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FAFSA Presentation

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Katja Wallin

on 20 January 2015

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Transcript of FAFSA Presentation


pplication for


Why do I need to fill this out?
This is the only form that can get you financial aid from your college
This one form can go to all colleges you are applying to (both 2 and 4 year institutions).
This one form lets you qualify for grants, scholarships, and loans.
So how do I fill it out?
Go to fafsa.ed.gov
Important (NOT fafsa.com)
What will I need to fill it out?
First is a PIN number for you and your guardian.
All you need is your Social Security # and your address.
Go to pin.ed.gov
Then you will need the following documents:

1. Social Security Number
2. Drivers License (if you have one)
3. 2014 (2013), W-2 form
4. Student and Parent’s 2014 (2013) Federal Income Tax Return (could be any of the following 1040, 1040A, 1040EZ)
5. 2014 (2013) untaxed income record (to include veterans benefits, child support received, workers compensation payments)
6. Current bank statements
7. Current business, investment, farm, mortgage, stock, land, or other investment records
8. Alien registration or permanent resident card (if not a US Citizen)
Now WHO is going on this form?
You and whoever you live with 51% of the time.

If you live with your mother and step-father you put both of their information on your form.

If anyone has a job you must put that information on the FAFSA. Questions?!
What types of $$ is available?
Grants: Free Money given to families based on income levels.

Work-Study: A JOB on campus that the salary goes back to the school

Student Loans:
Subsidized Loans = no interest while the student is in school and you only start paying them back 6 months after you graduate.
Unsubsidized Loans = student does gain interest on loans once they are taken out, still can wait until 6 months after graduating to pay them back.

Stafford Plus Loans: A loan for your parents with very low to zero interest rates that must be paid back.
When is it due?
Once submitted what do I do?
Look for two important pieces of information:
1. Student Aid Report = the types of aid the federal government expects you will recieve from each college.
2. Your Estimated Family Contribution (EFC) = the amount of money the federal government believes your family can afford. NOT the actual amount you will have to pay.
And then you......wait
The online form will be sent to all of your colleges you entered and you will get a Financial Aid Package from each college in the mail
What can I use this $$ for?

Tuition & Fees
Room & Board
Books & Supplies
Personal Expenses
Soooo to figure out how much financial aid a school should give you:

Cost of Attendence of School - (minus) Estimated Family Contribution =
The amount of aid you are eligible for and what you should be offered in your financial aid package.
Questions, Comments, Concerns?

Schedule an appointment with Ms. Wallin anytime during or after school to meet with your guardian and yourself for help.

FAFSA Parent Nights - Feb. 24 @ SHS @ 6pm

FAFSA Day Feb. 28th @ SECU 9am-12pm FREE

MARCH 1st!
Every Year!
Important Tips:

You can submit and the UPDATE the FAFSA form multiple times!
You can get verified, which just means more paperwork.
IRS Date Retrieval Tool
CHECK YOUR EMAIL for updates and problems.
Cost of Attendance
Tuition & Fees - $8,374
Room & Board - $10,592
Health Insurance - $1,388
Other - $?

Community College
Tuition & Fees - $1,406
Transportation - $350
Other - $1,306
School Cost $14,000 - EFC$2,000
= $12,000 Need
How Do Payments Work?

Colleges will take your Financial Aid and subtract out ALL charges for the semester.

there is money left over, a check is cut to your student (refund check) a month later.

there is not money left over, a bill is sent to your parents one around July and one in November for each upcoming semester.

Payment plans are available.
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