Paying for College

How to Complete the FAFSA 2007-2008

Overview

  • Completing the FAFSA
  • Special Circumstances

Why complete a FAFSA?

  • FAFSA is required for all federal and most state student aid programs.
  • Collects family’s personal and financial info
  • No fee www.fafsa.ed.gov
  • Can be submitted to six schools
  • Info provided determines if student is eligible for financial aid.

When to complete FAFSA

  • Complete soon after January 1, 2007
  • State of Michigan deadline is March 1, 2007
  • Reapply every year

Why FAFSA on the Web?

  • Faster than paper
  • Edit checks reduce chance of application being rejected because of missing or conflicting info
  • Easy access — any computer with internet capability, MS and Mac, Netscape and Microsoft browser, no software to download

How fast are the FAFSA results available?

  • It depends on:
    • web or paper application
    • signed by PIN or paper
    • email address provided
  • If applying online, give email address and sign using PINs — 24-48 hours
  • Check status online

What are FAFSA results?

  • Student Aid Report (SAR)
    • Student receives copy (electronic or paper)
    • School(s) receive electronic copy
  • SAR summarizes info from FAFSA. Check for accuracy. If corrections are needed, do them online or mail the corrections to the address provided on your SAR.
  • Comments alert student to additional requirements.
  • School uses SAR’s EFC number to determine financial aid eligibility
  • If you qualify, the school prepares a financial aid package.

Before beginning a FAFSA

www.fafsa.ed.gov/before001.htm

Apply for a PIN

  • Both student and one parent will need a PIN.
  • PIN is used to electronically sign the FAFSA.
  • Provide email address and receive PIN with 24-48 hours.
  • PIN Site

Documents Needed

  • Demographic information (social security number, driver’s license, alien registration card, etc.)
  • 2006 - 1040, W2s, IRS Schedules
  • 2006 - Untaxed income records (social security, welfare, workman’s comp., etc.)
  • 2006 bank statements
  • 2006 investment records (business, stocks, rental property, farms, partnerships, S-corp., etc.)

Keep these records! You may need them again. Do not mail your records with your signature page!

Pre-application Worksheets

www.fafsa.ed.gov/worksheet.htm

  • Worksheets consist of all questions related to the student’s (and parent’s) finances.
  • Questions follow the sequence of the online application.
  • Use to guide yourself through the online application.
  • if the answer to a numeric question is zero, enter 0.
  • Report yearly dollar amounts.

Let’s begin the FAFSA

Info about the student

  • Demographic info
  • Be careful on:
    • spelling of name
    • social security number
    • date of birth
  • FAFSA information will be matched with the following departments
    • INS
    • IRS
    • NSLDS
    • Social Security Office
    • Justice Department
    • Veteran’s Administration
  • Enrollment plans — Give best estimate.
  • Are you male? — Do not leave blank.
  • Selective service — Male students may register using the FAFSA.
  • Drug convictions for possession or selling drugs
    • Federal or State level
    • Do not count if removed from record or under 18 and tried as a juvenile

Dependency Status

For the 2007-2008 year you may apply as an independent student if you answer “Yes” to one or more of the dependency questions.

  • born before January 1, 1984?
  • Working on a Master’s or Doctorate program in 2007-2008?
  • Married?
  • Have children that receive more than half of their support from you?
  • Supporting other dependents?
  • Parents deceased? Ward of the Court?
  • Currently serving on active duty in the U.S. Armed Forces?
  • Veteran of the U.S. Armed Forces?

If you answer “No” to all questions, you must also provide parental information of the FAFSA.

Student Status

  • Student’s filing status and tax form filed
  • Parent’s marital status on the day FAFSA filed
    • Married, remarried — Single — Widowed — Divorced/Separated
  • Which parent to use?
    • the one student lived with more
    • the one who provided more than 50% financial support
    • If the parent is remarried, then the stepparent’s information must also be provided.

Student’s Finances

  • Student’s AGI and tax paid
  • Wages and Exemptions
  • Student untaxed income — to be listed on Worksheets A & B
  • Student excluded income — to be listed on Worksheet C

www.fafsa.ed.gov/worksheet.htm

  • Student’s assets — Net asset value on the day FAFSA filed
  • Investment assets
    • Include: trust funds, Uniformed Gifts to Minors Act Accounts (UGMA), college saving plan (MESP, 529 plans)
    • Do not include: MET (Michigan Education Trust)
    • Business and farm assets
    • Current value of cash, checking and savings accounts
  • Worksheets and asset questions will be skipped if family qualifies for simplified analysis.

Parent information

  • Social Security Numbers
  • Last names
  • Household size
  • Number in college
  • State residency
  • Parent’s AGI and tax paid
  • Number of exemptions
  • Untaxed income — Worksheets A & B
    • retirement contributions
    • child support received
    • workman’s comp., disability benefits
    • untaxed social security benefits and pensions
    • welfare benefits
    • tax exempt interest
  • Excluded income — Worksheet C
    • educational tax credits
    • child support paid
  • Parent’s assets — Net value on the day FAFSA filed
  • Investment assets
    • Include: trust funds, Education IRAs, mutual funds, real estate, investments, second, vacation or rental homes
    • Do not include: primary residence, retirement funds (IRAs, 401k, 403b, Keogh, SEP, etc.)
  • Business and farm assets
  • Current value of cash, checking and savings accounts
  • Age

Schools to receive results

  • List the Federal School Code of the colleges the student is considering.
    • Online lookup
    • List Michigan college of choice first
    • List up to six colleges
  • Indicate the type of housing associated with each school.
  • All colleges listed will receive electronic FAFSA record of student.

Review FAFSA info

  • Online application gives you the opportunity to make changes or correct mistakes.
  • If edit check indicates problem, software will lead you through resolution.
  • Provide preparer’s information.

Signatures

  • Required signatures
    • Student and one parent
    • PIN serves as signature
  • Use your PIN to electronically sign or print the signature page and mail.
  • Print a copy of the FAFSA for your records.

www.pin.ed.gov

Submit FAFSA

  • Student & Parent Certifications
    • All information is true and complete.
    • Dept. of Ed. has authority to verify information contained on the FAFSA.
    • Student and parent will submit proof if asked.
    • Purposeful false or misleading info leads to $20,000 fine, prison or both.
  • Student certification
    • Will use aid received for educational expenses related to attendance at the college that determined eligibility.
    • Not in default on a Title IV educational loan.
    • Does not owe an overpayment on Title IV educational grant.
    • Will notify his/her school if he/she does owe an overpayment or is in default.

Finished

  • Print or write confirmation number
  • Estimated EFC (preliminary)
  • School will determine eligibility.
  • Check status of application online.

Special Circumstances

  • Initially must report 2006 income on FAFSA.
  • If financial circumstances change in 2007 — Contact each college to request a re-evaluation.
    • Each college is responsible for approving changes in circumstances.
    • Results may differ between colleges.
  • Common special circumstances include:
    • Loss of income through layoff, retirement or disability
    • Death or divorce of a parent after filing FAFSA
    • High medical expenses paid and not covered by insurance

Steps to apply for aid

  • Apply for admission to the college(s).
  • Complete and submit FAFSA.
  • Review FAFSA results for accuracy.
  • Check with college for other required forms and documents.
    • Inquire about institutional funds.
    • Submit all requested documents.
  • FAFSA information may be selected for verification. Verification requires submission of income documents and a verification worksheet.
  • Aid cannot be processed until all required documents have been submitted to the Financial Aid Office.
  • The Financial Aid Office will review your documents and determine your aid eligibility.

FYI

  • Everyone who applies should receive notification from the college regarding their eligibility.
  • You may not receive financial aid at more than one college at the same time.
  • Read all correspondence and promptly follow instructions.
  • You do not have to accept all award type, but the school may not replace declined aid.
  • Contact the Financial Aid Office if you have questions about your award.
  • Attend classes!
  • Maintain satisfactory progress.

Summary

  • Student must:
    • Apply for admission to the college(s).
    • Complete and submit the FAFSA.
    • Check with college for other required forms and documents.
    • Review SAR for accuracy.
    • Submit required documentation to the Financial Aid Office.
  • Financial Aid Office will:
    • Determine eligibility
    • Package aid
    • Send award letter or denial letter

Contact Schoolcraft College if you have any questions

Admissions & Enrollment Center: (734) 462-4426

Office of Financial Aid: (734) 462-4433