Filing Your Free Application for Federal Student Aid (FAFSA) Academic Year

Transcription

1 Filing Your Free Application for Federal Student Aid (FAFSA) Academic Year

2 Federal Student Aid PIN Obtain a Federal Student Aid PIN Available online at Required for students and parents who wish to apply for federal student aid Used to complete and electronically sign your FAFSA Takes several days to get a PIN 1

3 Before You Begin Gather documents you will need to file the FAFSA Identification: Social Security Number, driver s license Federal PIN number Tax information for 2014 (can estimate and file correction later) W2 s Federal Income Tax Return Untaxed Income information (e.g., Social Security) Current bank statements Investment information Investment mortgage Business/farm records Stock, bond, and other investment records 2

4 Starting Your FAFSA Application FAFSA Online Website: Free Application for Federal Student Aid Start filing by entering student s information Create password Double check information, especially name and SSN Special Notes: FAFSA Online uses virtual keyboard for certain fields to help prevent identity theft Pages requiring student information will have a dark blue border with word STUDENT on left side of them 3

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8 Eligibility for Federal Financial Aid Next section explores basic eligibility for federal financial aid Federal aid only available for US citizens and eligible non-citizens (e.g., permanent residents, asylum) Selective Service: Males age 18 and over must register High school completion Pursuing first undergraduate degree Highest level of education for parents used for certain First in Family type of scholarships Students whose families have EFCs of $0 7

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10 Basic Enrollment/Aid Information University of Delaware s School Code is Enrollment status (full-time/part-time) Types of aid interested in receiving Work-study Loans (Federal Student Loans, Perkins Loans, Parent PLUS Loan) Selecting Loans does not obligate you to apply for loans Housing plan (on campus, off campus, with parents) 9

11 Dependency Status Dependent versus Independent Status (different than tax purposes) At least 24 years of age Married on day FAFSA is filed Parent on day FAFSA is filed Dependents other than spouse receiving over half of support Both parents are deceased/ward of court Active duty or veteran of U.S. Armed Forces Foster child after age of 13 Emancipated child as determine by court judge Homeless or certified as at risk of homelessness Note: Living independently or without parent support is not a sufficient criteria for independent status 10

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13 Dependency Determination Independent Student Status Requires student information Does not require parental information Dependent Student Status Requires student information Requires parental information Special circumstances allowed if unable to provide parental information (e.g., parent(s) incarcerated or abusive) Will generally result in only unsubsidized loan eligibility 12

14 Student Financial Information Complete student financial information using W2s/Federal Income Tax return information Complete section on bank accounts and investments (data should be as of the date the FAFSA is filed) 13

15 Parental Designation For FAFSA purposes, a parent is defined as follows: Biological parent Step-parent Divorced cases: Parent is the one with whom student lived 51% or more in the past 12 months, or Parent is the one from whom student received 51% or more of financial assistance in the past 12 months, or Parent is the one who claimed student as dependent on IRS tax return Adoptive parent Note: Foster parent, legal guardian, grandparent, or other relative is not considered a parent without legal adoption 14

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17 Parental Demographics Marital status as of date FAFSA is filed Household size Determine who parent is first Count number of people who receive more than half of their support from parent/stepparent Number in college Note: Pages requiring parental information will have a purple border with word PARENT on left side of them. 16

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19 Parental Financial Information Complete parental financial information using W2s/Federal Income Tax return information Complete section on bank accounts and investments (data should be as of the date the FAFSA is filed) 18

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22 Grant Eligibility Based on the information provided, some FAFSA filers will be presented with Pell Grant eligibility information/questions Complete any additional information requested Note: If you don t see grant question, the federal government has determined you initially ineligible. 21

23 Finalizing the FAFSA FAFSA Online allows students and parents to sign electronically Once signed, you will receive the following: Expected Family Contribution (EFC) What it is: Index used to determine eligibility for federal and other financial aid programs What it is not: Amount of money the government or schools expect you to pay out of pocket Indication for federal aid eligibility (e.g., Federal Pell Grant, Low-interest student loans) Pell Grant: EFC s below $5,198; maximum award is $5,

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25 Student Aid Report (SAR) FAFSA filers will receive a SAR by in 3-5 days, or via mail in 7-10 days, after FAFSA is filed Review SAR carefully to make sure it is correct and complete If corrections are required: Go to and log in using PIN Select Make Corrections to a Processed FAFSA Make appropriate corrections 24

26 Student Aid Report (SAR) FAFSA filers will receive a SAR by in 3-5 days, or via mail in 7-10 days, after FAFSA is filed Review SAR carefully to make sure it is correct and complete If corrections are required: Go to and log in using PIN Select Make Corrections to a Processed FAFSA Make appropriate corrections 25

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28 Next Steps The University of Delaware will receive your FAFSA information electronically In mid-march we will mail out information on total award eligibility (meritbased scholarships and need-based grants and loans) to admitted students with completed FAFSAs. 27

29 For Additional Information Contact Student Financial Services Website: Online Contact Form: Phone: 302-UD1-4YOU In Person: Student Services Building, 30 Lovett Avenue 28