1. Financial aid
Michael frames, Jessica presents

2. https://youtu.be/QdaGZASwjZU
Quick Video

3. College affordability
Learn basic financial aid resources
Understand the college affordability timeline
Plan accordingly for upcoming financial aid season

4. Type of financial aid GRANTS WORK-STUDY LOANS SCHOLARSHIPS
Scholarships, Grants and Work-Study can be awarded to a student from the federal or state government, colleges/universities or private organizations

5. Direct Costs + Indirect Costs = Cost of Attendance
Tuition and Fees
Room and Board
INDIRECT COSTS
Books and Supplies
Travel Expenses
Miscellaneous or Personal Expenses
Direct Costs + Indirect Costs = Cost of Attendance
Direct Costs, on average, are the primary items which will be included in the student bill.
Indirect costs will vary per student but do not have to be paid upfront.

6. college affordability philosophy
Grants & Scholarships
Work-Study
Loans
Student Contribution
Family Contribution
When colleges think of HOW a college education is financed the above picture depicts who makes the first, middle and last contribution. Think of this as a bucket. WHO makes the first drop into the bucket is important. Since a student will be the primary benefactor of a college education the family is expected to contribute to their child’s college education first. Then, students are expected to make a small contribution such as money saved with a summer job. Next, financial aid is applied. First, loans are awarded to the student, along with work-study and finally free money such as grants and scholarships. This picture demonstrates a family’s responsibility to help fund their child’s college education as best as they can.
Note: Last year, students had to advocate for work – study. So, if a student did not see it on his/her package, the student had to request this resource through the school’s Office of Financial Aid.

7. 2. Gather information Information you will need to fill out your FAFSA
Student Social Security Number*
Parent(s) Social Security Number*
Student Drivers License Number (if applicable)
Alien Registration Number for student/parent(s)
Parent(s) Date of Birth
Parent(s) Marriage/Divorce/Separation Date (MM/YYYY)
*DACA students may submit the FAFSA with their DACA SSN
*If a parent does not have a SSN, enter “0” in SSN
*Tax information can be estimated. May use taxes from previous year
TANF

8. 2. Gather information Forms you will need to fill out your FAFSA
Federal tax information or 2015 tax returns* (1040 Forms)
Records of untaxed income (Child support, veterans, non-education benefits)
Information on cash, savings, account balances, including real estate but not the home you live in
*DACA students may submit the FAFSA with their DACA SSN
*If a parent does not have a SSN, enter “0” in SSN
*Tax information can be estimated. May use taxes from previous year
TANF

9. 3. Apply for financial aid (FAFSA)
Get FSA ID
Financial aid applications will be available October 1st
Both student and parent(s) submit application
FSA replaces PIN from past years (refer to handout)

10. 4. Review student aid report
Expected Family Contribution will be given to student upon submitting FAFSA
Redefining what EFC is and what EFC is not.
Refer back to “bucket” slide
Pell grant eligibility

11. 5. Tax transcript & update
Tax transcripts may be required for some schools
Tax transcript vs Data Retrieval Tool (tax filing status)
Why would you need to order one
Tax transcript is NOT an income tax return

12. Cost of attendance – Expected Family Contribution = Financial Need
Determining need
Cost of attendance – Expected Family Contribution = Financial Need
$20,000
– ___$2,000
= $18,000
$20,000
– _____0
= $20,000
$20,000
– ___$25,000
= -$5,000
The point of the 3rd column is that you essentially will not be eligible for much need-based aid (grants, work study)
Need of $20,000
Need of $18,000
NON-Need base of $5,000

13. Award letter sample- on time
Assume
EFC = $0
College A
Award Description
COA = $18,000
Aid Offered
Pell Grant (fed)
$5,775
Texas Grant
$2,000
Scholarship
$2,345
Loan (fed)
$3,500
TOTAL
$15,620
Estimated Bill
$ 2,380
When are the deadlines?
CSS Profile priority deadline is February 15th. For some schools, it’s February 1.
FAFSA Priority deadline is Febryary 15th.
A common institutionally-recognized deadline is March 15th. This ensures you can maximize funds available.
The final deadline for submitting and completing FAFSA is June 30th.

14. Award letter sample – late submission
College A
Award Description
COA = $18,000
Aid Offered
Pell Grant (fed)
$5,775
Texas Grant $0
Scholarship
Loan (fed)
$3,500
$2,000
TOTAL
$11,275
Estimated Bill
$ 6,725
Assume
EFC = $0
Filing early matters!
Federal aid is guaranteed and will remain the same
State aid and scholarships and institutional grants are awarded by universities according to when they receive your application and can change.

15. Financial aid timeline
Big Ticket Items
MONTH
ACTIVITY
OCTOBER
SCHOLARSHIP WORK BEGINS / LEARN ABOUT YOUR FINANCIAL SITUATION
INTRO TO FAFSA / GATHER TAX FORMS & E-FILE TAXES
NOVEMBER
FILE FAFSA / ORDER TAX TRANSCRIPT / MEET WITH ADVISOR
DECEMBER
FEBRUARY
FINANCIAL PACKAGES BEGIN TO ARRIVE / MEET WITH ADVISOR
MAY
DECLARE COLLEGE AND ACCEPT FINANCIAL AID
SUMMER
COMPLETE LOAN COUNSELING / ESTABLISH PAYMENT PLANS
When are the deadlines?
CSS Profile priority deadline is February 15th. For some schools, it’s February 1.
FAFSA Priority deadline is February 15th.
A common institutionally-recognized deadline is March 15th. This ensures you can maximize funds available.
The final deadline for submitting and completing FAFSA is June 30th.

16. Next Steps
Information Packet
Same process EVERY year in college

17. Thank you for your attendance
 Feedback or Questions?
____________________________________________
Upcoming: FAFSA ROAD SHOW Evening workshops to help fill out the FAFSA in Nov. 10th 4:30-6:30 in the Library