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Premium member Presentation Transcript Applying for Financial Aidand what you need to know : Applying for Financial Aidand what you need to know A Quick Guide to the FAFSA and Simmons College Financial Aid Types of Financial Aid : Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest Sources of Financial Aid : Federal government State government Colleges and universities Private agencies, companies, foundations, and your parents’ employers Sources of Financial Aid Types of Applications : Types of Applications Other applications or forms as required by the college such as: Institutional scholarship and/or financial aid applications 2009 federal tax returns (along with schedules and W-2s) or other income/asset documentation Mass State Deadline is May 1st Simmons College February 15th Federal PIN : Federal PIN PIN (Personal Identification Number) serves as the electronic signature on U.S. Department of Education documents Both student and at least one custodial parent need PIN to sign the FAFSA electronically If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hours Apply for student and parent PINs at www.pin.ed.gov Getting Ready : Getting Ready Before starting the FAFSA, gather: Student driver’s license Student alien registration card Student and parent Social security cards 2010 W-2 Forms and other records of money earned 2010 federal income tax form (even if not completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted FAFSA on the Web Worksheet : FAFSA on the Web Worksheet The 2011-2012 FAFSA on the Web Worksheet may be used for the January 1, 2011 through June 30, 2012 federal aid application cycle The FOTW WorksheetA Four Section Form : The FOTW WorksheetA Four Section Form Section 1 – is about the student Section 2 – determines student dependency status Section 3 – collects parental information for dependent students Section 4 – collects student finances and information about the independent student Slide 9: Section 1 – Student Information School Selection FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information The student should list the schools he/she is most likely to attend, and then list others to which the student is applying for admission Section 1School Information : Section 1School Information List those schools with the earliest financial aid deadlines If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone using the student PIN Strategies for Listing Colleges Slide 11: The questions in Section 2 are used to determine whether the student is considered dependent (for FAFSA filing purposes). If the student is dependent, parent financial information must be provided on the form. Section 2Student Dependency Status Section 3 – Parent InformationWho is Considered a Parent : Section 3 – Parent InformationWho is Considered a Parent See Page 3 of FAFSA on the Web Worksheet about who is considered a parent Biological or adoptive parent(s) Stepparent (regardless of any prenuptial agreement) In case of divorce or separation, provide information about the parent and/or stepparent the student lived with the most in the last 12 months Section 3 Who is Not a Parent : Section 3 Who is Not a Parent Do not provide information on: Foster parents or legal guardians If the student is in foster care or has a legal guardian, he/she is automatically considered an independent student Grandparents or other relatives The student must attempt to get biological parental information Colleges may use professional judgment to allow the student to file as independent Section 3Parent Information : Section 3Parent Information Recommendation: If the parents have not filed their 2009 federal tax return, use 2009 W-2 forms and/or other 2009 employment records -such as final pay check stubs - to estimate total taxable income Remember, rather than miss any filing deadline, use estimated 2010 income information Section 3 Parent Assets : Section 3 Parent Assets Parents may be asked to report the current balances of their cash, savings, and checking accounts as of the day they complete the FAFSA They may also be asked to provide information about the net value of their investments such as real estate, rental property, money market and mutual funds, stocks, bonds and other securities In addition, they may be asked questions about the net value of their businesses and investment farms They should not include the home they live in, the value of life insurance and retirement plans, or the value of a family-owned and controlled small business Section 3 Parent Household Size : Section 3 Parent Household Size Parent Number in Household Include in the parents’ household: the student parent(s) Parents’other dependent children, if the parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live other people, if they now live with the parents and will continue to do so from 7/1/10 through 6/30/11, and if the parents provide more than half their support now, and will continue to provide support from 7/1/10 through 6/30/11 Section 3 College Students in the Parent Household : Section 3 College Students in the Parent Household NOTE: Simmons College may require proof that other family members are attending college College Students in the Parent Household Always include the student even if he/she will attend college less than half-time in 2011-2012 Include other household members only if they will attend at least half-time in 2011-2012 in a program that leads to a college degree or certificate Never include the parents Section 4Student Information : Section 4Student Information Questions in Section 4 are identical to the parent financial questions we covered in Section 3 If the student is single, ignore references to “spouse” If the student is married, report spouse’s income and assets The questions in Section 4 ask: Which 2010Federal income tax return the student filed or will file? The student’s 2010 Adjusted Gross Income, if filing a tax return, and earnings from work as well as untaxed income and assets Section 4 Student Information (Independent Students) : Section 4 Student Information (Independent Students) There are questions in Section 4 that the student will be asked only if he/she checked at least one response in Section 2 – Student Dependency Status – and is considered independant. Dependent Students SKIP THESE QUESTIONS Special Circumstances : Special Circumstances Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: Loss or reduction in parent or student income or assets Death or serious illness Natural disasters affecting parent income or assets Unusual medical or dental expenses not covered by insurance Reduction in child support or other untaxed benefits Financial responsibility for elderly grandparents Or any other unusual circumstances that affect a family’s ability to contribute to higher education Student Aid Report (SAR) : Student Aid Report (SAR) After the student completes the FAFSA on the Web, a SAR will be sent to the student An electronic SAR acknowledgment will be sent if student provides an email address A paper SAR will be mailed if no student e-mail address is provided An electronic copy of the data will be sent to each college or university listed by the student in Section 1 Keep a copy of the SAR with other financial aid documents What Happens Next? : What Happens Next? Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor ê Students and families review SAR for important information and accuracy of data ê Colleges match admission records with financial aid applications and determine aid eligibility ê Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms Slide 23: Thank you for watching our presentation. We will now open the chat for questions. Visit www.simmons.edu/sfs for more information about funding a Simmons education. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.