1. “HOW DO WE PAY FOR COLLEGE?” A Guide to Help You Through the Financial Aid Process Presented by: Midwestern State University Financial Aid Office

2. Money from a source, other than the family, to assist with the cost of attending college, which includes: Scholarships Grants Loans Employment Tuition Exemptions What is Financial Aid?

3. What is the FAFSA? “FREE Application for Federal Student Aid” A standard form that collects demographic and financial information about the student and family Information used to calculate the Expected Family Contribution (or, EFC) Students must complete FAFSA for each school year Colleges may set FAFSA filing deadlines Title IV School Code – MSU is 003592; other school codes are available from your counselor or the FAFSA online search

4. Tips for the FAFSA Apply EARLY in the Spring, around 1 st of February of each year, if possible FAFSA email address is the Financial Aid Office’s mode of communication with student Know your school’s PRIORITY deadline date; MSU = March 1 st for Fall/Spring File Tax returns early – we encourage you to use the IRS Data Retrieval Tool to download your tax information onto the FAFSA; otherwise, you may be selected for ‘verification’.

5. IRS Data Retrieval Tool Students completing a 2016–17 FAFSA are STRONGLY ENCOURAGED to utilize IRS Data Retrieval Tool beginning EARLY February, 2016 (tentatively)! Student/parent will transfer 2015 income tax return onto the 2016-17 FAFSA while completing the application. Must allow 2-3 weeks after you/parent electronically file your tax return (but not before EARLY February) before you will be able to download tax return information onto the 2016-17 FAFSA application. If you/parent file a paper tax return, you must allow 8-11 weeks before you will be able to download tax return information onto the 2016-17 FAFSA application.

6. IRS Data Retrieval Tool Students NOT using the IRS DRT will most likely be selected for ‘verification’ and, if selected, student/parent MUST submit an IRS TAX TRANSCRIPT to the MSU Financial Aid Office. NOTE: copies of signed tax returns will no longer be accepted unless a foreign tax return is filed or identity theft has occurred. IRS TAX TRANSCRIPT Options: Visit local IRS Tax Office (Jacksboro Highway – Galaxy Center) ‘Get Transcript’ – www.irs.gov/transcript CURRENTLY SUSPENDEDwww.irs.gov/transcript Online – www.irs.gov (5-10 calendar days)www.irs.gov By phone – 1-800-908-9946 (5-10 calendar days) By mail – IRS Form 4506T (up to 10 calendar days) IRS2Go – mobile app (5-10 calendar days)

7. FAFSA on the Web Website: www.fafsa.ed.govwww.fafsa.ed.gov 2016‒17 FAFSA on the Web available after January 1, 2016 FAFSA on the Web Worksheet: – Used as optional “pre-application” checklist – Questions follow order of FAFSA on the Web Signature page needed OR Electronic Signature Option with FSA ID#

8. Apply for an FSA ID now! You will need a FSA ID to electronically sign your FAFSA. You can also check the results of your processed FAFSA, make corrections to your FAFSA, or print an electronic copy of your Student Aid Report (SAR). Go to https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid to apply.https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid Students and parents of dependent students should apply! Each student must have his/her own FSA ID, but parents can have one FSA ID for multiple, dependent students. FSA ID's do not expire, so student and parent can use the same FSA ID's each year to complete the FAFSA electronically. Provide an email address and receive your FSA ID's even quicker!

9. Who is NOT a parent? Foster Parents Legal guardians who have not adopted the student Relatives (including grandparents) who have not adopted the student Stepparents who have not adopted the student AND who would be the only person providing parental information

10. What is the Expected Family Contribution (EFC)? *The amount of money a student and his/her family may reasonably be expected to contribute toward the cost of education for an academic year *Stays the same regardless of college you choose, but is calculated with new information each new year you file the FAFSA *Calculated using data from the FAFSA and a pre-set federal formula

11. Definition of Need Cost of Attendance (COA) -Expected Family Contribution (EFC) -________________________________ -= Financial Need -Receipt of additional grants/scholarships can affect awards.

12. MSU’s Cost of Attendance 2015-16 Off Campus / In Dorm: Tuition and Fees $8,305 Books and Supplies 1,350 Room & Board 8,027 Transportation 1,986 Personal/Miscellaneous 1,696 Loan Fee Allowance 122 TOTAL $21,486 With Parent: Tuition and Fees $8,305 Books and Supplies 1,350 Room & Board 3,350 Transportation 1,986 Personal/Miscellaneous 975 Loan Fee Allowance 122 TOTAL $16,088

13. Cost of Attendance Estimates Two-Year College$12,895 Private University$53,610

14. Undocumented Students “SB 1528” This law permits some non-citizens to be classified as Texas residents for financial aid and admission purposes. May receive In-state tuition Texas Financial Aid (NOT federal aid) Application Submit a Texas Application for State Financial Aid (TASFA) and submit to the financial aid office at the institution for processing www.collegefortexans.com

15. Scholarships Academic Talent Athletic Community Groups Free Money!!!! Does not have to be repaid

16. MSU Scholarship Considerations Students admitted to MSU are automatically considered for General Merit scholarships which can range from $500 to $2500 per academic year. Award consideration is based on SAT/ACT entrance exam scores. Incoming freshman are encouraged to apply by our priority application date of March 1st Scholarships will not be awarded after April 1st. For additional information contact MSU Admissions at admissions@mwsu.edu or (940) 397-4334 or (800) 842-1922 admissions@mwsu.edu

17. MSU Scholarship Considerations Information regarding Athletic scholarships can be obtained from the Head Coach of the particular sport. Or seek additional information from the academic departments and university Donor Services.

18. Grants and Workstudy Federal Grants Workstudy State Grants Institutional Grants Free Money!!!! Does not have to be repaid

19. Federal Grants Based on Expected Family Contribution(EFC) -Pell Grant =15-16 ranges from $626 - $5775 per year 5 year limit on Pell Grants!!! (2016-17 Pell amounts not released yet) -SEOG = Schools receive limited amount of money; Funds exhausted early

20. WORKSTUDY Need-Based work program Student allowed to work up to 20hrs/week Typically on-campus jobs Can exclude this income on following year’s financial aid application Apply early!! Jobs go fast!

21. State / Institutional Grants “Types of Aid” www.mwsu/edu/finaid * TPEG – Texas Public Educational Grant * MSU Gold Grants *Mustangs Guarantee Program *TEXAS Grant (Toward Excellence, Access & Success) – Texas Resident – Completed Recommended/Advance HS curriculum. Eligibility determined by HS Academic transcript evaluated by MSU Admissions Office – Not been convicted of crime involving a controlled substance – Availability of Funds

22. Student Loans Federal Loans State Loans Alternative / Private Loans Must Be Repaid!!!!

23. Federal Direct Loans Subsidized Unsubsidized Need-based Not need-based Current Interest: Fixed – 4.29% Student responsible for all interest that accrues (subject to change on July 1, 2016) Repayment begins 6 months after graduation or dropping below half-time enrollment. For Direct loans, the “lender” is the Department of Education Current Interest: Fixed – 4.29% for loans disbursed after July 1, 2015 Government pays interest while student enrolled at least half time (subject to change on July 1, 2016)

24. Annual Loan Limits $3,500 Freshman + $2,000 Unsubsidized $4,500 Sophomore + $2,000 Unsubsidized $5,500 Jr. & Senior + $2,000 Unsubsidized

25. Federal Direct Parent (PLUS) Loans  Loan in Parent’s Name/SSN  Max eligibility can cover up to Cost of Attendance  Based on parent’s credit-worthiness  Current Fixed Interest Rate = 6.84%  Payments begin 60 days after 2 nd disbursement The parent, upon his or her request, can defer payments on a PLUS loan if the student is enrolled at least half time.

26. Other Loans * State Loan (College Access Loan) * Alternative / Private Loans

27. Tuition Exemptions/Waivers * An exemption allows an individual to enroll in a Texas public institution while paying a reduced amount of tuition and fees – example Valedictorian tuition exemption, Foster Care exemption, etc. * The State of Texas has authorized more than 30 exemption programs * Exemptions have different eligibility requirements * For a complete listing and eligibility requirements, see www.collegefortexans.com

28. Award Notification Process MSU Awarding will begin on/around April 1 st. Award notifications usually contain Types and amounts of aid offered How and when aid will be disbursed Terms and conditions of offer Students should Accept or decline (if required) Sign and return (if required) Complete student loan process (if necessary)

29. Complete the Loan Process Students receiving Direct Loans must complete the Direct Loan Entrance Counseling session and the Electronic Master Promissory Note online at ww.studentloans.gov.ww.studentloans.gov Parents start the PLUS application process at this site as well.

30. Evaluating Aid Packages *Biggest is not always best –compare to cost of attendance for each school *Renewable vs non-renewable scholarships *Loans vs grants *Terms and conditions of loan(s) *Balance work with academic responsibilities

31. Family Educational Rights and Privacy Act (FERPA) The student’s rights under FERPA transfer from the student’s parents to the student when the student attends a postsecondary institution. A student must provide written consent before an education agency or school may disclose personally identifiable information from the student’s education records. MSU’s “Release of Information” form: http://www.mwsu.edu/Assets/documents/finaid/fao_55.pdf

32. MSU’s Short-Term Payment Plans Installment Contract Emergency Tuition/Fee Loan Administered by the MSU Business Office http://www.mwsu.edu/busoffice/payments Book Loan Administered by MSU Bookstore http://finaid.mwsu.edu/bookvoucher.asp

33. Monitoring Satisfactory Academic Progress (SAP) NOTE: At MSU, Financial Aid Warning/Suspension differs from Academic Probation/Warning/Suspension To retain eligibility, financial aid recipients must show academic progress in your program of study. The following will be monitored at the end of every semester: 1. Cumulative Grade Point Average (GPA) 2. Maximum Time Frame for Program of Study 3. Successful Credit Hour Completion Rate MSU’s current SAP rules are available at http://www.mwsu.edu/finaid/sap

34. Title IV Refund Calculation “60% Rule” Students who receive Title IV assistance (Pell Grant, SEOG Grant or Student/Parent Loans) and withdraw from the University or cease to attend classes before completing more than 60% of the enrollment period may be required to repay money to these Title IV programs. Class attendance and participation is IMPORTANT!

35. Contact Information: Midwestern State University Financial Aid Office 3410 Taft Blvd. Wichita Falls, TX 76308 (940) 397-4214 (office) (940) 397-4852 (fax) http://finaid.mwsu.edu/ Email: financial-aid@mwsu.edu