logging in or signing up FAFSA Filing Workshop hofstrauniversity Download Post to : URL : Related Presentations : Let's Connect Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Copy embed code: Embed: Flash iPad Dynamic Copy Does not support media & animations Automatically changes to Flash or non-Flash embed WordPress Embed Customize Embed URL: Copy Thumbnail: Copy The presentation is successfully added In Your Favorites. Views: 754 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: January 10, 2014 This Presentation is Public Favorites: 0 Presentation Description FAFSA Filing Workshop Comments Posting comment... Premium member Presentation Transcript PowerPoint Presentation: 2014-2015 Financial Aid Workshop Financial aid programs How and when to apply Filing the FAFSA Helpful resources Questions and answers What is Financial Aid?: What is Financial Aid? Gift Aid: Gift Aid Scholarships Institutional/Outside Grants Institutional Pell Supplemental Opportunity Grant (SEOG) Tuition Assistance Program (TAP) Scholarship Search Sites: Scholarship Search S ites Internet- CAUTION! Finaid.org Fastweb.com Scholarships.com Collegeboard.com Finaid.org Fastweb.com Scholarships.com Collegeboard.com Loans: Loans Federal Education Loans (2013-2014) Subsidized & Unsubsidized Stafford Loan (3.86%), loan fee 1.051% Perkins Loan (5%), no loan fee Parent Plus Loan (6.41%), loan fee 4.204% Alternative/Personal Student Loans (variable) Home Equity Loan www.hofstra.edu/learnaboutloans Federal Work Study (FWS): Federal Work Study (FWS) Federal Work Study Most jobs worked on campus Students earn wages Based on student s chedule Does not count against next year FAFSA Earn more than just a degree! PowerPoint Presentation: Filing the Free Application for Federal Student Aid ( FAFSA) 2014-2015 Financial Aid Application Time : Financial Aid Application Time After January 1 st of your senior year in high school you are able to file financial aid applications based on estimated income Federal Aid : www.fafsa.gov NYS Aid: www.hesc.ny.gov www.collegeboard.org (CSS Profile not for Hofstra) Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear. Why file the FAFSA?: Why file the FAFSA? It’s free! It determines eligibility for federal grants, loans & work study Some states including New York require it as the first part of an application process for financial aid from that state Some colleges and private organizations require it for consideration of scholarships and grants Should I hire a consultant to help me file the FAFSA?: Should I hire a consultant to help me file the FAFSA? We do not recommend paying a fee when you can get the help you need right from the source for free Specialized FAFSA representatives are available to assist you step-by-step through the application at 1-800-4-FEDAID (1-800-433-3243) or click the “Live Help” button to chat with a FAFSA representative What is the difference between www.fafsa.gov and www.fafsa.com?: What is the difference between www.fafsa.gov and www.fafsa.com ? www.fafsa.gov is the official federal Department of Education website for the filing the FAFSA www.fafsa.com is a private company which provides an advisory service and charges a fee Step 1 : Step 1 Apply for a federal Personal Identification Number (PIN) at www.pin.ed.gov PowerPoint Presentation: A PIN is required for both the student applicant and one parent (if the student is dependent) Each student FAFSA filer (siblings) must have a separate PIN The parent uses his/her same PIN for each child filing a FAFSA The PIN allows you to complete and sign the FAFSA electronically and complete Federal Direct Loan applications You will use the same PIN numbers to file the FAFSA every year Keep your PIN in a secure place For assistance, call 1-800-4-FEDAID (1-800-433-3243) Step 2: Step 2 After January 1 st , collect the documents needed to apply for both the student and parent(s) All sources of 2013 taxed and untaxed income such as income tax returns, W2 forms, benefit statements, etc. Asset information such as your most recent bank statements, investments, stocks, bonds, mutual funds, etc. Social Security numbers Student driver’s license (if applicable) Alien registration number (if applicable) FAFSA FAQ: FAFSA FAQ Q. What are some common mistakes people make completing the FAFSA? Not asking for help, call 1-800-4-FEDAID File the correct FAFSA for the correct aid year Do not use nicknames Use correct Social Security numbers Do not list parent income under the student Make sure both student & parent signatures go through Step 3: Step 3 Print a 2014-2015 “FAFSA on the Web Worksheet” at: https://fafsa.ed.gov/fotw1415/pdf/fafsaws14c.pdf PowerPoint Presentation: The worksheet is used as a helpful tool to organize your information and cut down on the time you need to complete the FAFSA online Do not mail the web worksheet to FAFSA or to colleges For step-by-step assistance completing the worksheet and the FAFSA online, call 1-800-4-FEDAID (1-800-433-3243) What is Selective Service?: What is Selective Service? Registration requirement for young men which preserves America’s ability to provide manpower in an emergency to the U.S. Armed Forces Almost all men ages 18 through 25 must register Since this is a federal requirement, it is required for qualified male students to apply for federal aid www.sss.gov Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear. Principles of Need Analysis: Principles of Need Analysis Paying for college is a partnership Equitable and consistent formula Based on dependency status Parent contribution + student contribution = EFC (Expected Family Contribution) Snapshot of the current financial condition, allowing for consideration of loss of income special circumstances such as unemployment, disability, separation/divorce or death of a parent, excessive medical/dental expenses paid out of pocket, etc. Dependent students must file the FAFSA with the parent with whom they’ve lived the last 12 months, regardless of who claimed the student on their taxes If the parent is re-married, the step-parent’s information must be reported Who is a parent on the FAFSA?: Who is a parent on the FAFSA? Who is a parent when filing the FAFSA? Biological or step-parent married to the parent the student lives with or an adoptive parent NEW for 2014-2015: If the parents are living in the same household, report information for both parents even if separated/divorced/same gender marriage Who is not a parent when filing the FAFSA? Grandparents, foster parents, legal guardians, aunts and uncles are not parents for filing the FAFSA unless they legally adopted the student before the student turned 13 Automatically Independent 2014-2015: Automatically Independent 2014-2015 Were you born before January 1, 1991? As of today, are you married? At the beginning of the 2014-2015 school year, will you be working on a master’s or doctorate program? Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? Are you a veteran of the U.S. Armed Forces? Do you have children who will receive more than ½ their support from you between July 1, 2014 and June 30, 2015? Do you have dependents (other than your children or spouse) who live with you and who receive more than ½ their support from you, now and through June 30, 2015? At any time since you turned 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? Automatically Independent 2014-2015: Automatically Independent 2014-2015 As determined by a court in your state of legal residence, are you or were you an emancipated minor or were you or are you in a legal guardianship? At any time on or after July 1, 2013 did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2013 did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2013 did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? FAFSA FAQ: FAFSA FAQ Q. My parents are separated or divorced and living apart, whose information do I put on the FAFSA? A. You report the information for the parent you lived with the most the past 12 months regardless of who claims you on their income tax return. If you did not live with one parent more than the other, report the information for the parent who provided the most financial support. If parents are separated/divorced but still living in the same household, report information for both parents. FAFSA FAQ: FAFSA FAQ Q. Do parents have to be legally separated to file the FAFSA as separated? A. No. Colleges may ask for proof of separate residences such as a copy of a lease and utility bills. FAFSA FAQ: FAFSA FAQ Q. My step-parent is not responsible for supporting me, why do I have to report his/her information on the FAFSA? A. It is required by federal financial aid regulations. If the parent you reside with is re-married, you must report your step-parent’s information on the FAFSA. FAFSA FAQ: FAFSA FAQ Q. My parents do not have Social Security numbers, how do I complete that area on the FAFSA? A. Enter “0” in all spaces asking for their Social Security numbers. FAFSA FAQ: FAFSA FAQ Q. We have not yet completed our 2013 federal income tax returns, how do we complete the FAFSA? A. Check the box indicating you have not yet filed and enter estimated income . Once your tax returns have been filed, you can return to the FAFSA to correct the information. FAFSA FAQ: FAFSA FAQ Q. The FAFSA requires us to report the “net worth” of our investments, what does that mean? A. Net worth is the current value of all your investments required to be reported on the FAFSA minus debt (only subtract debt from properties other than your primary residence like a vacation home or rental property). FAFSA FAQ: FAFSA FAQ Q. What kind of investments are included on the FAFSA? A. Real estate (do not include the home you live in unless a portion of it is rented out, you must report the rented portion), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc., qualified educational benefits or education savings accounts (e.g. Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans). FAFSA FAQ: FAFSA FAQ Q. How are 529 plans reported on the FAFSA? A. 529 plans are reported under the “owner” as an investment not the beneficiary. If the parent is the owner, it is reported under the parent investment question. If the parent has more than one 529 plan for various members of the family including siblings of the student, the total value of all plans must be reported under the parent. FAFSA FAQ: FAFSA FAQ Q. Besides the home we live in, are there any other investments we do not include? A. Do not include the value of life insurance, retirement plans (401[k] plans, pension funds, annuities, non-education IRA’s, Keogh plans, etc.), UGMA and UTMA accounts for which you are the custodian but not the owner, or cash, savings and checking accounts which were already reported in the FAFSA. FAFSA FAQ: FAFSA FAQ Q. How do I find out the Federal college codes of the schools I want to apply to? A. There is a search online when you are completing the FAFSA, ask the colleges directly or call the FAFSA toll free number at 1-800-4-FED-AID (1-800-433-3243). Hofstra’s Federal school code is 002732. FAFSA FAQ: FAFSA FAQ Q. I can only send the FAFSA to 10 colleges online, what if I need to send the FAFSA to more? A. You can change the codes by going back into the FAFSA online or call 1-800-4-FED-AID (1-800-433-3243) and do it over the phone. By doing this, you are actually removing some of the previous schools listed and therefore future changes to the FAFSA will only be sent to the 10 schools most recently listed on the FAFSA. FAFSA FAQ: FAFSA FAQ Q. I am interested in living on campus but not sure. Which answer should I indicate on the FAFSA? A. For each college code you indicate on the FAFSA, you will need to indicate the corresponding housing status. If you are interested in living on campus, you should indicate on campus. If you need to change the status later to with parent or off campus, you should inform each Financial Aid Office directly . FAFSA FAQ: FAFSA FAQ Q. What is the difference between the “with parent” and “off campus” housing status? A. With parent means the student will be commuting from their parent(s) or other relative’s home. Off campus means the student will be commuting from his/her own home or apartment. FAFSA FAQ: FAFSA FAQ Q. There is no place to indicate special circumstances such as loss of income on the FAFSA. Can I request a re-evaluation? A. Yes. Most colleges have a special form for this. FAFSA FAQ: FAFSA FAQ Q. What if I have to make corrections to my FAFSA after I file it? A. Return to www.fafsa.gov and make the corrections online. FAFSA FAQ: FAFSA FAQ Q. How do I apply for the Tuition Assistance Program (TAP)? A. There will be a link for New York State residents to apply for TAP at the end of the FAFSA. If you miss the link, wait approximately 3-5 days then go directly to the TAP web site to apply at www.hesc.ny.gov . For step-by-step assistance call 1-888-NYS-HESC (1-888-697-4372). Step 4: Step 4 Go to www.fafsa.gov Click “Start A New FAFSA” What Happens Next?: What Happens Next? Upon receipt of the FAFSA, a financial aid package will be calculated by the college(s) and sent to you (if accepted for admission) Further details regarding required documents will be provided within the aid package Accept or decline the aid offered to you and return the response to the aid office as early as possible, but no later than May 1 st Verification?: Verification? If selected by the FAFSA processor or by the college: Submit signed 2013 income documentation Request copies of 2013 federal “Tax Return Transcripts” in advance 1-800-908-9946 or www.IRS.gov Don’t miss out! Additional aid may be offered upon completion of verification Aid may be adjusted based on corrections Typical Undergraduate Financial Aid Process Summary: Typical Undergraduate Financial Aid Process Summary Fall Semester S enior Year In High School After January 1 st Late Feb.- March April- May Inquire about scholarship/grant application processes at college(s) www.hofstra.edu/scholarship 516-463-8000 Males must register for Selective Service upon reaching the age of 18 years old www.sss.gov Student and one parent a pply for federal PIN www.pin.ed.gov 1-800-433-3243 If required by college, file the CSS/Financial Aid PROFILE after October 1 st (fee required) www.collegeboard.com 305-829-9793 (not required by Hofstra) File the FAFSA www.fafsa.gov 1-800-433-3243 Apply for state aid NY State: link following the FAFSA www.hesc.ny.gov 1-888-697-4372 Many Colleges/Universities begin to send out financial aid packages Complete verification if required, request student and parent federal tax return transcripts from the IRS 1-800-908-9946 Submit forms (if required): Perkins Promissory Note, proof of citizenship status, selective service registration, etc. Accept/decline financial aid no later than May 1 st , the National Reply Date, and pay tuition & housing deposits (sooner if required by the college(s)) In May, student completes federal Stafford Loan Entrance Counseling & Master Promissory Note www.studentloans.gov 1-800-557-7394 In May, parent completes federal Parent PLUS Loan Application Request & Master Promissory Note 1-800-557-7394 www.studentloans.gov In May, if participating, s tudent and cosigner completes alternative loan application www.finaid.org/loans/privatestudentloans.phtml Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear. Helpful Links for Financial Aid Resources:: Helpful Links for Financial Aid Resources: Hofstra Aid: www.hofstra.edu/scholarship Federal: www.studentaid.gov NY State: www.hesc.ny.gov General: www.finaid.org Note: Links are provided as a general information resource for the use of visitors to the web site. The links provided are maintained by their respective organizations and they are solely responsible for their content. Hofstra does not favor one link over the other, nor does Hofstra endorse or profit, in whole or in part, from any products or services offered or promoted by any of the web sites whose links appear. PowerPoint Presentation: Questions? Hofstra University Office of Student Financial Services 206 Memorial Hall: Hofstra University Office of Student Financial Services 206 Memorial Hall Phone: 516-463-8000 Fax: 516-463-4936 firstname.lastname@example.org www.hofstra.edu/sfshowto www.hofstra.edu/learnaboutloans www.hofstra.edu/paymentoptions www.hofstra.edu/deadlines Facebook.com/HUSFS Twitter.com/hofstraSFS You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.