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FAFSA Presentation 2012
FAFSA Presentation 2012
School Financial Aid websites. Many scholarship opportunities are for Senior High School Students only! y Pay close attention to deadlines! y Parents employment y Community
many Scholarships. y Get PIN at www.pin.ed.gov y Online application at www.fafsa.ed.gov. y You should apply, even if you think you may not qualify. Catastrophic financial hardship can happen unexpectedly!
FAFSA continued
What Goes On The FAFSA?
y Student and parents 2011Federal Income Tax information for 2012-2013 award year y University, Community College and Vocational Trade school code (s) y Social Security Number (This is why it is so important students include social security number on their admissions application. The numbers must match up!) y Household information
inaccurate information - Filed single and now married - Filed married and now divorced or separated
the financial aid you qualify for based on the following factors: 1. Cost of living per state 2. How many people in the household 3. How many are in college 4. How much you paid in taxes 5. How much income was earned
y The school (s) you applied to will also receive your SAR report within 7 10
y School sends Financial Aid award notification to you y The student responds to school requests (not to the Federal Government)
Example:
COA $19,000 - EFC $6,000
*Need $13,000
*Most schools will try to meet your Need with a combination of scholarship, grants, loans and work study. (The example above are estimated costs associated with an in-state university. An in-state community college will cost much less.)
Loans
y Money students and parents borrow to help pay
college expenses
y Repayment usually begins 6 months after education
is finished
y Federal Direct Subsidized, Unsubsidized, and PLUS y Perkins and Private
Loans Continued
y Only Borrow what is really needed (half of the
College Goal Sunday February 11th 2pm-4pm February 12th 2pm 4pm Over 30 locations statewide to choose from One-on-one help with financial aid professionals y www.collegegoalsunday.com
y y y y y
Here is a list of materials that will help you complete the FAFSA:
y Your FAFSA Pin Number (Parent and Student) y Your Social Security Number & Drivers License y You/ Your Parents W-2 Forms for the previous year and other records of money
earned
y You/ Your Parents most recent Federal Income Tax Return IRS Form 1040, 1040A,
1040EZ, 1040Telefile, foreign tax return, etc.
y You/ Your Parents current bank statements y You/ Your Parents current business and investment mortgage information, business
and farm records, stock, bond, and other investment records
y Documentation that you are a U.S. permanent resident or other eligible non-citizen.
Transcript - The tax filers SSN, DOB, street address, and zip code will need to be provided and matched - If successfully linked, tax filers can expect a paper transcript at the address of their original return in 5-10 business days
y Telephone Request by calling 1-800-908-9946 y Paper Request- IRS Form 4506T-EZ y Visit your local IRS Office
What actions are needed once students have been awarded their financial aid?
y Only the Federal Pell Grant will be accepted for the student by the college. Typically, all other grants and scholarships will need to be accepted by the student. In most cases, this acceptance will take place online. Check your schools student portal website frequently. y Students will have to accept the dollar amount of loans they wish to receive online. y To finalize loans, a Master Promissory Note and loan counseling must be completed. Again, this is typically also done on line.