Jamie Petersen Cheryl Warmann Oakton Community College January
9, 2013 [email protected]
Slide 2
Demographic Information Students name and address Students SSN
and date of birth Students drivers license information Students
email address (preferably not the high school assigned email
address)
Slide 3
Citizenship Status U.S. Citizen Eligible Noncitizen Permanent
U.S. Resident with Permanent Resident Card Conditional Permanent
Resident Arrival-Departure Record I-94 List Alien ID Number Student
needs a SSN; parents do not
Slide 4
Students Marital Status Single Married/Remarried Separated
Divorced/Widowed
Slide 5
State of Legal Residence Illinois Enter date of legal residency
if moved to IL after January 1, 2008
Slide 6
Selective Service If child is male and NOT registered, select
Register me If there is a question about registration, it is okay
to check Register me
Slide 7
Drug Convictions & Student Aid No, I have never received
federal student aid
High School High School Completion Status High School Name High
School City and State
Slide 10
College Information Grade level Most likely never attended
college and 1 st year undergraduate Degree or certificate Most
likely 1 st bachelors degree or associate degree School codes Can
enter up to 10 colleges Search capability
Slide 11
Dependency Status Not usually Not born before 1990 Not married
Not in graduate school Not in service on active duty Not a
veteran
Slide 12
Dependency Status Not usually Providing more than 50% of
support of a child Providing more than 50% of support for other
dependents
Slide 13
Dependency Status Not usually An orphan, ward of the court,
foster care (after age 13) Emancipated by the court Assigned a
legal guardian by the court Determined to be an unaccompanied youth
& homeless after July 1, 2012, by High school Director of HUD
funded shelter Director of youth center or transitional living
program
Slide 14
Who is a Parent? Married or remarried Biological Parent or
Step-Parent Divorced or Separated, Single, Widowed Parent that
student lived with more in last 12 months Month & Year of
change in marital status Email address to learn FAFSA
processed
Slide 15
Identifiers Social Security Number If parent is remarried; also
include step-parent Last Name and First Initial On social security
card Date of Birth
Slide 16
Dislocated Worker Yes if: Receiving unemployment benefits due
to being laid off and is unlikely to return to the same type of
work; or Laid off or received a lay-off notice; or Was self
employed but is now unemployed due to economic conditions or
natural disaster; or Is a displaced homemaker Previously a stay at
home mom or dad, no longer supported by spouse, does not have
secure employment
Slide 17
State of Legal Residence Illinois Enter date of legal residency
if parent moved to IL after January 1, 2008. Use date for parent
who has lived in the state the longest
Slide 18
Tax Type Have already completed Will file Not filing 1040 (used
if you itemize) 1040A, 1040EZ Foreign Tax Return Puerto Rico Tax
Return
Slide 19
IRS Data Retrieval Process Available February 1, 2013 Available
during initial application and correction process Question prompts
will be asked to determine eligibility to use the Data Retrieval
System If no, request will be made for an IRS Tax Transcript
Slide 20
IRS Tax Transcripts Online request www.irs.gov Order a tax
return or account transcript Telephone request 1-800-908-9946 Paper
request IRS Form 4506T-EZ
http://www.irs.gov/pub/irs-pdf/f4506tez.pdf **Must know address
used on tax return!
Slide 21
Adjusted Gross Income 2012 Federal Income Tax Form 1040 Line 37
1040A Line 21 1040EZ Line 4
Slide 22
Earnings from Work W-2 statements or Federal 1040 Add lines 7,
12, 18 and Box 14 or IRS Schedule K-1 or Federal 1040A Line 7 or
Federal 1040EZ Line 1 If you did not work Enter Zero
Slide 23
Income Tax Federal 1040 Line 55 or Federal 1040A Line 35 or
Federal 1040EZ Line 10 Not the amount withheld
Slide 24
Federal Benefits 2011 or 2012 Checkmark Supplemental Security
Income (disability related) Supplemental Nutrition Assistance
Program (SNAP) commonly known as food stamps Free or Reduced Price
School Lunch Temporary Assistance for Needy Families (TANF) Special
Supplemental Nutrition Program for Women, Infants, and Children
(WIC) Not medical card
Slide 25
Additional Financial Info Educational Credits (Next year may
have Hope Scholarship Credit) Child Support Paid Taxable earnings
from limited Financial Aid (Next year student may have federal work
study) Taxable grants or scholarships Combat Pay or Special Combat
Pay Cooperative education earnings
Slide 26
Additional Financial Info Child Support Paid Statement signed
by applicant, spouse, or parent who paid child support certifying:
Amount of child support paid Name of person to whom child support
paid; and Name of children for who child support paid. If
institution believes information is inaccurate, other acceptable
documentation: Copy of separation or divorce decree listing amount
Statement from individual receiving payment showing amount Copies
of child support checks or money order receipts
Slide 27
Untaxed Income Tax-Deferred Savings (eg: 401K & 403B) W-2
Box 12a-12d (Codes D, E, F, G, H and S) Child Support Received IRA
Deductions/SEP, SIMPLE, Keogh, etc Tax Exempt Interest (eg:
Municipal Bonds) Untaxed IRA Distributions/Pensions Exclude
Rollovers
Slide 28
Untaxed Income Military, Clergy, etc Housing, food, other
living allowances Noneducational Veterans Benefits Disability,
Death Pension Other untaxed Workmens Compensation; First-time
homebuyer tax credit Gifts (eg: someone paying bills)
Slide 29
Cash, Savings, Checking As of the day FAFSA completed
Slide 30
Investments (Net Worth) Real Estate Second home Rental property
Trust Funds Unified Gift & Transfers to Minor Accounts Money
Market Funds Mutual Funds Certificates of Deposit
Slide 31
Investments Stocks/Stock Options Bonds Other Securities
Coverdell Savings Accounts 529 College Savings Plans Accounts
reported as parental investment Include siblings account 529
Prepaid Tuition Plan (refund value)
Slide 32
Business/Farms (Net Worth) Investment Farms (not family farm)
Business 100 or more full-time employees Family controls less than
50%
Slide 33
Student Finances Follow same definition as parent section
Assets Cash, Savings, Checking-as of today Investments-Unified Gift
to Minors/Trust Funds Dependent earnings under $6,130 are
protected
Slide 34
Family Members in Household Student Parent(s) Parents other
dependent children Other people if Live with Parents and Receive
50% or more support from Parents and Will continue to receive 50%
or more support from Parents in 2013-2014
Slide 35
College Students Student Include others if they will attend at
least half-time in 2013-2014 Do not include parent(s)
Slide 36
Contribution from Assets Student Max of $200 per $1,000 of
savings/investment Parent age 45 (single parent) Assets over
$10,600 $120 for every $1,000 Parent age 45 (two parents) Assets
over $36,200 $120 for every $1,000
Slide 37
PINs, Colleges, and Deadlines Create PINs (electronic
signatures) Student and Parent When onlinekeep going until you have
a confirmation number Check College Websites for Deadlines IL
Monetary Award Program
Slide 38
Formula and Calculators www.ifap.ed.gov Search EFC Formula
Guide www.fafsa4caster.ed.gov www.collegeillinois.org College
Calculators EFC Calculator
Slide 39
Additional Help Federal Phone Number 1-800-4-FED-AID Oakton
Community College By appointment Mon-Fri; Feb. 4-15; 9am 4pm
847-635-1708 or [email protected] Collegeillinois.org for
other sessions