1. “Show Me the Money”: Financial Aid Basics Presented by Rodney Jackson

2. What Is Financial Aid?
Money available through federal, state and private sources to help students pay for college.

3. Agenda College Costs & Student Financial Need Grants Scholarships
Loans
Work-study
Avoiding Common Pitfalls
Effective Management of Funds

4. Apply to FASFA
FREE
Application
for
Student
Aid

5. FSA ID (Create now)
The FSA ID (username and password) now replaces the PIN for students, parents and borrowers accessing FSA systems.
The FSA ID
Provides more secure access to user’s information
Links to PIN information during registration
Offers self–service capability (name change)

6. Apply to TASFA Who Can Apply? What’s needed?
Graduated or will graduate from a Texas high school or received GED certificate in Texas
Lived in Texas for high school or receiving GED
Lived or will have lived three years leading up to graduation from in Texas for the 12 months prior to starting college
Student who will Sign affidavit stating student has filed or will file an application to become a permanent resident at the earliest opportunity (School will provide)
Paper Application
Must know your SSN or Alien Registration number
Taxes, Income information, benefit summaries (Tax Transcript has to be submitted with application)
Untaxed income such as child support received

7. College Costs & Student Financial Need
Cost of attendance (COA)
Tuition, fees, room & board, books, transportation, personal expenses
Expected family contribution (EFC)
External scholarships, gifts, earnings, savings, # of family members in college, special circumstances
COA – EFC = Student financial need
Net price calculators (tuition and fees) minus grants, scholarships, loans and intuitional aid

8. Grants – FREE Money$ Federal Grants
FAFSA – Free Application for Federal Student Aid
FSEOG – Federal Supplemental Education Opportunity Grant
State Grants
Texas Grant (Returning students)
Texas Educational Opportunity Grant (TEOG)
Texas Public Educational Grant (TPEG
TASFA – Texas Application for State Financial Aid
Undocumented students eligible under (HB 1403 / SB 1528)
Institutional Grants

9. Scholarships – FREE Money$
Institutional scholarships
Athletic, music, leadership, etc.
Merit/academic
Private scholarships
Civic organizations
Foundations

10. Loans – $ Must be Paid Back
Subsidized vs. unsubsidized loans: (Loan rates & fees are set by Congress)
Perkins—Interest is fixed at 5%
PLUS – Parent Loan for Undergraduate Students—Interest fixed at 7%
Private loans—Credit based, variable interest rate

11. Work-study Based on demonstrated financial need
Work on-campus or with participating non-profit organization
15-20 hours per week
Pay above minimum wage

12. https://bigfuture.collegeboard.org/scholarship-search/a
Finding Additional Money
AIE.org
studentaid.ed.gov
Scholarship websites

13. Avoiding Common Pitfalls
Apply early!
Don’t assume you are not eligible for grants or scholarships due to income or grades
Focus on net price not sticker price
Net price calculators
Do not borrow any more money than is absolutely necessary
Avoid scams
Spend financial aid refund wisely

14. Know The Rules….
Prior-Prior Year (PPY)—Allowed to report tax information for two prior years
Pell Lifetime Eligibility Usage—6 years, 100% full-Pell, total of 600%
Subsidized Usage Loan Aggregate—Can not exceed 150% of published length of study program
Unusual Enrollment History—Attending multiple schools within a 4-year time period without completing a degree or certificate program of study
Loan origination fees, first-time borrowers, 30-day loan disbursement delay, multiple loan disbursements
Consequences of dropping / adding classes
Know your school’s “SAP” policy

15. School’s Academic & “SAP” Policy
Satisfactory Academic Progress (SAP)—To keep receiving financial aid a student must maintain good academics throughout their education
Maintain a 2.0 cumulative GPA
Complete at least 75% of the classes attempted
Must not exceed 150% of the credit hours needed to complete his or her degree program
**Students should familiarize themselves with the school’s Academic and “SAP” policy

16. Effective Management of Funds
Develop a monthly budget & stick to it!!
Determine timeframe – academic or calendar year
Choose a method to help you manage your budget
Pay-Yourself-First (PYF)
Save for emergencies
Review budget every month
Free resources – colleges, banks, etc.

17. How about some Questions?

18. Thank You!
Rodney Jackson