Jones Hs Web Version

FAFSA FUNDAMENTALS
2015-2016
Whats Financial Aid?

Money used to help you pay for college
Comes in the form of grants,
scholarships, work programs and
student loans
All students are eligible for some type
of financial assistance for college
Apply after January 1 of your Senior
year and each year youre requesting
aid for college
Getting Financial Aid

Complete the FAFSA (Free Application for
Federal Student Aid) to request financial aid
Find the FAFSA at FAFSA.gov
Sign your FAFSA online with a Personal
Identification Number or PIN
Never pay to complete this form and never
pay anyone to help you complete this form; its
a FREE application
Types of Financial Aid

Free Money
Grants
Scholarships
Earned Money
Work-Study
Borrowed Money
Student Loans
How Do I Apply?
Free Application for
Federal Student Aid
The FAFSA is your first step
Use it to apply for most types of
federal and state aid
Find the FAFSA

Online Visit FAFSA.gov
Print a copy Go to FAFSA.gov; click

FAFSA Filing Options to print a paper
FAFSA
Request a paper copy Call
800.4.FED.AID or 800.730.8913 (TTY)
to request copies in English or Spanish
FAFSA.gov
FAFSA.com
At FAFSA.com, a new client
is required to pay $79.99.
Never pay to complete the
FAFSA! Always use
FAFSA.gov.
Why Online?
Faster processing time
Built-in error catcher means fewer delays

Yearly online renewal
Automatically transfer your tax information
with the IRS Data Retrieval Tool
Help and Hints boxes provided with every
question
Electronically sign using your Personal

Identification Number (PIN)
Whats a PIN?
Request a Personal Identification

Number (PIN) from FAFSA.gov
Four digit code is typically sent via

email within 24 hours after your
request
Student and one parent must each

have a PIN
Getting a PIN
Requested FAFSA Information

Social Security Numbers
Tax, income and other financial info
Marital status
Citizenship status
Level of parents school completion
Schools youre interested in attending
Dont Miss Deadlines

FAFSA Check with your schools
Financial Aid office for any priority
deadlines
State Aid State deadlines can be found

at FAFSA.gov
Oklahomas deadline for the Oklahoma
Tuition Aid Grant (OTAG) is March 1
7 Myths About the FAFSA

1. I wont qualify for financial aid because my parents (or I)
make too much money.
2. I dont have good grades, so I wont be eligible for
financial aid.
3. Im too old to qualify for financial aid.
4. The application is too hard to fill out!
5. I have to wait until my parents (or I) file my taxes.
6. I support myself, so I dont have to include parent
information.
7. I completed the FAFSA my freshman year, so I
dont have to complete it again.
FAFSA PROCESS
FAFSA 2015-2016
Student Demographics
Use your full
name as shown
on your Social
Security card
Be accurate
when entering
your birthdate
Help and Hints boxes

are located on each
screen to assist you
Enter your
marital status as
of the day you
submit your
FAFSA
Selective Service Registration

Eighteen year
old males must
register with
Selective
Service in order
to receive
financial aid
You can elect to
register here on
your FAFSA
High School Name

Search for high
schools by name,
city or state
If you have a
high school
diploma, you
must include
the school from
which you
graduated
School Selection
You can send
your FAFSA to
10 different
colleges
You can search
colleges by name,
city or state
A search was
done here on
Rose State
College
School Selection
A search done on
colleges in
Stillwater found
3 schools
Two were added
and they will
receive your
FAFSA results
Click View
Selected School
Information
to get a
comparison
of your
choices
School Comparison
Housing Plans
Provide Housing
Plans for each
school youve
chosen to receive
your FAFSA results
Your options:
On campus
Off campus
With parents
Dependent or Independent?
1992
Your answers to
these questions
will determine
your dependency
status
If youre unable
to answer YES to
one of these
questions, youll
be considered a
Dependent
Student
Dependency Status
Dependent students must
provide parental information on
the FAFSA
Independent students arent

required to show parental
information unless requested by
their school
Special Circumstances
Dependent students who cant provide parental information can state that here.
Ask someone in your Financial Aid office what to do next.
Exceptions to
the rule for
parental
information are
shown here
Contact your
Financial Aid
office for more
details
Change in employment status
Unusual medical expenses not covered
by insurance
Change in parent marital status
Unusual dependent care expenses
Parent Information
If your LEGAL parents (biological and/or
adoptive) are separated or divorced Use
information about the parent you lived with
most during the last 12 months
If you lived with both parents equally Use
information for the parent who provided you
the most support in the last 12 months
If your divorced parent is remarried Use
information for your parent and step-parent
Parent Demographics
Parent will enter
first initial and
last name as
shown on their
Social Security
card. Name and
date of birth will
be verified with
the Social
Security
Administration.
Parent Income
Parent can choose
a tax filing status:
-Already completed
-Will file
-Not going to file
If parent will file,

theyre given the
option to use an
Income Estimator or
their prior years tax
figures
They will be
instructed to
enter final tax
data when
available and
use the IRS Data
Retrieval Tool
IRS Data Retrieval

IRS can send tax data online directly to
your FAFSA
Available in early February for the 20152016 FAFSA processing cycle
Participation is voluntary
Reduces documents requested by financial
aid office
IRS Data Retrieval

Electronically filed tax information will be
available 2-3 weeks after the return has
been accepted by the IRS
Data from paper tax returns will be
available on the IRS website in
approximately 8-11 weeks after the IRS
receives the return
Parent Income
If the IRS Data
Retrieval tool is
not used, parent
will enter income
figures directly
from the current
years tax return
Student Income
Students are also asked to provide the type of tax return they
filed as well as their income earned and taxes paid.
Student Income
Student will
enter their
income here
Sign and
Submit
Click here to review all
your data before you
submit
You can still request a
PIN here if necessary
Sign and
Submit
Hit Submit My
FAFSA Now to send
your results to the
school(s) youve
chosen
Confirmation Page
A Confirmation Page is
shown after your
FAFSA has been
submitted
It includes an estimate
of your Expected
Family Contribution
(EFC) and estimated
eligibility for the Pell
Grant and Federal
student loans
AFTER THE FAFSA
After FAFSA Submission

You will be notified when your FAFSA is
processed
Your FAFSA information will be made
available to your school(s) to determine the
aid you may be eligible to receive
If you have questions about your financial
aid package, contact your school(s)
Student Aid Report (SAR)

Summarizes your FAFSA information
Sent to student electronically or in paper
form after your FAFSA is processed
Review the SAR for accuracy

The schools listed on your FAFSA will
also receive a summary
Making Corrections
If necessary, corrections to FAFSA data may
be made by:
Using FAFSA on the WEB (www.FAFSA.gov) if
student has a PIN;
Requesting changes through the Financial Aid

office with the use of your DRN (Data Release
Number)
Submitting documentation to the colleges
Financial Aid office
Frequent FAFSA Errors

Social Security Numbers
Divorced/remarried parental information

Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid

Household size
Number of household members in college
Real estate and investment net worth

Submit button
Financial Need
Cost of Attendance
- Expected Family Contribution
Other Aid
Financial Need
Award Letter
Lists types and amounts of financial
aid youre eligible to receive
You dont have to accept everything
youre offered in the award letter
Submit any requested information to
your school by the required deadline
Sample
Financial Aid
Award Letter
Federal Financial Aid

Federal Pell Grant
$5,830 estimated annual maximum for 2015-2016
Undergraduates without a bachelors degree
Federal Supplemental Educational

Opportunity Grant (FSEOG)
Undergraduates without a bachelors degree
Priority given to Pell Grant recipients with
high financial need

Teacher Education Assistance for College
and Higher Education Grant (TEACH)
Fulfill teaching service in a high-need field, lowincome school or educational service agency
Iraq and Afghanistan Service Grant
Awarded to a student whose parent/guardian was

in the Armed Forces and died in Iraq or
Afghanistan after 9/11

Federal Work-Study (FWS)
Allows student to earn money to help pay
educational expenses
Offers campus-based or community
employment opportunities

Federal Subsidized Student Loan
$3,500/year maximum for Freshmen
Government pays interest while student is
enrolled at least half-time
Federal Unsubsidized Student Loan

Additional loans available to students who
qualify
Interest starts to accrue after first
disbursement
Federal vs. Private Student Loans

Always accept federal student loans over
private loans
Federal loans are less expensive and
usually have lower interest rates
Repayment options are much better on

federal loans
Many private loans may require you to
have a established credit record
State Financial Aid

Oklahoma Tuition Aid Grant (OTAG)
Apply through the FAFSA
Application deadline March 1, 2015
$1,000 annual maximum for public schools;
$1,300 annual maximum for private schools
State Financial Aid

Oklahomas Promise
Students receive free tuition at Oklahoma
public two-year colleges and four-year
universities
Partial tuition provided at approved

Oklahoma private colleges and public
technology centers
Students must complete the FAFSA to
receive their funds
What Do You Think?

What was the total amount of
financial aid awarded by
Oklahoma State University during
the 2013-2014 academic year?
This includes all grants, loans and
scholarships in their undergraduate,
graduate and veterinary programs.
Over $310 million
Things to Remember
Complete the FAFSA every year you need
financial aid for college
Complete the FAFSA as soon after January
1st as possible to meet deadlines
Sign electronically with a Personal

Identification Number (PIN)
Never pay to complete this form; its a
FREE application
RESOURCES
StartWithFAFSA.org
FAFSA Resources
SCHOLARSHIPS
Scholarships
Money that does not have to be paid back
Awarded on merit, need, skills, hobbies, family

history and athletics
Apply for as many scholarships as possible
Search scholarship websites, books, local

organizations, churches, family employers, college
financial aid offices
Contact your tribal office for assistance if youre
of Native American heritage
Write a brilliant essay
Scholarship Success Guide
Scholarship Resources
Scholarships
College planning information
ACT/SAT test dates
Informative articles
Search For It
Scholarship Websites
Collegexpress.com lists 45 of the
Weirdest College Scholarships
Tall Clubs International Scholarship

Duct Tape Stuck on Prom Contest
American Welding Society Scholarship
Potato Industry Scholarship
Predicting the Future Award
Billy Barty Scholarship for proven dwarfism
National Marbles Tournament Scholarship
Vegetarian Resource Group Scholarship
Carnegie Mellon Bagpipe Scholarship
Zolp Scholarship to Loyola University
Redhead Scholarship
Left Hand Scholarship
Oklahoma State Regents for Higher Education
Oklahoma College Assistance Program

Outreach Department
Kelli Kelnar
405.234.4239
866.443.7420 (toll free)
[email protected]

Jones Hs Web Version

Uploaded by

Copyright:

Available Formats

Jones Hs Web Version

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Jones Hs Web Version

Uploaded by

Copyright:

Available Formats

FAFSA FUNDAMENTALS

Whats Financial Aid?

Getting Financial Aid

Types of Financial Aid

Find the FAFSA

Print a copy Go to FAFSA.gov; click

Built-in error catcher means fewer delays

Electronically sign using your Personal

Request a Personal Identification

Four digit code is typically sent via

Student and one parent must each

Requested FAFSA Information

Schools youre interested in attending

Dont Miss Deadlines

State Aid State deadlines can be found

7 Myths About the FAFSA

Help and Hints boxes

Selective Service Registration

High School Name

Independent students arent

If parent will file,

IRS Data Retrieval

IRS Data Retrieval

AFTER THE FAFSA

After FAFSA Submission

Student Aid Report (SAR)

Review the SAR for accuracy

Requesting changes through the Financial Aid

Frequent FAFSA Errors

Divorced/remarried parental information

U.S. income taxes paid

Real estate and investment net worth

Federal Financial Aid

Federal Supplemental Educational

Federal Financial Aid

Iraq and Afghanistan Service Grant

Awarded to a student whose parent/guardian was

Federal Financial Aid

Federal Financial Aid

Federal Unsubsidized Student Loan

Federal vs. Private Student Loans

Repayment options are much better on

State Financial Aid

State Financial Aid

Partial tuition provided at approved

What Do You Think?

Over $310 million

Sign electronically with a Personal

Awarded on merit, need, skills, hobbies, family

Search scholarship websites, books, local

Scholarship Success Guide

Tall Clubs International Scholarship

Oklahoma State Regents for Higher Education

Oklahoma College Assistance Program

You might also like