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Transcript of © NASFAA 2006 Applying for Financial Aid 2007-2008.
© NASFAA 2006
Applying for Financial Aid
2007-2008
© NASFAA 2006
Sponsored by:
3© NASFAA 2006
Thanks to our Massachusetts Partners
American Student Assistance (ASA)Bank of America Citizens BankThe College BoardThe Lumina Foundation for EducationMassachusetts Association of Student Financial Aid Administrators (MASFAA)Massachusetts Educational Financing Authority (MEFA)Nellie MaeThe Education Resources Institute (TERI)
4© NASFAA 2006
What Will You Learn Today?
Sources and types of financial aid
Required financial aid application forms
How to complete the Free Application for Federal Student Aid (FAFSA)
Information about any additional aid in your state
Answers to your individual questions
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Federal government
State government
Colleges and universities
Private agencies, companies, foundations, and your parents’ employers
Sources of Financial Aid
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Types of Aid
Gift Aid – Grants or scholarships that do not need to be repaid
Work – Money you earn as payment for a job on or off campus
Loans – Borrowed money to be paid back, usually with interest
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State Aid
Almost all 50 states have some form of special grant or loan aid for their state residents.
Some states use the data you provide on the (FAFSA) to award aid; Other states may require you to submit supplemental forms.
Your school counselor should have the correct form for your state’s application. If the forms are not available at your school, contact your state higher education agency directly.
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Eligibility for State Aid
File the FAFSA by May 1st
Must be a permanent legal resident of Massachusetts
Enrolled in a full-time, degree program
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2007-2008 State Aid Application Requirements
By May 1st complete and submit:– The Free Application for Federal Student Aid
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Need-Based Grants
Federal Grants
Pell Grants
– $4,050 maximum per year
Academic Competitiveness Grants (ACG)
-- $750
Federal Supplemental Educational Opportunity Grant (FSEOG)
– $4,000 maximum per year
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Types of ApplicationsFAFSA
Other applications or forms as required by the college such as:
– 2006 federal tax returns (along with schedules and W-2s) or other income documentation
– CSS Financial Aid PROFILE
– Institutional Scholarship and/or Financial Aid Application
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FAFSA Information & Tips
File as soon as possible after January 1, 2007
Use estimated 2006 income information if taxes are not complete at time of FAFSA submission
You and at least one parent whose information is reported must complete and sign the FAFSA
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Federal PIN
PIN (Personal Identification Number) serves as the electronic signature on ED documents
You and at least one parent need PIN to sign the FAFSA electronically
May be used to:– Check on FAFSA status– Verify and correct FAFSA data– Add additional schools to receive FAFSA data– Change home and e-mail addresses
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Federal PIN
If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within hours
Apply for your PIN TODAY at:
www.pin.ed.gov
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Getting Ready
Before starting the FAFSA, gather your:
– Driver’s license, if you have one
– Alien Registration Card, if you are an eligible non-citizen
Create a file for copies of all financial aid documents submitted.
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Getting ReadyBefore starting the FAFSA, gather:– Student and Parent
Social Security cards2006 W-2 Forms and other records of money earned2006 federal income tax form (even if not completed)Records of untaxed incomeCurrent bank statementsBusiness, farm and other real estate recordsRecords of stocks, bonds and other investments
Create a file for copies of all financial aid documents submitted
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Getting Started
Read all application instructions
If planning to submit the paper FAFSA:
– Use pen with black ink
– Print clearly in CAPITAL letters:
– Fill in ovals completely:
– Do not leave blanks (unless directed by instructions)
– Do not write comments or notes anywhere on form
– Do not use correction fluid
1 5 E L M S T
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The FAFSAA Seven-Step ProcessThe FAFSAA Seven-Step Process
Step One – is about the student
Step Two – asks for student income and assets
Step Three – determines student dependency status
Step Four – requires parental information for
dependent students
Step Five – is for independent students only
Step Six – allows the student to list up to four schools
Step Seven – Certification Statement asks for signatures
and submission date of the FAFSA
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4 5 6 7 8 9
List your name and Social Security Number exactly as they appear on the Social
Security card (both will be compared through a database match process)
#8 Social Security Number
S U S A N J O N E S L
#1-3 Name
PAGE 7 – Step One
1 2 3
#9 Date of Birth
Be careful not to write the current year foryour date of birth
8 7 0 2 0 9
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Fill in the your e-mail address that will be valid at least until the student starts college
#13 E-mail Address
PAGE 7 – Step One
S J O N E S Y A H O O . C O M
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#14 Citizenship Status
PAGE 7 – Step One
a. If U.S. citizen, status will be confirmed by Social Security match
b. If eligible non-citizen, status will be confirmed by Department of Homeland Security (DHS) match. This includes:
• U.S. permanent residents with I-551 Form• Conditional permanent residents with I-551C Form• Eligible non-citizens with I-94 Form
c. If neither A nor B, you are ineligible for federal/state aid, but might still be eligible for state or institutional funds
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If eligible non-citizen, write in your eight- or nine-digit Alien Registration Number (ARN)
• Precede an eight digit ARN with a zero
• Copy of Permanent Resident Card might be requested by the financial aid office
#15 Alien Registration Number
PAGE 7 – Step One
0 1 2 3 4 5 6 7 8
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#14 Citizenship Status
PAGE 7 – Step One
c. If neither a nor b, you are ineligible for federal or state aid, but might still be eligible for a college’s own funds
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#14 Citizenship Status
PAGE 7 – Step One
NOTE: if you are undocumented or under-documented• start inquiring in elementary, middle or high school to
see if it is possible for younger students to become a permanent resident
• apply for all private scholarships for which you may be eligible
• check with colleges and universities to see if institutional financial aid is available
• watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students
For more information and a list of scholarships, go towww.maldef.org
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Residency relates to your permanent home state: – if you are dependent, the state of legal residence is
usually the state in which your custodial parent lives
State of legal residence is also used:– in the need calculation to determine the appropriate
allowance for state and other taxes paid by that state’s residents
– to determine eligibility for state grants
#18-20 Student’s State of Legal Residence
PAGE 7 – Step One
M A
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Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid
#21-22 Selective Service Registration
PAGE 7 – Step One
#22
Answer “yes” only if the student is male, aged 18-25, and has not yet registered. The student may also register by going to:
www.sss.gov
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Indicate your most immediate degree or certificate objective for 2007-2008
#23 Degree Objective
PAGE 7 – Step One
1
#24 Grade Level
Indicate your grade level beginning with the 2007-2008 school year
0
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Provide information about the college you are most likely to attend
– If in doubt, report “Full-time”
#25 Expected Enrollment Status for 2007-2008
PAGE 7 – Step One
1
#26 Types of Student Aid
Indicate the other types of aid you are interested in for the 2007-2008 school year, in addition to grants
1
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– Requirement to receive Federal and State Aid– Home schooling or Ability to Benefit test may fulfill
requirement
#27 High School Diploma or GED?
PAGE 7 – Step One
If high school senior, the answer is ‘NO’
#28 First Bachelor’s Degree?
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#29-30 Parents’ Educational Level
PAGE 7 – Step One
Indicate highest level of schooling completed by biological or adoptive parents (for state award purposes only)
– Use birth parents or adoptive parents - not stepparents or foster parents
– This definition of parents is unique to these two questions
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DO NOT SKIP THIS QUESTIONYou should:
– Answer “NO” if:• Conviction was for alcohol or tobacco• Conviction was removed from record or occurred
before age 18 (unless tried as an adult)
– Answer “YES” if you have been convicted of possessing or selling illegal drugs while enrolled and receiving federal student aid
#31 Drug Conviction Question
PAGE 7 – Step One
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#32-45Questions are identical to those we will cover in the parents’ income and asset section of Step Four. In Step Two:
– Report your 2006 income and current assets– If you are single, ignore references to “spouse” – If you are married, report spouse’s
income and assets– Complete Worksheets A, B, and C
for the student on Page 5
Step TwoStudent Income and Asset Information
PAGE 8 – Step Two
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– If you are eligible for veterans’ education benefits, report monthly amount expected
– Number of months should equal number of months you will attend school
– If not applicable, answer zero
For more information, contact the VA at:
(800) 827-1000
www.va.gov
#46-47 Student Veterans’ Education Benefits
PAGE 8 – Step Two
0 0
0
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Step Three
PAGE 8 – Step Three
#48-55 Determination of Dependency Status
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#48-55 Determination of Dependency Status
PAGE 8 – Step Three
If you answered “no” to all questions in this step, go to Step Four. For FAFSA filing purposes, you are considered a dependent student and are required to provide parental information
If you answered “yes” to any question in this step, skip Step Four and go to Step Five. For FAFSA filing purposes, you are considered an independent student
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Step FourParent Information
See Notes on page 3 of FAFSA instructions about who is considered a parent
– Biological or adoptive parent(s)
– Stepparent
• Regardless of any prenuptial agreements
PAGE 9 – Step Four
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Step FourParent Information
PAGE 9 – Step Four
Do not provide information about:– Foster parent(s)
• You are automatically considered an independent student if you are a ward of the court
– Legal guardian(s) or grandparent or other relative
• Must attempt to get biological parental information if guardianship ends at age 18
• Colleges may use Professional Judgment to allow you to file as an independent student
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#56 Parents’ Marital Status as of Today
PAGE 9 – Step Four
#57 Month and year parents were married, separated, divorced, or widowed
M M Y Y Y Y
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NOTE: This information should be provided for the parents who are required to give information for Step Four
#58-65 Father’s and Mother’s SSN, LastName, First Initial, and Dates of Birth
PAGE 9 – Step Four
2 3 4 5 6 7 8 9 0 J O N E S
0 0 0 0 0 0 0 0 0 P A R K E R
P
M
5 9 0 5 0 3
6 0 0 7 1 9
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Include in parents’ household:• the student applying for financial aid• the custodial parent(s)• parents’ other dependent children, if parents
provide more than half their support or the children could answer “no” to every question in Step Three, regardless of where they live
• other people, if they now live with the parents, and if the parents provide more than half their support, and will continue to provide that level of support from 7/1/07 through 6/30/08
#66 Parent Household Information
PAGE 9 – Step Four
0 5
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– Always include the student even if he/she will attend college less than half-time in 2007-2008
– Include other household members from #66 only if they will attend at least half time in 2007-2008 in a program that leads to a college degree or certificate
– Always exclude parents
NOTE: Some financial aid offices will require proofthat other family members are attending
college
#67 Family Members Attending College
PAGE 9 – Step Four
2
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– Question #68: Indicate the two-digit state code for your parents’ permanent address
– If the answer to #69 is “no,” in Question #70, enter the month and year residency began for the parent who has been a legal resident of that state the longest
#68-70 Parents’ State of Legal Residence
PAGE 9 – Step Four
M A M YYM Y Y
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Step FourParent Income and Asset Information
– If the answer to any question is zero or the question does not apply, enter 0:
– Report whole dollar figures:
– Recommendation: If parents have not filed their 2006 federal tax return, use W-2 forms and/or other employment records to estimate total income
PAGE 9 – Step Four
,$ 0
1 2 $ 3 5 6 (no cents),
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#71-75 Parents’ Household Federal Benefits
PAGE 9 – Step Four
Indicate if you, your parents, or anyone in your parents’ household received benefits from any of the federal programs listed during 2006.
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#76 – Indicate your parents’ tax filing status for 2006
#77 – Which tax return did or will your parent(s) file for 2006?
#78 – Even if your parent(s) did not file a 1040A or 1040EZ, read the instructions to see if they would have been eligible to do so
#76-78 Parent Tax Return Filing Status for 2006
PAGE 9 – Step Four
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– If your parents have not yet filed their 2006 federal tax return information, it is okay to estimate information for these questions
– If your parents have completed their 2006 federal tax return, use 2006 tax return information to fill out Questions #79-81. Pay attention to specific line-items
Reminder: If the answer is zero or the question does not apply, enter 0
#79-81 Parent Income and Tax Information
PAGE 9 – Step Four
4 5 2 5 0
2 1 3 0
0 5
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This figure is often different than the adjusted gross income figure on your parents’ tax return. Use W-2 forms and other records to list all income in 2006 earned from work (including income earned from self-employment)
#82-83 Money Earned from Work by Parent(s)
PAGE 9 – Step Four
4 0 5 0 0
1 3 2 0 0
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#84 Worksheet A: Untaxed Income & Benefits
To answer, carefully complete the right column of Worksheet A (Page 5 of instructions).
NOTE: Students should keep a copy of the worksheet because the financial aid office may request a copy
1 2 5 0
1 2 5 0
PAGE 9 – Step Four
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#85 Worksheet B: Untaxed Income & Benefits
1 7 0 0
6 2 0 0
5 0 0
8 4 0 0
PAGE 9 – Step Four
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0
PAGE 9 – Step Four
#86 Worksheet C: Exclusions to Income
1 2 5 0
8 4 0 0
0
Totals from Worksheets A, B, and C should be entered in Questions 84, 85, and 86 on Page 9 of the FAFSA
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#87-89– List the net value of parent assets as of
the day the FAFSA is completed
– If net worth is one million dollars or more, enter
– If net worth is zero, enter 0 (do not leave blank)
Step FourParent Asset Information
PAGE 10 – Step Four
,$ 9 9 9 9 9 9
,$ 0
NOTE: Some financial aid offices may request supporting documentation for the answers to these questions
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Report the current balance of cash, checking and/or savings accounts as of the day you complete the FAFSA
#87 Parent Asset Information
PAGE 10 – Step Four
2 1 5 5
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Net Worth means current value minus debt
#87-89 Parent Asset Information
PAGE 10 – Step Four
5 0 0 0
0
7 9 0 0
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Investments include:
• real estate (other than your parents’ home)
• trust funds
• UGMA and UTMA accounts
• money market and mutual funds
• certificates of deposit
• stocks and stock options
#87-89 Parent Asset Information
PAGE 10 – Step Four
5 0 0 0
0
7 9 0 0
• bonds and other securities
• Coverdell IRAs
• 529 plans owned by your parents
• installment and land sale contracts
• commodities, etc.
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#87-89 Parent Asset Information
PAGE 10 – Step Four
5 0 0 0
0
7 9 0 0
Business/Investment Farm includes:
– market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral
NOTE: DO NOT include the home you live in, the value of life insurance and your parents’ retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc)
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#90 Household Information
Step Five (Independent Students)
PAGE 10 – Step Five
Complete this step only if you answered “yes” to any question in Step Three (Questions 48-55)
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#90 Household Information
Include in your household:
• you (and your spouse if married)
• your children, if you will provide more than half their support
• other people, if they now live with you and you provide more than half their support, and will continue to provide that level of support from 7/1/07 through 6/30/08
PAGE 10 – Step Five
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PAGE 10 – Step Five
#91 Family Members Attending College
– Count yourself even if you will attend college less than half-time in 2007-2008
– Include others counted in #90 only if they will attend at least half-time in 2007-2008 in a program that leads to a college degree or certificate
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#92-96 Household Federal Benefits
PAGE 10 – Step Five
Indicate if you, your spouse, or anyone in your household received benefits from any of the federal programs listed during 2006.
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0 0 1 1 1 7 P A INDEPENDENT UNIVERSITY
COMMUNITY COLLEGE ABC
STATE UNIVERSITY
UNIVERSITY IN ARIZONA
M A
L A
A Z
0 1 2 3 4 5
0 2 3 4 5 6
0 3 4 5 6 7
Step Six:
PAGE 10 – Step Six
#97 School Information
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#97 School Information
PAGE 10 – Step Six
List up to four schools to which you are applying
For faster and more accurate processing, write in both the Title IV school code and the school name
Check with each college’s financial aid office, the student’s high school counselor, or the U.S. Department of Education’s website (www.fafsa.ed.gov) for a listing of federal school codes of the colleges to which the student is applying
Select the housing plan that best describes the type of housing you expect to live in while attending each listed school
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In Question #97, list those schools with the earliest financial aid deadlines
If you are applying to more than six schools, wait for the processed Student Aid Report (SAR) or add additional schools via the Web
Strategies for Listing Colleges
PAGE 10 – Step Six
#97 School Information
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#98-99 Read, Sign, and Date
PAGE 10 – Step Seven
0 2 1 5
Student Signature
Parent Signature
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Read the statement in Step Seven before submitting the FAFSA
Fill in the date you completed the FAFSA
You and at least one parent must sign the FAFSA – If submitting FAFSA on the Web, you and your
parent must provide your individual PINs
Be cautious about paying someone to complete the FAFSA
You can do it!
#98-99 Read, Sign, and Date
PAGE 10 – Step Seven
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Types of FAFSAsTypes of FAFSAs
FAFSA on the Web
Paper FAFSA
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FAFSA on the Web
Complete the FAFSA on the Web at www.fafsa.ed.gov
Processed more quickly than paper version
Sophisticated on-line edits so that errors are less likely to be made
Student and at least one custodial parent should get a federal PIN at
www.pin.ed.gov
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Application Filing TipsFAFSA on The Web
Gather necessary documents ahead of time
Complete a FAFSA on the Web Worksheet available at www.fafsa.ed.gov
Allow ample time to complete form for submission by deadline
Check the FAFSA for accuracy prior to submission
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Application Filing TipsFAFSA on The Web
Save all work periodically
Sign the application using you and your parent’s PIN
Print out a copy of the FAFSA before submitting data
Keep a copy of the Submission Confirmation Page
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File early and meet all deadlines
Check the FAFSA for completeness and accuracy
Sign and date FAFSA
Make a copy of the FAFSA before mailing
Mail the FAFSA in the self-addressed envelope provided in the application booklet– Do not write any comments on the FAFSA– Do not include letters, tax forms, or worksheets– Use regular mail (not Registered or Certified)
Obtain a U.S. Postal Service Certificate of Mailing (cost is only $0.90)
Application Filing TipsPaper FAFSA
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Student Aid Report (SAR)
Regardless of whether you use FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to you – A link to an electronic SAR will be sent if
you provide an e-mail address
– A paper SAR will be mailed if you do not provide an email address
Data will be sent to each college or university you listed in Question #97
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What Happens Next?
You and the colleges you listed receive information from federal processor
You should review your SAR for important information and accuracy of data
Colleges match admission records with
financial aid applications and determine aid eligibility
Colleges mail notices of financial aid
eligibility to admitted students who have completed all required financial aid forms
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Special Circumstances
Contact the Financial Aid Office if there is:– Loss or reduction in parent or student income or
assets– Death or serious illness– Unusual medical or dental expenses not
covered by insurance– Reduction in child support, Social Security
benefits or other untaxed benefit– Financial responsibility for elderly grandparents– Any other unusual circumstances that affect a
family’s ability to contribute to higher education
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Summary of the Financial Aid Process
Submit all required forms, including FAFSA, by each college’s published deadlines
Submit the FAFSA before May 1st for MassGrant consideration
Keep a copy of all forms submitted
Review your SAR
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Summary of the Financial Aid Process
Watch for financial aid award notifications from colleges to which the student has been admitted
Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible
ASK QUESTIONS!
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Resources
www.CollegeGoalSundayUSA.org, Program Support, FAFSA Line-by-Line Presentation– FAFSA – Web version– FAFSA – Paper version– FAFSA – Paper version in Spanish and Somali– Foster Youth: Tips for Completing the FAFSA
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Questions and Answers