Personal Identification number (PIn)
loans
The PIN is used as an electronic signature. Go online to http://www.pin.ed.gov/ to apply. Students who have previously applied for financial aid already have a PIN. Students who do not know their PIN can also go to http://www.pin.ed.gov/ and request a duplicate PIN. Parents of students under 24 years old and considered a dependent student will also need a PIN.
A loan is money borrowed that must be paid back with interest. If grant and/or scholarship awards are not sufficient to cover educational expenses, a low-interest federal loan is an option. Students must successfully complete a minimum of six units and have a minimum GPA of 2.0 at Ohlone College prior to applying for a loan.
FAFSA Completion
Federal Direct Stafford loan Program
To complete the FAFSA—new or renewal—students will need income information from the previous year. For the 2013-2014 academic year (Fall 2013, Spring 2014, Summer 2014), students will need to include 2012 income tax information. For the 20142015 academic year (Fall 2014, Spring 2015, Summer 2015), students will need 2013 income tax information. Following are the documents needed to complete the FAFSA:
Ohlone College participates in the William D. Ford Federal Direct Loan (Direct Loan) Program. Students who previously received loans through the Federal Family Education Loan (FFEL) Program now borrow through the Direct Loan Program. The Direct Loan Program offers the same types of loans as the FFEL Program and Direct Loans generally have the same terms and conditions as FFEL Program loans. Instead of a bank lending the money, the U.S. Department of Education (the Department) lends the money directly to students through Ohone College.
• Social Security Number • Driver’s license number (if any) • Alien Registration card (for students who are not U.S. citizens)
SeRVICeS FOR STUDenTS
• The student’s (and the spouse’s, if legally married—including same-sex marriage), Federal Tax Return Transcript, or tax return for Puerto Rico, Guam, American Samoa or the U.S. Virgin Islands. • The parents’ Federal Income Tax Return transcript Note: A new parent marital status option of “unmarried, but both parents living together” will allow both legal parents to enter information when the parents are not married to each other. Also The Supreme Court’s recent decision in United States v. Windsor changed the federal definition of marriage to include same-sex couples where both parents are legal responsible for the dependent student. Students may conveniently obtain a FAFSA Worksheet from the kiosk located outside the Financial Aid Office to complete prior to submitting the FAFSA online at www.fafsa.gov. Ohlone’s school code is 004481. For students and parents who have completed their income tax return, please use the new IRS Data Retrieval Tool on the FAFSA. This is a fast and accurate way to import all financial information into the FAFSA and speed up file completion. Don’t Re-apply, RENEW your FAFSA
The Direct Loan Program helps students from both low- and middle-income families. The fixed interest rate on the loan changes every July 1, but is capped at 8.25%. The federal government pays the interest on a subsidized loan while the student is enrolled at least half-time in an eligible educational institution with a 2.0 or higher GPA, as well as during the sixmonth grace period after completion of enrollment. An unsubsidized loan is not need-based and interest accrues while the student is in school. The amount a student can borrow depends on the need as determined on the FAFSA, dependency status, and the number of completed units. Need is determined by subtracting other sources of student and expected family contribution from the total college cost of attendance. The maximum subsidized amount based on eligibility for a dependent student is $3,500 a year as a freshman (less than 24 units) and $4,500 a year as a sophomore (25 units or more). Subsidized or unsubsidized amounts will be determined based on unmet need. Dependent students may be eligible for an additional $2,000 in unsubsidized monies. Independent students may be eligible for an additional $6,000 in unsubsidized monies. New limits of loan eligibility will be in place for the 2014-2015 academic year. Please go to www.studentaid.gov to obtain the latest information. (Continued on next page.)
Students who have previously filed a FAFSA will have all previous information already pre-filled. All students will need to do is correct any demographic information that has changed and add in the updated income tax information, using the IRS Data Retrieval Tool.
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