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Michigan High School Counselor Videoconference
Federal Update
November 19, 2004
Judy Florian, Presenter
What is Federal Financial Aid?
Federal Pell Grant Federal Supplemental Educational
Opportunity Grant (SEOG) Federal Work-Study Federal Perkins Loan Federal Family Education Loan Federal Direct Loans
How to Apply
Free Application for Federal Student Aid (FAFSA)– Paper application
– Web-based application
Free Application for Federal Student Aid (FAFSA)
Initial step in the application process
Core document to apply for financial aid
Used to calculate an expected family contribution (EFC)
Confirms certain eligibility requirements
Free Application for Federal Student Aid (FAFSA)
Step One: Student demographic information
Step Two: Student financial information Step Three: Dependency status questions Step Four: Parent financial information Step Five: Independent student household
information Step Six: List of schools to receive results Step Seven: Signatures and certifications
How Is The Data Used?
In a statutory formula called the Federal Methodology
Looks at income, assets and size of family to determine family’s ability to pay for education
Result is called the Expected Family Contribution (EFC)
The Paper FAFSA
Color of the FAFSA– Green for students (Pantone
344U)– Purple for parents (Pantone 263U)
Questions follow same order as last year
Will be sent to high schools in November
Counselors may request additional forms by calling 1-877-4EDSPUBS or http://www.edpubs.org
2005-06 Changes
Added sentence to Certification Statement warning students not to disclose PIN to anyone
Added gray-shaded “MMDD” or “MMDDYY” in all date fields to help students and parents complete correctly
Encourages families to correct estimated tax return data after tax return for 2004 is completed
FAFSA on the Web www.fafsa.ed.gov
Most popular and recommended method of filing
Netscape 6.2 or higher or Internet Explorer 5.0 or higher
Transmitted directly to Central Processing System (CPS)
FAFSA on the Web
Apply Reapply Go to PIN web site Check status of
FAFSA View SAR
information Make corrections
FAFSA on the Web
Certification page will require students to agree not to disclose their PIN to anyone
Parents with multiple children in college will be able to transfer their information to other children’s applications
Spanish FAFSA on the Web
Spanish version will include:– Pre-application worksheet– Worksheets A, B and C– Income Estimator Worksheet– Drug Conviction Worksheet
Demonstration SiteFAFSA on the Web
Available December 5, 2004– To access, go to
www.fafsademo.test.ed.gov– Enter
»User name: eddemo»Password: fafsatest
PIN Web Site
Serves as electronic signature on ED documents, including electronic promissory notes
Used to gain access to ED systems, including – Corrections on the
Web– NSLDS– Direct Loan Origination – Direct Loan Servicing– Loan Consolidation
PIN Web Site
For added security– PIN applicants and
holders will be required to select and answer a Challenge Question
– On a regular basis, FSA will match records in PIN database with SSA’s Master Death File
– New audit system will track PIN user activity
Electronic Signatures
If both the dependent student and parent(s) have a federal PIN it is not necessary to sign and mail a signature page
Dependent students who have a PIN but whose parent(s) does not have a PIN, must still provide a signature page for the parent(s) signature and mail it
Without Electronic Signature
Print signature page and submit within 14 days
If signature page not received by Central Processing System (CPS) within 14 days, student receives rejected Student Aid Report (SAR)
Rejected SAR must be signed and submitted to CPS
Student Aid Report (SAR)
Paper SARs will be printed on green paper
Only last 4 digits of parent’s SSN will display on paper and electronic SARs
Displays official EFC Submit to college only if requested
Student Aid Report (SAR)
Paper application without student’s
e-mail address will result in paper Student Aid Report (SAR)
Paper application with student’s e-mail address will result in e-mail with web site for “SAR on the Web”
Corrections on the Web
Student’s PIN required to access PIN serves as student’s signature COTW with paper or electronic application Parents must have PIN to correct parent
information Pop-up message will appear when student
tries to correct transaction already corrected by a school
CPS Database Matches
Social Security Administration (SSA) Bureau of Citizenship and Immigration
Services (BCIS)-formerly Immigration and Naturalization Services (INS)
Selective Service Veterans Administration National Student Loan Data System
(NSLDS)
Avoid Errors!
Errors on the FAFSA or supplemental forms may delay application processing and result in the loss of financial aid funds.
Encourage students/parents to read the instructions and complete the forms carefully!
Independent Student Criteria
Born before January 1, 1982 Working on a master’s or doctorate program Married Has child(ren)/dependents for whom he/she
provides more than half the support Both parents are deceased Is/was a ward of the court until age 18 Veteran of the U.S. Armed Forces
Supplemental Forms
Institutional application CSS Financial Aid PROFILE Stafford loan application (bank-
funded)
Counselor Resources
National Association of Student Financial Aid Administrators (www.nasfaa.org)– Counseling Tools
Student Aid on the Web www.studentaid.ed.gov
FSA for Counselors www.ifap.ed.gov/FSACounselors/index.html– Online information for middle school, high
school and TRIO counselors
Additional Resources
Michigan Student Financial Aid Association (MSFAA) Speakers Bureau
– Financial aid speakers “for hire”»Experienced aid professionals will do
financial aid presentations free of charge
– Contact Jim Owens, 517.483.1301; [email protected]