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FAFSA Step-by-Step Slideshare
The document provides step-by-step instructions for completing the Free Application for Federal Student Aid (FAFSA). It outlines the information needed to fill out the application, such as social security numbers, tax documents, and bank statements for both the student and parents. The document also reviews the application process, available resources for assistance, and what happens after the application is submitted.
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FAFSA Step-by-Step Slideshare
- 1. MASSACHUSETTS EDUCATIONAL FINANCINGAUTHORITY THE FAFSA, STEP BY STEP January 2016
- 2. •Free Application forFederal Student Aid •Official website: FAFSA.gov •FREE form (NEVER pay to submit the FAFSA) •Required by all colleges/universities for federal & state aid •Complete and submit before the earliest college deadline (!!) –Likely Feb or March •Must be completed each year (one for every child) •Tip: If an answer is zero or the question does not apply, enter 0 •Note: you may have other financial aid applications required About the FAFSA
- 3. •Student and parentSocial Security Numbers •Student’s drivers license •Student and parent: –Most recent W-2 forms (or pay stub) –Most recent federal income tax return –Untaxed income records –Current bank statements –Current business and investment records Documents Needed to Complete the FAFSA
- 4. FAFSA Customer Service •Phone:1-800-4-Fed-Aid (433-3243) •Email Form: Located at StudentAidHelp.ed.gov •Chat: Located at StudentAidHelp.ed.gov •Hours: –Monday- Friday: 8 a.m. – 11 p.m. ET –Saturday & Sunday: 11 a.m. – 5 p.m. ET •Help icon at the top of each page leads to: –FAQs –Search (also available throughout the site) –Contact Information
- 5. Before You Begin:Get an FSA ID •Visit FSAID.ed.gov to get your FSA ID •What is it? A Username & Password •Needed to complete the FAFSA •Both the student and one parent will need one •Replaces the now-retired Federal PIN •FSA ID webinar recording on mefa.org/events 5
- 6. FAFSA on theWeb: FAFSA.gov Start here
- 7. Login Select this option to enterthe student’s FSA ID Select this option if you don’t yet have the student’s FSA ID
- 8. FSA ID Enter the FSAID email address or username, and then the password
- 9. Entering Student Information Ifnot entering the FSA ID, enter the student’s name, SSN, and date of birth.
- 10. Get Started Current high school seniors should completethe 2016-17 FAFSA If an FSA ID is not created, the FAFSA will include reminders to create one.
- 11. Save Key The SaveKey allows you to save your application and return to it later
- 12. Further Help andInstruction Select NEED HELP? for further instructions Help and Hints provide tips for each question Search for topics or key words
- 13. Introduction Page Use the section tabsto navigate within the FAFSA
- 14. Student Demographic Information Saveas you go View your answers anytime Use an email address that you check often
- 15. Student Eligibility The studentwill need to answer questions to determine if he or she is eligible for financial aid.
- 16. Who is Eligiblefor Federal Financial Aid? •U.S. citizens •Eligible non-citizens, including: • U.S. Nationals • Permanent Residents • Carriers of Arrival-Departure Records (I-94) • Holders (student or parent) of a T-visa • “Battered immigrant-qualified aliens” • Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, or the Republic of Palau. Citizenship status will be verified by: • The Social Security Administration (citizens) • The Department of Homeland Security (eligible non-citizens)
- 17. Further Eligibility Details •Males18 and older must register for Selective Service •Current high school students should select: –Never before attended college –Do not have a bachelor’s degree •Interested in work-study? Answering yes does not: – Obligate the student to work –Guarantee a job –Cause the student to lose grants and scholarships
- 18. Student Eligibility Continued Ifthe student indicates that he or she will earn a high school diploma before entering college, the student will have to list a high school
- 19. School Selection List upto 10 colleges/universities Wait 3 days for the FAFSA to be processed before adding additional schools Compare schools side by side
- 20. Housing Housing selection affectsthe college total cost and may affect financial aid Select intended plan for housing for each college
- 21. Dependency Determination Students will needto answer questions to determine if they are independent. Independent students do not have to report parent data The FAFSA automatically saves throughout
- 22. Providing Parent Data Most studentsare dependent, and do need to provide parent data
- 23. Parent Demographics Information Aworksheet is provided to help you determine household size
- 24. Who is Considereda Parent on the FAFSA? •Biological or adoptive parent(s), and certain step-parents •Include both parents if parents are married or are not married but live together •Married parents include same-sex couples •If separated but living together, select “Married” •In the case of divorce or separation, provide information only about the parent the student lived with more in the last 12 months, and the step- parent if that parent is remarried.
- 25. Included in theHousehold Size •Student •Parent(s) •Parents’ other dependent children, if parents provide more than half their support or the children are federally dependent •Other people who live with the parents, parents provide more than half of their support, and parents will continue to provide more than half their support from 7/1/15 through 6/30/16
- 26. College Students inthe Household •Always include the student in the number in college, even if he/she will attend college less than half time in 2016-2017 •Include other household members in the number in college only if they will attend at least half time in 2016-2017 in a program that leads to a college degree or certificate •Do not include the parents •Some financial aid offices will require proof that other family members are attending college
- 27. Parent Tax Information Parents: indicate yourplans to file your tax return
- 28. Option to Usethe IRS Data Retrieval Tool Individuals who have already completed their tax return will be given the option to use the IRS Data Retrieval Tool
- 29. What is theRS Data Retrieval Tool? •Provides ability to upload federal tax return data directly to the FAFSA •Available February 7th •2015 federal tax return must be submitted at least two weeks prior to the IRS •Individuals with certain types of tax returns cannot use the tool
- 30. Parent Financial Information •Use estimated figures if you haven’t yet filed 2015 taxes • Income earned from working means salary, self-employed income, and farm income
- 31. Parent Financial InformationContinued The figured needed for the income tax question is found on the federal income tax return (and is not the amount withheld from a paycheck)
- 32. Parent Assets ToBe Reported •Current balance of cash, savings, and checking accounts •Net value of investments to include: –Real estate –Rental properties –Money market and mutual funds –Stocks & bonds –529 college savings for all children (reported as a parent asset – not a student asset) •Net value of some businesses and investment farms Do not include the value of your primary residence, life insurance, retirement accounts, and small family businesses or farms
- 33. Student Tax Information •Thestudent will be asked the same income and asset questions as the parents •The student should report all income earned in 2015 even if he/she did not file taxes
- 34. Sign & Submit Onthe Sign & Submit page, both the student and one parent will need to use their FSA ID to electronically sign and submit the FAFSA
- 35. Confirmation Page The Expected Family Contribution (EFC) Opportunityto copy parent information into a FAFSA for another child Colleges who will receive the FAFSA data
- 36. Special Circumstances Contact theFinancial Aid Office if there are circumstances which affect your ability to pay for college such as: •Loss or reduction in parent/student income or assets •Death or serious illness •Natural disasters affecting parent income or assets •Medical or dental expenses not covered by insurance •Financial responsibility for elderly grandparents
- 37. What Happens AfterYou Apply •Colleges and your state receive FAFSA data electronically •You will receive a Student Aid Report (SAR) (electronically or by mail) in a few days •Colleges may request additional documentation or information, such as tax data, through a process called Verification. You must comply with these requests to receive financial aid. •Colleges send out financial aid award letters (March - April)
- 38. FAFSA Day Massachusetts Freeassistance completing the FAFSA •Over 30 locations across Massachusetts •Two main dates: –Sunday, January 31, 2016 at 1:00 p.m. –Sunday, February 21, 2016 at 1:00 p.m. •Additional dates and all locations listed at FAFSADay.org
- 39. •Provide assistance andclarity on: –Financial aid awards –College bill –Payment plans –College loans –What to ask the Financial Aid Office •Locations across MA in late March/April •Sign up for MEFA emails to receive details MEFA Paying the College Bill Seminars
- 40. Family Webinar Series •AnsweringYour FAFSA Questions • Tues, Feb 23, 2016 •Paying the College Bill • Tues, March 29, 2016 • Fri, May 13, 2016 •Comparing Loan Options • Thurs, June 2, 2016 • Tues, July 12, 2016 Register at mefa.org/ events All webinars are held at 12pm Other recorded webinars listed in the sidebar at mefa.org/events
- 41. Thank You Contact uswith questions! MEFA [email protected] (800) 449-MEFA (6332)