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Counselors and Mentors Handbook on Federal Student Aid U.S

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Counselors and Mentors Handbook on Federal Student Aid U.S 2006–07 COUNSELORS AND MENTORS HANDBOOK ON FEDERAL STUDENT AID U.S. Department of Education A Guide For Those Advising Students About Financial Aid for Postsecondary Education IMPORTANT WEB SITES For You: FSA for Counselors—resources to you help your students www.fsa4schools.ed.gov/counselors • Online training and information about live training • Financial aid PowerPoint presentation and script Federal Student Aid Publications Ordering System www.FSAPubs.org For Your Students: Student Aid on the Web—planning for college, paying for college, and repaying student loans: www.FederalStudentAid.ed.gov • Funding Education Beyond High School: The Guide to Federal Student Aid www.studentaid.ed.gov/guide • Looking for Student Aid www.studentaid.ed.gov/LSA • Fact sheets on various topics www.studentaid.ed.gov/pubs FAFSA on the Web and Federal School Codes www.fafsa.ed.gov PIN information and registration www.pin.ed.gov IMPORTANT TELEPHONE NUMBERS FOR YOU AND YOUR STUDENTS Federal Student Aid Information Center (FSAIC) Toll-free number for questions about federal student aid 1-800-4-FED-AID (1-800-433-3243) TTY (for the hearing impaired) 1-800-730-8913 Toll number for inquirers calling from foreign countries +1-319-337-5665 Inspector General Hotline Reporting student aid fraud (including identity theft), waste, or abuse of U.S. Department of Education funds 1-800-MIS-USED (1-800-647-8733) e-mail: [email protected] Web site: www.ed.gov/misused Want more copies of this book for your colleagues? Call 1-800-394-7084 or visit www.FSAPubs.org. Cover photos: U.S. Department of Education IMPORTANT WEB SITES CONTENTS INTRODUCTION 1 www.fsa4schools.ed.gov/counselors What’s New in This Year’s Handbook? 1 • PART ONE • Introduction to Federal Student Aid 3 www.FSAPubs.org What Is Student Aid? 3 The Major Federal Student Aid Programs 3 Federal Pell Grant Program 3 Campus-Based Programs: Grants, Work-Study, www.FederalStudentAid.ed.gov Perkins Loans 3 • Federal Student Loans: Stafford, PLUS, Consolidation 4 www.studentaid.ed.gov/guide Loan Default 4 • www.studentaid.ed.gov/LSA Other ED programs 4 • www.studentaid.ed.gov/pubs Leveraging Educational Assistance Partnership www.fafsa.ed.gov (LEAP) Program 4 www.pin.ed.gov Robert C. Byrd Honors Scholarship Program 5 Vocational Rehabilitation Programs 5 Other federal programs 5 IMPORTANT TELEPHONE NUMBERS Federal Income Tax Credits 5 National and Community Service 5 Health Professions 5 1-800-4-FED-AID (1-800-433-3243) Veterans Benefi ts 5 1-800-730-8913 Montgomery GI Bill–Active Duty 5 +1-319-337-5665 Montgomery GI Bill–Selectived Reserve 6 Survivors’ and Dependents’ Educational Assistance Program (DEA) 6 Veterans Educational Assistance Program (VEAP) 6 1-800-MIS-USED (1-800-647-8733) New Education Benefi t for Activated Reservists 6 [email protected] Other Assistance From the Military 6 www.ed.gov/misused ROTC Scholarships 6 Assistance in Return for Active Duty 6 Nonfederal Sources: State, School, Private 6 State Aid 6 Prepaid Tuition and College Savings Plans 6 School Aid 6 Private Scholarships 7 Private Aid Consultants 7 Avoiding Scholarship Scams 7 Who Can Get Federal Student Aid? 7 General Eligibility Requirements 7 Selective Service Registration 8 Drug-Related Convictions 8 How is Financial Need Determined? 8 Need Analysis 8 Calculating the EFC 8 Cost of Attendance 8 The Financial Aid “Package” 9 How Much Federal Pell Grant Funding Can a Student Get? 9 How Much Campus-Based Aid and Subsidized Loan Money Can a Student Get? 9 How Much Can a Student Get in Unsubsidized Stafford Loans? 10 PART TWO Application Process for Financial Aid 11 Before Applying 11 Getting a PIN 11 What’s a PIN For? 11 Why Would a Parent Need a PIN? 11 How and When Should You Get a PIN? 11 Can You Choose Your Own PIN? 11 What If the Student Forgets the PIN? 12 What About PIN Security? 12 Helping Students Learn About the FAFSA 12 FAFSA Demonstration Site 12 FAFSA on the Web Screen Shots 12 Financial Aid PowerPoint Presentation 12 Gathering Documents for the FAFSA 12 FAFSA on the Web Worksheet 12 When to Apply 12 How to Apply 13 Electronic Application Methods 13 FAFSA on the Web 113 3 Filling Out a Simplifi ed FAFSA 13 Saving the FAFSA With a Password 13 Signing the Application With a PIN or Signature Page 13 Submitting the FAFSA and Getting an Estimated EFC 14 Applying Through the School 14 Paper Application Method 14 How the FAFSA is Processed 14 Data Matches 15 Social Security Administration (SSA) Matches 15 Department of Homeland Security (Formerly Immigration and Naturalization Service) Match 15 National Student Loan Data System (NSLDS) Match 1515 Other Matches 15 What to Expect After Applying 15 Checking the Status of a FAFSA 15 Where the Processor Sends the FAFSA Information 16 What the Student Receives After Applying 16 Reviewing the SAR and SAR Acknowledgement 16 SAR 16 Data Release Number (DRN) 17 Viewing SAR Information Online 17 SAR Acknowledgement 17 Verifi cation 17 Making Changes 17 Corrections and Updating 17 What Information Can Be Changed 17 How to Make Changes 18 Dependency Status and Overrides 18 Adding a School 18 2006–07 Deadlines 20 PART THREE Completing the Free Application for Federal Student Aid 21 Pointers for Completing the FAFSA 21 STEP ONE Questions 1–31/ Worksheet Section 1 22 STEP TWO Questions 32–47/ Worksheet Section 3 23 STEP THREE Questions 48–54/ Worksheet Section 2 24 STEP FOUR Questions 55–83/ Worksheet Sections 7 and 5 24 STEP FIVE Questions 84–85/ Worksheet Section 4 25 STEP SIX Questions 86–98/ Worksheet Section 8 26 STEP SEVEN Questions 99–103 26 APPENDIX A DRAFT FAFSA Form 27 APPENDIX B Sources of Additional Information 37 Telephone Help: The Federal Student Aid Information Center 37 Useful Web Sites 37 Sites for Students 37 Student Aid on the Web 37 Other Student Sites 37 Sites for Counselors and Mentors 38 Sites for Parents 39 Free Publications 39 Automatic Shipments of Publications 39 Ordering Publications 39 Publications for Counselors 39 Publications for Students 40 APPENDIX C Directory of State Agencies 41 APPENDIX D Glossary 45 APPENDIX E Handouts 49 Federal Student Aid At A Glance Federal Student Aid Application Process Federal Student Aid Web Sites Myths About Financial Aid Why Go To College College Preparation Checklist Choosing A Career Choosing A School Carefully Need Training for a job? What is a U.S. Department of Education PIN and why do I need one? What information do I need when I fi ll out the FAFSA? What’s so great about doing the FAFSA online? Am I Dependent or Independent? Who is my “parent” when I fi ll out the FAFSA? How Your Financial Aid Administrator Can Help You Don’t get scammed on your way to college! Be An Informed Consumer... Why Get A Federal Student Loan? Got a federal student loan? Be a responsible borrower! Student Aid and Identity Theft Military Scholarships Sites for Students APPENDIX F 2006–07 FAFSA On the Web Worksheet 74 ABBREVIATIONS Inside Back Cover 2006–07 Counselors and Mentors HANDBOOK on Federal Student Aid U.S. Department of Education A Guide For Those Advising Students About Financial Aid for Postsecondary Education Federal Student Aid, an offi ce of the U.S. Department of Education, plays a central and essential role in America’s postsecondary education community. ederal Student Aid’s core mission is to ensure that all Because we oversee $391 billion of outstanding student loans, F eligible Americans benefi t from federal fi nancial assis- it’s our job to ensure that all of our partners in the student aid tance—grants, loans and work-study programs—for education community—schools, lenders, servicers and guaranty agen- beyond high school. The programs we administer comprise cies—operate fairly, honestly and effi ciently. Another key role the nation’s largest source of student aid: during the 2004-05 we perform is to make students and their families aware that school year alone, we provided approximately $74 billion in fi nancial aid is available and is a necessary fi rst step to further new aid to nearly 10 million postsecondary students and their education. As America’s premier source of federal student aid families. Our staff of 1,100 is based in 10 cities in addition to information, we distribute numerous publications, host mul- our Washington headquarters. tiple Web sites and run several customer call centers. Most of these services are provided in Spanish as well. Among our most visible and essential services are the develop- ment, distribution, and processing of the Free Application for The Federal Student Aid team is passionately committed to Federal Student Aid (FAFSA), the fundamental qualifying form making education beyond high school more attainable for all used for all federal and government-guaranteed commercial Americans, regardless of socioeconomic status. By champion- lenders’ programs—as well as many state, regional and private ing access to postsecondary education, we uphold its value as student aid programs. By fi lling out the online or paper FAFSA, a force for greater inclusion in American society, and for the applicants start the process of qualifying for aid. Each year our continued vitality of America as a nation. staff processes approximately 14 million FAFSAs. INTRODUCTION he 2006–07 Counselors and Mentors Handbook on Federal Student Aid providesprovides usefuluseful informationinformation toto helphelp highhigh T school and TRIO counselors and other mentors advise students about fi nancial aid for postsecondary education. This book focuses on the federal student aid programs administered by the U.S. Department of Education.
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