It’s Time to Apply for
Financial Aid
Minnetonka High School
Speakers for this presentation
Kathy Ruby
(former) Dean of Student Financial Aid St. Olaf College
Janet Swiecichowski
Executive Director for Communications Minnetonka Public Schools
Phil Trout
College Counselor
Five easy steps
Apply for a PIN
Collect the documents you’ll need File the FAFSA
File other required materials
Step 1: Apply for PIN
4 digit “electronic signature” used to sign the
online FAFSA as well as federal student and parent loan promissory notes.
Apply at www.pin.ed.gov
The student and one parent will need a PIN
PIN stays with you for life and will be used for all future applications (including for other children’s FAFSA forms)
Step 2: Collect your
documents
2012 W-2 forms
2012 student and parent federal tax return
(if completed)
2011 student and parent federal tax return
(if 2012 not completed)
Step 3: Complete the FAFSA
www.fafsa.gov
• Completing and processing the FAFSA is free! • Never pay a fee to file the FAFSA (avoid
fafsa.com)
• Complete the FAFSA after January 1 of your senior year – deadlines matter! Check each institution’s deadline.
FAFSA On The Web
Meeting deadlines is essential
Know each college’s priority deadlines
Read and retain all the communications you receive.
Read each school’s website or contact each school’s Financial Aid Office
Merit scholarship deadlines
Admission deadlines
Financial Aid deadlines
Deadlines for supplemental
Financial aid timeline
Complete applications Jan 1 – March 1
Institutional scholarship notifications sent on a
rolling basis beginning in the fall
Need-based financial aid awards sent in mid-late
March (earlier ones are usually estimates)
National Candidate Reply Date: May 1, 2013
If parents are
divorced/separated:
Custodial parent (and step-parent if
remarried) completes FAFSA.
Custodial parent defined as the parent the
student resided with the most in previous
12 months. If custody is equally shared,
then provide info for the parent who
IRS data retrieval
You will be asked if you want to transfer your tax data from the IRS
Will only work if you filed your taxes
electronically at least two weeks before filing the FAFSA
Since deadlines are so early in the year, most first-year applicants can’t use this when first
Put your name and SSN on FAFSA exactly how it appears on your social security card
Refer to completed federal income tax return and consult instructions for proper line reference
If entry is zero or none, enter 0--don’t leave blank Enter school code(s)
Student and one parent must both sign dependent student’s FAFSA using the PIN
Expected Family Contribution
(EFC)
The EFC is calculated from the information you provide on the FAFSA according to a formula established by law.
How is the EFC calculated?
Included (will be reported on FAFSA):
Adjusted gross income
Household size Number in college Non-retirement savings and investments Equity in a second home/cabin Equity in an investment farm or a business that has more than 100
employees
Not Included (should not be reported on FAFSA):
Equity in the primary residence
Value of retirement accounts
Value of a farm (if you live on an operate it)
Special circumstances
When the numbers don’t tell the whole story Family situation
Prior debt
When the situation has changed (or is expected to change)
Change in employment
Medical expenses
Marital status
Must be able to provide documentation
Copies of bills, canceled checks, termination letters, etc.
Step 4: Submit other required
documents
Review website and read emails from
institution (i.e., tell your student to)
CSS PROFILE? (
www.collegeboard.com
)
Required by Carleton, Macalester, St. Olaf
and about 300 other institutions
Institutional application?
Scholarship application?
Step 5: Research scholarship
opportunities
www.connection.naviance.com/minnetonka
www.finaid.org
Each of the institutions to which you are applying
Local organizations, corporations, churches,
foundations
Step 6: Review aid awards
carefully
Compare:
Costs of Attendance (COA)
Total amount of aid
Types of aid offered
Amount of gift aid (grant/scholarship)
Amount of loan (interest rate, repayment terms, etc.)
Ask Questions:
Is the grant and/or scholarship renewable?
What are the terms for renewing? (GPA, number of credits, course of study, etc.)
Is the amount of work-study realistic?
Will aid change from year to year?
Good Luck!
