AN INTRODUCTION TO FAFSA Directions: Work with your small group to answer the questions below. Use the FAFSA: Overview and FAFSA: Getting Ready handouts. FAFSA At-a-Glance FAFSA is an acronym for: Official Website: Application Release Date: Priority Deadline: Have you heard of the FAFSA before? Why do you think it is important? Name three ways to prepare for the FAFSA: 1. 2. 3. List the basic materials needed to complete the FAFSA: 1. 2. 3. 4. 5. Page 1
FAFSA: OVERVIEW Source: www.fafsa.ed.gov What is the FAFSA? The Free Application for Federal Student Aid (FAFSA) is a free application used to apply for federal and most state aid programs including grants, work study, and loans. The FAFSA may also be used to determine a student s eligibility for institutional aid from the college. The FAFSA asks questions about the student/family s finances as well as the student s college plans. Once the student submits their FAFSA, the information is shared with each college the student is interested in. The school then generates a financial aid award package based on the student s financial need. Who should submit the FAFSA? Submit a FAFSA if you: are a U.S. citizen, U.S. national, or eligible non-citizen, are attending a participating college or school, are pursuing a degree or certificate in an eligible program and making academic progress, and have financial need be safe and apply for FAFSA as you may qualify for federal programs NOTE: If you are an undocumented student, do not complete the FAFSA online as this information is reported directly to the federal government. How do I apply for the FAFSA? Submit your FAFSA online at www.fafsa.ed.gov. If you include all required information and signatures, your FAFSA can be processed in as few as three days. When is the FAFSA due? Submit the 2015-16 FAFSA as close to January 1 st as possible. Check your college websites to see their priority deadline. Page 2
FAFSA: GETTING READY Plan to submit the FAFSA as close as possible to the January 1 st release date to maximize the amount of financial aid received. Prepare for the FAFSA by doing the following: 1. Get a Personal Identification Number (PIN) for yourself and one of your parents (if you are a dependent) What is a PIN? A PIN is a four-digit number or six-digit alphabetic code used to access Federal Student Aid websites and electronically sign your FAFSA. You will need to get a PIN for yourself and a separate PIN for one of your parents. A PIN is not required to submit a FAFSA however, it is the only way to access your information online and is the fastest way to sign your application. Who is eligible to apply for a PIN? Anyone with a valid Social Security Number and birth date can apply for a PIN. How do I apply for a PIN? a. Go to the FAFSA website and click the PIN Site button near the top of the page or go to www.pin.ed.gov b. Follow the directions to apply for a PIN. c. The PIN can be emailed or mailed to you. Verify your email and mailing address. d. Submit the form and wait for the confirmation page. Once the PIN is received, you can electronically sign your FAFSA or make corrections to the application. Page 3
2. Material Collection: If you are a dependent, you will need the following information for yourself and your parents. Social Security Number (SSN): You need a SSN to apply for most federal and state aid. If you are a dependent student, you ll also need your parent s SSN. (NOTE: If parents don t have a SSN, enter all zeros in the appropriate field) Financial Records: o W-2 forms o Current bank statements o Investment statements o Untaxed income records (veterans benefits, child support, workers compensation) o Tax returns (NOTE: Get your FAFSA in early by using the previous year s tax information as placeholders. You can come back and update the numbers at a later time. If your estimates are significantly higher or lower than your actual numbers, your EFC may be affected). Driver s license number (if applicable) Alien Registration or Permanent Resident Card (if not a U.S. citizen) Email address 3. Complete a FAFSA on the Web (FOTW) worksheet to prepare for the FAFSA. Once the 2015-16 FAFSA is released on January 1 st, you can quickly copy the information directly into the FAFSA. Page 4
FAFSA: THE APPLICATION Directions: Use the 2014-15 FAFSA on the Web Worksheet to complete the table below. Review the questions listed in each section and determine the focus of each. Then list whether the section is requesting student or parent information. Section Number 1 Section Focus Student or Parent Information? 2 3 4 NOTE: This worksheet includes a sampling of the questions on the FAFSA. Completing the application online may allow you to skip some questions based on how your answers to previous questions. There are two ways to submit the FAFSA (1) online at www.fafsa.ed.gov or (2) mailing in a paper application. There are many advantages to completing the FAFSA online including: Convenience IRS Data Retrieval Tool Skip Logic Electronic Signing Number of Colleges The online FAFSA allows students and parents to check on the status of the FAFSA, make corrections, and view information quickly. Additionally, the processing time is faster and built in technology makes the online application more error-proof. Like the paper version, students can begin their application and return to it at a later time. Students and parents who completed their 2014 taxes can use the IRS Data Retrieval Tool to securely transfer their tax information into the FAFSA. In addition to saving time, this reduces the chances of entering in incorrect information. Certain questions on the FAFSA may be skipped depending on how previous questions were answered. As a result, not every applicant will be asked all of the FAFSA questions resulting in a speedier submission. Students and parents can use their PIN to sign the FAFSA electronically. A signature page must be signed and mailed if the student chooses to submit a paper FAFSA. This increases processing time. Students can enter up to ten schools at once compared to four on the paper FAFSA. Page 5
FAFSA FAQS How long does the FAFSA take to complete? Block an hour to complete the FAFSA. It will take even less time if a FAFSA worksheet was completed in advance. Which parent information do I use to complete my FAFSA? If the student s parents are married, use their joint tax return to complete the FAFSA. Only one parent needs to get a PIN. If the student s parents are divorced or separated, list the parent the student lived with for the majority of the time over the past 12 months. If the student lived with both parents for an equal amount of time, list the parent providing the majority of financial support for the past 12 months. If the student s parent is single or widowed, list the information for that parent. If the student s parent remarried, answer the questions about that parent and the step-parent What if neither of my parents have a Social Security Number (SSN)? Students who have a SSN are eligible to complete the FAFSA and should not refrain from doing so, even if their parent(s) does not have one. Simply enter in all zeros for the parent field (e.g. 000-00-0000). Do not create a fake SSN. My family is not contributing to my college education. Can I apply as an independent? Most students will not qualify as an independent, even if their parents will not financially support them in college. Talk with the financial aid office for each school being considered they may be able to adjust the financial aid award letter based on the student s personal circumstance. Each school will have a different process so speak with them as early as possible. What if I m not documented? Students who do not have a SSN should NOT submit a FAFSA online as this information is reported directly to the federal government. Undocumented students should be prepared to apply for scholarships that do not require a SSN. Does applying for FAFSA automatically apply me for scholarships? The FAFSA is used to apply for grants, work study, and loans. There is a separate scholarship application process that varies by organization. Check with the college s financial aid offices as there may be institutional funding available for eligible students. Where can I get additional help? Talk to the high school college counselor Visit the FAFSA website (www.fafsa.ed.gov) Contact the U.S. Department of Education at 1-800-433-3243 Page 6
10 FAFSA TIPS Follow these tips to make the most of your time and get your FAFSA ready for submission: 1. Complete the application online: Completing the FAFSA online saves time and is more convenient for the applicant. There are additional resources and help lines available through the each respective website. 2. The FAFSA is FREE: The first F in FAFSA stands for free. Never pay to fill out or submit the FAFSA. 3. File Early: The 2015-16 FAFSA becomes available on January 1 st, 2015. Submit your application as close to this date as possible in order to maximize your chances of receiving financial aid. 4. Read Carefully: Read all directions and questions carefully. Be sure to double check all answers as errors can delay application processing and potentially result in a missed deadline. 5. Enter your name as it appears on your Social Security card: A mismatch in your name could delay processing time. 6. Save Your Work: Save your work as you progress through your online application. If you are unable to answer a question, save your progress and return at a later time. Be sure to print a copy of your application for your records as you may want to access this information in future years. 7. Enter an email address: Providing an emailing address will allow to you to receive an electronic email once your application is submitted. 8. Create a PIN: Use your PIN to sign your electronic FAFSA, verify your application status, or make corrections to a processed application. Be sure to save your PIN and your parent s PIN in a secure place as you will use the same PIN each year you re-apply for aid. 9. Update the FAFSA with 2014 Tax Information: A FAFSA can be submitted even if you or your parents have not yet completed their 2014 tax return. Simply use the tax information from the previous year. Remember to return to your application to make the updates and re-submit it. Unlike a college application, either application can be submitted multiple times. 10. Use the IRS Data Retrieval Tool: This Data Retrieval Tool will automatically transfer the student and parent s tax information in to the FAFSA when granted permission. STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Page 7
STUDENT REFLECTION In today s workshop, I learned: 1. 2. 3. The most helpful piece of information I learned was: After today s workshop, I plan to: HOMEWORK Talk with your parent(s) about the FAFSA and what materials you need your parents to provide. PRE-WORK FOR WORKSHOP ON: Page 8