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Financial Aid Night! Priscilla Salas Financial Aid Counselor Wharton County Junior College www.fafsa.gov.

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Presentation on theme: "Financial Aid Night! Priscilla Salas Financial Aid Counselor Wharton County Junior College www.fafsa.gov."— Presentation transcript:

1 Financial Aid Night! Priscilla Salas Financial Aid Counselor Wharton County Junior College

2 Financial Aid. What is it? Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses and consists of: Grants(Federal/State - Pell, SEOG, TPEG/TEG, Top 10%, Texas Grant) Loans (Federal and Private) Scholarships (Merit and Need Based) Employment(Work Study Program) State Exemptions Veterans Benefitswww.va.govwww.va.gov

3 General Eligibility  Not be enrolled simultaneously in high school  Have a high school diploma or equivalent  Enroll as a regular student in a degree or certificate program  Be a citizen, national or permanent resident of the U.S. or other eligible non-citizen  Provide a valid social security number  Undocumented students are not eligible for federal aid (may apply for state aid through TASFA)  Register with Selective Service if required  Maintain satisfactory academic progress

4 The Application (FAFSA) (Free Application for Federal Student Aid)  Available January 1 at Apply annually. Turn in TASFA directly to institution of choice.www.fafsa.gov  Requires prior year income (i.e based on 2014 income for student and parent). Use Data Retrieval Tool which saves time and reduces the chances of being selected for verification!  Available in English and Spanish  Used to determine eligibility for state and federal aid

5 FAFSA continued  Students are allowed to list up to 10 colleges/universities that will receive his/her student and parent information  Personal Identification Number is needed to electronically sign application (student and one parent)

6 FAFSA continued Determining Dependency  Born before January 1, 1992?  Is the student married (at the time of the FAFSA submission)?  Working on a degree beyond a bachelor’s degree?  Active duty in the U.S. Armed Forces?  Is the student a Veteran?  Children for whom you provide more than half the support?  Parents deceased? Foster Care? Ward of Court? Emancipated Minor? Legal Guardianship? Homeless?  Does the student have legal dependents (other than spouse and children) for whom they provide more than half the support?

7 FAFSA continued Dependency  Ultimately determined by institution  Use only Biological or Adoptive Parent Information  Not based on who ‘claimed’ the student on the income tax return

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10 Completing the process  School contacts student regarding missing/needed information (tax return, asset information)  School reviews student’s file to determine eligibility (based on federal guidelines)  School notifies student of eligibility/offer

11 Factors in determining eligibility  Parent and student income  Family Size  Age of older parent  Number of family members attending college  Parent and student assets

12 What is Cost of Attendance (COA)?  Direct and indirect costs combined into cost of attendance (tuition, fees, room & board, books, supplies, transportation)  Vary widely from college to college

13 What is Expected Family Contribution (EFC)?  Student and school receives Student Aid Report (SAR-response from FAFSA) with Expected Family Contribution (EFC)  Amount family can reasonably be expected to contribute  Stays the same regardless of college  Two components  Parent contribution  Student contribution  Calculated using FAFSA data and a federal formula

14 What is Financial Need? Cost of Attendance - Expected Family Contribution ______________________ = Financial Need

15 Grants  Money that does not have to be repaid  Awarded on the basis of financial need  Federal/State – Pell, SEOG, TPEG/TEG, Top 10%, Texas Grant

16 Loans  Money students and parents borrow to help pay educational expenses  Federal and Private  Repayment usually begins after education is finished  Only borrow what is really needed  Look at loans as an investment for the future

17 Types of Loans  Federal Direct Loan Program (FDLP)  Stafford Loans Subsidized Unsubsidized  PLUS Loans  Consolidated Loans

18 Loans continued  Subsidized – based on need. Department of Education pays the interest while you’re in school half- time (6 hours), during grace period, during deferment period  Unsubsidized – not need based. You are responsible for the interest during periods of enrollment, grace, deferment, forbearance, and default. Can capitalize interest – added to original balance.

19 Loans continued  Stafford Loan Interest Rates 4.66% Subsidized, undergraduate 4.66% Unsubsidized 7.21% PLUS

20 Loans continued Stafford Loan Limits 1415 Undergrad ___ sub/unsub _ addt’l unsub_ 1 st year$3,500 $2,000$4,000 2 nd year$4,500 $2,000$4,000 3 rd year$5,500 $2,000$5,000 4 th year$5,500 $2,000$5,000 *undergraduate, independent – additional $4,000

21 Loans continued Repayment Grace Period – set period of time (6 months) before you must begin repayment on a Stafford Loan. Period begins after student graduates, withdraws, or drops below half-time (6 hours). Repayment period of 10 to 25 years Standard Graduated Extended Income-sensitive

22 Loans continued Deferment – period of time during which no payments are required and interest does not accrue (subsidized only). Half-time enrollment, unable to find full-time employment, economic hardship. Forbearance – not eligible for a deferment but are unable to meet repayment schedule. Servicer agrees to reduce/postpone payments for a period of time. Interest continues to accrue (subsidized and unsubsidized). Contact servicer for more information about these options.

23 Texas B-On-Time Loan Program   Have completed a FAFSA and be eligible to receive federal aid  Be enrolled full time in an undergraduate degree or certificate program at an eligible institution AND  Be a Texas resident or be entitled to pay resident tuition rates as a dependent child of a member of the U.S. Armed Forces AND  Graduated in or later from a high school operated by U.S. Department of Defense or under the recommended high school program from a public or accredited private high school in Texas  Have earned an associate’s degree from an eligible institution no earlier than May 1, 2005  Can not have earned a bachelor’s degree

24 Scholarships  Money that does not have to be paid back  Awarded on the basis of merit, skill, or a unique characteristic  Can be need based  Small scholarships add up!  Some colleges use the FAFSA to find recipients  Opportunities: Community Organizations, Churches, Employers Financial Aid Office High School Counselors

25 Free Scholarship Search

26 Adventures in Education

27 Employment  Work Study Program  Allows students to earn money to help pay educational costs  A paycheck

28 Veterans Benefits  Hazlewood Act  Legacy Program   Dependent 25 years or younger  Armed Forces Education Plans

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30 Financial Aid TV

31 Federal Student Guide studentaid.ed.gov

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33 Important!  Check deadlines Admissions, financial aid, & scholarships  Complete the FAFSA as soon after January 1 as possible  Submit all documents requested by the school as soon as possible

34 Questions?  Priscilla Salas Financial Aid Counselor 281/  Kristie Sulak Financial Aid Counselor 281/


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