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MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY

UNDERSTANDING THE FAFSA®

Fall 2017

FAFSA is a registered trademark of the U.S. Department of Education, with which MEFA is not associated.

About MEFA

•Not-for-profit state authority created in 1982

•Helping families plan, save, and pay for college

•Keeping you on track with college planning: –mefa.org: Information, blog, tools, & resources

–Facebook, Twitter, & LinkedIn

–Emails: Sign up on mefa.org:

–Seminars: Details at mefa.org/events

–Webinars: Register at mefa.org/events

–mefapathway.org

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• Free Application for Federal Student Aid

• FREE form (NEVER pay to submit the FAFSA)

• fafsa.gov

• Required by all colleges/universities for federal & state aid

• Opens October 1, 2017

• Complete and submit before the earliest college deadline (!!)

– Often Feb or March

– Early Action/Decision could have a deadline in fall

• Complete online, but can find a full FAFSA PDF on fafsa.gov

• Must be completed each year (one for every child)

• Tip: If an answer is zero or the question does not apply, enter 0

• Note: you may have other financial aid applications required

• Application may ask you to check for errors on a question. Type the answer again if

correct.

About the FAFSA

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•Student and parent Social Security numbers

•Student’s drivers license

•Student and parent:

–2016 W-2 forms (or pay stub)

–2016 federal income tax return (if not using the IRS Data Retrieval Tool)

–2016 untaxed income records

–Current bank statements

–Current business and investment records

Documents Needed to Complete the FAFSA

FAFSA Customer Service

•Phone: 1-800-4-Fed-Aid (433-3243)

•Email Form: Located at StudentAidHelp.ed.gov

•Chat: Located at StudentAidHelp.ed.gov

(Chat option disappears if chat is not available)

•Hours:

– Monday-Friday: 8 a.m.–11 p.m. ET

– Saturday & Sunday: 11 a.m.–5 p.m. ET

•Help icon at the top of each page leads to:

– FAQs

– Search (also available throughout the site)

– Contact Information

New Parent Help Section

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FSA ID

•A Log-in: Username & Password

•Needed to complete the FAFSA

•Both the student and one parent will need one

•Replaces the now-retired Federal PIN

•Provide personal information and answer challenge questions

• fsaid.ed.gov

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fafsa.gov

Start

here

Login

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FSA ID

Entering Student Information

Disclaimer

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Get Started

For

high

school

seniors

Reminder to

create an

FSA ID

Save Key

The Save Key allows you to save your application and return to it later

Further Help and Instruction

Further

instructions

Tips for

each

question

Search

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Introduction Page

Section

tabs

Student Demographic Information

Save as

you go

View your

answers

anytime

Use an email

address that

you check

often

Student Eligibility

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Who is Eligible for Federal Financial Aid?

•U.S. citizens

•Eligible non-citizens, including:

• U.S. Nationals

• Permanent Residents

• Carriers of Arrival-Departure Records (I-94)

• Holders (student or parent) of a T-visa

• “Battered immigrant-qualified aliens”

• Citizens of the Federated States of Micronesia, the Republic of the

Marshall Islands, or the Republic of Palau.

Citizenship status will be verified by:

• the Social Security Administration (citizens)

• the Department of Homeland Security (eligible non-citizens)

Further Eligibility Details

•Males 18 and older must register for Selective Service

(Male is defined as male at birth)

•Current high school students should select:

–Never before attended college

–Do not have a bachelor’s degree

•“Interested in work-study?” Answering yes does not:

–Obligate the student to work

–Guarantee a job

–Cause the student to lose grants and scholarships

Student Eligibility Continued

If high school diploma is selected, the student will have to list a high school

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School Selection

List up to 10 colleges/universities

Wait 3-5 days to add additional schools

Compare

schools side

by side

Housing

Housing selection affects the college total cost and may affect financial aid

Select the

housing plan

for each school

Dependency Determination

Independent students do not have to report parent data

Application

automatically

saves

throughout

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Providing Parent Data

Parent Demographics Information

Household

size worksheet

Color and label

change

Who is Considered a Parent?

•Biological or adoptive parent(s), and certain step-parents

• Include both parents if parents are married or are not married but live

together

•Married parents include same-sex couples

• If separated but living together, select “Married”

• In the case of divorce or separation, provide information only about the

parent the student lived with more in the last 12 months, and step-

parent if that parent is remarried

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Included in the Household Size

•Student

•Parent(s)

•Parents’ other dependent children, if parents provide more than half

their support or the children are federally dependent

•Other people who live with the parents, parents provide more than half

of their support, and parents will continue to provide more than half

their support from 7/1/18 through 6/30/19

College Students in the Household

•Always include the student, even if he/she will attend college less than

half time in 2018-19

• Include other household members only if they will attend at least half

time in 2018-19 in a program that leads to a college degree or

certificate

•Do not include the parents

•Some financial aid offices will require proof that other family members

are attending college

Parent Tax Information

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Option to Use the IRS Data Retrieval Tool

IRS Data Retrieval Tool

•Upload 2016 federal tax return data directly to the FAFSA

•You will not be able to view on screen your transferred information

•Will be asked if you had a rollover (and amount) if untaxed IRS

distributions or untaxed pensions/annuities are present

•Those married filing jointly will need to input income earned from working

•Certain individuals cannot use the tool:

– Married individuals who file married filing separately or head of household

– Change in the marital status after the end of tax year

– Foreign Tax Returns (even if U.S. return is also filed)

– Filers with Tax ID Number (TIN)

– FAFSA and tax return address do not match

Transferring to the IRS Site

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Parent Financial Information

• Income earned from working: salary, self-employed income, and farm income

• This information will feed in automatically if using the IRS Data Retrieval Tool

Parent Financial Information Continued

Parents’ Income Tax:

Found on the federal

income tax return (not

the amount withheld

from parents’

paychecks)

Reporting Assets

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Parent Assets To Be Reported

•Current balance of cash, savings, and checking accounts

•Net value of investments

–Real estate

–Rental properties

–Money market and mutual funds

–Stocks & bonds

–529 college savings for all children (reported as a parent asset)

•Net value of some businesses and investment farms

Do not include your primary residence, life insurance, value of retirement accounts, and value of small family businesses or farms

Student Tax Information

•Student will be asked same income and asset questions as parents

•Student should report all income earned in 2016 even if he/she did not file taxes

•Student will also be offered the option to use the IRS DRT if he/she filed taxes in 2016

Sign & Submit

Other option to sign and submit:

• Print a signature page

• Submit without a signature

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Confirmation Page

Expected

Family

Contribution

(EFC)

Transfer parent

information to a

sibling’s FAFSA

College information

Special Circumstances

Contact the Financial Aid Office if there are circumstances which affect

your ability to pay for college such as:

•Loss or reduction in parent/student income or assets

•Death or serious illness

•Natural disasters affecting parent income or assets

•Medical or dental expenses not covered by insurance

•Financial responsibility for elderly grandparents

What Happens After Families Apply

•Colleges and the state receive the data electronically

•Students will receive a Student Aid Report (SAR) (electronically or by

mail) in a few days

•Colleges may request additional documentation or information, such

as tax data, through a process called Verification

•Colleges send out financial aid award letters (typically Mar-April)

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National and Community Resources

•FAFSA Day

–Free assistance completing the FAFSA

–October 2017 through February 2018

–FAFSADay.org for all dates and times

•Educational Opportunity Centers

–Free financial aid help

–MassEdCo.org

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MEFA Family Webinars

All webinars begin at 12pm. Register online at mefa.org/events.

CSS Profile: Friday, 9/29/17

Monday, 1/8/18

College Financing: Tuesday, 12/5/17

Understanding Your Financial Aid and Paying for College: Friday, 3/2/18

Tuesday, 4/10/18

Comparing College Loan Options: Wednesday, 6/6/18

Tuesday, 7/10/18

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Other recorded webinars posted at mefa.org/events

•Provide assistance and clarity on:

–Financial aid awards

–College bill

–Payment plans

–College loans

–What to ask the Financial Aid Office

•Locations across MA in March and April

•MEFA emails will provide details

Understanding Your Financial Aid & Paying for College Seminars

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What You Can Do Now

•Sign up for MEFA emails

•Get an FSA ID for the student and

parent

•Research deadlines and required

applications

–Schools may require applications in

addition to the FAFSA

•Start completing applications

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Thank You

Questions? Comments?

info@mefa.org

(800) 449-MEFA (6332)

mefa.org