Deer Park High School Financial Aid 101

AGENDA What is financial aid? What are the types of financial aid? How do I apply for financial aid? Where can I get more information?

WHAT IS FINANCIAL AID? Money from a source other than the family to assist with the cost of attending college or career school Family Federal Government States Colleges Private sources: companies, organizations

FINANCIAL AID MYTHS College is too expensive Only the smartest students receive financial aid Only students with high financial need receive aid My parents make too much money The form is too hard to fill out The FAFSA is only for grants & scholarships I only have to complete the FAFSA one time The estimated family contribution number is the amount I will have to pay

AVOID FINANCIAL AID SCAMS Organizations/companies that: Locate more aid & then charge you a fee Guarantee you will receive a scholarship or aid Anyone who charges you a fee: For information about financial aid To complete the FAFSA To apply/receive a scholarship

TYPES OF FINANCIAL AID Scholarships: FREE MONEY Usually awarded based on: Academic achievements Interests & career plans Ethnicity, family background And/or financial need Grants: FREE money awarded based on need Work-Study Part time jobs for students with financial need Maybe on campus or off campus Loans -MUST BE PAID BACK Borrowed $ Low interest/no interest loans May need credit worthy cosigner

NET PRICE CALCULATORS Required for every college Will provide you with estimated financial aid & (possibly) estimated scholarship eligibility for that college

WHAT IS THE FAFSA? Free Application for Federal Student Aid Standard form that collects demographic and financial information about the student & family Used to determine financial need (EFC=Estimated Financial Contribution) Used to apply for federal & state student grants, work-student & loans

WHO CAN GET FEDERAL STUDENT AID? Basic criteria: U.S. citizen or permanent resident High school graduate Eligible degree or certificate program Valid social security number Males registered for selective service Satisfactory academic progress while in college/career school

STEP 1: CREATE A FSA ID What is the FSA ID? Username & password that you must use to log into certain U.S. Department of Education (ED) websites Create one for you AND one for at least one of your parent(s) What do you need to create your FSA ID? Your social security # Your full name Your date of birth

ESTIMATE YOUR FEDERAL AID For an early estimate, use the FAFSA4caster Enter basic financial information Receive an estimate

STEP 2: GATHER THE DOCUMENTS YOU NEED & ESTIMATE Your driver’s license # (if you have one) Tax records from prior year Records of any untaxed income Your FSA ID (to sign your application electronically) List of colleges you are interested in attending Your FAFSA information will be sent to these colleges The college will work to put together a financial aid package for you based on your FAFSA information (EFC) and the COA Optional: Use FAFSA on the Web Worksheet to prepare your answers

STEP 3: Fill it out! Apply on or as soon after October 1 Use 2015 tax information! After taxes are filed, be sure to use the IRS data retrieval tool in the FAFSA Need help? FED.AID Live chat in fafsa.gov Don’t forget: WATCH FOR THE CONFIRMATION PAGE that says your FAFSA has been submitted, THEN log out

USE THE IRS DATA RETRIEVAL TOOL

STEP 4: CONFIRMATION Check your for your FAFSA confirmation SAR (Student Aid Report) Double check your information: make sure it is correct! If you used estimated numbers, and have completed your tax return, complete the IRS data retrieval in the FAFSA Correct any mistakes & resubmit the FAFSA Meet all deadlines or your could miss out on aid!

TIPS FOR COMPLETING THE FAFSA Apply early & meet all deadlines Use estimates if tax returns are not completed If parents are divorced, use parent with whom the student lives with the most & provides 50% or more of the support Step parent must be included If a student thinks he/she can answer ‘yes’ to a dependency status question, check with the financial aid administrator

WHAT HAPPENS NEXT? Apply for admission Each college you are admitted to will notify you of how much $ you will receive from them Colleges will always try and give you the best, FREE $ first Federal & State Grants Work Study Federal Loans (student & parent loans) You must accept/decline each type of aid offered Once you decide which school to attend: Keep in touch with the financial aid office Find out when & how you will receive your aid

HOW MUCH STUDENT AID CAN I GET? Depends on your FINANCIAL NEED Financial need determined by: EFC (Estimated Family Contribution): comes from FAFSA COA (Cost of Attendance): tuition, fees, room, board, transportation for that particular college COA-EFC=FINANCIAL NEED

FEDERAL STUDENT AID MAXIMUMS FOR Maximum amounts for : Federal Pell Grant: $5,815 Direct Loans: $5,500 Subsidized Student loans: zero interest while in school & during periods of deferment Unsubsidized Student loans: interest throughout life of loan No credit check on either loan/no payments while in school Special repayment plans Federal Work-Study: depends on funds available at school & student’s need Federal Direct PLUS loan: (for parents) COA minus other aid received Parents borrow for their student, basic credit check is conducted Parents may defer payment while student is enrolled in college Private Education Loans In student’s name, but would need a credit worthy cosigner Cosigner release options/anyone can be a cosigner Rates based on credit

TEXAS AID TPEG-Texas 4 year public colleges TEG-Texas private colleges TEOG-Texas community colleges State exemptions

PROFESSIONAL JUDGMENT/SPECIAL CIRCUMSTANCES Is something from the 2015 taxes different currently? The college financial aid office has paperwork you may submit (with documentation) to request to have these changes made to better reflect your current situation Lost wages/income changes One time lump sums/IRA rollovers Extreme medical bills/payments, not covered by insurance Nursing home expenses not covered by insurance Unusually high child care costs NOT AN OPTION: Credit card balances Vacations Large mortgage/large car payments

COMPARISON SHOP: COLLEGE COST CENTER

WHERE CAN I GET MORE INFO/HELP? Information about aid programs Links to free scholarship & college searches FED.AID Info about aid programs Help with FAFSA

SOCIAL MEDIA

THE FEDERAL STUDENT AID INFORMATION CENTER

TASFA WHAT IS THE TASFA? Texas Application for State Financial Aid For undocumented students An application used by financial aid administrators at most Texas colleges and universities to determine a student’s eligibility for state financial aid Where do you get it? What does it look like? TASFA Process

AFFIDAVIT TO BECOME A PERMANENT RESIDENT Each school has a different form Must be notarized Some schools require it every year a TASFA is submitted Form may go to: Admissions Financial aid Business office/Bursar

TASFA PROCESS Complete TASFA-fillable form online, save & print. Sign, scan & to financial aid office along with tax transcripts (if filed), selective service info & affidavit. Also drop off a hard copy to financial aid office. Financial aid office manually enters in TASFA information and computes EFC for student. Financial aid office awards student only Texas $ (TEOG, TPEG, TEG, Texas Work Study, CAL, Private Loan)

IMPORTANT RESOURCES ApplyTexas: Apply for admission to Texas colleges, community colleges & universities at: Compare Texas Colleges

FINANCIAL AID TV Everything you need to know about financial aid in short, easy to understand videos! Provided by The University of St Thomas, Houston

UPCOMING EVENTS

QUESTIONS? Chandra Gonzalez