Marshall University Office of Student Financial Assistance Financial

Marshall University Office of Student Financial Assistance Financial Aid Training for Counselors Sarah Musgrave, Counselor Sr. December 10, 2012

Agenda – The FAFSA and Beyond 2 How to file the FAFSA and get a PIN Tips for completing the FAFSA Student Aid Report (SAR) Corrections IRS Data Retrieval Tool Verification Professional Judgment

The FAFSA Free Application for Federal Student Aid 3

How to file the FAFSA 4 Online (preferred) FAFSA on the Web www. fafsa. gov Paper Call Federal Student Aid Information Center and request 800 -4 -FED-AID

How to get a PIN 5 Students and parents must both apply for a Personal Identification Number, or PIN, at www. pin. ed. gov

Tips For Completing a FASFA 6 Frequent FAFSA Errors Parent and student Social Security Numbers Student name inverted Marital status Income earned by parents/stepparents U. S. Income Tax paid Assets (cash, savings, investments, business, real estate etc. ) Household size Number of household members in college Child support paid out

Tips When Completing a FASFA 7 How to not make those mistakes Take your time and read Use the help box in FOTW Type the SSN and names correctly Step-parent information must be included if parent used on FAFSA is re-married If estimating, report taxes paid as $0 Don’t include parents as in college Don’t report child support paid and list recipient in household

SAR 8 A Student Aid Report (SAR) is a list of everything reported on the FAFSA. Paper or electronic Should be reviewed for accuracy (unless initially estimated information) Can be used to make corrections

Corrections 9 Students should only correct information that was reported incorrectly when he or she completed the FAFSA.

Corrections 10 Many students in West Virginia use estimates when completing the FAFSA. They should always make a correction once the most current taxes are filed.

Submitting Corrections 11 How to make corrections Updating and mailing paper SAR Using FOTW Most common and efficient Through financial aid offices Can get help making the correction online Completing the standard Verification process Once Verification is completed, any future corrections must go through the financial aid office.

Submitting Signature Corrections 12 Often families complete FOTW before applying for a PIN and cannot sign Once a PIN has been authenticated, sign online using Corrections of the Web Sign a paper SAR or print a signature page online and mail to address on form Marshall has an internal signature form, which allows the financial aid office to make the signature correction The FAFSA Signature Page can be found at www. marshall. edu/sfa under the Forms & Applications tab then under Verification

Correcting Estimated Tax Info 13 We encourage families to submit updated tax information by using IRS Data Retrieval Tool Not using this tool can make it more difficult to complete the Verification Process later

IRS Data Retrieval 14 Was implemented in 2010 -11 Pulls tax data directly from IRS and, therefore, is more accurate Students completing 2013 -14 FOTW will be able to utilize this beginning Feb. 3, 2013.

IRS Data Retrieval 15 FOTW includes logic to determine if applicant is eligible to use IRS Data Retrieval Applicant’s response will take him or her to the IRS system or provide a message that the applicant should use own figures Graphic provided by NASFAA 2011

IRS Data Retrieval 16 According to IRS, 70% of applicants are expected to be able to use this Reasons tool can’t be used: Return was filed within 3 weeks electronically or 8 weeks by mail Filing status was married filing separate An amended tax return has been filed A Puerto Rican or foreign tax return was filed

Verification 17

Verification 18 Process by which the Department of Education (ED) through the financial aid office confirms that information provided by students and families on the FAFSA is accurate Students can be selected for this process by ED or the university

Verification 19 Selection is part random and part targeted Pell eligible students Not every student selected will have to submit the same documentation beginning 2013 -14 Process is more tailored than in past May have to verify one item complete standard Verification Each institution will have its own procedures and forms Should contact institution completing process with concerning questions

Verification 20 Items that could be verified include but not limited to: Number of people in household and in college Income for tax filers and non-tax filers IRS Data Retrieval or Tax Return Transcript Certain untaxed income items Education Credits Child support paid out Receipt of Supplemental Nutrition Assistance Program (SNAP) Identity/Statement of Educational Purpose High School Completion Status

Verification 21 Documentation/forms that could be required by Marshall include, but not limited to: Verification worksheet IRS Tax Return Transcript Asset Form Child Support Form Receipt of Supplemental Nutrition Assistance Program (SNAP) documents Clarification of other information reported

Professional Judgment 22

Professional Judgment 23 Specifically, changes in financial situation Can appeal to change FAFSA data to more accurately reflect current financial circumstances Complete Appeal for Income Reduction and provide documentation to support reason for appeal or next years tax return Form can be printed at www. marshall. edu/sfa under Forms & Applications tab then click Appeal Forms Standard Verification process must be completed first

Professional Judgment 24 Reasons include: Unemployment or loss of wages Loss of untaxed income Child support Member of family is deceased, disabled or retired Parent or student becomes separated or divorced Entire process can take minimum of 6 weeks from submission of verification to processing of appeal. Additional aid can take at least another 2 weeks to pay in full.

Student Financial Assistance Contact Information Office Location: Old Main, Room 116 Phone: (304) 696 -3162 Fax: (304) 696 -3242 Email: sfa@marshall. edu Website: www. marshall. edu/sfa