PRESENTER

USC
LANCASTER

USC Lancaster
Kenneth T. Cole
Director of Financial Aid














What is Financial Aid
Sources of Financial Aid
When to Apply
How to Apply
Scholarships
Filing t...


It is assistance in paying your Tuition, Fees,
Room, Board and other college expenses



It most likely will not pay y...


Federal Government (Grants & Loans)



State (Grants & Scholarships)



Institution (Grants, Scholarships & Loans)

...


Scholarships: October 2013



Federal Aid: Before March 2014



After that, limited funds may be gone


Institutional Scholarships:

◦ Contact the admissions office
◦ Contact the financial aid office
◦ Contact the departmen...








Common Requirements:
◦ 3.0+ GPA
◦ 1000+ SAT (Math+Verbal) or 22+ ACT
Applications:
◦ Essay
◦ Letters of Recomm...


When should I file?

◦ Starting January 1st
◦ You can estimate your tax information
(don’t have to wait)
◦ Before the e...


Must have a high school diploma or GED.



Must be enrolled or accepted for enrollment as a
regular student working to...


What will I need to file my FAFSA?

◦ Your Federal Taxes (2013) – Or an estimate
◦ Your Parents’ Federal Taxes (2013) –...
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Get Ready: Taxes, SSNs, Dates of Birth
Log on to www.fafsa.gov
Click on “Start 201...


You can use estimated tax information



Order a “Tax Return Transcript” from IRS.gov



The FAFSA is filed by the St...


Am I Independent?:
◦ Over 23 years old?
◦ Veteran or on Active Duty?
◦ Parents Deceased and not adopted?
◦ Married?
◦ C...
16
17
18
19
20
21
22
23
24




My grandparents/aunt/uncle/friend raised me but
did not adopt me, can I put their information on
the FAFSA?
◦ No, yo...
26
27
28


Do my parents’ need to File Taxes? Most likely
“Yes”, if…
◦ A single person’s income is more than $10,000
◦ A married c...
30
31
32
33
34
If you don’t
know what it
is, you
probably
don’t have it!
35
If you don’t
know what it
is, you
probably
don’t have it!
36
If you don’t
know what it
is, you
probably
don’t have it!

37
39




Do I need to File Taxes? Yes, if…
◦ your total income is more than $5700
◦ your unearned income more than $950
◦ you...
41
If your parents
claim you on
their taxes, do
not claim
yourself.
42
If you don’t
know what it
is, you
probably
don’t have it!

43
You may have
these starting
your 2nd year
of college
44
Only the student is asked
this question.
46
47
Be sure to hit the “Submit My FAFSA Now”
 follow ALL instructions.

49
50




What does the FAFSA tell me?
◦ It determines the Expected Family Contribution (EFC)
◦ It determines eligibility for ...


Update your Tax Info
◦ Do the “IRS Data Match” as soon as possible
◦ If you Amend your taxes, update your FAFSA
◦ You c...
What is Verification?



◦
◦
◦
◦

A review and correction of your application information
Applications are randomly selec...








The FAFSA is available to the college in 2-3 business
days.
It may take 2 weeks for the Financial Aid Offic...


Any circumstance that could change your eligibility for
financial aid
◦ Change in income
◦ Change in living expenses/ho...









A supplemental Financial Aid Application
Not required for Federal or State Aid
Used by many private colle...













October: Apply for Scholarships
November:
Schools begin admitting
January: Scholarships awarded
J...




You must reapply for financial aid each year by renewing
your FAFSA
If you change schools:
◦
◦
◦
◦



Add the Schoo...
Thank you for your
attention!

Contact Us!
USC Lancaster
Kenneth Cole
 BY MAIL:
PO Box 889
Lancaster, SC 29721
 BY PHONE...
Hs presentation 1415 part 1
Hs presentation 1415 part 1
Hs presentation 1415 part 1
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Hs presentation 1415 part 1

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  • Based on the answers to the questions on this page, the system will determine if the user is eligible to use the IRS Data Retrieval Tool. If they are eligible, the system will provide the option to link to the IRS.
  • Note: The IRS pages are the same for the student and parent. If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in this slide.
  • Note: The IRS pages are the same for the student and parent. If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in this slide.
  • Note: If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in this slide. This page is dynamic and the information that displays is variable, depending on whether parent data or student data is displayed. The data is also dynamic; the type of tax form that is filed will determine what type of tax information is displayed.
  • Note: This student’s parents are Auto Zero eligible and are from a state that allows the parents to skip questions. The final question on this page “Do you want to skip the remaining questions about your and your parents' (father’s) income and assets?” is displayed to the parents. In this case, the parents indicated that they do not want to skip the remaining financial questions. If they did choose to skip the remaining questions, the student/parents would be taken to the Sign & Submit page.
  • Note: This student’s parents are Auto Zero eligible and are from a state that allows the parents to skip questions. The final question on this page “Do you want to skip the remaining questions about your and your parents' (father’s) income and assets?” is displayed to the parents. In this case, the parents indicated that they do not want to skip the remaining financial questions. If they did choose to skip the remaining questions, the student/parents would be taken to the Sign & Submit page.
  • This slide displays the top half of the “Parent Finances 3” page. Note the “Transferred from the IRS” labels for the data was transferred from the IRS. The bottom half of the “Parent Finances 3” page is continued on the next slide.
  • This slide displays the top half of the “Parent Finances 3” page. Note the “Transferred from the IRS” labels for the data was transferred from the IRS. The bottom half of the “Parent Finances 3” page is continued on the next slide.
  • This slide displays the bottom half of the “Parent Finances 3” page. Again, note the “Transferred from the IRS” labels for the data was transferred from the IRS.
  • Based on the answers to the questions on this page, the system will determine if the user is eligible to use the IRS Data Retrieval Tool. If they are eligible, the system will provide the option to link to the IRS.
    Note: The IRS pages are the same for the student and parent. If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in slides 16-18.
  • This slide shows the messaging that displays when a user indicates they “Will File” their taxes.
    In addition, the income estimator is also displayed on this page.
  • The confirmation page includes links to transfer parental data into a new FAFSA for another student.
    In addition, some states allow users to transfer FAFSA information into their state’s aid application. The link is included on the confirmation page. The states that allow this transfer are:
    New York
    New Jersey
    Pennsylvania
    Vermont
    California
    Iowa
    Mississippi
    Minnesota
    Indiana
  • The confirmation page includes links to transfer parental data into a new FAFSA for another student.
    In addition, some states allow users to transfer FAFSA information into their state’s aid application. The link is included on the confirmation page. The states that allow this transfer are:
    New York
    New Jersey
    Pennsylvania
    Vermont
    California
    Iowa
    Mississippi
    Minnesota
    Indiana
  • Transcript of "Hs presentation 1415 part 1"

    1. 1. PRESENTER USC LANCASTER USC Lancaster Kenneth T. Cole Director of Financial Aid
    2. 2.              What is Financial Aid Sources of Financial Aid When to Apply How to Apply Scholarships Filing the FAFSA (FAFSA Walk-thru) What does the FAFSA tell us After the FAFSA Verification The Financial Aid Office Special Circumstances CSS Profile Important Dates
    3. 3.  It is assistance in paying your Tuition, Fees, Room, Board and other college expenses  It most likely will not pay your entire bill
    4. 4.  Federal Government (Grants & Loans)  State (Grants & Scholarships)  Institution (Grants, Scholarships & Loans)  Private Agencies (Grants, Scholarships & Loans)
    5. 5.  Scholarships: October 2013  Federal Aid: Before March 2014  After that, limited funds may be gone
    6. 6.  Institutional Scholarships: ◦ Contact the admissions office ◦ Contact the financial aid office ◦ Contact the department of your major  Private Agencies: ◦ Contact them directly ◦ Check with your High School Guidance Counselor ◦ Search on-line: fastweb.com schoolsoup.com  Federal and State Aid: ◦ FAFSA Free Application for Federal Student Aid ◦ www.fafsa.gov (not .com) ◦ Applying is FREE (there is no fee)
    7. 7.     Common Requirements: ◦ 3.0+ GPA ◦ 1000+ SAT (Math+Verbal) or 22+ ACT Applications: ◦ Essay ◦ Letters of Recommendation ◦ Hi-light your extracurricular activities ◦ Explain how your experiences will lead to your educational goals Search Engines: ◦ Fastweb.com ◦ Schoolsoup.com When to apply? ◦ Start: October-January of your Senior Year
    8. 8.  When should I file? ◦ Starting January 1st ◦ You can estimate your tax information (don’t have to wait) ◦ Before the end of March
    9. 9.  Must have a high school diploma or GED.  Must be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program.  Must be a US citizen or eligibile non-citizen.  Must have a valid Social Security Number.  Must be registered with the Selective Service, if required.  There are other eligibility criteria, but rarely an issue.
    10. 10.  What will I need to file my FAFSA? ◦ Your Federal Taxes (2013) – Or an estimate ◦ Your Parents’ Federal Taxes (2013) – Or an estimate ◦ Order Tax Return Transcripts from www.IRS.gov ◦ You can use the “IRS Data Retrieval” to download the tax information. To do so, the student and/or parent must wait at least 3 weeks after filing taxes. (starting Late February) ◦ Your PIN.     (Personal Identification Number) A 4 digit number chosen by you. Done within the FAFSA You will need your SSN, DOB, Full Correct Name and Address Must match the SSN Card. ◦ Your parents’ PIN.
    11. 11. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Get Ready: Taxes, SSNs, Dates of Birth Log on to www.fafsa.gov Click on “Start 2014-2015 FAFSA” Create a PIN for yourself Answer questions about yourself Choose schools to send FAFSA to Answer “Dependency Status” questions Answer questions about your parents Answer income information Create a PIN for your parents’ and sign Submit the FAFSA, and print Confirmation 3 weeks after taxes, IRS Data Retrieval
    12. 12.  You can use estimated tax information  Order a “Tax Return Transcript” from IRS.gov  The FAFSA is filed by the Student (not parent).  Make sure you have the correct SSN.  Use the IRS data-retrieval 2 weeks after filing  Make sure you sign it with a PIN  Make sure your parents sign it with a PIN  Check with the school 2 weeks later  After you have submitted the application, you can go back and make changes so long as you have your PIN.
    13. 13.  Am I Independent?: ◦ Over 23 years old? ◦ Veteran or on Active Duty? ◦ Parents Deceased and not adopted? ◦ Married? ◦ Children or other dependents for whom you –the student- provide 50% of their support? ◦ Foster youth, emancipated minor, in legal guardianship, or unaccompanied youth who are homeless. ◦ Note: Living on your own doesn’t qualify you as Independent (you will need your parents’ taxes)
    14. 14. 16
    15. 15. 17
    16. 16. 18
    17. 17. 19
    18. 18. 20
    19. 19. 21
    20. 20. 22
    21. 21. 23
    22. 22. 24
    23. 23.   My grandparents/aunt/uncle/friend raised me but did not adopt me, can I put their information on the FAFSA? ◦ No, you must have your parents info ◦ If you can not reach your parents, put zeroes in their section ◦ Ask for a “Dependency Override” from the school. I am in Legal Custody, do I put my Custodian’s information here? ◦ No, you should be Independent.  My parents are Divorced, whose information do I use? ◦ Custodial Parent and Step-Parent (if remarried)
    24. 24. 26
    25. 25. 27
    26. 26. 28
    27. 27.  Do my parents’ need to File Taxes? Most likely “Yes”, if… ◦ A single person’s income is more than $10,000 ◦ A married couple’s income is more than $20,000 ◦ their taxable unearned income more than $950 ◦ they’re untaxed Self employed income is more than $400
    28. 28. 30
    29. 29. 31
    30. 30. 32
    31. 31. 33
    32. 32. 34
    33. 33. If you don’t know what it is, you probably don’t have it! 35
    34. 34. If you don’t know what it is, you probably don’t have it! 36
    35. 35. If you don’t know what it is, you probably don’t have it! 37
    36. 36. 39
    37. 37.   Do I need to File Taxes? Yes, if… ◦ your total income is more than $5700 ◦ your unearned income more than $950 ◦ you’re Self employed earning more than $400 Can I, the student, work and still be eligible for Financial Aid? ◦ Yes, up to $3750 a year is ignored ◦ Anything over that reduces your eligibility
    38. 38. 41
    39. 39. If your parents claim you on their taxes, do not claim yourself. 42
    40. 40. If you don’t know what it is, you probably don’t have it! 43
    41. 41. You may have these starting your 2nd year of college 44
    42. 42. Only the student is asked this question.
    43. 43. 46
    44. 44. 47
    45. 45. Be sure to hit the “Submit My FAFSA Now”  follow ALL instructions. 
    46. 46. 49
    47. 47. 50
    48. 48.   What does the FAFSA tell me? ◦ It determines the Expected Family Contribution (EFC) ◦ It determines eligibility for Federal and State Grants ◦ It replaces a credit check for Federal Student Loans What is the EFC? ◦ What your family could contribute towards the total cost of living and paying for college  What is the “Cost of Attendance”? ◦ ◦ ◦ ◦  Estimate of ALL costs to attend college Usually based on 9 months living expenses Tuition, Fees, Books, Supplies, Room, Board, Transportation Other miscellaneous expenses How do you calculate the “Need”? ◦ Need Formula: COA-EFC = NEED ◦ Need limits “need based aid”  Grants  Subsidized Loans
    49. 49.  Update your Tax Info ◦ Do the “IRS Data Match” as soon as possible ◦ If you Amend your taxes, update your FAFSA ◦ You can’t use the IRS Data Match if you amended taxes  The FAFSA will be sent to the colleges you listed ◦ They will receive an electronic copy ◦ Check with the college 2 weeks later ◦ You may be selected for Verification  You will receive a Student Aid Report ◦ By e-mail (secure link) or by mail (paper form)  You may be selected for “Verification”
    50. 50. What is Verification?  ◦ ◦ ◦ ◦ A review and correction of your application information Applications are randomly selected The schools will notify you Each school will need to verify you What will you need to do?  ◦ ◦ Complete, sign and return the “Verification Worksheet”; Complete IRS data-retrieval (student and parent) OR provide a Federal IRS Tax Return Transcript ◦ The college may be require you to send copies of other forms: W-2s,1099-R, 1099-G, tax schedules, etc… ◦ You must do this promptlyorder a TAX RETURN TRANSCRIPT You may from the Internal Revenue Service online at www.irs.gov or by phone at 1-800-908-9946.
    51. 51.        The FAFSA is available to the college in 2-3 business days. It may take 2 weeks for the Financial Aid Office to process the application. They will notify you if you need to provide more information (ie verification) Once your application is complete with the college, they can award you financial aid. Every college has their own process, learn it! You may be required to set up an online account to access your information. If you have a “Special Circumstance” contact a Financial Aid Counselor at the college.
    52. 52.  Any circumstance that could change your eligibility for financial aid ◦ Change in income ◦ Change in living expenses/housing ◦ Change in dependency status     Each college has their own policies and procedures Contact the Financial Aid Counselor at your college Be prepared to provide evidence No college is required to approve such a request
    53. 53.         A supplemental Financial Aid Application Not required for Federal or State Aid Used by many private colleges For Institutional Scholarships and Grants. Application fee of $9, plus $16 per college Some fee waivers are granted Administered by the College Board The Financial Aid Office will inform you if they want you to complete this.
    54. 54.             October: Apply for Scholarships November: Schools begin admitting January: Scholarships awarded January 1 FAFSA available February 22nd College Goal SC -USCL March Have FAFSA filed April Schools begin awarding April 15th Tax Filing Deadline June 30th SC Tuition Grant Deadline June Award Letters sent August 1st After this date, FAFSA is late August Bills due, School begins
    55. 55.   You must reapply for financial aid each year by renewing your FAFSA If you change schools: ◦ ◦ ◦ ◦  Add the School Code on the FAFSA Contact their Financial Aid Office to get it started You will lose out on “First Come, First Serve awards” You will keep Pell, Loans and private scholarships (in most cases) There are many other sources of Aid. ◦ Search for scholarships in your community. ◦ Search the Web ◦ Don’t pay for a scholarship or grant application
    56. 56. Thank you for your attention! Contact Us! USC Lancaster Kenneth Cole  BY MAIL: PO Box 889 Lancaster, SC 29721  BY PHONE: (803) 313-7068  Visit Us: 127 Starr Hall, Hubbard Drive  BY WEB: http://usclancaster.sc.edu/ A presentation like this is available at the USC Lancaster Financial Aid Office Website
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