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The Free Application for Federal Student Aid (FAFSA)

The Free Application for Federal Student Aid (FAFSA). Texas Association of College Admissions Counselors (TACAC) September 24, 2010 Lyn Wheeler Kinyon Assistant Director, Grants and Special Programs Texas Higher Education Coordinating Board lyn.kinyon@thecb.state.tx.us. Reason for the FAFSA.

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The Free Application for Federal Student Aid (FAFSA)

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  1. The Free Application for Federal Student Aid (FAFSA) Texas Association of College Admissions Counselors (TACAC) September 24, 2010 Lyn Wheeler Kinyon Assistant Director, Grants and Special Programs Texas Higher Education Coordinating Board lyn.kinyon@thecb.state.tx.us

  2. Reason for the FAFSA • The family has the primary responsibility and is the primary resource to pay for educational costs. • If the family resources are not enough to pay for the education, financial aid is available to supplement the family resources. • FAFSA is the tool used to determine the Expected Family Contribution (EFC), the family’s calculated ability to contribute to the educational costs of the student.

  3. Free Application for Federal Student Aid (FAFSA) • Generic • Electronic (paper available) • Collects information to be used in the EFC calculation: • Dependency Status • Family Size • Number in College • Prior Year Income • Current Assets • Other Information • Colleges • Expected Living Arrangement • Statement of Educational Purpose

  4. FAFSA on the Web www.fafsa.ed.gov • Apply for PIN • FAFSA On The Web Worksheet • Apply and Reapply • Check status of FAFSA • View SAR information • Make corrections • E-mail correspondence • Include School Codes

  5. Personal Identification Number (PIN)www.pin.ed.gov • Sign FAFSA electronically • Applicant PIN • Parent PIN • Sign loan promissory note electronically • PIN does not expire

  6. Student Aid Report (SAR) • SAR or ISIR • Expected Family Contribution (EFC) • Important information and instructions • Applicant reported information • Review and correct if necessary

  7. Texas Application for State Financial Aid (TASFA) • The TASFA is available for students in Texas who cannot complete the FAFSA due to citizenship and SS# issues. • Not all schools accept the TASFA. • http://www.collegeforalltexans.com/index.cfm?objectid=D465D848-EA0F-C0EA-5209BC8C89262877

  8. FAFSA4caster www.fafsa4caster.ed.gov • Early Estimate • Transfer DATA to FAFSA on the Web • Links to PIN Site • Tips for Preparing for College and the Financial Aid Process

  9. Questions?

  10. Financial Aid from the College Perspective Texas Association of College Admissions Counselors (TACAC) September 24, 2010 Lyn Wheeler Kinyon Assistant Director, Grants and Special Programs Texas Higher Education Coordinating Board lyn.kinyon@thecb.state.tx.us

  11. Types and Sources of Financial Aid • Types of Aid • Scholarships • Grants • Loans • Work • Gift Aid • Scholarships • Grants • Need-Based Aid • Sources of Aid • Federal Government • State Government • Institution • Private • Self-Help Aid • Loans • Work • Non-Need-Based Aid

  12. Applying for Financial Aid • Apply for admission to the institution(s). • Request institutional financial aid information. • Request institutional scholarship information. • Complete all forms required by the institution and/or the scholarship program. • Complete the Free Application for Federal Student Aid (FAFSA) or TASFA as early in the spring as possible prior to the academic year of anticipated enrollment. • Pay attention to the institution’s established deadlines. • Respond to all requests from the FAO in a timely manner.

  13. Determining Eligibility and Packaging Aid • The financial aid office: • draws down FAFSA information from the CPS; • confirms basic eligibility requirements are met; • checks satisfactory academic progress; • performs verification if required; and • calculates the student’s need. • An aid package is created taking into consideration: • student’s information; • program specific requirements; • availability of aid programs; and • institution’s packaging philosophy. • An award notification is sent to the student. • Aid is disbursed to the enrolled student.

  14. Need Calculation Cost of Attendance (COA) (includes allowances for tuition, fees, books, supplies, room, board, transportation and personal/miscellaneous expenses) - Expected Family Contribution (EFC) (determined by Federal Methodology and included on the FAFSA) - Other Resources (e.g., outside agency scholarships, value of tuition waivers, etc.) ____________________________________________ = Financial Need

  15. Need Varies Based on Cost

  16. Financial Aid Notifications • Types and amounts of aid offered • Program terms and conditions • Additional action needed on the student’s or parent’s part to secure funding • Accept/decline • Loan process • Signed statement

  17. Institution Specific Processes • Priority deadline dates • Packaging philosophies • Acceptance of TASFA • Loan processes • Award notices • Disbursement processes • Review of special student circumstances • Satisfactory Academic Progress

  18. Scholarship Sources • Financial Aid Office • Scholarship Office • Departments On-Campus • Organizations On-Campus • Outside Agencies • Free Scholarship Searches

  19. Questions?

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