1. Financial Aid: What is It? Mosadi Porter Assistant Center Director Houston Regional Prospective Student Center Texas A&M University

2. Types of Aid Grants Loans Work Study Scholarships School-specific Programs

3. Need Based Programs Grant Programs –Federal Pell Grant Academic Competitiveness Grant (Freshman & Sophomore) SMART Grant (Junior & Senior) –TEXAS Grant –Supplemental Opportunity Grant (SEOG) –Texas Public Education Grant (TPEG)

4. Loan and Employment Programs Perkins Loan Stafford Loan (subsidized) College Work Study

5. Non-Need Based Programs Stafford Loan (unsubsidized) Parent PLUS Loan College Access Loan (CAL) Alternative Private Loans

6. Scholarships May be awarded on the basis of: Academic Merit Financial Need Talent Member of a particular group or organization Leadership and participation All or any combination of the above

7. School-specific Programs Texas A&M University Aggie Assurance University of Texas UT Grant Texas Tech Red Raider Guarantee

8. What is the FAFSA? The key element for receiving most federal and state programs.

9. When is the FAFSA available? January 1 (must complete every year) Based on previous year’s taxes

10. How to Apply Get Student and Parent PIN: www.pin.ed.gov Complete FAFSA: www.fafsa.ed.gov NOTE: The FAFSA is not a scholarship application; however some scholarships require FAFSA information to determine financial need

11. The U.S. Department of Education uses the FAFSA to determine the estimated family contribution (EFC). Parent and Student income and assets Number of household members Number in college (do NOT include parents in number in college on the FAFSA)

12. What kinds of questions will it ask? Let’s take a look…

13. How do I fill out the questions about my income? 2 options

14. IRS Data Retrieval Tool allows applicants who have already filed their federal income tax returns to prefill the answers to some questions by transferring data from their federal income tax returns. This can save the family some time in completing the FAFSA. It may also reduce the likelihood that your FAFSA will be selected for verification. Tax Return

15. How is my info used? You can list up to 10 schools. They will receive a Student Aid Report (SAR).

16. Schools use the information on the SAR to prepare a financial aid package to help meet your financial need.

17. Need Calculation Cost of Attendance - Expected Family Contribution _____________________________________________________________________________________________________________________________________________ = Financial Need

18. EXAMPLE Tuition & Fees $7,844 Loan Fees 55 Room & Board 8,000 Books & Supplies 1,200 Travel 664 Miscellaneous 2,187 ___________________________________________________________________________________________ Cost of Attendance $19,950 - Expected Family Contribution 5,000 _________________________________________ Need $14,950

19. What if I don’t have the EFC? Due to: Loss or reduction of income Death or illness in family Medical or dental expenses not covered by insurance Any other circumstance that results in a change in the family’s financial status

20. What if I am not a U.S. Citizen or permanent resident? TASFA

21. An application used by financial aid administrators at most Texas colleges and universities to determine an undocumented student’s eligibility for state financial aid

22. Eligibility requirements Graduated or will graduate from a Texas high school or received GED certificate in Texas Lived in Texas for three years leading up to graduation from high school or receiving GED Lived or will have lived in Texas for the 12 months prior to starting college Signed affidavit stating student has filed or will file an application to become a permanent resident at the earliest opportunity

23. What aid can I get? TEXAS Grant Texas Educational Opportunity Grant (TEOG) Texas Public Education Grant (TPEG) Texas Equalization Grant (TEG) Top 10% Scholarship Program State exemption programs (e.g., class valedictorian) College Access Loan – Must have cosigner that is a U.S. citizen or permanent resident

24. Let’s look at the application TASFA

25. Common mistakes Make sure the college accepts the TASFA File taxes and order a copy of the TAX TRANSCRIPT Sign EVERYTHING! Be thorough!

26. Useful Websites www.CollegeforTexans.com –Information on Exemptions and Waivers www.AdventuresinEducation.org –College and Career Planning –Student Loan Inquiry www.FinAid.org –“SmartStudent” Guide to Financial Aid –Calculate your Expected Family Contribution (EFC)