FINANCIAL AID (FAFSA)
September 2016
EVERYTHNG YOU NEED TO KNOW ABOUT FINANCIAL AID!!
JUNIOR AND SENIOR PARENTS PLEASE ATTEND!!!
FINANCIAL AID NIGHT
When: Thursday, October 27, 2016
Time: 6:30 pm
Where: Hanover Central High School Auditorium
Cynthia Sabo, (Associate Director, Financial Aid and Scholarships) from IUN will be presenting on the FAFSA.
Big changes to the financial aid process are coming soon. The 2017-2018 Free Application for Federal Student Aid (FAFSA) will be available October 1, 2016.Earlier tax information is required-2015 taxes. Research shows students who apply early get an average of 24% more financial aid. We encourage you and your student to file the FAFSA, as soon as possible, once it is available. While the FAFSA release is early the state deadline to receive a student’s FAFSA data will still remain March 10th. However, some schools may have earlier deadlines so please, make sure to check out the colleges' websites.
FAFSA INFORMATION
What is it?
FAFSA stands for Free Application for Federal Student Aid. The federal government uses this form to determine eligibility for financial aid which includes grants, loans, scholarships, and work study programs.
Why fill it out?
The FAFSA is used to determine how much aid a student will receive. FAFSA>EFC>Financial Need>Financial Aid
EFC is Expected Family Contribution, the amount of money a family can be expected to contribute each year to college costs.
What happens after I complete the applications?
All applications must be received by March 10, 2017. Some schools may have earlier deadlines to submit the FAFSA so be aware of those. Students will then also receive a financial aid package from each college that was listed on the FAFSA. This package will detail the amount and type of aid that the student will receive from the government, state, and the school. At that time a student can accept or reject any of the aid that is offered.
Rejected FAFSA or "C flag": this means that the student needs to submit
documentation.
Examples: Student not confirmed as registered with Selective Service System, citizenship status or eligible non- citizen status not confirmed, question 23/drug conviction, pell grant of FSEOG over payment, student loan default, unusual college enrollment history.
FAFSA identified for verification: this means that the student needs documentation.
You must get an IRS tax transcript or complete the IRS data retrieval.
FASTER and EASIER to complete the IRS data retrieval.
Access this retrieval program from the FAFSA website: this takes the parents' and student's information directly from the IRS website and loads it into the FAFSA.
Why should I complete the FAFSA on the web instead of on paper?
An edit check will alert you of any mistakes.
The SAR will be sent in 2-3 weeks vs. 4-5 weeks for the paper version.
Postal Service problems/delays are eliminated.
A sample worksheet can be printed as a guide before committing to answers online.
The form can be saved and retrieved for up to 45 days.
Visitand click "Before beginning a FAFSA" to get started.
**Everyone who will be continuing their education after high school should complete a FAFSA no matter what their financial status is. Many scholarships are contingent upon the completion of this form.
**FAFSA forms are no longer available in the Guidance Office or at banks, libraries, and postal offices. Instead, individual paper copies must be requested.
**IMPORTANT-start a file and keep all completed copies for your records!!
IMPORTANT FAFSA INFORMATION
Changes regarding FAFSA log-in information.
FAFSA now requires you to create a user name and password instead of obtaining PIN number. This is called the FSA ID (Federal Student Aid).
Go to fsaid.ed.gov to create the user name and password.
The student and one parent will need to apply for their own FSA ID and password using separate email addresses - you will need this information so write it down! You will use your FSA ID and password to electronically sign and make changes to your FAFSA.
Am I a dependent or independent?
The age of independent status is 24 years old (main determinant). There are other determinants of figuring out if you are a dependent or independent. Please refer to the worksheet "Do I have to Provide my Parents Information on the FAFSA" in the Guidance Office.
Parental Information Collection
Dependent students will include income information from their legal parents regardless of parents' marital status or gender,if those parents live together.
What does this mean: MUST include information of biological parent and whomever that parent is living with (even if that other "parent" has not adopted the child, is not married, filing separate taxes, etc.) If the student's legal parents are not married and they do not live together, it is still only the parent the student lived with more in the previous 12 months.
Net Price Calculator: every higher education institution has this.
Visit
The scholarship list has been updated on the Guidance website. There are a handful of scholarships with deadlines in February, March and April so now is a great time to get started! As always, if you have any questions you can come down to the Guidance Office.
CASH FOR COLLEGE 2016
A great resource for seniors is. Visit this website to get help with the financial aid process, scholarships, grants, and more!
COLLEGE GOAL SUNDAY
November 13, 2016 and February 12, 2017 at 2:00 pm local time.
Financial aid professionals will be volunteering at 41 sites across Indiana to help collegebound students and their families open the door to financial aid during College Goal Sunday.
The free program is designed to assist Indiana students seeking undergraduate admission to a college or technical school in 2017 in filing the Free Application for Federal Student Aid (FAFSA). The FAFSA is required for students to be considered for federal and state grants, loans and scholarships at most colleges, universities and vocational/technical schools nationwide and must be filed by March 10 to be eligible for state aid. Completing this required form correctly and by the deadline is sometimes perceived to be complicated and time consuming. In one afternoon at College Goal Sunday, students and their families can get free help and file the form online. Visitfor more information.