Financial Aid Overview

Student Financial Services

Minnesota State University, Mankato

O V E R V I E W

• The FAFSA
• Verification
• Special Circumstance
• Types of Financial Aid
• Financial Aid Timeline
• Questions

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The FAFSA�Free Application for Federal Student Aid

• BIG changes this year
• Student needs to start the Application
• Available for the 2024-2025 award year
• Uses 2022 federal income tax information
• Some of the questions are “as of today”
• Used to determine financial aid eligibility
• SAI = Student Aid Index

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APPLY EARLY!

FSA ID

• FSAID
• An electronic signature
• Student AND parents will create an FSA ID
• Open to individuals without social security numbers for 2024-2025
• Forgot username or password?
• Select “Forgot My Username” or “Forgot My Password” for options to recover password

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Who is my Parent?

• Both biological parents if they are married or unmarried living together
• If biological or adoptive parents are separated or divorced, the student will select the biological or adoptive parent who provides over 50% of the student’s financial support AND their spouse if that parent is remarried

Unusual Circumstances

• What if a student has had a breakdown to their relationship with their biological or adoptive parents?

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• Financial Aid Staff are here to help!

IRS Federal Tax Information (FTI)

• Student and parent(s) tax info is needed
• 2024-2025 FAFSA looks at 2022 tax data
• Transfers tax information from the IRS to fill in some tax related questions on the FAFSA
• Parent(s) and student must give consent to transfer data
• Saves time and stress
• IRS FTI doesn’t work for everyone

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ASSET QUESTIONS

• Cash/Savings/Checking
• Do not include student financial aid
• Child Support Received
• Investments, NOT retirement accounts (401K, 403b, 457, IRA, Roth IRA, etc.)
• YES, 529 savings plan for student
• NOT value of primary residence or vehicles
• Business/Investment Farms
• List net worth of businesses and farms

-Do NOT include the value of your house

Demographic Information

• The FAFSA collects data on gender/race/ethnicity
• These questions are not required
• Schools do not receive this information
• This information is NOT used to determine FSA eligibility

VERIFICATION

• Required by U.S. Dept. of Education to verify financial and other information on the FAFSA application
• Do not make corrections to your FAFSA unless directed by the Financial Aid Office
• Be as accurate as possible the first time around

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SPECIAL CIRCUMSTANCES

Special Circumstances are situations beyond an individual’s control that affect income reported on the 2024-2025 FAFSA

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Every school is different on what they consider but common situations are:

• Loss of Employment/Untaxed Income
• Divorce/Separation
• Parent Passing Away
• IRA distributions due to extenuating circumstances

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TYPES OF FINANCIAL AID

Other Loan Options: Parent PLUS Loan or Private Student Loans

North Star Promise Scholarship (NSP)

• Tuition and fee free pathway (Not “free college”)
• “Last Dollar” program:

Tuition/mandatory fees – Grants/Scholarships = NSP

• Starts Fall 2024
• MN Resident, seeking first bachelor’s degree, meeting Satisfactory Academic Progress
• AGI < $80,000 = ☺ (≥$80,000 = ☹)
• Does not pay for other costs (books, housing, food, etc.)

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Financial Aid Timeline

QUESTIONS?