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FAFSA Completion Presentation - 2009
 

FAFSA Completion Presentation - 2009

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    FAFSA Completion Presentation - 2009 FAFSA Completion Presentation - 2009 Presentation Transcript

    • Free Application for Federal Student Aid- FAFSA July 1, 2009- June 30, 2010 Please turn off your cell phones! Thank you.
    • What is a FAFSA? The “vehicle” which gets your information to the Federal Processor and other awarding agencies. One FAFSA with results electronically distributed to multiple recipients. (If you have more than one student in college, each must file his/her own FAFSA.)
      • The FAFSA is your application for:
      • Federal financial assistance, including student loans
      • Need-based assistance from the State of Illinois
      • Most college financial assistance
    • FAFSA Online
        • Faster!
        • More accurate!
        • E-mail confirmation!
      2009-2010
    •  
    • 2009 - 2010
    •  
    • Your Social Security Number means Student! You will need your password to access your saved information (different than your PIN). If you forget the password you’ll be unable to access your data!
    • Student’s Last Name: (Q1) Student’s Social Security number: (Q8) Driver’s license number (Q11): Optional Citizenship (Q14): If not citizen or permanent resident, see a Bradley representative. Section 1 – Student Information (Worksheet begins here)
    • Enter the date you become a legal resident of your state if after 01/2004 (Q20): Doesn’t matter for Illinois residency. Six months in state qualifies. Your state of legal residence (18):
    • Male students must register with the Selective Service System to get federal financial aid. If the applicant is 18 and HAS NOT registered with Selective Service, by indicating “Register Me” in question 22, the student will be registered. Have you ever received federal aid? If not skip question 23, otherwise, does applicant have a drug-related conviction? (Q23) Federal regulations preclude eligibility for assistance if the conviction occurred when receiving federal aid. The answer is “No”.
    • Level of parents’ educational attainment? (Q24 & Q25) This is optional. Your answer has no effect on any eligibility. Regardless of student’s long-term aspirations— they are seeking a 1st bachelor’s. What degree or certificate will you be working on during the 2009-2010 academic year? (Q29)
    • Answering “yes” does not obligate the student to a loan. Neither does it guarantee a job. At the start of the 2009-2010 school year, what do you expect your enrollment status to be? (Q30) Do you want consideration for loans or student employment? (Q31) Although credit hour loads will vary from semester to semester, “full-time” is always the correct status to indicate.
    • Section 2 – Student Dependency Status If you answer “ Yes” to any of these 13 questions, See a Bradley Representative.
    •  
    •  
    • What is parents’ marital status as of today? (Q61) Month and year of parents’ marital status. (Q62) Step 4 – Parent Information
      • When parents are divorced, separated, who completes the parent section?
      • Use the information of parent (and step-parent) with whom the student lived in 2008.
      • If period of residency is equal or indeterminate, use information of parent who provided the greatest support.
      • If “supporting” parent is remarried, you must include the information of his/her spouse.
    •  
    • Parent names must match exactly with SSA records!
    • What is parents’ state of legal residence? (Q72) Give month and year legal residency began for the parent (s) if after 01/2004. (Q74) What income tax return did parents file for 2008? (Q83) If your parents filed a 1040, could they have used a 1040A or EZ? (Q84) In 2007 or 2008 did anyone in the household receive SSI, food stamps, school lunch benefits, TANF, WIC? (Q77-Q81) It doesn’t matter for Illinois residency. Six months in state qualifies.
    • What was parents Adjusted Gross Income for 2008? (Q86) How much did parents pay in federal income tax for 2008? (Q87) How much did father/stepfather earn from working in 2008? (Q89) How much did mother/stepmother earning from working in 2008? (Q90) Generally this comes directly from your W2s. This is your tax liability not your withholdings. Parents’ number of exemptions for 2008? (Q88) Is either parent a federally-defined dislocated worker? (Q85)
    • How many of those listed above will be in college at least ½ time between July 1, 2009 and June 30, 2010? (Q76) Do not include anyone who meets the federal definition of “independent”. How many people will be living in the parents’ household between July 1, 2009 and June 30, 2010? (Q75)
    • Parents’ Additional Financial Information (Q94) See the last page of the handout. Mostly self-explanatory. Note in “b” that this refers to child support being paid out—not child support received.
      • Parents’ 2008 Untaxed Income (Q95)
      • Pay particular attention to “a”. Most families will report a value.
      • In “c” report child support received for the entire household.
      • In “e” be careful not to report roll-overs.
    • What is the balance in parents’ cash, savings, checking accounts (Q91) What is the net value of parents’ investment and real estate? (Q92) What is the value of parents’ business and/or investment farms? (Q93)
      • General Rules About Parent Assets:
      • Report Market Value as of FAFSA filing date. Not calendar year or fiscal year date.
          • Asset value is reported as net of debt related directly to the asset.
          • Ownership of an asset is determined by Social Security Number.
          • 529s owned by students are reported as parent assets.
    • What income tax return did you file for 2008? (Q34) If you filed a 1040, could you have used a 1040A or EZ? (Q35) What was your Adjusted Gross Income for 2008? (Q36) How much did student earn from working in 2008? (Q39) Generally veteran’s benefits questions (Q45) do not apply to new freshmen. Section 4 – Student Finances
    • How much did student pay in federal income tax in 2008? (Q37) Enter the number of exemptions on student’s tax return? (Q38) Generally, students (and particularly new students) will not have anything to report on questions 46 & 47. Typically, you will enter all zeros. See the last page on the handout. Skip the remaining questions on this page —96 to 103.
    • What is the balance in student’s cash, savings, checking accounts? (Q41) What is the net value of student’s investment and real estate? (Q42) What is the value of student’s business and/or investment farms? (Q43)
      • General Rules About Student Assets:
      • Report Market Value as of FAFSA filing date. Not calendar year or fiscal year date.
          • Asset value is reported as net of debt related directly to the asset.
          • Ownership of an asset is determined by Social Security Number.
    • Bradley’s Code: 001641 School code 104.a.
    • School code 104.a.
    • School code 104.b.
    •  
    •  
      • Confirmation
      • Tracking instructions
      • Estimated Expected Family Contribution (EFC)
          • The EFC is used to determine federal aid eligibility
          • It is used as a basis for state grant determination
          • Colleges use it to determine eligibility for some aid programs
          • It’s NOT the amount families will actually contribute, rather it’s an index for determining aid eligibility!
      Upon submission, you’ll receive :
    • Let’s do the numbers…..
    • Federal Methodology- Parent Income 2008 Taxable and Non-taxable Incomes Less: Federal, State Income Taxes Paid Social Security Tax Household Expenses Allowance Equals: “ Discretionary” income….in theory, what you have to spend on whatever… like college!
    • Federal Methodology- Parent Assets Net Value of Business/Farm Cash, savings, checking Times: Net Value of Investments Add: Subtract: “ Rainy Day” Allowance (Approximately $48K) Conversion Factor of 12% Equals: Expectation from Assets
    • Federal Methodology- Parent Contribution Add: Income and Asset Contributions Divide: Times: Conversion Factor of 22% to 47% By # of Students in College
    • Federal Methodology- Student Income Less: Federal, State Income Taxes Paid Social Security Tax Income Protection Allowance - $3,750 Times: Conversion Factor of 50% 2008 Taxable and Non-taxable Incomes
    • Federal Methodology- Student Assets Net Value of Business/Farm Cash, savings, checking Times: Net Value of Investments Add: Conversion Factor of 20% Equals: Expectation from Assets
    • Federal Methodology Parent Contribution Student Contribution from Income EFC Index Plus Plus Student Contribution from Assets Equals:
    •