Presentation is loading. Please wait.

Presentation is loading. Please wait.

Presented by: Ana Marcela Moros Lead Financial Aid Financing A College Education Beyond High School 2015-2016.

Similar presentations

Presentation on theme: "Presented by: Ana Marcela Moros Lead Financial Aid Financing A College Education Beyond High School 2015-2016."— Presentation transcript:

1 Presented by: Ana Marcela Moros Lead Financial Aid Financing A College Education Beyond High School 2015-2016

2 Lone Star College-North Harris

3 Today’s Key Points 1.What is Financial Aid?  What you need to know about financial aid? 2.Applying for Need Based Aid  Free Application for Federal Student Aid (FAFSA) 3

4 Topics to discuss today  What is financial aid?  Cost of attendance (COA)  Expected Family Contribution (EFC)  What is financial need  Categories, types, and sources of financial aid  Free Application for Federal Student Aid (FAFSA)  Special circumstances 4

5 What is Financial Aid? Financial aid consists of funds provided to students to help pay for their postsecondary educational expenses

6 1.Grants (need) 2.Scholarships (merit) 3.Work Programs (self) 4.Loans (self) 4 Types of Financial Aid 6

7 Have a high school diploma or GED Have a valid SSN Be a U.S. citizen or permanent resident Be pursuing a degree/certificate program Maintain satisfactory academic progress Males – register with selective service at or thru the FAFSA Federal Eligibility Requirements

8 What is the Cost of Attendance (COA)?  Direct costs  Indirect costs  Direct and indirect costs combine into cost of attendance  Varies widely from college to college 8

9 What is the Expected Family Contribution (EFC)?  Amount the family can reasonably be expected to contribute  Stays the same regardless of college  Two components  Parent Contribution  Student Contribution Calculated using date from a federal application form and a federal formula 9

10 What is Financial Need? Cost of Attendance - Expected Family Contribution __________________________ = Financial Need 10

11 Categories  Need-based  Non-need based Types  Scholarships  Grants  Loans  Employment Categories & Sources of Financial Aid 11

12 GRANTS Based On “Need” – Requiring the completion of a common certified “need analysis” (FAFSA) – Importance of Meeting Deadlines! – Starting in 2000 Grants May Have to Be Repaid If Student Withdraws from classes 12 Gift Aid - “Free Money” – No Repayment!!! Sometimes!!

13 The “TEXAS Grants” Texas Educational Opportunity Grant (TEOG) To provide grant aid to financially needy students enrolled in Texas public two-year colleges Texas Public Educational Grant (TPEG) 13 Must Be A TEXAS Resident For Tuition Purposes Public College or University in TEXAS Can Include Residents who are Texas Residents Only Can qualify without a Social Security Number Must Have Financial Need First Come - First Serve Our state aid:

14 SCHOLARSHIPS 14 Gift Aid - “Free Money” - No Repayment!!! Usually Based On “Merit” – Sometimes Requires the Completion of a Certified “Need Analysis” (FAFSA) – “Inside” Vs. “Outside” Scholarships – Importance of Meeting Deadlines – Scholarship “Scams” – Free Sources Vs. Paid Sources – Free scholarship search:

15 Work -Study Off Campus Job Vs. On Campus Job – Pros of Student Worker on campus: Flexible times Transportation/Gas Lower stress levels 19.5 hours a week On the job experience 15

16 Types of LOANS : MUST BE PAID BACK Subsidized - “Need Based” Loans – Must have a “Financial Need” as Determined by the College or University – Perkins, Stafford and Direct Unsubsidized - “No Need” Loans – Interest Begins to Accrue Immediately! – CAUTION! - “Capitalization of Interest” – P.L.U.S.- Parent is Borrower Credit Check is conducted 16 Federal Family Educational Loan Programs (FFELP) William D. Ford Direct Loan Programs (Direct) Perkins Loan Program (Perkins)

17 1.Grants (need) 2.Scholarships (merit) 3.Work Programs (self) 4.Loans (self) RECAP: 4 Types of Financial Aid 17

18 Sources of Financial Aid  Federal Government  Largest source of financial aid  Awarded primarily on the basis of financial need  Complete FAFSA application  Private Sources  Foundations, businesses, charitable organizations  Civic Organizations  Research what is available in the community  To what organizations and churches do student and family belong?  Small scholarships add up!  States  Residency requirements  Award aid on the basis of both merit and need  Use information from FAFSA  Priority filing dates varies  Employers  Companies may have scholarships available

19 STEP 1: Get PIN Number Pin Number: Electronic Signature Obtain one for both YOU and a PARENT/Guardian 19

20 Step 2: FAFSA for 2015-2016

21 STEP 3: Financial Aid Request Form Print (SAR) Student Aid Report and review for accuracy. Maybe selected for VERIFICATION If selected for VERIFICATION, must present your’s and your parents’ Federal Income Tax Return, Verification Worksheet. Your college or university will contact you ONLY thru your institution’s email 21

22 The “Need Analysis” = FAFSA – Determines “Expected Family Contribution” (EFC) Based Upon Last Federal Tax Year’s Income and Assets. – One Half of Need Formula. – Other Half is “Cost of Attendance” 22 Free Application for Federal Student Aid (F.A.F.S.A)

23 The “Simple” Process 23 US Department of Ed (Calculates EFC) Notify Student Loan Process Award Student School Releases Funds College School Determines Need Submit FAFSA SAR To Student

24 Also Paper Application FAFSA Application Request a paper application *Add Lone Star College System code: 011145 Allow 3 to 5 business days after application submission to return to website. 24

25 STEP 4: Eligibility Notification Lone Star College System, or the institution of your choice, will determine if you qualify for federal, state, or institutional aid. You will be notified via EMAIL ONLY! Process takes 4-6 weeks from the date Financial Aid receives your SAR & required documents 25

26 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed Income U.S. Income Taxes Paid Household size Number of household members in college Real Estate and Investment Net Worth 26

27 Texas Application for State Financial Aid TASFA Financial Aid for Students qualifying for state residency under House Bill 1403/Senate Bill 1528 are eligible to apply for state financial aid. Students who are not US Citizens and/or Permanent resident 27

28 “Need” Priority Dates  In Texas, each school sets its own priority dates  Apply by March to make most priority dates in Texas.  Lone Star College System has a priority date of April 1 st.  Apply EVERY YEAR!  Apply for Admissions to all the schools you intend to receive Financial Aid from 28

29 Apply for admissions to each college or university Complete the FAFSA or TASFA early each year Complete Tax Returns early each year Site for Parents: Check your email constantly Respond to college’s request as soon as possible Register for classes early Site for Students: Things to remember 29

30 Exceptions that apply Change in employment status Medical expenses not covered by insurance Change in parent marital status Student cannot obtain parent information Parents are incarcerated You have left home due to an abusive family environment Exceptions that do not apply Your parents do not want to provide their information on your FAFSA Your parents refuse to contribute to your college expenses Your parents do not claim you as a dependent on their income taxes You do not live with your parents Special Circumstances

31 Education “Education is not the filling of a bucket but the lighting of a fire.” - William Butler Yeats

Download ppt "Presented by: Ana Marcela Moros Lead Financial Aid Financing A College Education Beyond High School 2015-2016."

Similar presentations

Ads by Google