1

HEAVENS HARVEST

MINISTRIES – FINANCE NIGHT

College Registration and 1098s

Presented by: Jennoa R. Graham, Ph.D.

Friday, June 14, 2013

2

KEY TERMINOLOGY FAFSA – Free Application for Federal Student

Aid

Independent StudentBe 24 years of age or older by December 31

of the award yearBe an orphan (both parents deceased),

ward of the court, in foster care or was a ward of the court when 13 years or older

Be a veteran of the Armed Forces of the United States or serving on active duty for other than training purposes

3

KEY TERMINOLOGY (CONT.) Independent Student (cont.)

Be a graduate or professional studentBe a married individualHave legal dependents other than a spouseBe an emancipated minor or in legal

guardianshipBe a homeless youthBe a student for whom a financial aid

administrator makes a documented determination of independence by reason of other unusual circumstances

http://www.fastweb.com

4

OVERVIEW Selection Tips

Registration Process

FAFSA

Georgia Student Finance Commission (GSFC)

Tax Information

5

SELECTION TIPS Program of interest

Must be an accredited institution and program http://ope.ed.gov/accreditation/Search.aspx

Certificate vs. Degree Medical transcription or computer programing Bachelor of Science or Master of Business Admin

On-line vs. traditional classroom Cost

Per credit hour Semester Full academic year

Management- Time- Finances- Life

6

REGISTRATION PROCESS Admission application

Online Print and mail

High School transcripts Housing application (if applicable) FAFSA application GSFC application Additional requirements (if applicable)

Credit for life experience – placement testLetter(s) of recommendationStatement of purpose

7

FAFSA Application at www.fafsa.ed.gov

Student demographics School selection Dependency status (see Slides 3 & 4) Parent demographics (if applicable)Financial information (if applicable)

Parent Student

Due February 1st for fall, spring, and winter

Required for all financial aid, scholarship and loan consideration

8

FAFSA (CONT.) Grants – Free; do not pay back

Federal PellFederal Supplemental Educational

OpportunityFederal Work Study

Loans – Must pay back; credit check may applyStafford LoansPLUS Loans

Private loans may still be requiredBanksCredit Unions

9

GSFAC State & Lottery-funded scholarships,

grants and service cancelable loans Application at

https://secure.gacollege411.org Requires same information as FAFSA No due date, but should correspond with FAFSA

2013/2014 Scholarship ProgramsHOPE ScholarshipHOPE Grant ScholarshipZell Miller ScholarshipGA Tuition Equalization Grant ProgramRobert C. Byrd Honors Program

10

TAX INFORMATION 1098-E: Student Loan Interest Statement

Box 1: $600 or more of student loan interest (NOT Principle) repaid to the school during the tax year

1098-T: Tuition Statement All qualified tuition and related expense Box 1: Payments – all sources (including scholarships)

less any refunds/reimbursements repaid to borrower Box 2: Billed – total amount billed less any reductions

(does not include scholarships) in charges Input in Box 1 or 2 NOT BOTH Box 5: Scholarships are listed separately for

disclosure purposes

11

12

TAX INFORMATION (CONT.) 1098-E: Student Loan Interest Statement

Box 2: Change in methodology at September 1,2004 Call your school if this box is checked

1098-T: Tuition Statement Box 3: Change from payment to billed method Box 4: Adjustments to payments or billed amounts Box 6: Adjustments to scholarship amounts Box 7: Payments received this year are for next year Box 8: Are you at least half time? Box 9: Are you a graduate student? Box 10: Insurance purposes for loan default

13

SUMMARY Select an accredited college or

university Select a career for life Management (Time, Finances, Life) Registration

College applicationFAFSAGSFC

Remember Tax Time!Repaying: 1098-EAttending: 1098-T

14

15

REFERENCES The Database of Accredited Postsecondary

Institutions and Programs, Retrieved June 3, 2013, from http://ope.ed.gov

FAFSA and the Independent Student (2012). Retrieved June 3, 2013, from http://www.fastweb.com

IRS (2013). Tax forms and definitions. Internal Revenue Code, Retrieved June 3, 2013, from http://www.irs.gov

GAcollege411 Financial Aid Applications, Retrieved June 3, 2013, from https://secure.gacollege411.org