FAFSA Line by Line Workshop

Transcription

1 FAFSA Line by Line Workshop Presented by Sonia K. Wagner SoMD CAN Founding Member / Board President Calvert Local Scholarships Application Clearinghouse Founder/Chair

2 Partners in Education

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4 Today s Workshop FAFSA Line by Line FOTW Worksheet

5 Line by Line Discussion Overview of FAFSA Student Demographics School Selection Dependency Status Parent Demographics Financial Information Sign & Submit Confirmation Next Steps

6 FAFSA Free Application for Federal Student Aid Calculates EFC Expected Family Contribution Maryland Priority Deadline Date March 1, 2015 Complete FAFSA each year of higher education One per student

7 FAFSA on the Web (FOTW) Skip Logic questions Not every question during this workshop will be asked of you on the FOTW (FAFSA on the Web) All Income questions are asked. Asset questions are asked, dependent upon the income answers of parent/student. If you have previously registered on FAFSA, some demographic fields will be populated when you log into FAFSA on the Web FAFSA4Caster Renewal Application Net Price Calculator

8 Why File? Why file the FAFSA Determines Financial Aid Eligibility based on Need Cost of Attendance (COA) - Expected Family Contribution (EFC) Unmet Financial Need

9 Documents Needed What documents are needed to complete the FAFSA? (Student and Parent) Social Security Card Name as it appears exactly on Social Security Card Driver s License of student only (optional information) W-2 forms and other 2014 records of money earned 2014 Federal Income Tax return (if already completed) If taxes are not complete, you may estimate 2014 Income/Asset and correct FAFSA when Taxes are filed. Records of Child Support received Current stock, bond, and other investment records Current business and/or farm records Current bank statements

10 Start a FAFSA Continue a FAFSA Complete a FAFSA Check the Status of a submitted FAFSA View or print processed SAR Correct FAFSA information Review and update correction history

11 FAFSA - Enhanced Functionality Help and Hints now have question labels and question numbers for easier reference. Formatting on date fields, telephone number, and financial fields. The system automatically saves the application at the end of each step. Clear All Data allows an applicant to delete their data from the system anytime prior to submission.

12 FAFSA Login

13 My FAFSA page New Student Dynamic messaging guides the applicant through all phases of the application experience Application Status PIN Status

14 Simplified Secure Access New Applicant PIN and Password requirements will be dynamically determined by the system For renewal FAFSA, will request the student s PIN

15 Introduction Page Browser Button reminder Simple FAQ s

16 Student Demographics

17 Student Demographics

18 Student Demographics State of Legal Residency before Jan 1, 2010? Determines if you are eligible for state funds based on residency status Resident for 12 months for 4-yr Parent and Student (if dependent) Resident for 3 months for 2-yr Parent and Student (if dependent) Military families Active duty stationed and residing in MD, considered MD resident for FinAid purposes Student indicates permanent MARYLAND address and parent can indicate the home state or where state taxes are paid. Enter Month/Year of residency if not before Jan 1, 2010

19 Student Demographics

20 High School Question Student enters the name, city and state of the high school they attended Student selects Confirm to retrieve the results

21 School Selection

22 School Selection Step Student may enter up to 10 colleges by entering Federal School Code or Searching on State, City or School Name

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24 Dependency Status

25 Determination of Dependency Status

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27 Parent Demographics

28 Who is considered Parent for FAFSA?

29 Who is considered Parent? If student is considered dependent ; PARENTS must complete the Parent sections Who is NOT considered a PARENT Widowed Stepparent Grandparents Legal Guardians Foster parents Older Brothers or Sisters Aunts or Uncles Who is considered a PARENT Biological father/mother Stepfather/Stepmother Legal Adoptive parent Separation or Divorce Instances

30 Parent Demographics

31 Financial Information

32 2014 Income and Asset Information W-2 forms and other 2014 records of money earned 2014 Federal Income Tax Return Records of Child Support Paid Records of Untaxed Income received Records of taxable earnings from Federal Work-Study or other need-based work programs Records of student grants, scholarship and fellowship aid that was included in AGI Stock, bond, and other investment records Business or Farm records Bank statements

33 Financial Information The IRS Data Retrieval Tool Available beginning February 2, Also available in Corrections Electronic tax return information will be available from the IRS in 2-3 weeks; Paper tax return information will be available from the IRS in 6-8 weeks.

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36 These fields are prefilled based on FAFSA respon ses

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42 What Assets to Report on FAFSA Included Assets Real Estate - Second Home/Land Stocks / Stock Options Bonds Money Market funds Mutual Funds Certificates of Deposit Commodities Series EE Bonds Trusts 529 s College Savings Investments Pre-Paid Tuition Plans/refund value UGMA/UTMA Coverdell Savings Plans Excluded Assets Primary Residence/Family Farm Small Business - Family Owned (50% or more) w/ less than 100 FTE Retirement Plans 401K s IRA s KEOGH, SEP, SIMPLE Thrift Savings Plans - value, not yrly contribution Pensions Government Military Union Tax Deferred Annuities Life Insurance Simple Premiums Whole Life Universal

43 2014 Additional Financial Information Education Credits American Opportunity, Hope, or Lifetime Learning Tax Credit Line Line A Child Support Paid Taxable Earnings from Need-Based Employment programs Federal Work-Study Program Employment portions of Fellowships or assistantships Student Grant/Scholarship Aid reported to IRS Combat Pay or Special Combat Pay Only taxable amounts Untaxed reported on W-2 (Box 12, Code Q) Cooperative Education Program Earnings

44 2014 Untaxed Income Payments to Tax Deferred Pension and Savings Plans W-2 Form, Boxes 12a-d, codes D, E, F, G, H and S. Do NOT include Code DD Contributions into a Federal Thrift Savings Plan would be included here IRA Deductions Line Line A Child Support Received No foster care or adoption payments Tax Exempt Interest Income Line 8b 1040 and 1040A IRA Distributions Untaxed Portion Line (15a 15b) 1040 Line (11a 11b) 1040A Exclude Rollovers

45 2014 Untaxed Income Pension Untaxed Portion Line (16a 16b) 1040 Line (12a 12b) 1040A Exclude Rollovers Housing, Food, Other Allowances Clergy, Military, employees who receive compensation packages Veterans Non education Benefits Veterans Disability Veterans Death Pension Dependency & Indemnity Compensation VA Educational Work-Study allowances

46 2014 Untaxed Income Other Untaxed Income not reported elsewhere Workers Compensation Private Disability Railroad Retirement Benefits Black Lung Benefits Untaxed portions of Capital Gains Foreign income not taxed by any gov t Refugee Assistance Interest Income on Educational IRA s (Coverdell Education Savings Plans) Money Received, or paid on your Behalf Distribution to student from a 529 plan that is owned by someone other than student or parent.

47 Sign & Submit

48 Signature Page A student and parent can enter their PIN and click Sign and the system will retain the signature. This allows parents and students to sign and submit separately.

49 FAFSA Summary Report

50 Confirmation

51 Confirmation Page Redesigned for clarity. Includes - Confirmation Number Data Release Number (DRN) EFC estimate Pell Grant and Direct Loan estimates Option for parents to transfer info to an application for a sibling Option to transfer info to a state application if state participates in API Rates for each college on the FAFSA

52 Next Steps How long before you get notification Instantly receive the Estimated EFC Generally no longer than 3 day turn around Corrections to FAFSA Use completed 2014 Income Tax returns Finalized untaxed income Year End Investment Statements IRS Data Retrieval Tool Notification Mid-March, Mid-April notification

53 Customized My FAFSA Start Here for all options Initial FAFSA Entry Renewal Application Entry FAFSA Corrections Providing Signatures Continuing a Saved FAFSA Viewing Transaction History

54 My FAFSA page - Continue Applicant may Continue to complete a saved application from where he/she left off or Start Over Or View or Print a processed SAR

55 And Then What? Colleges listed will receive the information in their Financial Aid offices Watch for SAR (Student Aid Report) received through SAR is needed for the Calvert Local Scholarships Application After being accepted by Admissions, the Financial Aid office will produce an award letter Aid Determined by the EFC on your FAFSA Respond on or before May 1, 2015 Enjoy College!!

56 2014 IRS Tax Transcript 3 Methods of Retrieval Online ww.irs.gov Order a Transcript Phone By Mail IRS Form 4506T or IRS Form 4506T-EZ

57 College Goal Sunday Sunday, February 8, 2015 Noon 4:00PM (one hour sessions) Calvert Library Prince Frederick HS Seniors and Parents - Register to receive help filling out the FAFSA during a one hour session. Visit for registration

58 Calvert Local Scholarships Application Click Calvert LSA tab 47 local scholarships listed on one scholarship application Calvert Local Scholarships Application

59 Next Steps: Award Letters and Student Loans Workshop Thursday, April 9, :30 8:00 pm Calvert High School Auditorium HS Seniors and Parents From Offer, to Acceptance, to Repayment

60 Thank you If you have any questions, please feel free to contact SoMD CAN at SoMD CAN College Access Network Calvert Local Scholarships Application