2009-10 FAFSA Now Available

The 2009-10 FAFSA (Free Application for Federal Student Aid) has been posted to the Department of Education’s IFAP Web site. ED began accepting applications January 1, 2009.

• 2009-10 FAFSA English Version http://www.ifap.ed.gov/fafsa/attachments/122308FAFSAEnglish0910.pdf
• 2009-10 FAFSA Spanish Version http://www.ifap.ed.gov/fafsa/attachments/122308FAFSASpanish0910.pdf
• Link to English and Spanish Web Worksheets
  https://ifap.ed.gov/eannouncements/121608FOTWWksht0910.html

ED has provided a summary of changes to the 2009-10 form.

• Colors--Green for student information and purple for parent information.



• Page layout--Application pages are numbered 5 through 10. Notes pages are numbered 1 through 3. ‘What is the FAFSA?’ (frequently asked questions) information is incorporated into the booklet as page 4.



• Worksheets incorporated into the application--The Worksheets page has been eliminated (page 5 of the 2008-2009 FAFSA) and the majority of the Worksheets data elements have been incorporated into the application (page 7 of the 2009-2010 FAFSA).
  • Worksheet A – Deleted (See ‘Data elements deleted’ below)
  • Worksheet B – Becomes question 47 (student) and question 95 (parents)
  • Worksheet C – Becomes question 46 (student) and question 94 (parents)
    


• Data elements added--The most significant changes include the expansion of the dependency criteria (page 7) to designate individuals who were in foster care (question 55); emancipated minors (question 56) or minors in legal guardianship (question 57); and individuals verified as unaccompanied youth who are homeless children or youth or are at risk of homelessness (question 58-60) as independent students for FAFSA/Title IV purposes.

Other changes include:

• Adding the TEACH Grant question to the paper FAFSA (question 32)
• Reformatting the veterans education benefit questions to ask whether the applicant received benefits (question 44) and to indicate what type of benefits were received (question 45)
• Adding a field to allow parents to provide an e-mail address (question 71)
• Adding ‘dislocated worker’ to the list of criteria that could qualify an applicant for the Simplified Needs Test and/or Automatic Zero EFC (question 85)
• Increasing the time period for measuring federal means-tested benefits from 12 months to 24 months (Steps Four and Five of the FAFSA).

• Data elements deleted–
  
  
  • Two data elements have been deleted from question 47 (formerly Worksheet B): ‘Foreign income exclusion…” and “Credit for federal tax on special fuels…”.
  • Worksheet A is deleted, including the following four data elements:
    • Earned income credit from IRS Form 1040;
    • Additional child tax credit from IRS Form 1040;
    • Welfare benefits, including TANF; and
    • Social Security benefits received that were not taxed (such as SSI

For training on the 2009-10 FAFSA, sign up today for a free webinar courtesy of the EdFund Institute.

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EdFund Institute Update

Webinars Now Weekly

Due to popular demand, EdFund Institute’s no-cost webinars – including training on the 2009-10 FAFSA -- are now available twice per week, at varied times, for your convenience.

One of the most critical contributions of any financial aid office is helping students and parents complete the FAFSA quickly and correctly. Our webinar titled “FAFSA Changes and Overview” will help you do just that. And now that you have more dates and times to choose from, you can enjoy the benefits of EdFund Institute webinars with even greater ease.

Haven't experienced EdFund Institute webinar training yet? The courses are informative, interactive and provided at no cost! To learn more, visit www.edfund.org/wps/portal/SchoolsTrainingEvents .

Where Do We Go From Here? Implementing HEOA

The new year will bring with it many new details concerning the Higher Education Opportunity Act, or HEOA, that should provide greater clarity on its implementation. To keep you informed about the latest regulations and updates, we will be reporting on key developments as they unfold.

Dear Partner Letter

The Department of Education will distribute a Dear Partner Letter (formerly Dear Colleague Letter) to schools, lenders, servicers and guarantors to provide interpretive policy guidance. The exact release date is not yet known but it is imminent.

Negotiated Rulemaking

Negotiated Rulemaking (NegReg) will begin in February 2009 and run through April, with final regulations due no later than November 1, 2009. Many provisions in the law will be subject to negotiated rulemaking; in the meantime, schools have an obligation to make a good faith effort to comply by making reasonable interpretations of the law.

For more information about HEOA, visit Overview of the Higher Education Opportunity Act (HEOA).

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Fund Your Future: Helping Students Pay for College

Educating Students About Private Loans

While federal student loans carry the most attractive interest rates and repayment terms, some students reach their federal borrowing limits and need to seek out private loans. Help those students by preparing them with the questions they should ask before accepting any private loans.

Private Loans: Questions to Ask

• What’s the interest rate? Fixed or variable? If variable, how often will it be adjusted? When does interest capitalize and how often?
• Is there a maximum amount you can borrow? Can you borrow more than the cost of your education?
• Is a co-signer required? Will having a co-signer lower the interest rate?
• Is there an application fee? Are there any disbursement fees? Any repayment fees?
• Are the loan funds dispersed to you or your college? How long does it take to receive funds?
• Are there reduced interest rates for on-time payments?
• What will your minimum payment be? When does repayment begin? How long do you have to repay? Is there a prepayment penalty?
• Will you get one bill for all your private loans? Can your private loan bills be combined with your federal loan bills?
• Will your payments be deferred while you’re in school? If so, will interest continue to accrue?
• What happens if you can’t make your payments due to a job loss or other economic hardship? Do you have any deferment or forbearance options?

For more information, check out Fund Your Future.

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