FEDERAL FINANCIAL AID

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Charla Miles
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1 FEDERAL FINANCIAL AID

2 COLLEGE COSTS AND FINANCIAL NEED Cost of Attendance Tuition & Fees Room & Board Books & Supplies Equipment & Transportation Miscellaneous Personal Expenses Child Care Parent Contribution + Student Contribution = Expected Family Contribution (EFC) Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

3 Example: Cost of Attendance = $20,000 - Expected Family = $ 4,000 Contribution Financial Need = $16,000

4 Example: Cost of Attendance = $50,000 - Expected Family = $ 4,000 Contribution Financial Need = $46,000

5 SAMPLE AWARD LETTER Financial Need = $16,000 Scholarships $2,000 Institutional Grant $2,000 Federal Grants $5,000 State Grants $2,000 Loans $2,000 TOTAL = $13,000 Unmet Need = $3,000

9 UPDATES

10 NEW LAYOUT The fafsa.gov website has an updated look with new colors and has been redesigned so that the site pages will fit the screen size and shape of any device, including desktop or laptop computers and mobile devices such as smartphones or tablets. The "Help and Hints" display box will be replaced by Tool Tips" that provide information about each FAFSA question. While the number of questions on the FAFSA form remains the same, the questions are displayed in a more userfriendly way, with some now grouped in a different order to ease navigation through the site.

NEW APP This initial release of myfafsa offers the following features: ability to begin, complete, and submit a new FAFSA form for the 2018 19 FAFSA processing cycle customized experience based on

11 NEW APP This initial release of myfafsa offers the following features: ability to begin, complete, and submit a new FAFSA form for the FAFSA processing cycle customized experience based on whether the user is a student, parent, or preparer secure environment with the same data protections as fafsa.gov In addition to the features provided by myfafsa, the mystudentaid mobile app provides links to the following services: Profile: edit/manage an FSA ID myfederalloans: view loan and aid history Contact Us: contact information for FSA's contact centers

12 FSA ID FAFSA Verification Process Working with Undocumented Students STEPS IN THE PROCESS $$$$$$$$$$

13 FSA ID

15 OLD SITE It s not that easy any more

16 HOW TO GET TO FSA ID SITE Option 1 Start by clicking Start Here on the FAFSA.gov site Select I am a Student Click on Create One

17 HOW TO GET TO FSA ID SITE Option 2 Scroll way down on the FAFSA.gov site to find Additional Resources Option 3 Go directly to the website

18 HOW TO GET TO FSA ID SITE Option 4 Download and open the app Click on I am the Student or I am the Parent and click on the Create an FSA ID account

19 An FSA ID gives you access to Federal Student Aid s online systems and can serve as your legal signature. Note: You must have an FSA ID to login to the app. Only create an FSA ID using your own personal information and for your own exclusive use. You are not authorized to create an FSA ID on behalf of someone else, including a family member. Create your username and password here. The system will tell you as you type if the username is available. You are not allowed to have an employee or agent of a commercial entity, or other third party, create an FSA ID for you for any purposes including but not limited to: payment reductions, debt consolidation or applying for aid. Misrepresentation of your identity to the federal government could result in criminal or civil penalties. Important: When you are done click the CANCEL button to clear your data, even if you did not finish creating your FSA ID. Just closing your browser window or going to another website may not be enough to prevent other people using this computer from seeing your information until the session expires.

21 Confirm information previously typed and then enter your address and phone numbers A mobile phone number cannot be used with more than one FSA ID. You do not have to list a mobile number but it does help with recovery of login information

22 You will be required to select and answer five challenge questions First two, you select one of predetermined questions

23 For the next two, you will create your own questions It may be helpful to have a list of sample questions to help students and parents think of these Challenge Questions The last question asks you if your would like to provide an 8-digit code to access loan balances over the phone

24 Note: If a student or parent doesn t verify their mobile phone number and/or when setting up their FSA ID, they can do it later by returning to the FSA ID site and clicking on "Manage My FSA ID" tab on the FSA ID site.

28 You may immediately use your FSA ID to sign an original (first-time) FAFSA form. You will need to wait to use your FSA ID for any other purpose until your information is matched with the SSA. If you verified your address, you ll receive an once your information is matched with the SSA (one three days from the date you apply). Once the process is complete, you will be able to use your FSA ID to fully access your financial aid information.

29 COMMON USER ERRORS User has been locked out of their account for providing the wrong username/password: They can select to use either , mobile phone or challenge questions* to unlock their account * If they use their challenge questions, they will have to wait 30 minutes after resetting their password to use their FSA ID

30 FSA ID MYTHS I need an address or mobile phone number to create an FSA ID. You do NOT need an address or mobile phone number to create an FSA ID. If you don t have an address or mobile phone number, you can leave those fields blank. However, adding this information is strongly recommended. Once your address is verified, you can enter your address instead of your username when you log in. You can also use your address or mobile phone number to retrieve your forgotten username or password or to unlock your account. It s easy to update and verify your address or mobile phone number by going to fsaid.ed.gov and clicking on the Manage My FSA ID tab.

31 FSA ID MYTHS As a parent, I can use the same address or mobile phone number for both my FSA ID and my child s FSA ID. An address or mobile phone number cannot be used with more than one FSA ID. If you re a student and you choose to provide an address and/or mobile phone number when creating your FSA ID, you ll need to include your own address and/or mobile phone number. Your parent will need to include his or her own address and/or mobile phone number when creating his or her FSA ID. If you don t have an address or mobile phone number, you can leave those fields blank.

32 FAFSA

33 FAFSA FREE Application for Federal Student Aid PLEASE STRESS to students that it is FREE NEVER PAY money to submit the FAFSA There are still scam sites out there that look like the real application and charge students to submit it.

35 WHAT STUDENTS WILL NEED

36 FAFSA DEMO TEST SITE Username: eddemo Password: fafsatest

37 Click on Start Here

38 Clicking on I am the student will ask for the student s FSA ID. For the Demo Site you will need to click on I am a parent.

After October 1 st you will see two options Start 2019-20 FAFSA Start 2018-19 FAFSA Make sure

39 After October 1 st you will see two options Start FAFSA Start FAFSA Make sure students and parents know to select the correct year the one for the student s 1 st year in college

40 The Save Key can be very simple and should be used when multiple people (parent/student) are filling out the same application. Remember, parents shouldn t be logging in by using the student s FSA ID

41 Once logged in, the student/parent will see this screen. It used to just be a bunch of links but can now be easily expanded with a click. It has some good information that parents and students can peruse

42 The next page begins the collection of contact information. The address should be one that they check often. If there is an issue with the application, an will be sent to this address

43 The new application uses skip logic often. So if the student says they have lived in New Mexico for 5 years, it will skip the questions about state of legal residence.

Providing the driver s license here will keep them from having to provide

44 More demographic information gathered on these pages. The system asks Male or Female and wants to know gender assigned at birth. Providing the driver s license here will keep them from having to provide a copy of it later Note that many questions will ask questions with the phrase as of today

If a student puts they are female on the earlier screen, they won t see the Selective Service page Males must be registered with the Selective Service to be eligible for Federal

45 If a student puts they are female on the earlier screen, they won t see the Selective Service page Males must be registered with the Selective Service to be eligible for Federal Student Aid If the student isn t 18 yet, they can select yes to the second question and once they are 18 they will be registered and their Selective Service card will be mailed to them

46 Another big change this year is the Help and Hints In past applications, once you click in a box it would display the instructions on the right. Now users have to click on the question mark next to each question to see the instructions. If you are working with high school seniors, make sure they are selecting Never attended college/1 st yr. even if they have dual credit classes.

47 The application now has three options for the work-study question. Be aware that some schools are treating Don t Know as No and they will not be awarded work-study Help students remember who is Parent 1 and Parent 2 as they will need to keep them consistent throughout the application.

You will notice the system saving the application throughout the process.

48 The high school selection is bringing up over 100 schools for most high school names. Make sure you student selects the correct school. You will notice the system saving the application throughout the process. It also has multiple reminders about the terminology used to identify whose information should be entered.

49 Once they select the correct high school name it will display the same page with the information. It seems like nothing happened, but they just need to click Next.

50 Listing Colleges If students know the Federal School Codes they can select Yes and type them in. If they don t, they can search by state and city or school name.

51 Students can list up to 10 schools If a student wants to send their information to more than 10 schools they can list 10, wait for the application to be processed, then call the Federal Student Aid program and have them delete some from the list and add more. The schools that are removed will still have access to the information.

52 Students can also click on View College Info and get quick statistics on each college they have selected

53 For every college listed, students will need to list where they plan to live (On Campus, Off Campus, With Parent). If they aren t sure, have them list On Campus as that is the highest budget and it is easier to reduce an award than to find more money for an offer later Students can also change the positioning of the schools on their list.

54 This page has now been split into five different screens. Selecting yes on some of them will open up other questions.

55 For most of our students, they will answer no on all of these questions. If they answer yes, they will be considered independent and will need to provide further documentation

56 If you have a student who has been determined to be homeless or selfsupporting, they will select yes, and answer the questions on the clarification screen. They are considered independent but need to be able to provide documentation of this designation to the college financial aid offices.

57 Many of our students are considered dependent and must provide parental information. If they are unable to provide this information, they will only qualify for unsubsidized loans unless there are extenuating circumstances.

59 WARNING: The application no longer changes color when on the Parent Information section. They have tried to change the wording to reduce confusion.

60 60 For students whose parents are not married, they will often ask Who s My Parent. Use this graphic to help them decide.

61 The system will populate the first two boxes on this page and add up the four boxes to get the total number of family members.

62 First Parent Other Parent It s important to remember which parent you listed first, as future questions will refer to them as Parent 1 If parents don t have a SSN they can enter all 0 s

63 Using the IRS DRT is available for most users and should be used whenever possible. This will reduce the documentation needed if they are selected for verification. For the Demo Site we can t use the IRS DRT so you will click No Thanks to move past this page.

65 LINKING TO THE IRS -DRT When they click Link to the IRS it will have them enter their FSA ID and it will look like this 65

66 66 It will populate their name, partial SSN and birthdate.

67 The user will fill out the address. If the IRS system does not find a match based on the identification information and address, the user cannot use the DRT. 67

68 68 If the IRS is able to verify identity and match address this screen will appear and the user can click Transfer Now to bring the information into the FAFSA

69 69 Please note that the information transferred will not appear. Instead a statement that says Transferred from the IRS will appear in each field that could have been transferred in from the IRS DRT

70 Even if parents use the IRS DRT, if they filed Married Filing Jointly, they will need to fill out information on how much Parent 1 and Parent 2 earned from working. They can find this information on the W-2s

71 These questions may not appear for everyone. If a student or his/her parents received these benefits in the last two years, it is important to select them.

72 Please remember that the amount of income tax is not how much was paid or owed when filing taxes. It is important to look at the tax documents to get the correct number. Any time the FAFSA is asking for a number from the tax form, it will tell them what line(s) to look at

73 Don t forget to encourage students/parents to click on the? for more information on each question

74 First of two child support questions. This one is child support paid

75 This one is child support received

76 If parents/students ask you about what qualifies as investments, click on the? and have them read through what should be and shouldn t be included.

77 Now we are back to Student Information

78 Students will answer the same questions as they saw in the parent section

79 The next screen asks if you are a preparer. The answer will be no.

80 The page before the signature page allows students and parents to review all the information to make sure it is correct.

81 Finally, they need to sign the FAFSA. This is done by using the FSA IDs. Both the student and one parent need to sign with their FSA IDs.

82 When providing the Parent signature, they will need to select which parent is signing.

confirmation page Does your brother or sister need to complete a FAFSA?

83 SAMPLE CONFIRMATION PAGE If you have more than one student who will be in college next year, you can click on the link at the bottom of the confirmation page Does your brother or sister need to complete a FAFSA?. This will transfer all of the parent s financial information into another FAFSA.

84 FEDERAL STUDENT AID APP

85 All users trying to use the app must have an FSA ID 85

86 Student Information 86

87 School Selection 87

88 FAFSA Parent Role 88

89 89

90 FAFSA Summary 90

91 91

92 92

93 WHAT HAPPENS NEXT?

94 Students will get their Student Aid Report (SAR) within three days (if they signed the FAFSA online) or three weeks (if they mailed a signature page.) It s important that they make sure that everything on the FAFSA is correct and complete and make necessary corrections quickly The information will then be sent to the schools the student listed on the application Schools have different dates that they will begin processing Students need to watch their s and school portals to see if any additional information is needed

95 BEING SELECTED FOR VERIFICATION Can be a very frustrating process Students can get stuck here and not even know it Being selected or pulled for verification means the student is required to supply additional documentation to the school before they can process an award letter for the student Documentation can include IRS Tax Transcripts Copies of W-2s Dependent Verification Worksheet It is important for us to let students know about this process so they can act quickly once notified to still meet deadlines They must supply each college listed on their FAFSA with the necessary documentation

96 Students should check their student portal often to see if any additional information is required. This is an example of a UNM student who was selected for verification

97 TAX TRANSCRIPTS Students who are selected for verification will be asked to provide an IRS Tax Transcript for their parents and themselves if they filed taxes In the past the student had to get a statement of non-filing if they didn t file taxes but that is no longer required If they did file taxes, getting a tax transcript online can be difficult They need to have some sort of credit history to match to verify their identity. If they can t do this, then they need to fill out the paper request form and mail it in If they live at a different address from what was listed on their taxes they will also have trouble

98 MAIL IN REQUEST FOR TAX TRANSCRIPT IRS FORM 4506T

99 RESOURCES

100 HOW TO GET TO FEDERAL STUDENT AID HELP PAGE On any screen of the FAFSA, you can click on the Help tab at the top to get to the Federal Student Aid help page

101 Once here, click on Contact Us and it will bring up a link to click on to go to the Federal Student Aid Information Center

102 On the right you can , chat or call for help. If you click on Chat with Us you will be able to type in the question, they will answer you live, and you can ask follow up questions. Then when you are done, you can print out a copy of the conversation

103 DEPT. OF EDUCATION FAFSA TRAINING On September 7 th the Department of Education conducted a FAFSA Training for New Mexico. You can find a recording of the training at:

FINANCIAL AID TOOLKIT The Financial Aid Toolkit, at FinancialAidToolkit.ed.gov, is a site specifically designed for you, the school counselor or college access mentor.

104 FINANCIAL AID TOOLKIT The Financial Aid Toolkit, at FinancialAidToolkit.ed.gov, is a site specifically designed for you, the school counselor or college access mentor. The toolkit consolidates FSA resources into a searchable online database intended for use by organizations and individuals who interact with, support, or counsel students and families on making financial preparations for postsecondary education. 104

PARTNER EMAILS We consider school counselors, college access organization staff, and other mentors to be our partners in educating students about applying for and receiving federal student aid to

105 PARTNER S We consider school counselors, college access organization staff, and other mentors to be our partners in educating students about applying for and receiving federal student aid to help make their college dreams a reality. Several times a year, we our partners with updates about our products and services, reminders about upcoming professional development opportunities, tips for outreach to students, and more. Sign up to receive our partner s. Note: The s we send are intended to keep counselors and mentors up to date; they do not contain information for students or parents. Please send students and parents to StudentAid.gov for information about federal student aid. sample 105

106 FAFSA COMPLETION BY HIGH SCHOOL 106

107 A copy of this presentation will be posted on the nmknowledge4college.org website!

Creating and Using Your FSA ID: An Overview

Creating and Using Your FSA ID: An Overview Topics Covered What is the FSA ID? Do my parents need an FSA ID? How do I create an FSA ID? Where can I use my FSA ID? What to Do I Forgot My Username or Password