Financial Aid 101 Sarah J. Dorsey Assistant Director, Financial Aid The University of Texas at Dallas

Topics The Basics Federal Financial Aid Programs State Financial Aid Programs Tips for Students

The Basics Federal Financial Aid Eligibility Words to Know How it Works The Basics

The Basics In order to be eligible for federal financial aid, a student must be: Enrolled at least half-time Enrolled in a degree seeking program Either a U.S. Citizen or Permanent Resident

The Basics Free Application for Federal Student Aid Nationwide form used to apply for financial aid at public and private colleges, universities Must apply every year

The Basics Student Aid Report Provides the student with summary information from the FAFSA Provides the school with information on the student’s eligibility for financial aid

The Basics Expected Family Contribution EFC is used to determine a student’s financial need

The Basics Cost Of Attendance Tuition and Fees Room and Board Books Transportation Personal/Miscellaneous

The Basics FAFSA Free Application for Federal Student Aid SAR Student Aid Report EFC Expected Family Contribution COA Cost of Attendance POC Piece of Cake !!!

The Basics COA - EFC Need $ 15000 - 1000 $ 14000

www.pin.ed.gov www.fafsa.ed.gov www.fafsa4caster.ed.gov The Basics www.pin.ed.gov www.fafsa.ed.gov www.fafsa4caster.ed.gov

Federal Financial Aid Programs Grants Federal Work Study Loans Federal Financial Aid Programs

Federal Financial Aid Programs Pell Grant Undergraduate student pursuing a first baccalaureate or professional degree Award is based on the cost of education, enrollment status and the EFC Maximum award is the same regardless of the school student is attending

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Undergraduate students pursuing first baccalaureate or professional degree Awarded first to student with “exceptional financial need” (the lowest EFC) Priority to Federal Pell Grant recipients Limited funds available

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Academic Competitiveness Grant U.S. Citizen or eligible non-citizen PELL Grant recipient Must have completed rigorous secondary school program of study

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Academic Competitiveness Grant Federal Work Study Jobs are mostly on campus Students work an average of 10 to 15 hours per week Hourly rate based on job or institutional policy Amount of award based on student’s need and available funds at the institution

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Academic Competitiveness Grant Federal Work Study Stafford Loan Subsidized Unsubsidized Fixed interest rate ‘Delayed repayment of principal Deferment provisions available

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Academic Competitiveness Grant Federal Work Study Stafford Loan Subsidized Unsubsidized Perkins Loan Nine month grace period Deferment and cancellation provisions available

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Academic Competitiveness Grant Federal Work Study Stafford Loan Subsidized Unsubsidized Perkins Loan TEACH Grant Not need based Enroll in coursework necessary for teaching career Meet certain achievement requirements Must sign an “Agreement to Serve” in a high need field in a low-income school

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant Academic Competitiveness Grant Federal Work Study Stafford Loan Subsidized Unsubsidized Perkins Loan TEACH Grant Parent PLUS loan Parent is the borrower and responsible for repayment Not need based Maximum annual loan cannot exceed cost of education minus other financial aid Fixed interest rate Origination fees up to 3% Repayment begins within 60 days of last disbursement

state financial aid programs Senate Bill 1528/House Bill 1403 Grants state financial aid programs

State Financial Aid Programs Senate Bill 1528/House Bill 1403 Became law in 2001 State legislation designed to help certain immigrant/undocumented students Student is considered a Texas resident and eligible for state grants Student must complete paper FAFSA or TASFA collegefortexans.com

State Financial Aid Programs Toward EXcellence, Access & Success Grant – TEXAS Grant Texas residents Graduated from recommended or distinguished high school curriculum Demonstrate need as determined through the financial aid application process Funding is limited

State Financial Aid Programs Toward Excellence, Access & Success Grant Texas Public Education Grant Public Institutions Need based Funding based on enrollment at the institution Does not transfer from one institution to another Amount of awards based on available funds and projected number of eligible applicants

State Financial Aid Programs Toward Excellence, Access & Success Grant Texas Public Education Grant Texas Equalization Grant Private Institutions Need based Funding based on enrollment at the institution Does not transfer from one institution to another Amount of awards based on available funds and projected number of eligible applicants

Tips for Students Beware of scholarship scams Apply early Visit schools Ask about deadlines Have a timeline

The University of Texas at Dallas Financial Aid Office 800 West Campbell Road, MC 12 Richardson, TX 75083 (972) 883-2941 email: financial-aid@utdallas.edu web: financial-aid.utdallas.edu