Financial Aid & FAFSA Completion Overview

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Financial Aid Overview

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• Types of Financial Aid Forms
• Types of Financial Aid
• Financial Aid Timeline
• Important Financial Aid Tips & Next Steps
• FAFSA Completion

Financial Aid Forms

Who can apply?

• Students who are US Citizens, permanent residents, and refugees should complete FAFSA

What does it qualify you for?

• Determines “Student Aid Index” (formerly the “Expected Family Contribution”)
• Pell Grant/Federal Loan eligibility, Work study, North Star Promise, MN State grant, Institutional needs-based scholarships

How to apply? Go to studentaid.gov to set up your FSA ID account and complete FAFSA

FAFSA

FREE Application for Federal Student Aid

Financial Aid Forms

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Who can apply?

• Undocumented students who are ineligible for the FAFSA and meet the following criteria:
• Attend MN high school for 3 years and graduate from a MN high school
• Meet other MN residency definition

What does it qualify you for?

• MN State Grant, Childcare Grant, MN work study (if eligible to work), North Star Promise

How to apply? Go to OHE website for application and eligibility requirements

MN Dream Act

Types of Financial Aid

• Grants

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• Institutional Scholarships

• Student’s grades
• Athletic (DI, DII schools)

• Private Scholarships

• Usually based on a family’s financial need (need-based)

→ Money from the college your student is accepted to

→ Money from outside organizations, businesses, etc.

→ Money from the federal and state government

• Sometimes need-based but often based on a students’ achievements (merit-based)

• Require research and completion of a separate application

• Artistic
• Racial or ethnic background

• Usually do not require a separate application

• Can be merit-based or need-based

“Free Money”

Types of Financial Aid

• Loans

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• Work Study

• Subsidized - DO NOT accrue interest while the student is in school

→ Money “paid back” by student’s employment at their college

→ Money borrowed from the federal government; paid back after graduation

• Unsubsidized - Accrue interest while student is in school

• Usually very straight-forward, low-demand jobs on campus!

• Not required to be taken out / accepted!!

• 2 Types:

“Money You Have to Pay Back”

Financial Aid Award Letters

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Click here to learn more about financial aid packages!

• Each college will send you an estimated award letter that breaks down grants, loans and institutional scholarships.
• Pay close attention to each type of aid and compare total aid to the cost of attendance for each college.

Financial Aid Timeline:

Dec:

FAFSA

Opens

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March-April: Receive full financial aid award

Dec-March: Receive admission decision and merit scholarships

May: Accept, decline, or appeal award

September: Start college—yay!

Ongoing: update the FAFSA every year to keep receiving aid

Fall: Create an FSA ID account to prepare

Oct:

MN Dream Act Opens

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Important Financial Aid Tips:

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• Don’t automatically dismiss schools with high “sticker prices”
• If you qualify for educational benefits, you will likely qualify for aid
• Apply on time and stay aware of deadlines!
• When you get your financial aid package, be sure to understand what is loan money and what is grant money
• Don’t forget other costs: books, transportation, entertainment, etc.
• Apply for outside scholarships - Achieve has a very comprehensive Scholarship List and South has a Scholarship Spreadsheet

Completing the FAFSA

• Every student and contributor needs to create an FSA ID
• This username and password gives you access to the Federal Student Aid’s online systems and serves as your legal signature.
• Your FSA ID must be created and matched by the Social Security Administration before you can start your FAFSA, so create it at least a week prior to filing. Only create an FSA ID using your own information and for your own use.
• Once your FSA ID is matched through SSA, you’ll use the FSA ID to start the FAFSA

FSA ID

Fill in your personal information and make sure it matches the information on your social security card exactly. For example, if you have more than one last name, include both.

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If you do not have a social security number, click the box and continue. There will be alternate ways to verify your identity.

Completing the FAFSA

Have your documents ready.

Be prepared so you can complete your form in one session. You might need the following documents as you fill out the form:

• Tax returns*
• Records of child support received
• Current balances of cash, savings, and checking accounts
• Net worth of investments, businesses, and farms

*You'll be able to provide consent and approval to have most of your financial information imported directly from the IRS, but you should keep your tax returns handy for additional questions.

Tips to get prepared

Have your contributor information ready.

To invite contributors to your FAFSA form, you’ll be asked to provide their

• first and last name;
• SSN (if they have one);
• date of birth; and
• email address (and mailing address, if they don’t have an SSN).

To avoid issues with your FAFSA form, list contributor information exactly as it appears on their Social Security card or legal identification card. Avoid using numbers or extra spaces when entering their name.

Completing the FAFSA

You (the student) should complete your section of the form first.

We strongly recommend that you (the student) start the form and complete your section first to save time and prevent errors.

When you fill out the student section, you’ll answer questions to determine your dependency status and if anyone else, such as your parent(s), must contribute to your form.

Student completes their section

Dependent vs. Independent

If you’re a dependent student, you will report your and your parent’s information.

If you’re an independent student, you will report your own information (and, if you’re married, your spouse’s).

Who Is My Parent? – helps students determine which parent(s) should be a contributor on their FAFSA form

Completing the FAFSA

• Provide consent and approval for your information to be transferred from the IRS

Student completes their section

Completing the FAFSA

Person identifiers - transferred from FSA ID

Personal Circumstances

• Marital status
• College or career plans
• Additional personal circumstances, homelessness & unusual circumstances questions
• If dependent student, parent information & parent invite

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Demographics

• Student gender, race, ethnicity & citizenship status
• Parent educational status
• Student high school completion status & high school information

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Financials

• tax filing status & tax return information
• Student assets (cash, saving, checking amount, investments, businesses)

Colleges - select up to 20 colleges to send your FAFSA to

Student completes their section

Completing the FAFSA

Student signs & submits their section

Completing the FAFSA

Remember that if you make a mistake, you can correct it.

If you make a mistake when submitting your FAFSA form—for instance, if you submit your form without required contributor information or without your signature—you can correct it after your form is processed.

Student signs & submits their section

Completing the FAFSA

Contributor(s) completes their section

Consent & Approval

Personal identifiers - transferred from FSA ID

Demographics

• Parent current marital status, state of legal residence

Financials

• Federal benefits
• Tax filing status
• Family size, number of family members in college
• Tax return info
• Parent assets (child support received, cash, savings, checking, investments [include 529 for student], farms & businesses)

Other parent info (if required)

Completing the FAFSA

Contributor(s) signs & submits their section

FAFSA Complete!

Keep an eye out for more Financial Aid communications with updates & resources from your South High School Career & College Center Coordinators, Katie Hanson & Kelsey Massey!

KATIE HANSON

katherine.hanson@mpls.k12.mn.us

Call: 612-668-4363

KELSEY MASSEY

kelsey.massey@mpls.k12.mn.us

Call: 612-668-4363