FAFSA Line by Line

Tips and Reminders to Keep YouFrom Getting LinesNovember, 2014

What is FAFSA?

• Free Application for Federal Student Aid• Online form maintained by the U.S.

Department of Education to help measure family’s need for financial aid

• Available January 1st each year for seniors• Must be filled out each year the student is in

post-secondary education

Today

• Screen shots in today’s presentation are from last year’s FAFSA

• No significant changes from last year

The Starting Point

• This is what you should see• FAFSA starts with “free” – if you see a fee

request, go to www.fafsa.gov

Login:

(Student’s Info)

First NameLast NameSSNDate of Birth

Identifying information

• Notice the word “STUDENT” on the left: that tells whose information belongs on this screen. Later, see “PARENT”

• Of course you know your name, but …• Copy it directly from your Social Security card– Names, especially foreign or hyphenated names,

can be confusing

Dependent or Independent Student?

• Most students are “dependent” for FAFSA purposes:– Under 24– At least one parent alive– Not married• Not a parent

– No military service experience– Not under legal guardianship

Citizenship Status

• Checked with Department of Homeland Security and Social Security Administration

• Choices: Citizen, Eligible non-citizen, Non-citizen– Some visa classes are eligible– Some refugees and asylees

• Eligible non-citizens need green card number or immigration document number

School Status

• Males: you must register with Selective Service even though there is no draft

• Remember to answer from the perspective of next year – usually “1st year, never attended college”

Kansas

Best School In Kansas

Selecting Schools

• If more than a few schools, enter state and pull down list of schools in that state

• If just one or two schools, enter name of school or location within state

• The next slide will ask where you expect to live – “on campus”, “off campus”, “with parents”

Income Taxes

• Plan to get taxes prepared not later than first 10 days of February

• IRS Data Retrieval Tool – Three weeks after taxes filed electronically – see next slide

• The PIN number here is the PIN number for FAFSA

• This slide merely notifies you that you are going to the IRS web site

• Normally, just click “OK”

***-**-2223

IRS Data Retrieval Tool

• Enter information from tax return, which may not be the same as current information

• Entries must be the same as the tax return, or IRS will not find the information

Dad & Mom Student***-**-2223

$59,656$1,843

$778

IRS Data Retrieval Tool (cont’d.)

• Slide shows information that will be transferred from IRS to FAFSA

• On FAFSA, the information will show “Transferred from IRS”

Other Income Items

• “Income tax” is the tax on the taxable income. FAFSA provides a line number reference to the tax forms

• Some but not all items from tax return• Most “Untaxed Income” has line number

references to tax forms in the “help” box on the right

Investments - Tricky

• Do not include information about principal residence (where you live) or about retirement savings (e.g., IRA, 401(k), 403(b))

• UGMA/UTMA accounts– Include them as student investments

• 529 plans, owned by student or parent, are listed as parent investments

Investments – Trusts

• Ask for help• Generally, trusts are included as investments• Including trusts often results in a puzzling or

counterintuitive impact

Submission Screen

• Enter PIN numbers• Be sure to agree to conditions

• After submission, a confirmation screen• You will have the option of copying

information to another FAFSA if you have another child going to college

FAFSA Follow-up

• In 3-5 business days an e-mail should tell you that your Student Aid Report (SAR) is available, probably with a link

• Expected Family Contribution (EFC) is on the SAR

• Data entered on the FAFSA are also reprinted

Verification

• Congress requires verification of 30% of FAFSAs submitted

• Usually a one-page form that calls for:– Information on family – names, ages, college

attendance– Income tax information – either use IRS Data

Retrieval Tool or specify whether tax return will be filed

• Respond promptly

Questions?