Mark Camper Financial Aid Application Made Easy

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hello everyone and welcome to the 2020 2021 FAFSA walkthrough my name is Jacob Newman and I'm a pain for college expert with the Utah Higher Education Assistance Authority I'm going to guide you through the FAFSA so that you can complete the FAFSA completely and accurately in a timely fashion before beginning your 2020 2021 FAFSA if you are the student you will need to create what's called an FSA ID this is the username and password that you will use to complete the FAFSA each year that you are in college go to FSA ID IDI gov to create your FSA ID if you are a dependent student on the FAFSA which means that you must provide parent information one of your parents will also need to create an FSA ID as well for the purpose of this walkthrough however I am going to say I am the parent preparer or student from a freely associated state so you can see what it looks like I'm going to enter in my information you this is just saying that you will use this information for good purposes to pay for your post-secondary education I'm going to go ahead and hit accept if you plan to attend college in the fall of 2020 you are going to complete the 2020 2021 FAFSA now we're going to create a save key which is a four to eight character password in case you need to come back this contains some frequently asked questions about the FAFSA which can also be found throughout the FAFSA itself so I'm going to go ahead and hit next remember that in this portion is going to be the Student Information so you're going to enter your information you're going to confirm this demographic information is correct you're going to enter your email address make sure you use a permanent email address and not a school email address that might disappear you're going to enter a permanent mailing address so going to ask if you have lived in the states that you are in for at least five years it's going to ask if you are a US citizen you can answer in one of three ways you can say yes I am a US citizen or a US national no but I am an eligible non-citizen this is an individual who has a green card or is a refugee or si Li or you can answer no I am NOT a citizen or eligible non-citizen it's going to ask about high school completion status as well as what degree or certificate you'll be working on when you begin the 2020 2021 school year for miles we're going to say that he is going to start his first bachelor's degree even if you have concurrent enrollment before you begin college you are going to say never attend the college if this is your first year in college we always recommend that students say yes if they are interested in being considered for work-study this is an opportunity where students can get a job on campus and use that money to pay for their educational expenses it's going to ask if you're male or female and this is as a sign on your birth certificate male citizens between the ages of 18 to 26 need to register with the Selective Service System or the draft in order to receive federal financial aid or instead miles is not registered but this gives you an opportunity to register right within the FAFSA itself if you have not turned 18 yet this will save you a trip to the post office because you will be required to register it's going to ask for your driver's license number if you have one it's going to ask are you a foster youth or were you at any time in the foster care system and it's also going to ask about the highest school completed by both of your parents and these are birth parents and it does have the option for other or unknown if you do not know my 529 is Utah's official 529 educational savings plan my five to nine has been helping families across the United States invest for higher education for more than 20 years my 5 to 9 funds may be used for qualified higher education expenses which also include K through 12 to ition expenses qualified education loan repayments and registered apprenticeships learn more at my 529 org next is going to ask about your high school completion and it's going to ask what is the name of your high school I'm going to give you the function to search if your high school is a newer high school you might not be able to find it in the search function that's okay just enter the name the city and the state and then press next now we're going to provide the information for the colleges that we are considering attending so in miles case he wants to stay in-state here in Utah let me say Salt Lake City first of all put in the University of Utah and then it will give you the option to add more schools so we're gonna say he wants to maybe go to Utah Valley University then it's going to ask about housing plans it's going to give you three options it's gonna give you on campus with parent and off-campus this will just help this school determine what's called your cost of attendance or how much it will cost for you to attend that school depending on where you live I'm gonna say that he's going to live with parent at University of Utah if he attends you to have a university he's going to live off-campus it's going to ask for the students marital status it's going to ask if you will have children or dependents it's going to ask if this because it's going to determine if you will be required to provide your parents financial information on the FAFSA we're gonna hit no to both of these since miles does not have children who received more than half of their support from him or dependents then it's going to give you a checklist of questions that you'll need to answer these will also determine if you need to provide parental financial information on the FAFSA this includes serving on active duty veteran of the US Armed Forces have you been in foster care are both your parents deceased or were you awarded the court since turning age 13 as determined by a court of legal in the state of your legal residence are you or were you an emancipated minor does someone other than your parent or stepparent have legal guardianship of you as turned by a court in your state of legal residence we're going to hit none of the above it's also going to ask if you were homeless or self-supporting or at risk of being homeless so in this instance if you have questions about this you can hit this little question mark box and say no this is basically saying that you need to provide parental information on the FAFSA if you feel like you have a special circumstance you can say I am unable to provide information about my parents and you can follow up with the college or universities financial aid office to describe your special circumstance your parents refusal to provide information on the FAFSA is not considered a special circumstance however so I'm going to say I will provide information about my parents it's going to ask for the marital status of your parents we're gonna say married or remarried you can ask when they got married the month and the year then it's going to ask for your parents Social Security number last name first initial date of birth and parents email address if your parents are not US citizens or don't have social security numbers you're going to enter all zeros for the Social Security numbers never enter what's called an individual taxpayer identification number always enter all zeros if your parents do not have a social security number you I'm going to ask for information for your other parents I'm going to ask if your parents lived in Utah or the state that you were in for at least five years now it's going to determine household size so it will say that your parents are included in there you were included in there and it's going to include your parents other children if they are considered what is what is considered dependent on the FAFSA so they weren't able to answer yes to any of those questions earlier in the FAFSA and they your parents provide at least half of their support from July 1st 2020 through June 30th 2021 in Mayas case we're gonna see has none of these you can also include other people if they live with your parents your parents provide more than half of their support and your parents will continue to provide more than half of their support from July 1st 2020 through June 30th 2021 so this could be aunt uncle grandma grandpa brother's sister if your parents are providing more than half of their support but they're not considered in this category it's also going to ask about the number in college and it says do not include your parents so we're just gonna say there's one in college and it's gonna be miles hit next now it's going to ask about your parents tax filing status for 2018 we're going to say they've already completed their IRS tax return it's going to ask what kind of tax return they've filed in 2018 and there are three options an IRS 1040 since with tax reform all tax forms are now IRS 1040 s a foreign tax return the IRS 1040 NR or an IRS 1040 NR ez or a tax return with Puerto Rico a u.s. territory or a freely associated state we're going to say an IRS 1040 in this case and they filed as married filing jointly it's going to ask if we want to link to the IRS in order to use the IRS data retrieval tool one of your parents will need that FSA ID that username and password so that they can link to the IRS since this is a demonstration site I can't show you what the data retrieval tool will look like but a few pieces of advice with the data retrieval tool make sure that your parents address is entered exactly as it appeared on their 1040 in 2018 so for example if your parents live at one two three four South 300 West if South and West are written out that rather than put as s and W that will make a difference so it needs to be entered exactly as it appears on the 1040 even if that information is incorrect or has since changed so if your parents moved and they filed that their 1040 at a different address you're going to enter that address in there even if your permanent mailing address has since changed so I'm going to go ahead and hit next I'm going to enter the tax information manually it's going to ask for your parents adjusted gross income if you have a copy of the 1040 that's found on line seven it's going to ask what parent 1 and parent - made from working you can find this on their w-2s [Music] [Music] if your income meets a certain threshold it's going to ask a question here that you need to pay attention to you indicated that your parents filed an IRS 1040 did your parents file a Schedule one with tax reform the 1040 change there used to be 1040 EZ S and 1040s which were essentially simplified versions of the 1040 now there are a series of schedules that individuals will file with their taxes and this is asking if your parents filed a 10 10 40 Schedule one so you can select no if your parents did not file one or if they filed it to report an Alaska Permanent Fund dividend and there are some other exceptions you can say yes no or don't know in this case I'm going to hit don't know it's going to ask if either of your parents is a dislocated worker so that means if they've been laid off or if they know they're going to be laid off I'm going to hit no here if your income is at a certain threshold that's going to ask if you received any of these benefits so Medicaid SSI snap free to reduce lunch TANF or WIC I'm going to hit and none of the above just so I can give you the full FAFSA I'm going to ask for the amount of your parents income tax for 2018 and you can find this on IRS 1040 line 13 now it's going to ask if your parents have had any of the following items so we're talking combat pay if your parents received grants or scholarships reported to the IRS education credits which they can find on Schedule three line fifty untaxed portions of IRA distributions from pensions IRA deductions and payments to self-employment simple or other qualified plans tax exempt interest it tells you exactly where to find these in the 1040 if your parents paid child support you enter that information here for the year so a lot in a lot of cases people will have a monthly payment that they pay and then they can determine how much they paid in 2018 by doing a little bit of math right here if you have any if your parents have any earnings under cooperative education program or if your parents have had any taxable earnings from need-based employment programs such as federal work-study this will not usually be applicable for your parents but if you are a returning college student you're going to want to pay close attention to this when we get to the student financial information section I'm gonna go ahead and hit next if your parents received child support for any children if they had any living allowances paid to military clergy or others payments to tax deferred pension or retirement savings plan which you can find on the w-2 veterans non education benefits other untaxed income such as workers compensation disability benefits etc if you have questions about any of these you can hit this little question mark box and it will give you a little bit more information now it's going to ask about your parents assets and this is a question that can trip people up sometimes so I'm gonna give you a breakdown of what it means to be an asset and what it does not mean to be an asset so it's going to ask for that your parents current balance of cash savings and checking and then it's going to ask for your parents investment including real estate but this does not include your parents home so this also does not include any of their retirement savings this is only stocks or bonds that are held outside of a 401 K or if they have a rental property or other property and it will give you information on how you can calculate the value of that if you click this little question mark box here as of today what is the net worth of your parents current business and or investment farms you're not going to include a family farm or a family business with a hundred or fewer full-time employees so the FAFSA will use some skip logic and if the assets don't exceed this amount you don't have to provide the breakdown of this I'm gonna go ahead and hit go right here now it's going to ask about the student financial information and it's going to ask if the student has completed the IRS tax return for 2018 or not so we're going to go ahead and hit not going to file [Music] [Music] okay next it's going to ask how much you earn from working in 2018 so I put five hundred dollars it's going to ask if the student paid child support or if they have earnings under a cooperative education program or taxable earnings from need-based employment programs such as federal work-study if you receive federal work-study in the past year as a college student you're going to want to put that amount that you earned here because that's going to be advantageous for you on the FAFSA we're gonna go ahead and hit next now it's going to ask some very similar questions like we asked about your parents earlier so child support received living allowances played to the military clergy and others payments to tax deferred pension plans veterans non education benefits other untaxed income such as workers compensation disability benefits money received or paid on your behalf not reported on this form sometimes you can see people have this if it's money that you received from a parent or other person whose financial information is not reported on this form and that is not part of a legal child support agreement if you ever have questions about who your parent is they will also provide some information earlier in the FAFSA about which parent financial information you need to provide now it's going to ask the student for the current balance of their cash saving and checking accounts we're gonna say that miles has about three hundred dollars net worth of investments miles doesn't have any stocks or bonds miles doesn't own a small business he's too busy being spider-man now the application was going to ask if you were preparer so this was if someone was filling out the FAFSA for you or maybe if you were paying someone to fill out the FAFSA you should never pay anyone to help you fill out the FAFSA because the first word in FAFSA is free so we're gonna go ahead and hit next this will give miles a chance to review his information on his FAFSA so if he needs to make a correction or anything he can click on one of these and he can go back and make that correction or if he needs to add another school just a nice summary of everything that we put on the FAFSA if you use the IRS data retrieval tool this information up here will probably say it transferred from the IR we're gonna go ahead and hit next now both the student and the parent need to provide signatures on the FAFSA so we're gonna go ahead and we're going to hit provide student signature this is just saying that you will use the information on this form for good purposes essentially that you provided the information of the best of your ability and that you're going to use it to pay for your post-secondary education you can go ahead and hit next in this case it will prompt you to provide the FSA ID that username and password that you created earlier since this is a demonstration site I don't have a FSA ID for Miles Morales so I'm gonna go ahead I'm going to say submit without signatures but notice there are some other options here there is print a signature page and I'm going to talk about that one in just a second if you have parents who do not have social security numbers I'm go ahead and hit next we're gonna go ahead and hit provide parents signature and then ideal circumstance one of your parents will have that FSA ID that username and passwords that they can sign it digitally say sign is parent one sitting they provided the information of the best of their ability we're gonna hit agree and hit next they would enter in their FSA ID username and password if your parents don't have a social security number remember they're going to want to enter all zeros for the social earlier in the FAFSA we're going to hit other options to sign and submit if your parents don't have a social security number like I mentioned you can hit print a signature page and you can hit next I'm going to do this for the purposes of this demonstration the signature page will take a little while to process and I'm going to show you what it's going to look like what you will do is you will print this signature page if the parent if the student signed with their FSA ID will say not required to sign and then you'll provide a parent signature and the date and you will mail it to this address that is listed it will prompt you to print it the most important thing to do with this is that after you print the signature page you must submit your FAFSA so I'm going to show you what the confirmation page looks like now your FAFSA won't be able to be processed and complete until you have signatures from both the student and the parent so after you get that hopefully with the FSA ID that username password that you created earlier you're gonna hit submit my FAFSA now it's gonna take a minute to process the data you will receive an email confirmation page that looks like this as well it will just give you some instructions on what will happen next it will take three to five business days to process you receive an email once it's processed and then you can go ahead and make any Corrections that you need to it will send the information to your schools and then those schools will prepare what's called a financial aid award offer and that offer will include all of the aides you're eligible for including grants work-study and federal student loans so we're gonna go ahead and scroll down here the estimated Family Contribution since this is a demonstration site it does not actually calculate the EFC this is an index number that the federal government uses to determine financial need so based on this eligibility criteria it looks like miles would may be eligible to receive a partial Pell Grant as well as some federal student loans but his institutions will let him know all of the aid that he is eligible for give some information about the schools at the end and then it says if you have questions you can visit studentaid.gov ford slash FAFSA help and I hope that this hassle walkthrough was helpful for you if you have any questions you can feel free to leave a comment in the comment section and we will get back to you as soon as possible good luck with your FAFSA