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FINANCIAL AID 101 MONEY FOR COLLEGE!

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?.

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FINANCIAL AID 101 MONEY FOR COLLEGE!

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  1. FINANCIAL AID 101 MONEY FOR COLLEGE!

  2. 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?

  3. 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.

  4. 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

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

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

  7. Filling out • the FAFSA • Fill it out online at www.fafsa.ed.gov • Complete the FAFSA as soon as possible after January 1. The earlier your form is received, the better your chances of receiving funds. You will need your 2012 income tax information, so you will have to have already filed income taxes for 2012. • You and your parent will need a PIN number to electronically sign. • You can get your pin number at www.pin.ed.gov

  8. PRIORITY DATE FOR FAFSA: MARCH 1 MARCH 1

  9. 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.

  10. COST OF ATTENDANCE • 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.

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

  12. 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

  13. What if I am not elgible to file the fafsa? In 2001, legislation was passed by the State of Texas to allow certain categories of foreign students to meet state requirements for residency. This classification enables these students to pay resident tuition and fee rates while attending public institutions of higher education in Texas in addition to meeting residency requirements for some state financial aid programs.

  14. To receive this classification, you must be able to meet one of the three criteria below. • You must hold a visa that enables you to domicile in the United States*. You (or your parent, if you are a dependent) must be gainfully employed in Texas for at least 12 months. • You (regardless of INS status) have petitioned for permanent residency status (have filed an I-130 or I-140). • You have resided in Texas for 3 years leading up to graduation from high school or the receipt of a GED certificate, living at least part of that time with a parent or court-appointed legal guardian. You have not established a residence in another state or location and have not taken ANY college hours prior to fall 2001 that required admission to an institution of higher education. (This includes hours taken through dual enrollment while attending high school). • If you qualify for resident status based on one of the three criteria listed, you are eligible to apply for state aid.

  15. TAFSA Texas Application for Student Financial Assistance (For students ineligible to complete the Free Application for Federal Student Aid) See your College Financial Aid Advisor

  16. When should I apply • for financial aid? • EACH YEAR in the spring preceding the fall you are attending college • FAFSA opens each January 2 • The best time is right after taxes are complete • Don’t wait too late! Check with the financial aid office for deadlines!

  17. 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

  18. applying for aid: • the college • Calculates need • Receives allocations • Compares students to program requirements • Identifies available programs and amounts • Sends award letter to student

  19. applying for aid: • the student • Receives the award letter. • Accepts or rejects the offered aid. • Notifies college of acceptance or rejection of offer.

  20. applying for aid: • the college • Holds the funds for the student • Acquires loan guarantee (if applicable)

  21. applying for aid: the student Receives funds or the funds are applied to his/her account at the college

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

  23. 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 TAFSA 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.

  24. 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.

  25. 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!

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

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