2014 – 2015 FAFSA
Review
2014-2015 FAFSA

FAFSA Goal
2014-2015 FAFSA

FAFSA Goals
Why FAFSA?
It’s how your school calculates your funding!
Be Aware

Clerical errors and missed...
2014-2015 FAFSA

Financial Aid Timeline
Jan – Feb 15

Get the FAFSA filed,
submit all admissions requests

March - April

...
2014-2015 FAFSA

Terms you should know….
• COA = Cost of Attendance

• EFC = Expected Family Contribution
• Financial Need...
2014-2015 FAFSA
Getting Started: What documents do I need?
•
•
•
•

•
•
•
•

•

Social Security number.
Driver’s license (...
2014-2015 FAFSA

Make it easy: File Electronically!

Use IRS Data Retrieval Tool with E-Filed Taxes
2014-2015 FAFSA

Getting Started: File your FAFSA electronically!
• E-Sign your FAFSA with PIN

• Students and Parents nee...
2014-2015 FAFSA

Selective Service: www.sss.gov
• Selective Services is an inactive draft in case of National Emergency
• ...
2014-2015 FAFSA

The FAFSA homepage

Go to: https://fafsa.ed.gov/
2014-2015 FAFSA

Getting started - File the correct year!

• 2014-2015 for upcoming Fall
• 2013-2014 is current year
• Dou...
2014-2015 FAFSA

Getting Started - Review the FAQs
• Need more help?
• FAQ’s available
online with application
2014-2015 FAFSA

Filing: Demographics
• Accuracy counts- Issues
might slow you down

• Use unique emails for
students and ...
2014-2015 FAFSA

School Selection:
Know your options!
• Search your
options!
• List up to 10
schools to receive
your fundi...
2014-2015 FAFSA

School Selection: Housing
Housing affects Cost Of
Attendance
• On Campus = Higher COA
• With parent = Low...
2014-2015 FAFSA

Dependency Status
• Two Student Types
• Dependant
• Independent
• What’s the difference?
• Dependant stud...
2014-2015 FAFSA

Parent section : Be Accurate!

• The biggest problem is
wrong data!

• ACCURACY COUNTS!
2014-2015 FAFSA

Parent Section: Financial Information
• Parent income on FAFSA
• Income estimator: If
taxes are not ready...
2014-2015 FAFSA

Student Section: Tax Information
• Students don’t always file taxes
• Often simpler than parent section
2014-2015 FAFSA

Student Section: Reporting Assets
• Student assets are weighed heavily against financial aid
• Cash “As o...
2014-2015 FAFSA

Signature Section
• E-Sign using unique PIN
• Student
• Parent
2014-2015 FAFSA

Confirmation and DRN
• Keep for your record
• Proof of timely FAFSA filing in case of error

• Follow up ...
2014-2015 FAFSA

After FAFSA is complete….
• Compare financial aid offers
• Consider school choices
• Make informed decisi...
2014-2015 FAFSA

Have questions? Ask Ken!
• Read Ken’s advice at: custudentloans.org/college-resource-center
• Email Ken a...
2014-2015 FAFSA

Thank You!
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2014 - 2015 FAFSA Review

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Walking you through the FAFSA filing process step by step!

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2014 - 2015 FAFSA Review

  1. 1. 2014 – 2015 FAFSA Review
  2. 2. 2014-2015 FAFSA FAFSA Goal
  3. 3. 2014-2015 FAFSA FAFSA Goals Why FAFSA? It’s how your school calculates your funding! Be Aware Clerical errors and missed deadlines leave many students without needed aid Family Effort This is a team effort between family and student! Timely Completion Make sure you know your deadlines- each state is different! (You can review here: https://fafsa.ed.gov/deadlines.htm)
  4. 4. 2014-2015 FAFSA Financial Aid Timeline Jan – Feb 15 Get the FAFSA filed, submit all admissions requests March - April Admissions response, financial aid award letters May Deposits due, verification if selected June, July, August Billing Statements, Payment Plans, Student Loans Jan next year Back to the Future, new FAFSA is due
  5. 5. 2014-2015 FAFSA Terms you should know…. • COA = Cost of Attendance • EFC = Expected Family Contribution • Financial Need = COA minus EFC • Merit Based Funding = Scholarships • Need Based Funding = Grants
  6. 6. 2014-2015 FAFSA Getting Started: What documents do I need? • • • • • • • • • Social Security number. Driver’s license (if any) 2013 W-2 forms and other records of money earned Student (and spouse if married) 2013 Federal Income Tax Return. – IRS 1040, 1040A, 1040 EZ – Foreign Tax Return, or – Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau Parents’ 2013 Federal Income Tax Return (For dependent students) 2013 untaxed income records Current bank statement information Current business and investment mortgage information, business and farm records, stock, bond and other investment records Alien registration or permanent resident card (if you are not a U.S. citizen)
  7. 7. 2014-2015 FAFSA Make it easy: File Electronically! Use IRS Data Retrieval Tool with E-Filed Taxes
  8. 8. 2014-2015 FAFSA Getting Started: File your FAFSA electronically! • E-Sign your FAFSA with PIN • Students and Parents need unique PINs • Go to Gov site: https://pin.ed.gov
  9. 9. 2014-2015 FAFSA Selective Service: www.sss.gov • Selective Services is an inactive draft in case of National Emergency • All Males must register for financial aid eligibility
  10. 10. 2014-2015 FAFSA The FAFSA homepage Go to: https://fafsa.ed.gov/
  11. 11. 2014-2015 FAFSA Getting started - File the correct year! • 2014-2015 for upcoming Fall • 2013-2014 is current year • Double check your work!
  12. 12. 2014-2015 FAFSA Getting Started - Review the FAQs • Need more help? • FAQ’s available online with application
  13. 13. 2014-2015 FAFSA Filing: Demographics • Accuracy counts- Issues might slow you down • Use unique emails for students and parents • Most common errors are: • DOB • SS# • Get them right the first time!
  14. 14. 2014-2015 FAFSA School Selection: Know your options! • Search your options! • List up to 10 schools to receive your funding packages from.
  15. 15. 2014-2015 FAFSA School Selection: Housing Housing affects Cost Of Attendance • On Campus = Higher COA • With parent = Lower COA • Off campus = COA varies
  16. 16. 2014-2015 FAFSA Dependency Status • Two Student Types • Dependant • Independent • What’s the difference? • Dependant students must include parent tax and asset information on the FAFSA. • Independent students DO NOT have to include parent tax and asset information, but WOULD include their spouse of married.
  17. 17. 2014-2015 FAFSA Parent section : Be Accurate! • The biggest problem is wrong data! • ACCURACY COUNTS!
  18. 18. 2014-2015 FAFSA Parent Section: Financial Information • Parent income on FAFSA • Income estimator: If taxes are not ready, estimating is okay. Go back and correct the information later • “Dislocated worker”: If you have this status, follow up with your financial aid office to determine eligibility for increased financial aid via appeal.
  19. 19. 2014-2015 FAFSA Student Section: Tax Information • Students don’t always file taxes • Often simpler than parent section
  20. 20. 2014-2015 FAFSA Student Section: Reporting Assets • Student assets are weighed heavily against financial aid • Cash “As of today…”: Any extra cash spent yesterday on school supplies is not claimed today as a FAFSA asset.
  21. 21. 2014-2015 FAFSA Signature Section • E-Sign using unique PIN • Student • Parent
  22. 22. 2014-2015 FAFSA Confirmation and DRN • Keep for your record • Proof of timely FAFSA filing in case of error • Follow up with school’s financial aid office for questions
  23. 23. 2014-2015 FAFSA After FAFSA is complete…. • Compare financial aid offers • Consider school choices • Make informed decisions • Finalize your commitment • Get ready for College! New Webinar “Making your college choice” available March 17 – June 15
  24. 24. 2014-2015 FAFSA Have questions? Ask Ken! • Read Ken’s advice at: custudentloans.org/college-resource-center • Email Ken at Ken@lendkey.com with questions • Follow Ken for FAFSA tips on: /cuStudentLoans /cuStudentLoans /cuStudentLoans
  25. 25. 2014-2015 FAFSA Thank You!

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