Applying for Financial Aid 2007-2008. 2 What Will You Learn Today? Sources and types of financial aid Required financial aid application forms How to

Applying for Applying for Financial Aid Financial Aid 2007-2008 2007-2008

22

What Will You Learn Today?What Will You Learn Today?

Sources and types of financial aidSources and types of financial aid

Required financial aid application formsRequired financial aid application forms

How to complete the Free Application for Federal How to complete the Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA)

Information about any additional aid in your stateInformation about any additional aid in your state

Answers to your individual questions Answers to your individual questions

Federal governmentFederal government

State governmentState government

Colleges and universitiesColleges and universities

Private agencies, companies, foundations, and Private agencies, companies, foundations, and your parents’ employersyour parents’ employers

Sources of Financial AidSources of Financial Aid

Types of Aid Types of Aid

Gift AidGift Aid –– Grants or scholarships that do Grants or scholarships that do not need to be repaidnot need to be repaid

WorkWork –– Money earned by the student Money earned by the student as payment for a job on or off as payment for a job on or off campuscampus

LoansLoans –– Borrowed money to be paid Borrowed money to be paid back, usually with interestback, usually with interest

2007-2008 State Aid Application 2007-2008 State Aid Application RequirementsRequirements

Must be completed within first 30 days of the Must be completed within first 30 days of the term of attendance to be eligible for term of attendance to be eligible for Minnesota State Grant.Minnesota State Grant.

This will vary by institution as each have different start dates.This will vary by institution as each have different start dates.

Complete and submit:Complete and submit:

– The Free Application for Federal Student AidThe Free Application for Federal Student Aid

66

Need-Based GrantsNeed-Based Grants

Minnesota GrantMinnesota Grant

Residency requirements and application deadline applyResidency requirements and application deadline apply

Federal Pell GrantsFederal Pell Grants

– $4,050 maximum per year$4,050 maximum per year

Academic Competitiveness Grants (ACG)Academic Competitiveness Grants (ACG)

– $750 per year$750 per year

Federal Supplemental Educational Opportunity Grant Federal Supplemental Educational Opportunity Grant (FSEOG)(FSEOG)

– $4,000 maximum per year$4,000 maximum per year

Additional Types of Financial AidAdditional Types of Financial Aid

Self Help Aid Self Help Aid Loans & EmploymentLoans & Employment

Work-Study Work-Study Stafford LoansStafford Loans Perkins LoansPerkins Loans PLUS LoansPLUS Loans SELF LoansSELF Loans Alternative LoansAlternative Loans

Types of FAFSAsTypes of FAFSAsTypes of FAFSAsTypes of FAFSAs

FAFSA on the WebFAFSA on the Web

Paper FAFSA


Online application available atOnline application available atwww.fafsa.ed.govwww.fafsa.ed.gov

Processed more quickly than paper versionProcessed more quickly than paper version

Sophisticated on-line edits so that errors are Sophisticated on-line edits so that errors are less likely to be madeless likely to be made

You and at least one parent should get a federal You and at least one parent should get a federal PIN atPIN at www.pin.ed.govwww.pin.ed.gov

1010

Application Filing TipsApplication Filing TipsFAFSA on The WebFAFSA on The Web

Gather necessary documents Gather necessary documents ahead of timeahead of time

Complete a FAFSA on the Web Worksheet Complete a FAFSA on the Web Worksheet available at available at www.fafsa.ed.govwww.fafsa.ed.gov

Allow ample time to complete form for submission Allow ample time to complete form for submission by deadlineby deadline

Check the FAFSA for accuracy prior to submissionCheck the FAFSA for accuracy prior to submission

1111

Application Filing TipsApplication Filing TipsFAFSA on The WebFAFSA on The Web

Save all work periodicallySave all work periodically

Sign the application using your PINSign the application using your PIN

Print out a copy of the FAFSA before submitting Print out a copy of the FAFSA before submitting data data

Keep a copy of the Submission Confirmation Keep a copy of the Submission Confirmation PagePage

1212

File early to meet all deadlinesFile early to meet all deadlines

Check the FAFSA for completeness and accuracyCheck the FAFSA for completeness and accuracy

Sign and date FAFSASign and date FAFSA

Make a copy of the FAFSA before mailingMake a copy of the FAFSA before mailing

Mail the FAFSA in the self-addressed envelope provided in Mail the FAFSA in the self-addressed envelope provided in the application bookletthe application booklet Do not write any comments on the FAFSADo not write any comments on the FAFSA Do not include letters, tax forms, or worksheetsDo not include letters, tax forms, or worksheets Use regular mail (Use regular mail (notnot Registered or Certified) Registered or Certified)

Obtain a U.S. Postal Service Certificate of Mailing (cost is Obtain a U.S. Postal Service Certificate of Mailing (cost is only $0.95)only $0.95)

Application Filing TipsApplication Filing TipsPaper FAFSAPaper FAFSA

Student Aid Report (SAR)Student Aid Report (SAR)

Regardless of whether you submit a FAFSA on the Regardless of whether you submit a FAFSA on the Web or a paper FAFSA, a SAR will be sent to youWeb or a paper FAFSA, a SAR will be sent to you– A link to an electronic SAR will be sent if you A link to an electronic SAR will be sent if you

provide an e-mail addressprovide an e-mail address– A paper SAR will be mailed if you do not provide A paper SAR will be mailed if you do not provide

an e-mail address an e-mail address An electronic copy will be An electronic copy will be sent to each college or sent to each college or university you listed in university you listed in Section 5Section 5

FAFSA Information & TipsFAFSA Information & Tips

File as soon as possible after January 1, 2007File as soon as possible after January 1, 2007

Use estimated 2006 income information if taxes Use estimated 2006 income information if taxes are not complete at time of FAFSA submissionare not complete at time of FAFSA submission

You and at least one parent whose information You and at least one parent whose information is reported must complete and sign the FAFSAis reported must complete and sign the FAFSA

Federal PINFederal PIN

PIN (Personal Identification PIN (Personal Identification Number) serves as the Number) serves as the electronic signature on ED documentselectronic signature on ED documents

Both you and at least one parent need a PINBoth you and at least one parent need a PIN

May be used to:May be used to: Check on FAFSA statusCheck on FAFSA status Verify and correct FAFSA dataVerify and correct FAFSA data Add additional schools to receive FAFSA dataAdd additional schools to receive FAFSA data Change home and e-mail addressesChange home and e-mail addresses

Federal PINFederal PIN

If you provide an e-mail address, PIN will be If you provide an e-mail address, PIN will be e-mailed within hourse-mailed within hours

Apply for your PIN TODAY at:Apply for your PIN TODAY at:

www.pin.ed.govwww.pin.ed.gov

Getting ReadyGetting Ready

Before starting the FAFSA, gather:Before starting the FAFSA, gather:

Your driver’s license Your driver’s license

Alien Registration Card if you Alien Registration Card if you are not a U.S. citizenare not a U.S. citizen

Create a file for copies of all financial aid documents submitted.

Getting ReadyGetting ReadyBefore starting the FAFSA, gather:Before starting the FAFSA, gather: You and your Parent You and your Parent

Social Security cardsSocial Security cards2006 W-2 Forms and other records 2006 W-2 Forms and other records of money earnedof money earned2006 federal income tax form (even if not 2006 federal income tax form (even if not completed)completed)Records of untaxed incomeRecords of untaxed incomeCurrent bank statementsCurrent bank statementsBusiness, farm and other real estate recordsBusiness, farm and other real estate recordsRecords of stocks, bonds and other investmentsRecords of stocks, bonds and other investments

Create a file for copies of all financial aid documents submitted.

Getting StartedGetting Started

Read all application instructionsRead all application instructions

If planning to submit the paper FAFSA:If planning to submit the paper FAFSA:

Use pen with black ink Use pen with black ink

Print clearly in CAPITAL letters:Print clearly in CAPITAL letters:

Fill in ovals completely:Fill in ovals completely:

Do not leave blanks (unless directed by instructions)Do not leave blanks (unless directed by instructions)

Do not write comments or notes anywhere on formDo not write comments or notes anywhere on form

Do not use correction fluidDo not use correction fluid

1 5 E L M S T


2007-2008 FAFSA On 2007-2008 FAFSA On the Web Worksheet the Web Worksheet may be used for the may be used for the January 1, 2007, January 1, 2007, through June 30through June 30thth, , 2008, aid application 2008, aid application cycle.cycle.

TheThe FOTW Worksheet FOTW WorksheetA Five-Step ProcessA Five-Step Process

TheThe FOTW Worksheet FOTW WorksheetA Five-Step ProcessA Five-Step Process

Section 1Section 1 –– is about the studentis about the studentSection 2Section 2 –– determines student determines student

dependency statusdependency statusSection 3Section 3 –– collects parental collects parental

information for dependent studentsinformation for dependent studentsSection 4Section 4 –– collects student income collects student income

information and information about the information and information about the independent student’s householdindependent student’s household

Section 5Section 5 –– allows students to list up to allows students to list up to six schools to receive information from six schools to receive information from the FAFSAthe FAFSA

DO NOT MAIL THIS WORKSHEET

Section 1Section 1(page 2)(page 2)

STUDENT INFORMATIONSTUDENT INFORMATION


STUDENT INFORMATIONSTUDENT INFORMATION

Your Social Security NumberYour Social Security Number

List your name and Social Security number exactly as they appear on your Social Security card (both will be compared through a database match process)

1 2 3 4 5 6 7 8 9

Your Last Name

Your State of Legal Residence

Residency relates to your permanent home state Residency relates to your permanent home state if you are dependent, the state of legal residence is if you are dependent, the state of legal residence is

usually the state in which your custodial parents live usually the state in which your custodial parents live

State of legal residence is also used State of legal residence is also used – in the need calculation to determine the appropriate in the need calculation to determine the appropriate

allowance for state and other taxes paid allowance for state and other taxes paid by that state’s residentsby that state’s residents

– to determine eligibility for state grantsto determine eligibility for state grants

Jones

CA

a.a. If U.S. citizen, status will be confirmed by Social Security matchIf U.S. citizen, status will be confirmed by Social Security match

b.b. If eligible non-citizen, status will be confirmed by Department of If eligible non-citizen, status will be confirmed by Department of Homeland Security (DHS) match. This includes:Homeland Security (DHS) match. This includes:

• U.S. permanent residents with I-551U.S. permanent residents with I-551

• Conditional permanent residents with I-551CConditional permanent residents with I-551C

• Eligible non-citizens with I-94Eligible non-citizens with I-94

c.c. If neither a citizen or eligible noncitizen, you are ineligible for If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or federal/state aid, but might still be eligible for state or institutional fundinstitutional fund

Citizenship Status

NoteNote: if you are undocumented or under-documented: if you are undocumented or under-documented start inquiring in elementary, middle or high school to see start inquiring in elementary, middle or high school to see

if it is possible for younger siblings to become a if it is possible for younger siblings to become a permanent residentpermanent resident

apply for all private scholarships for which you may be apply for all private scholarships for which you may be eligibleeligible

check with colleges and universities to see if institutional check with colleges and universities to see if institutional financial aid is availablefinancial aid is available

watch for changes in federal and state laws regarding the watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented studentseligibility of undocumented or under-documented students

For more information call:For more information call: (213) 629-2512(213) 629-2512For a list of scholarships, go to: For a list of scholarships, go to: www.maldef.orgwww.maldef.org

Citizenship Status

c.c. If neither a citizen or eligible noncitizen, you are ineligible for If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or federal/state aid, but might still be eligible for state or institutional fundinstitutional fund

Alien Registration Number

0 1 2 3 4 5 6 7 8

If eligible non-citizen, write in your eight- or nine-digit If eligible non-citizen, write in your eight- or nine-digit Alien Registration Number (ARN)Alien Registration Number (ARN)

Precede an eight digit ARN with a zeroPrecede an eight digit ARN with a zero

Copy of Permanent Registration Card Copy of Permanent Registration Card might be requested by the financial aid might be requested by the financial aid officeoffice

Selective Service RegistrationSelective Service Registration

Male students who are 18 years of age or older Male students who are 18 years of age or older must be registered with Selective Service to must be registered with Selective Service to receive federal and state aidreceive federal and state aid

Answer “yes” only if you are male, aged 18-25, Answer “yes” only if you are male, aged 18-25, and have not yet registered. and have not yet registered. You may also register by going to:You may also register by going to:

www.sss.govwww.sss.gov

Indicate your most Indicate your most immediate degree or immediate degree or certificate objective for certificate objective for 2007-20082007-2008

Degree ObjectiveDegree Objective

Indicate your grade level beginning with the 2007-2008 school year

Grade LevelGrade Level

Your Expected Enrollment Status at the Your Expected Enrollment Status at the Start of the 2007-08 Academic YearStart of the 2007-08 Academic Year

Provide information about the college you are Provide information about the college you are most likely to attendmost likely to attend

If in doubt, report “Full-time”If in doubt, report “Full-time”

Student Loans and Work-StudyStudent Loans and Work-Study

If you are interested in either student If you are interested in either student loans or student employment, or both, loans or student employment, or both, mark the appropriate boxmark the appropriate box

Indicating interest does not obligate you Indicating interest does not obligate you to either borrow or to work, nor will it to either borrow or to work, nor will it cause you to lose grants and scholarshipscause you to lose grants and scholarships

Answering no interest may restrict some Answering no interest may restrict some options for limited loans and work-study options for limited loans and work-study fundsfunds

If you are a high school senior, the answer is ‘NO’

First Bachelor’s Degree?

Parents’ Educational LevelParents’ Educational Level

Indicate highest level of schooling Indicate highest level of schooling completed completed by by your biological or adoptive parents (for state award your biological or adoptive parents (for state award purposes only)purposes only)

Use birth parents or adoptive parents - Use birth parents or adoptive parents - notnot stepparents or foster parentsstepparents or foster parentsThis definition of parents is unique to these two This definition of parents is unique to these two questionsquestions

DO NOT SKIP THIS QUESTIONDO NOT SKIP THIS QUESTION

You should:You should: Answer “Answer “NONO” if:” if:

• Conviction was for alcohol or tobaccoConviction was for alcohol or tobacco• Conviction was removed from record or occurred Conviction was removed from record or occurred

before age 18 (unless tried as an adult)before age 18 (unless tried as an adult) Answer “Answer “YESYES” if you have been convicted of ” if you have been convicted of

possessing or selling illegal drugs while you possessing or selling illegal drugs while you were receiving federal financial aidwere receiving federal financial aid

Drug Conviction QuestionDrug Conviction Question

Section 2Section 2(middle of page 3)(middle of page 3)

STUDENT STATUSSTUDENT STATUS

Section 2Section 2(middle of page 3)(middle of page 3)

STUDENT STATUSSTUDENT STATUS

Section 2Determination of Student (Dependency) Status

Section 2Determination of Student (Dependency) Status

If you answer “no” to all questions in this step, If you answer “no” to all questions in this step, go to Section 3. For FAFSA filing purposes, go to Section 3. For FAFSA filing purposes, you are considered a dependent student and you are considered a dependent student and are required to provide parental informationare required to provide parental information

If you answer “yes” to any question in this If you answer “yes” to any question in this step, skip Section 3 and go to Section 4. You step, skip Section 3 and go to Section 4. You are considered an independent student for are considered an independent student for FAFSA filing purposes and are NOT required FAFSA filing purposes and are NOT required to provide parental informationto provide parental information


PARENTALPARENTALINFORMATIONINFORMATION

Section 3 – Parental InformationSection 3 – Parental Information

See Page 4 of FAFSA on the Web See Page 4 of FAFSA on the Web Worksheet about who is considered a Worksheet about who is considered a parentparent

Biological or adoptive parent(s)Biological or adoptive parent(s)

StepparentStepparent

• Regardless of any prenuptial Regardless of any prenuptial agreementsagreements


Do Do notnot provide information on: provide information on: Foster parentsFoster parents

• If you are in foster care, you are If you are in foster care, you are automatically considered an automatically considered an independent studentindependent student

Legal guardians or grandparents or other Legal guardians or grandparents or other relativesrelatives

• You must attempt to get biological parental You must attempt to get biological parental informationinformation

• Colleges may use Professional Judgment Colleges may use Professional Judgment to allow you to file as an independent to allow you to file as an independent studentstudent


,$ 0

If the answer to any question is zero or If the answer to any question is zero or the question does not apply, enter 0:the question does not apply, enter 0:

Report whole dollar figures:Report whole dollar figures:

Recommendation: If your parents have not Recommendation: If your parents have not filed their 2006 federal tax return, use W-2 filed their 2006 federal tax return, use W-2 forms and/or other forms and/or other employment records to employment records to estimate total incomeestimate total income

1 2 $ 3 5 6 (no cents),

Your Parents’ Your Parents’ Marital Status as of TodayMarital Status as of Today

Month and Year Your Parents were Married, Month and Year Your Parents were Married, Separated, Divorced, or WidowedSeparated, Divorced, or Widowed

M M Y Y Y Y

Parents’ Household Federal BenefitsParents’ Household Federal Benefits

Indicate if you, your parents, or anyone in Indicate if you, your parents, or anyone in your parents’ household received benefits your parents’ household received benefits from any of the federal programs listed from any of the federal programs listed during 2006during 2006

Parent Tax Return Filing Status for 2006Parent Tax Return Filing Status for 2006

Indicate your parents’ current tax filing status for 2006Indicate your parents’ current tax filing status for 2006 Have your parents completed a 2006 IRS tax return?Have your parents completed a 2006 IRS tax return? Which tax return did or will your parents file for 2006?Which tax return did or will your parents file for 2006? Even if your parent(s) did not file a 1040A or 1040EZ, Even if your parent(s) did not file a 1040A or 1040EZ,

read the instructions to see if they would have been read the instructions to see if they would have been eligible to do soeligible to do so

Parent 2006 Adjusted Gross IncomeParent 2006 Adjusted Gross Income

Reminder:Reminder: If the answer is zero or the question If the answer is zero or the question does not apply, enter 0does not apply, enter 0

If your parents have not yet filed their 2006 federal tax If your parents have not yet filed their 2006 federal tax return information, it is fine to return information, it is fine to estimateestimate information for information for these questionsthese questions

If your parents have completed their 2006 federal tax If your parents have completed their 2006 federal tax return, use 2006 tax return information to complete this return, use 2006 tax return information to complete this item. Pay attention to specific line-items on 2006 item. Pay attention to specific line-items on 2006 Federal tax return, if completedFederal tax return, if completed

45,250

Money Earned from Work by Parent(s)Money Earned from Work by Parent(s)

This figure is often different from the adjusted gross This figure is often different from the adjusted gross income figure on the parent tax return. Use W-2 forms income figure on the parent tax return. Use W-2 forms and other records to list all income in 2006 and other records to list all income in 2006 earned from earned from workwork (including income earned from self-employment) (including income earned from self-employment)

45,250

40,500

13,200

Parent E-Mail AddressParent E-Mail Address

Fill in your parents’ e-mail address that will Fill in your parents’ e-mail address that will be valid at least until you start collegebe valid at least until you start college

[email protected]

Father’s and Mother’s SSN, Last Name, Father’s and Mother’s SSN, Last Name, and Dates of Birthand Dates of Birth

NOTE:NOTE: Provide this information for yourProvide this information for yourparent(s) who complete Section 3 of parent(s) who complete Section 3 of the worksheetthe worksheet

2 3 4 5 6 7 8 9 0 JONES

0 5 0 3 1 9 5 9

0 0 0 0 0 0 0 0 0

PARKER

0 7 1 9 1 9 6 0

Parents’ State of Legal ResidenceParents’ State of Legal Residence

Indicate the two-digit state code for your Indicate the two-digit state code for your parents’ permanent addressparents’ permanent address

If the answer to the previous question is “no,” If the answer to the previous question is “no,” enter the month and year residency began enter the month and year residency began for your parent who has been a legal resident for your parent who has been a legal resident of that state the longestof that state the longest

CA

M M Y Y Y Y

Parents’ Income Tax PaidParents’ Income Tax Paid

What was the amount your parents paid in What was the amount your parents paid in income tax for 2006?income tax for 2006?

Use U.S. Income tax Use U.S. Income tax paidpaid (or to be paid) (or to be paid)

• not the amount withheld from your not the amount withheld from your parents’ paychecksparents’ paychecks

2,130

Parents’ Tax ExemptionsParents’ Tax Exemptions

Enter your parents’ exemptions for 2006Enter your parents’ exemptions for 2006

Exemptions can be found on their IRS tax Exemptions can be found on their IRS tax returnreturn

Be sure to include all persons being claimed Be sure to include all persons being claimed on your parents’ 2006 federal tax return on your parents’ 2006 federal tax return regardless of whether they are included in regardless of whether they are included in your parents’ household size questionyour parents’ household size question

05

Parents’ Parents’ Household InformationHousehold Information

Include in your parents’ household:Include in your parents’ household: yourselfyourself your parent(s)your parent(s) your parents’ other dependent children, if your parents’ other dependent children, if

your parents provide more than half their your parents provide more than half their support or the children could answer “no” to every question in support or the children could answer “no” to every question in Section 2, regardless of where they liveSection 2, regardless of where they live

other people, if they now live with your parents, other people, if they now live with your parents, andand if your if your parents provide more than half their support, parents provide more than half their support, andand will continue will continue to provide that level of support from 7/1/07 through 6/30/08to provide that level of support from 7/1/07 through 6/30/08

05

Family Members Attending CollegeFamily Members Attending College

NOTE: NOTE: Some financial aid offices will require proof that Some financial aid offices will require proof that other family members are attending collegeother family members are attending college

Always include yourself even if you will attend college Always include yourself even if you will attend college less than half-time in 2007-2008less than half-time in 2007-2008

Include other household members only if they will Include other household members only if they will attend at least half time in 2007-2008 in a program that attend at least half time in 2007-2008 in a program that leads to a college degree or certificateleads to a college degree or certificate

Never include your parentsNever include your parents

2

Worksheet A: Untaxed Income & BenefitsWorksheet A: Untaxed Income & Benefits

NOTE:NOTE: You should keep a copy of the worksheet You should keep a copy of the worksheet because the financial aid office may request a copybecause the financial aid office may request a copy

To answer, your parents should carefully To answer, your parents should carefully complete the right column of Worksheet A (Page complete the right column of Worksheet A (Page 8 of the worksheet)8 of the worksheet)

1,250

1,250

Worksheet B: Untaxed Income & BenefitsWorksheet B: Untaxed Income & Benefits

1,700

6,200

500

8,400

Worksheet C: Exclusions to IncomeWorksheet C: Exclusions to Income

Remember, your parents’ totals from Worksheets A, B, and C should be entered in Section 3 of the FOTW Worksheet. Your totals should be entered in Section 4 of the FOTW Worksheet.

0

Parent AssetsParent Assets

NOTE: NOTE: Some financial aid offices may request Some financial aid offices may request supporting documentation for the answers to these supporting documentation for the answers to these questionsquestions

,$ 0

List the net value of your parents’ List the net value of your parents’ assets as of the day you complete the assets as of the day you complete the FAFSAFAFSA

If net worth is one million If net worth is one million dollars or more, enterdollars or more, enter

If net worth is zero, enter 0If net worth is zero, enter 0

9 9 $ 9 9 9 , 9


Report the current balance of your parents’ Report the current balance of your parents’ cash, checking and/or savings accounts as of cash, checking and/or savings accounts as of the day you complete the FAFSAthe day you complete the FAFSA

2,155


• bonds and other securities

• Coverdell IRAs

• 529 plans owned by your parents

• installment and land sale contracts

• commodities, etc.

Net WorthNet Worth means current value minus debt means current value minus debt

InvestmentsInvestments include: include:

• real estate (other than parents’ real estate (other than parents’ home)home)

• trust fundstrust funds

• UGMA and UTMA accountsUGMA and UTMA accounts

• money market and mutual money market and mutual fundsfunds

• certificates of depositcertificates of deposit

• stocks and stock optionsstocks and stock options

7,900

0


NOTE:NOTE: DO NOTDO NOT include the home you live in, the value of include the home you live in, the value of life insurance and parent retirement plans (pension funds, life insurance and parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or the annuities, non-education IRAs, Keogh plans, etc), or the value of a family owned and controlled small business with value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees100 or fewer full-time or full-time equivalent employees

Business/Investment Farm includes:Business/Investment Farm includes:

– market value of land, buildings, machinery, market value of land, buildings, machinery, equipment, and inventory. Debt means only those equipment, and inventory. Debt means only those debts for which the business was used as collateraldebts for which the business was used as collateral

7,900

0


STUDENT FINANCESSTUDENT FINANCES


STUDENT FINANCESSTUDENT FINANCES

Section 4 – Student FinancesSection 4 – Student Finances

These questions are identical to the parent These questions are identical to the parent financial questions we covered in the Section 3financial questions we covered in the Section 3

In Section 4:In Section 4:

– Report your 2006 incomeReport your 2006 income

– If you are single, ignore references If you are single, ignore references to “spouse”to “spouse”

– If you are married, report spouse’s If you are married, report spouse’s income and assetsincome and assets

Section 4 Section 4 –– Student Finances Student Finances (Independent Students)(Independent Students)

Answer this question only if you Answer this question only if you answered “yes” to at least one answered “yes” to at least one question in question in Section 2 – Student StatusSection 2 – Student Status


Include in your household:Include in your household:you (and your spouse if married)you (and your spouse if married)your children, if you will provide more than half your children, if you will provide more than half their supporttheir supportother people, if they now live with other people, if they now live with you and you provide more than you and you provide more than half their support, and will half their support, and will continue to provide that level continue to provide that level of support from 7/1/07 of support from 7/1/07 through 6/30/08through 6/30/08


Count yourself even if you will attend Count yourself even if you will attend college less that half-time in 2007-college less that half-time in 2007-20082008

Include others only if they will attend Include others only if they will attend at least half-time in 2007-2008 in a at least half-time in 2007-2008 in a program that leads to a college program that leads to a college degree or certificatedegree or certificate

Section 4 Section 4 –– Independent Students’ Independent Students’ Household Federal BenefitsHousehold Federal Benefits

Indicate if you, your spouse, or Indicate if you, your spouse, or anyone in your household received anyone in your household received benefits from any of the federal benefits from any of the federal programs listed during 2006programs listed during 2006

Section 4 – Student Veterans’ Education Benefits

If you are eligible for veterans’ education benefits, report If you are eligible for veterans’ education benefits, report monthly amount expected. (If not applicable, answer monthly amount expected. (If not applicable, answer zero)zero)Number of months should equal number of months Number of months should equal number of months attending school. (If not applicable, answer zero)attending school. (If not applicable, answer zero)For more information, contact the VA at:For more information, contact the VA at:

(800) 827-1000(800) 827-1000oror

www.va.govwww.va.gov

0

0 0

Section 5Section 5(bottom of page 7)(bottom of page 7)

SCHOOLS TO RECEIVE SCHOOLS TO RECEIVE INFORMATIONINFORMATION

Section 5Section 5(bottom of page 7)(bottom of page 7)

SCHOOLS TO RECEIVE SCHOOLS TO RECEIVE INFORMATIONINFORMATION

00117 COMMUNITY

COLLEGE ABC

023456

Section 5:School Information

034567

Section 5:Section 5:School InformationSchool Information

List the school(s) to which you are applyingList the school(s) to which you are applying

For faster and more accurate processing, write in both For faster and more accurate processing, write in both the Title IV school code and the school namethe Title IV school code and the school name

– Minnesota State, Mankato’s federal school code is Minnesota State, Mankato’s federal school code is 002360002360

Select the housing plan that best describes the type of Select the housing plan that best describes the type of housing you expect to have while attending each listed housing you expect to have while attending each listed schoolschool

7373

What Happens Next? What Happens Next? You and the colleges you listed receive Student Aid You and the colleges you listed receive Student Aid

Report (SAR) from federal processorReport (SAR) from federal processor

Review SAR for important information and accuracy Review SAR for important information and accuracy of dataof data

Colleges match admission records with financial aid Colleges match admission records with financial aid

applications and determine aid eligibilityapplications and determine aid eligibility

Colleges mail notices of financial aid eligibility to Colleges mail notices of financial aid eligibility to admitted students who have completed all required admitted students who have completed all required

financial aid formsfinancial aid forms

7474

Special CircumstancesSpecial Circumstances

Contact Student Financial Services if there is:Contact Student Financial Services if there is: Loss or reduction in your or your parents income Loss or reduction in your or your parents income

or assetsor assets Death or serious illnessDeath or serious illness Unusual medical or dental expenses not Unusual medical or dental expenses not

covered by insurancecovered by insurance Reduction in child support, Social Security Reduction in child support, Social Security

benefits, or other untaxed benefitbenefits, or other untaxed benefit Financial responsibility for elderly grandparentsFinancial responsibility for elderly grandparents Any other unusual circumstances that affect Any other unusual circumstances that affect

your family’s ability to contribute to higher your family’s ability to contribute to higher educationeducation

Summary of the Summary of the Financial Aid ProcessFinancial Aid Process

Submit all required forms, including the FAFSA, by the Submit all required forms, including the FAFSA, by the college’s priority application date.college’s priority application date.

MSU priority date is March 15MSU priority date is March 15thth. . Keep a copy of all forms submittedKeep a copy of all forms submittedReview the Student Aid Report (SAR) Review the Student Aid Report (SAR) Watch for financial aid award notifications or requests for Watch for financial aid award notifications or requests for additional information additional information Be sure to apply for financial aid this year and every year Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best as soon as possible after January 1 to receive the best financial aid award possiblefinancial aid award possible

Documents

Applying for Financial Aid 2007-2008. 2 What Will You Learn Today? Sources and types of financial aid Required financial aid application forms How to