Carol Handlan chandlan@pheaa.org 717.514.9038
FAFSA Tips • 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!
Documents Needed to Complete the FAFSA • 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.
FSA ID • 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
Mistakes with 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.
FAFSA.gov Click here for Click here saved for initial applications, FAFSA corrections or renewal FAFSA
Login Review Help and Where you Hints see the sections student to answer bar, only questions enter student information
Enter FSA ID
Select the correct FAFSA year
Save Key Can be anything – just so you can get back into the application 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
Student Eligibility • Male students get the selective service question; • Answer “yes” to the work-study question; • Have you received FSA? (most freshman will answer “no”)
Must list and confirm your high school
Postsecondary School Selection • List up to 10 schools • List the school you’re most likely to attend first • Enter school code or look them up
Postsecondary school selection Click and add them to your list
Housing Selection Can change the order (remember to list the school most likely to attend first) Select Housing Status
Dependency All “no” answers = dependent student “Yes” answers = additional questions to determine independent status
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
Parent Demographics Marital status (stepparent info is required) Note: Parent’s last Determine names must household size match SSN and number in college
Financial Information Bar changes to Parent – only answer information for the parent here 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
Financial Information • 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 on the untaxed income button to see what counts
Student 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 Info Students list their cash, savings and investment values as of the date they file the FAFSA
Sign and Submit Student 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 Parent Select which parent has the FSA ID Agree to the statement Type in their FSA ID Click “Sign” Click “Submit My FAFSA Now”
Confirmation Print this page for your records If more than one student in postsecondary at same time, parent can use link to transfer data
State Grant Form Click on “Start Your State Application” to complete the SGF First-time filers only
Print & Mail
What Happens Next Student receives an email from FSA
What Happens Next Student can check state grant status on their Account Access at PHEAA.org
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 of 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 on 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?
How to Cover Unmet Need • 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
Keeping Debt at a Minimum • 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!!
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
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