Financial Aid A Step-By-Step Guide Presenter: Tommy Aguilar-Financial Aid Outreach Advisor Texas A&M University-Commerce Tommy.Aguilar@tamuc.edu 903-886-5096
The Financial Aid Application
FAFSA What is the FAFSA? Before applying When to apply How to apply What to expect after applying Where to get help and info
What Is the FAFSA? Free Application for Federal Student Aid Application for federal, state, institutional aid. Can be are requirement for scholarships. (e.g., Gates Millennium Scholarship) Available for Free online at www.fafsa.ed.gov
You are eligible to file a Free Application for Federal Student Aid (FAFSA) if you are: • U.S. Citizen • Permanent U.S. resident with a n Alien Registration Card (I-551) • Conditional permanent U.S. resident with a visa type I-551 C • Citizens of the Freely Associated Sate: the Federated States of Micronesia and the Republics of Palau and the Marshall Islands • Eligible noncitizen with an Arrival/Departure Record (I-94) showing one of the following • Refugee • Asylum granted, • Parolee (for a minimum of one year),or • Cuban-Haitian entrant • Most institutions in the state of Texas have a Priority Deadline Date of March 15 th . Students who are not able to complete the FAFSA due to their immigration status may be able to file the Texas Application for State Financial Aid (TASFA).
Texas Application for State Financial Aid (TASFA) Classified as a Texas resident Eligible to pay the Texas in-state tuition rate, not due to a waiver such as an in-state scholarship or assistantship. Available on line to print at www.collegeforalltexans.com. Please make sure you check the listings of the schools that accept the TASFA. If a school is not listed contact the Financial Aid office to see if they will accept the TASFA. This is a paper application and can not be submitted on-line so please send the application to each school you are applying to. Application should be completed and submitted as soon as possible after January 1 st of the senior year. Priority deadline either the FAFSA or TASFA is March 15th!
Whose Information goes on the FAFSA ? Independent vs. Dependent? • Student born before January 1, 1992? • As of they day the student completes the FAFSA they are married. • At the beginning of the 2015-2016 school year, the student will be working on a master’s or doctoral program. • Student is currently serving on active duty in the U.S. Armed Forces for purposes other than training. • Student is a veteran of the U.S. Armed Forces. • Student has children who receives more than ½ of their support from the student. • Student has legal dependents (other than their children or spouse) who live with them and receive more than ½ of their support from the student. • At anytime since the student turned age 13, both parents were deceased, student was in foster care, or student was a dependent or ward of the court. • Student is an emancipated minor. • Student is in a legal guardianship.
Independent vs. Dependent Continued… • At any time on or after July 1, 2015, did the students high school or district homeless liaison determine that the student was unaccompanied youth who was homeless? • At any time on or after July 1, 2015, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that the student was an unaccompanied youth who was homeless. • At any time on or after July 1, 2015, did the director of a runaway or homeless youth basic center or transitional living program determine that the student was an unaccompanied youth who was homeless or self-supporting and/or at risk of being homeless.
Parent Information on the FAFSA • Even if the student does not live with the parent(s) the parent(s) information must be used to complete the FAFSA. • Grandparents, foster parents, legal guardians, aunts and uncles are not considered parents unless they have legally adopted the student. • If parents are living and married to each other include both. • If parent is widowed or single answer the questions about that parent. • If widowed parent is remarried as of the day the FAFSA is completed, answer the questions about that parent and step-parent. • If parents are divorced or separated, answer the question about the parent the student lived with the last 12 months. • If the student did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months.
Students unable to provide parental information on the FAFSA Under very limited circumstances (for example, student has left home due to an abusive family environment; or student does not know where their parents are and are unable to contact them), student will submit the FAFSA without parental information. The student will skip Parental Information. If the student submits the FAFSA without parental data, they must follow up with the financial aid office at the college they plan to attend in order to complete the FAFSA.
Before Applying Get a PIN-this acts as a signature and is attached to a social security number. Student needs a PIN Parent needs PIN also www.pin.ed.gov or at www.fafsa.gov Student must keep it PRIVATE Complete your taxes EARLY each year! Remember the PIN is linked to your Social Security Number so when you apply for your PIN please enter your name as it appears on your Social Security Card.
When to Apply ? Each school sets their own FAFSA Priority Deadline Dates! So make sure you check with the institutions you plan on applying to. If you are attending a school in the State of Texas you will want to file a FAFSA no later than March 15 th !
How to Apply ? Application Methods Paper FAFSA – NOT recommended due to length of processing time. Download PDF at www.fafsa.gov and print out. Quickest and easiest: FAFSA on the Web at www.fafsa.ed.gov You may also need to apply through the college as well. (Private and out of State Institutions may have another Institutional Financial Aid application). If the student is a US Citizen but the parents are not, please place zero’s in the parents space for the social security number and print the signature page of the FAFSA and have parents sign and mail in to process.
FAFSA on the Web FAFSA on the Web
FAFSA on the Web Login Using the Students PIN
FAFSA on the Web Select Start a New FAFSA
FAFSA on the Web Introduction Page
FAFSA on the Web Questions to expect Citizenship Marital Status State and date of legal residence Selective Service Registration Drug Convictions Educational Background Plans for 2015-2016 school year (on campus/off campus) Tax information Cash, savings, checking Investments Net worth of business and investment farms Number in household Number in College What institutions you would like the FASFA data sent to. You can put up to 10 schools. Parent has a current default on a loan student will be unable to receive a loan.
2015-16 IRS Data Retrieval This option becomes available February 5, 2015 for 2015-2016 FAFSA. Can file FAFSA earlier using estimated information. If estimated information is used make sure to go back when taxes are completed and make a correction, use the Data Retrieval Tool to link the tax information into the FASFA and resubmit. Links the parents/students tax income into the FASFA. If parent/student file married but file separately the Data Retrieval Tool will not work. File Taxes Early or as soon as possible. Allow 2 weeks if taxes e-filed. Allow 8 weeks if taxes done on paper.
IRS Data Retrieval
IRS Data Retrieval
Sign and Submit the FAFSA Student and Parent use PINs to sign. Read and save/print confirmation page.
What to Expect After Applying Hearing from Department of Education An email will be sent after the FSAFA is completed this does not mean that the schools you have put on the FAFSA has the information just yet. To check status: Student returns to www.fafsa.gov and logs in. Student receives notice of Student Aid Report (SAR) after completing the FAFSA. Student Aid Report summarizes student’s responses Can make corrections on FAFSA on the Web Student Aid Report shows Expected Family Contribution (EFC). The EFC is used by the Financial Aid Office to determine need based aid eligibility. Schools listed on the FASFA will typically not begin communicating with the student until the student has been admitted and the institutions beings processing the 15-16 FAFSA data which is typically after the priority deadline date of March 15 th .
Verification Some students selected based on common mistakes Some students selected randomly School will ask for documents such as: Tax Return Transcripts (copies of the actual tax return are no longer acceptable). Can be requested at www.irs.gov or call 1-866-704-7388. W2’s or 1099’s Divorce Decree Legal Guardianship Proof of child support paid Copy of birth certificates Passports Social Security Proof of registration with Selective Service males 18-25 MEET SCHOOL’S DEADLINE FOR THE DOCUMENTATION REQUEST! Awards can not be processed unless the additional documentation is received in most cases.
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