1. Financial Aid 101
It’s all about the
FAFSA

2. What is a FAFSA and what does it do?
FAFSA = Free Application for Federal Student Aid
Uses household information to Calculate the Student’s Estimated Family Contribution or EFC
EFC is used to determine Student Eligibility for Grants, Student Loans and Work Study
Also used for 1st come, 1st served aid such as TPEG, SEOG

3. Basic Eligibility Requirements for Federal Student Aid
Student must:
Have a High School Diploma or GED
Be a US Citizen or eligible noncitizen
Have a valid Social Security Number
Be registered with Selective Service if you are a male between the ages of 18 and 25
Be enrolled or accepted to be enrolled in an eligible degree or certificate program
Maintain Satisfactory Academic Progress
Not be in default on a federal student loan or grant overpayment
Demonstrate financial need (for most programs)

4. How is eligibility determined?
The FAFSA is used to calculate an EFC based on household information such as:
Parents Adjusted Gross Income
Students Adjusted Gross Income
Number in household
The FAFSA is a snap shot of household information as of the day that you are completing the application. Household information remains as is after completion except when corrected by Financial Aid Advisors due to verification or except in the case of extreme extenuating circumstances*
*These cases must be reviewed by Financial Aid Advisors

5. Filling out a FAFSA When? - Complete the FAFSA as soon as possible
2018/2019 FAFSA applications opened October 1
How? - For 2018/2019 FASFA you will be using 2016
Income Tax information, if possible use the Data
Retrieval tool from the IRS*
*For this to be successful all information
must be an exact match with IRS records
Why so soon? – Some Financial Aid such as scholarships and
grants is awarded based on a 1st come, 1st served basis
New this year if you use the Data Retrieval tool you will not be able to see the information that transferred from the IRS

6. Types of Financial Aid Grants Work Study Scholarships
Exemptions and Waivers
Loans
Grants do not usually require repayment unless a student withdraws or quits attending classes
Loans must be repaid beginning 6 months after a student graduates or is not enrolled in at least 6 hours

7. Types of Financial Aid - Grants
Federal Grants – Based on Federal Needs Analysis
Pell Grant –
awarded only to undergraduate students who have not earned a Bachelor’s or Professional Degree
Awarded to students with greatest financial need,
those with lowest EFC-Expected Family Contributions
$606 to $5,920 per year; full-time 12 hours +
*Part-time is 11 hours or less-award will
be prorated
*Awarded amount is divided into 2 semesters
SEOG - Supplemental Educational Opportunity Grant
Must be Pell eligible.
Range is $500 - $2,000 per year
Awarded amount is divided into 2 semesters
A Federal Pell Grant does not have to be repaid as long as you attend your classes.
Pell Grants are awarded only to undergraduate students who have not earned a Bachelor’s or professional degree.
Award amounts range from $303 - $2,960 per semester based on 12 hours or more.
Federally funded grant program awarded based on financial need as determined by the (FAFSA) Free Application for Federal Student Aid.
You do not have to be enrolled full time to receive a Federal Pell Grant.
If you qualify, the Pell Grant will be pro-rated downward if you enroll in less than 12 semester hours.
12 hours or more % of award
11 – 9 hours % of award
8 – 6 hours % of award
5 hours or less % of award This is not necessarily true; it depends on their EFC.
Students are now limited on how long they can receive a Federal Pell Grant.
A student can receive up to 600% of a full-time equivalent.
For example, if a student was full-time for 6 years and received 100% of their Schedule Award, then this limit would apply to them.
If a student is less than full-time and only received 50% of their scheduled award for any given year, then you would add the percentages per year until they reached 600% limit. Once this limit is reached by the student, they can no longer receive the Federal Pell Grant no matter what college they attend.

8. Types of Financial Aid - Grants
State Grants
Texas Grants (initial and renewal) GPA 2.0 initial and 2.5 for renewal.
Texas Educational Opportunity Grant (TEOG) GPA 2.0 initial and 2.5 for renewal.
Institutional Grants
Texas Public Education Grants (TPEG)
Workforce Education Grant (WEG)*
*Continuing Education Classes
Work Study must meet financial need eligibility
Work around classes
Earn a paycheck
Texas Grant – Towards Excellence, Access and Success; Initial is no longer available at public community, technical, or state colleges. State program for Texas residents who are pursuing a degree or certificate at the community college level and who have not completed 30 or more hours toward their degree or certificate. Students must have completed the recommended or Advanced curriculum at high school and graduated.
Students must receive this grant within 16 months of their high school graduation or they forfeit all future eligibility.
There is no separate application to apply for this grant.
The FAFSA application will determine all eligibility for grants and loans.
An official high school transcript is required to award this grant.
TEOG – Texas Education Opportunity Grant; formerly known as Texas II Grant, is a supplemental grant established by Texas Legislature to assist needy Texas residents who are pursuing a degree or certificate at the community college level.
Students who have completed 30 hours or more are not eligible for this grant.
You must have completed the minimum program in high school.
TPEG – Texas Public Education Grant; Institutional grant program that is generally for students who do not qualify for the Pell or SEOG grants. The award can be up to $800 per semester based on half-time enrollment.
Work-Study Programs; Federal and state funded programs to promote part-time employment of students to gain practical work experience.
Students must complete FAFSA
Must be in good-standing per SAP policy
Must be enrolled in a minimum of one 3-hour class
Visit the Work Study Page to see available work study positions and process.

9. Types of Financial Aid - Scholarships
School
Outside sources
Other Sources
Department of Assistive & Rehabilitative Services
Texas Workforce Commission
Businesses/Clubs/Organizations
Scholarships
Weatherford College Foundation Scholarships; Apply online for WC scholarships with varying criteria for acceptance.
Performing Scholarships; Available for art, baseball, basketball, communications, cheerleading, choir drama, jazz band, leadership & rodeo and require full-time enrollment.
Honor Graduate Scholarships; Valedictorian of any accredited Texas HS is eligible for a one-year scholarship at C as long as they attend immediately following high school graduation. Salutatorian and Valedictorian graduates from accredited high schools in the counties of Parker, Hood, Jack, Palo Pinto and Wise are eligible for a scholarship covering tuition and fees-excluding parking fees and books (on-loan) each long semester for two years immediately following high school graduation. Students must be full-time.
Project Opportunity Scholarship Program; Provided by Weatherford civic leaders and others for Weatherford HS graduates who have met certain academic and personal guidelines to apply for scholarship assistance to be used at WC. Students should contact their high school counselor or the coordinator of this program at Weatherford ISD>

10. Types of Financial Aid – Exemptions and Waivers
Examples of Exemptions and Waivers
Blind/Deaf Exemption
Tuition/fees
Foster Care Exemption
Valedictorian Waiver
Tuition
Texas Tomorrow Fund
Prepaid plan
Tuition/mandatory fees
Veterans Benefits

11. Types of Financial Aid - Student Loans
William D. Ford Federal Direct Loan Program (DL) 
Federal Subsidized Loan –
awarded based on financial need, the federal government pays the interest while you are in school. 
Federal Unsubsidized Loan –
is not awarded on financial need. You will be charged interest from the time that the loan is disbursed. 
Federal Parent Loan for Undergraduate Students (PLUS) –
awarded based on credit history. Parent will be charge interest from the time the loan is disbursed. 

12. Types of Financial Aid - Student Loans
Basic eligibility requirements:
Must have unmet need as determined by the FAFSA to receive subsidized loans
Must be enrolled 6 fundable semester hours or more.
Maintain Satisfactory Progress 2.0 or higher, maximum hour limit and pace
Must not be in default on a previous student loan
Must not have reached the annual loan limits based on grade level or aggregate lifetime limits
Loans – The Direct Loan program offers relatively low interest loans to assist in the student’s cost of attending college. Interest rates are subject to change every July 1.
All federal loan programs require the completion of the current year FAFSA.
Al FAFSA’s are based on the two year’s back income tax information. Example FAFSA use 2016 income tax information.
If you have NEVER had a loan at WC, go to NEW LOAN page.
Step 1: Complete the FAFSA process
Step 2: Accept loan amount needed on Campus Connect
Step 3: Complete online Entrance Counseling for UNDERGRADUATE students
Step 4: Complete electronic (MPN) Master Promissory Note
Must use FAFSA ID to sign the MPN
All steps must be completed before loan eligibility is assessed.
LOANS must be REPAID, including accrued interest. If you have prior loans in repayment, you cannot obtain new loans if you are in DEFAULT.
Repayment of these loans begin 6 months following when the student is no longer enrolled at least half-time in an eligible program and eligible institution.
This time begins if a student GRADUATES, DROPS OUT, or is REMOVED from school as well as if the student drops BELOW half-time enrollment.

13. Loan Limits Freshman (Dependent Student) Sophomore (Dependent Student)
Subsidized $3,500 per year
Unsubsidized $2,000
Total $5,500 per year
One Exception – If the Parent Plus Loans is denied Student can receive a $4,000 unsubsidized loan
Sophomore (Dependent Student)
Subsidized $4,500 per year
Total up to $6,500 per year (Also eligible for up to an additional $4000 unsubsidized if Parent PLUS denied)
Subsidized loans – the government pays the accruing interest while the student is in school for at least 6 payable hours, and in some instances, during other periods of deferment or grace.
Eligibility of Subsidized loans:
Must have unmet need as determined by the FAFSA
Must be enrolled in an approved program of study at least half-time
(at WC that is 6 hours, regardless of the term-even in summer.)
Maintain Satisfactory Academic Progress; 2.0
Not exceed either annual aggregate lifetime loan limits
Federal government is limiting Subsidized loan eligibility for new borrowers to 150% of their program length. After limit is met, student will only get Unsubsidized loan money regardless of Subsidy eligibility.
Unsubsidized Loans – students or parent may choose to pay accruing interest while the student is in school, other periods of deferment and grace; or choose to allow interest to accrue. This can mean a much higher payment for the student in the long run. Unsubsidized loan does not need to have an unmet need component determined by FAFSA. This type of loan is called a non-need based loan.

14. Loan Limits Independent Student Loan Limits Parent Plus Loans
Independent Freshman can get up to $9500 per year between Subsidized and Unsubsidized loans
Independent Sophomore can get up to $10,500 between Sub and unsubsidized loans
Parent Plus Loans
Can borrow up to Cost of Attendance minus any other financial aid or scholarships
Past credit checks
Interest rates are subject to change
Interest rate Payment begins 60 days after disbursement
Federal Direct Parent Plus loan – assists parents of dependent students whose ability to borrow is limited by the federal government.
These loans are Credit Based, so a parent whose information was used on the FAFSA application must have creditworthiness, as well as not be in default of a student loan.
Parent may borrow up to the student cost of attendance less all other types of financial aid, and repayment for these loans is the responsibility of the parent, and not the student.
Repayment typically begins 60 days after the loan is fully disbursed. New regulations allow parents to defer re-payment until after 6 months after their student no longer is enrolled in half-time at an eligible institution.
All PLUS loans accrue interest, like Unsubsidized loans, the parent may choose to pay interest while the student is enrolled, deferred or in grace

15. ALL THESE AFFECT FINANCIAL AID
Keep in Mind
ALL THESE AFFECT FINANCIAL AID
ATTENDANCE
GRADES
COMPLETION
TOTAL HOURS

16. Where to go for more information…
Free application for financial aid (FAFSA)
Always use this one…never pay for a FAFSA
College for All Texans
Your College or University’s website

17. thanks!
Any questions?