These slides will give you current updates and steps for renewing your financial aid for the 2016-2017 academic year. These slides were created in an effort to better support Rauner College Prep alumni through the financial aid application process. Specific updates and details may not pertain to you if you are not a Rauner Alum. Author -Bianca Paiz

1. FAFSA RENEWAL
for 2016-2017 academic year

2. Changes for 2016
• FSA ID required to complete FAFSA:
• Create a FSA ID at fsaid.ed.gov
• Perkins Loan expired on September 30, 2015
• Students who received at least one
disbursement prior to Sep 30, 2015, may
continue to receive Perkins Loans
• Schools will not award Perkins Loans to new
borrowers
• Illinois MAP Grant
• MAP grant awards are made until funds are
depleted. Suspense date has moved up each
year as more students complete FAFSA.
• This year’s suspense date likely earlier than
February 22, 2015
FAFSA
Year
MAP Suspense
Date
FY2006-
2007
8/26/2006
FY2008-
2009
7/26/2008
FY2010-
2011
4/19/2010
FY2012-
2013
3/20/2012
FY2014-
2015
2/28/2014
FY2015-
2016
2/22/2015
FY2016-
2017
Likely earlier than
2/22/2015

3. FAFSA Renewal
Timely Completion: Deadlines
• Complete FAFSA renewal with estimated financial
informationJan 1st-Feb 1st
• MAP GRANT DEADLINE: to remain eligible you
must have submitted and SIGNED your FAFSA with
at least estimated financial
February
• UPDATE FAFSA with parents & student 2015 tax
information
• Complete CSS profile(if necessary)
February-
March
• Submit verification documentation to school
• Docs include: W2, Independent or Dependent
Verification Form, Tax Return Transcript 2015(if Data
Retrieval did not work)
March- May

4. Terms to know….
• AGI
Adjusted gross income
• COA
Cost of Attendance
• EFC
Expected Family Contribution
• Financial Need
COA minus EFC
• Merit Based Funding
Scholarship
• Need Based Funding
Grants
Glossary
https://studentaid.ed.gov/sa/glossary

5. Getting started: What documents do I need
• 2014 Federal Income Tax Return(Parent & Student)
• -IRS 1040, 1040A, 1040EZ
• 2014 W2s
Alternative to above: 2015-2016 SAR
• Social Security Number(student & documented Parents)
• Parent birthdates
• FSA ID(for yourself & 1 parent)
• If parents are divorced or separated (month and year of
divorce)
• Estimated amount in Parent’s savings account
• Estimate of business or rental income investment

6. START
at FAFSA.ED.GOV

7. Getting started- File the correct year
-2016-2017
-Begin with FAFSA
RENWAL

8. Getting started- Skip Introduction Page
-click NEXT

9. Student Demographic Information
• Check SSN. Inaccuracy here can delay aid
• Update demographic information.
Such as your email or home address

10. • When you begin college in 2016-2017
what will your grade level be?
"Grade level" does not mean the number of
years you have attended college, but refers to
your grade level in regard to completing your
degree or certificate.
• 0-30 credits 1st year
• 30-60 credits 2nd year
• 60-90 credits 3rd year
• 90-120 credits 4th year
• Are you interested in work-study?
• YES
• All Men should select “YES” for Selective Service

11. School Selection
Make sure to add your
• Current school
• School you may attend during the summer
• School you may transfer to
You can add up to 10 schools

12. Dependency Status
Most of these questions will stay
the same unless:
1. You are now married
2. You became a parent &
provide support for your child
3. You are currently serving on
active duty
5. On or after July 1st you were
homeless or at risk of being
homeless?
• If you answered yes…your
dependency status will
change to independent.

13. Dependency Status
If selected as a DEPENDENT student choose “I will provide parental
information” unless either of these apply to your biological/adopted parents
-your parent/s are deceased
-your parent/s are incarcerated
-you have had no contact and can not reach them.
Please contact your Alumni Counselor if you have any further questions

14. Parent Demographic Information
Parent Social Security number should already be entered from last year. It will
appear as “XXX-XX-7890” below text. Last 4 digits will vary.
What is your parents’ state of legal residence?
Select “Illinois” even if undocumented
Household size should include all people living in the home even if
not claimed on federal taxes. Make sure to include yourself.
Did your parents become legal residents of Illinois before
Jan 1, 2011?
Select YES, even if undocumented
Update with current parent and
household information

15. Parent Financial Information
• Select WILL File if your parents file taxes
• Filing status can be found on the first page
of your parent’s federal taxes here

16. Parent Financial Information
“type of income tax return” can
be found the first page of your
parent’s federal taxes

17. Parent Financial Information: continued
Adjusted gross income can be found at the bottom
of the first page of your parent’s federal taxes

18. Dislocated worker:
• A dislocated worker is someone who meets ONE or more of the
following:
• Lost their job or been laid off
• Is receiving unemployment benefits and is unlikely to return to a
previous occupation. (like a telephone switchboard operator, for
example)
• Is self employed but is unemployed due to economic conditions or
natural disaster
• Is a displaced homemaker - someone who previously provided unpaid
services to the family, like a stay at home parent, is no longer
supported by a partner, and is having trouble finding a job
• A dislocated worker is NOT:
• Someone who quit
• Someone who got fired for cause
• Someone who just doesn’t want to work

19. Calculating net worth of real estate
Net Worth Formula for real estate investment.
(Market Value – Amount Owed)
Example: Your parents own an investment property valued at $100,000; however,
$75,000 in debt is owed on the property. The net worth of the investment is $25,000
($100,000-$75,000 = $25,000).
Include rental units
Do not include the home
you live in.

20. Student financial Information
Common question:
1. Should I file taxes? See next slide
2. If I “will file” taxes for the first time
what should I include on FAFSA
today?
For now do the following.
Select IRS 1040
Estimate your income
Put 0 for income TAX paid
Put 0 for exemptions
You can update your responses once you file your
taxes
2. If I worked but “will not file” taxes do I
need to put how much I made? Yes.
Common mistakes:
1. Adding parent income twice. Make sure
you did not put your parent’s income in the
student section.
2. Claiming yourself as an exemption on the
student section when your parent’s claimed
you on theirs.

21. Do I have to file taxes?
Theseare generalguidelines.Officiallycheckif you are requiredto file here
• Did you work in 2015?
• Select “Will not file”
• Enter 0 for income
questions
Did you make more than $6,300 in 2015?
Yes, I worked in 2015No, I did NOT work in 2015
You are required to file
taxes.
• Select “Will file”
• Enter estimated amount
you earned
You can choose to file your
taxes.
• Select either “Will file” or
“Will not file”
• Enter estimated amount you
earned.
Yes, I made
more than
$6,300 in 2015
No, I made less
than $6,300 in
2015

22. Student Financial
Information
Exemptions:
If someone else will
claim you like your
parents and you have no
dependents enter 0
COMMON MISTAKE
Students often enter 1
even though parents
claim them on their
taxes

23. Sign & Submit
• Are you a
preparer?
Answer NO
• Agree to terms
• Sign for yourself
• Sign with
parents FSA ID.
If parent does NOT
have a FSA ID.
Print a signature
page and mail it
out.