did not file or wasn’t required to file, answer appropriately (you would still report any income earned or untaxed income paid to the student)

Student Financial Information

Students list their cash, savings and investment values as of the date they file the FAFSA

Student Info

You are not a preparer (that is if you paid someone to do this for you) Agree to the statement and click “Sign”

Sign and Submit Student

Select which parent has the FSA ID Agree to the statement Type in their FSA ID Click “Sign” Click “Submit My FAFSA Now”

Sign and Submit Parent

Print this page for your records If more than

• ne student in

postsecondary at same time, parent can use link to transfer data

Confirmation

Click on “Start Your State Application” to complete the SGF First-time filers only

State Grant Form

Print & Mail

Student receives an email from FSA What Happens Next

Student can check state grant status

• n their

Account Access at PHEAA.org What Happens Next

Things to Remember

• Get your FSA IDs PRIOR to completing the FAFSA (FAFSA.gov or

FSAID.ed.gov)

• File your 2016-17 FAFSA at FAFSA.gov
• Estimate and correct using the IRS DRT or use the IRS DRT if you have already filed
• Complete your FAFSA and State Grant Form at the same time
• Meet your school’s priority filing DEADLINES
• State Grant Deadline is May 1, 2016
• School Deadlines may be earlier!
• Research costs: mysmartborrowing.org

Award Package/Letter

Schools/colleges receive financial aid information and calculate financial need - Cost less EFC

• Financial Aid Office (FAO) “packages”

student based on financial need and available funding (varies from school to school)

• Financial aid award letter sent to student

Financial Aid Award Letter

• Official notification from school about financial

aid, terms and conditions

• Lists the type and amount of each award to be

received

• Describes what must be done to accept or

reject any award

• Discloses students rights, responsibilities and

academic requirements

Financial Need

• Your financial aid package may not meet all of

your calculated financial need.

• Be sure to determine how much will be required
• f you in out-of-pocket costs and loans.

Reviewing the Financial Aid Package

• After reviewing their packages, students should be sure

they know and understand the following:

» How much of the financial aid is free money? » Which awards are based on need, and which are based

• n merit?

» Are there any conditions on the free money; in particular, is there a GPA requirement? » Will awards change from year to year? » Will institutional awards increase as tuition increases? » Will loans be needed? If so, how much?

• Savings – Family
• 529 Plans – Family
• Scholarships – Various Sources
• Grants – Federal and State
• Tuition Payment Plans – School
• Federal Student Loans – Department of Education
• Institutional Loans – School
• Private Education Loans – Bank
• Home Equity Loans – Bank

How to Cover Unmet Need

• Estimate your full cost of school
• Borrow only what you need
• Research your earning potential
• Don’t borrow more to get your education than you believe you

can earn your first year in the workforce

• Think long-term
• Keep a healthy mindset about debt
• Finish on time!!

Keeping Debt at a Minimum

Resources for filing the FAFSA and SGF

• PHEAA – 800-692-7392
• Federal Student Aid – 800-433-3243 (800-4-FED-AID)

Carol Handlan Higher Education Access Partner chandlan@pheaa.org 717.514.9038

QUESTIONS?