FINANCIAL AID 101 MONEY FOR COLLEGE!

QUESTIONS TO BE ANSWERED: WHAT is Financial Aid? WHY should I apply for financial aid? WHERE do I apply for financial aid? HOW is financial aid determined? WHEN should I apply for financial aid? WHO helps me with financial aid?

Financial Aid is not designed to pay for your college. WHAT IS FINANCIAL AID? Any form of assistance used to help offset the costs associated with college expenses Key Point: TO ASSIST – Financial Aid is not designed to pay for your college.

TYPES OF FINANCIAL AID GRANTS – USUALLY BASED ON FINANCIAL NEED SCHOLARSHIPS – USUALLY BASED ON MERIT (GRADES, TALENT, ETC.) WORK-STUDY – PART-TIME JOBS PROVIDED BY COLLEGE/UNIVERSITY – USUALLY MUST QUALIFY BASED ON NEED LOANS – BORROWED FUNDS THAT MUST BE PAID BACK , USUALLY WITH INTEREST

WHY SHOULD I APPLY FOR FINANCIAL AID? College is expensive! Anything helps…… You may qualify for more than you think.

Where do I apply for financial aid? www.fafsa.ed.gov The FAFSA is the only form you need to fill out to apply for most financial aid, except scholarships.

the FAFSA Fill it out online at www.fafsa.ed.gov Filling out The FAFSA opened up on October 1st, so it is important that you complete the FAFSA as soon as possible. The earlier your form is received, the better your chances of receiving funds. You will need your 2015 income tax information. You and your parent will need a PIN number to electronically sign. You can get your pin number at www.pin.ed.gov

PRIORITY DATE FOR FAFSA: MARCH 1

EFC: Estimated Family Contribution When you complete the FAFSA, you will get an EFC or Estimated Family Contribution. This is the amount your parents are expected to pay for your college. The EFC is derived from information provided on the FAFSA and is only released to the institutions named on the form.

Cost of Attendance includes: Direct costs – tuition, fees, books Indirect costs – room & board, transportation The cost of attendance varies widely from college to college, and even from student to student depending on lifestyle.

CALCULATION OF NEED FORMULA How is financial aid determined? CALCULATION OF NEED FORMULA Cost of Attendance -Minus- Expected Family Contribution (Equals) NEED

FEDERAL AID Must be a US citizen or eligible non-citizen REQUIREMENTS FOR FEDERAL AID Must be a US citizen or eligible non-citizen Not in default on Federal Student Loan Not convicted of drug use/possession while receiving federal aid Eligible males must register with Selective Service

What if I do not think I am eligible for the fafsa due to residency? In 2001, legislation was passed by the State of Texas to allow certain categories of foreign students to meet state requirements for residency. You can check with your counselor to see the criteria that must be met.

Student Financial Assistance If you are ineligible to complete the Free Application for Federal Student Aid, you could STILL apply for State Aid! TAsfA Texas Application for Student Financial Assistance See your College Financial Aid Advisor

When should I apply for financial aid? EACH YEAR! Starting this year, FAFSA opens each October 1st. Don’t wait too late! Check with the financial aid office for deadlines!

the Student Completes the FAFSA or TASFA Applying for Aid: the Student Completes the FAFSA or TASFA Has results made available to college/university Completes paperwork prior to Priority Deadline – March 1

the College Calculates need Receives allocations Applying for Aid: the College Calculates need Receives allocations Compares students to program requirements Identifies available programs and amounts Sends award letter to student

the Student Receives the award letter. Applying for Aid: the Student Receives the award letter. Accepts or rejects the offered aid. Notifies college of acceptance or rejection of offer.

the College Holds the funds for the student Applying for Aid: the College Holds the funds for the student Acquires loan guarantee (if applicable)

Applying for Aid: the Student Receives funds or the funds are applied to his/her account at the college

Financial Aid Advisor – your new BFF! Who will help me with financial aid? College Admissions Advisor Financial Aid Advisor – your new BFF! High school counselor

Things to Remember The FAFSA is the only application you need to complete for most financial aid. If you’re not a US Citizen, fill out the paper TASFA and take it to the college you plan to attend. You can’t get federal aid, but you could receive state financial aid. Colleges and universities usually count scholarships you bring with you to the school when calculating the amount of aid you will receive.

Most financial aid is based on need Most financial aid is based on need. Your Expected Family Contribution (EFC) is the same whatever school you go to, but your financial need will be higher or lower depending on the cost of the institution where you attend. Remember you need to reapply for financial aid each year. Each college and university sets its own deadlines for applying for financial aid. Contact all institutions you’d like to attend to learn about their deadlines.

Financial aid and Scholarship scams If you have to pay money to get money, it is probably a scam! No one can “guarantee” you will get a scholarship. DO NOT PAY FOR FREE MONEY!

YOU WON’T GET ANY MONEY IF YOU DON’T APPLY! APPLY, APPLY, APPLY! YOU WON’T GET ANY MONEY IF YOU DON’T APPLY!

College Admissions/ Financial Aid/FAFSA Senior/Parent Info night! Thurs. 11/17 6:00 p.m. College Admissions/ Financial Aid/FAFSA