Applying for Financial Aid for 2005-2006

You can apply for financial aid for Fall 2005, Spring 2006, and/or Summer 2006 by submitting the 2005-2006 Free Application for Federal Student Aid (FAFSA) via the world wide web. The FAFSA is used to apply for all types of federal aid, including grants, loans and work-study. If you are an Oklahoma resident, and apply before April 30, you will also be considered for the Oklahoma Tuition Aid Grant (OTAG) program.

By using FAFSA-on-the-Web to file the form, you have the advantage of catching common errors before you submit the application. Plus, the sooner you have a correct aid application on file, the sooner we can make an award to you.

Before you submit the FAFSA, we encourage you and your parent, if parent information is required on the FAFSA, to obtain a Personal Identification Number (PIN) from the U.S. Department of Education. This is a different PIN from the one you use to access your OSU information on SIS-Web for Students. By using both student and parent (if required) PINs to electronically 'sign' your FAFSA, you avoid the delays of printing, signing and mailing the required signature page(s). You can link to the PIN registration site from FAFSA-on-the-Web.

Summer 2005 financial aid eligibility is based on the information you provided on the 2004-2005 FAFSA.

Helpful Hints for Completing the 2005-2006 FAFSA:

Apply as soon after January 1st as possible.
Priority for programs with limited funds is given to students who file the FAFSA early AND respond promptly to any additional information requests made by the OSU Office of Scholarships and Financial Aid.
Be sure to list Oklahoma State University, 119 Student Union, Stillwater, OK 74078
(School Code: 003170)
Use completed tax return information if it is available; if not, provide estimated information and make corrections once taxes have been completed.
Keep copies of student and parent 2004 federal income tax returns (all schedules) and W-2s.
Question 16: If you plan to file as a married student, you must be married on the date you sign the form. Don't submit the form before you are married. You can still apply as a single student (and include parental information if required) before you are married; however, you will not be able to update your marital status later.
Question 55: If your parent(s) have separated or divorced, read the FAFSA instructions for this question to determine which parent you should list. If that parent has remarried, the parent's marital status is "married" and the stepparent's income and asset information should also be included on the form.
Don't leave Question 31 blank.
It is very important that you answer the question related to conviction of possessing or selling illegal drugs. Failure to answer this question could create delays in the determination of your aid eligibility.
Parent Social Security Number, Name and Date of Birth:
If you are required to include parent income information, be sure to include at least one parent's name, social security number, and date of birth in questions 57-64.
Question 65: Include yourself (the student) in the household size and number in college (dependent students). If you are required to report parent(s)' information, always include yourself as part of your parent(s)' household even if you didn't live there in 2004.
Report total income and assets correctly.
If you are divorced or separated, list only your income and asset information (including only your taxes paid), even if you filed a joint 2004 tax return. If you are married when you sign the FAFSA, combine your and your spouse's income and asset information, even if you were not married in 2004. Don't forget to include stepparent income, if applicable, for dependent students.
Questions 38-39 and 76-77: Report all income earned from working. If you filed an IRS Form 1040, be sure to add lines 7+12+18.
Report taxes paid ("total income tax"), not taxes withheld.
Use the income tax line references on the FAFSA to determine which figure to include. You should not report the amount withheld from a W-2, the amount of self-employment tax, or the amount of your federal tax refund.
Complete all of Worksheets A, B, and C and keep a copy for your records.

Worksheet A:

Include Earned Income Credit (EIC) from IRS Form 1040- line 65a; 1040A- line 41a; 1040EZ- line 8a; or TeleFile- line L.
Be sure to report 2004 annual (not monthly) amounts for Welfare benefits and untaxed Social Security benefits.

Worksheet B:

Payments to tax-deferred pension and savings plans:
Use the W-2 box references in the worksheet to determine the correct amounts; if your W-2 does not reflect one of these codes, subtract the amount in Box 1 from Box 5 and report the difference.
IRA deductions and payment to self-employed SEP, SIMPLE, Keogh and other qualified plans: Use the IRS form line references in the worksheet to determine the correct amounts.
Be sure to report 2004 annual (not monthly) amounts for Child Support Received.

Worksheet C:

Include Hope and Lifetime Learning tax credits from IRS Form 1040- line 49 or 1040A- line 31.
Be sure to report 2004 annual (not monthly) amounts for Child Support Paid.
Include calendar-year 2004 student grant and scholarship aid only if it was reported as taxable income on your IRS tax return.