FAFSA Fundamentals 2021 2022 Financial Aid Different Sources

FAFSA Fundamentals 2021 -2022

Financial Aid Different Sources • Grants • Work-study • Student Loans • Scholarships

What Is the FAFSA? Free Application for Federal Student Aid • The first step in applying for financial aid • The application for most federal and state aid • Submit on or after October 1 each year

How to Apply: FAFSA. gov Always free Never pay to file the FAFSA Opening date is October 1 each year

It’s Best to Apply Online Why? • Faster processing time • Save and return to the application later • Tool Tips provided with each question ? • Built-in error catcher means fewer delays • Electronically sign using your FSA ID

The FSA ID Federal Student Aid Identification • Username and password • Student and one parent will each create their own • Will be used each year to renew your FAFSA

Create Your FSA ID Go to FSAID. ed. gov Usually takes 7 -10 minutes Create Return later to the same website to make changes to your account

FSA ID Tips Use your personal email account Don’t use a school-issued account Never use your birthdate as a password

Verify Email & Phone Number 841832

Use Your FSA ID Use It to log in at FAFSA. gov • You can use your FSA ID immediately to complete, sign and submit your FAFSA. Information matches take 1 -3 days • You won’t be able to make changes to your FAFSA or use your FSA ID to access any other Federal Student Aid websites until the matches are complete.

Parent FSA ID Most HS seniors will need to include their parents’ information on their FAFSA • If parental information is required, one parent will also need to create an FSA ID. • They can create one at the same website you used – FSAID. ed. gov. • Your parent cannot use an email address or cell phone number that matches yours. They must be unique to your parent.

Parent FSA ID A parent without a Social Security Number cannot create on FSA ID • The parent can sign your FAFSA by mailing in a signature page at the end of the application • A parent should not use their Taxpayer Identification Number (TIN) when asked for a Social Security Number • Instead, they’ll be instructed to enter all zeroes in the SSN field (Example: 000 00 0000)

Complete Your FAFSA Helpful Tips for Submitting the Form Successfully

Gather Your Information You will need: • Your name, exactly how it appears on your Social Security card or Permanent Resident (green) Card • Your complete address, birthdate and Social Security (or Permanent Resident) Number • Your tax return showing the income you earned in 2019 • The FAFSA will always ask about income earned two years prior to the year you’ll be receiving financial aid

Gather Parent Information In addition to items listed on the previous slide, your parents will need: • The month and year of their marriage, separation or divorce • Net worth of current investments ? • Other income, including untaxed • Housing, food or other allowances received • Total child support received/paid in 2019

Tips for Completing Your FAFSA • Enter your first and last names exactly how they appear on your Social Security or green card. • No punctuation—only a hyphen if there’s one on your card. • Click ‘Save’ often throughout the application • If you’re currently not living with a parent or legal guardian and you are homeless, or self-supporting and at risk of being homeless, provide: • The mailing address of a relative or friend, or • The address at one of the offices at the college you’ll be attending. • Ask their permission first.

Log In to Start Your FAFSA Go to FAFSA. gov Log in as the student Parents have to log in another way

Parent Login Parents will choose ‘I am a parent’ They will enter your identifiers They’ll also need your Save Key

Start 2021 -2022 FAFSA A W E! O N L B A L I VA

Create a Save Key Must have one to return to FAFSA later Share this with your parents Don’t use your birthdate!

Student Demographics Accuracy is important! Take your time to avoid corrections later. Even if you have concurrent enrollment or AP credits, you are a 1 st year college student.

Selective Service Males age 18 -25 must register • Since it’s a federal law, you won’t be able to receive federal financial aid if you don’t register. You can register on your FAFSA • If you’re not 18 yet, Federal Student Aid will wait until your 18 th birthday or shortly thereafter to send your registration to Selective Service.

Enter High School, College(s) & Housing Plans

Your Dependency Status The FAFSA will determine your dependency status by asking up to 13 questions. Dependent students must provide parental information, along with their own. Independent students won’t include parental information but will include their spouse, if married.

Which Parent? • If parents are married, report information for both parents. • If parents never married but live together and are both your biological parents, report information for both parents. • If parents are divorced or separated but are still living in the same house, report information for both parents.

Which Parent? • If parents are divorced or separated and living apart, report the information for the parent you lived with most during the last 12 months. • If you lived with your parents equally, report the information for the parent who gave you the most support over the last 12 months. • If your reporting parent has remarried, you must also report the information for the stepparent. • If parent is widowed, report information only for the surviving parent, even if parents filed jointly on their 2019 tax return.

Special Circumstances If unable to provide parent info, indicate that here Call your financial aid office to discuss your situation Missing parent info can affect the amount of aid you can receive

Circumstances Related to Family Income Tell the financial aid office if your family has experienced any situations that have affected your family income since 2019 • Reduction of income • Change in employment status • Unusual medical expenses not covered by insurance • Divorce or separation • Unusual dependent care expenses

Reporting Financial Information Helpful Tips • Report whole dollars with no cents; enter a zero if a question doesn’t apply to you • Use the IRS Data Retrieval Tool (DRT) if possible. It will automatically transfer data from your 2019 tax return to your FAFSA • Have your tax return and/or W-2 s with you, even if you plan on using the IRS DRT

Reporting Financial Information • Enter the street address exactly as it appears on your tax return • Don’t be concerned if you’ve moved; nothing will be mailed to your old address • This is one way the IRS confirms your identity

Sign & Submit Make sure to sign your FAFSA! Your parent must sign in the Parent’s signature box Parents without an SSN can print a signature page here

Parent Signature • Parent signs as Parent 1 or Parent 2 unless only one parent was listed on the FAFSA. • After you sign, you must choose ‘Submit My FAFSA Now’ in order for your FAFSA to process.

my. Student. Aid App Complete your whole FAFSA on the app Must sign in with your FSA ID Can only print a signature page from FAFSA. gov

What Am I Applying For? Learn About the Different Types of Financial Aid

How It Works

Sources of Financial Aid Financial aid can come from different places • Federal government • State of Oklahoma • Institutions you attend • Private, corporate and tribal sources Your FAFSA is used to determine your eligibility for different types of aid

Types of Financial Aid Financial aid comes in different forms • Grants - free money • Work-study - earned money • Student loans - borrowed money • Scholarships - require separate applications

Federal Financial Aid Financial aid comes in different forms • Pell Grant – based on financial need – up to $6, 345 in 2021 • Federal Supplemental Opportunity Grant – FSEOG – up to $4, 000 per year – for student with greatest need • TEACH Grant – for those will teach after they graduate – up to $4, 000 per year • Iraq & Afghanistan Service Grant – based on Pell eligibility

Federal Work-Study Based on financial need • Allows students to earn money through campusapproved part-time jobs • Amount of work-study earned can’t exceed your financial need • Gain work experience and networking opportunities • Can reduce the amount owed on student loans

Federal Financial Aid: Student Loans Federal Subsidized Student Loan • Based on financial need • Government pays interest while enrolled at least half-time • Only accept what you need! Federal Unsubsidized Student Loan • Not based on financial need • Interest accrues on loan while in school • Student responsible for paying interest • Only accept what you need!

Federal Financial Aid: Student Loans Parent Loan for Undergraduate Students (PLUS) • Parent of dependent students • Parent borrower must be credit-worthy • Interest begins to accrue when loan is first disbursed • Only accept what you need!

State Financial Aid: Oklahoma Residents Oklahoma Tuition Aid Grant (OTAG) • Complete FAFSA to apply • Apply as soon as possible after Oct. 1 • $1, 000 per year • Visit OKcollegestart. org for more information Oklahoma Tuition Equalization Grant (OTEG) • Complete FAFSA to apply • Attend a private Oklahoma institution • $2, 000 per year • Family income must be $50, 000 0 r less • Visit OKcollegestart. org for more information Oklahoma’s Promise • Must complete FAFSA every year • Pays tuition at specified Oklahoma colleges for those who meet high school requirements

More Scholarships from the State of Oklahoma Grades count! Our state offers some awesome merit-based scholarships. Explore the list of careerrelated scholarships. A foster care tuition waiver is also available. Visit OKcollegestart. org/Financial Aid Planning for more information.

Where Else Can You Find Scholarships? Start you search now! Apply for 3 -4 scholarships a week. • Google – store brands, restaurants, beverage companies, scholarships for disabilities, etc. • Local clubs & organizations • Books – at your library or a bookstore • Your counselor

Search for Scholarships at These Websites! UCan. Go 2. org OKcollegestart. org OCCF. org

Contact Us (405) 234 -4239 (866) 443 -7420 (toll free) UCan. Go 2@ocap. org