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Financial Aid 101 for College Costs 2015 - 16

Learn about federal student aid, state student aid, institutional scholarships, and scholarships from other sources. Find out who can get financial aid, how to apply, and how much you can get. Discover the different types of aid available and where to get more information.

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Financial Aid 101 for College Costs 2015 - 16

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  1. Financial Aid 101for College Costs2015 - 16 Kilgore College Will Massey

  2. We will talk about: • Federal student aid • State student aid • Institutional Scholarships • Scholarships from other sources

  3. We will answer: • What is financial aid? • Who can get it? • How much can I get? • How do I apply? • What happens next? • Where can I get more info?

  4. AID: Four Types from Four Sources • GRANTS • Department of Education (Federal) • State of Texas • LOANS • Department of Education (Federal) • EMPLOYMENT • College Work Study (Federal) • Institutional Positions/Fellowships • SCHOLARSHIPS • State of Texas or Institution • Outside Agencies or Donors

  5. Who can get federal student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Satisfactory academic progress

  6. How much federal student aid can I get? In general, depends on your financial need. • Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA) • EFC comes from what you report on FAFSA • COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

  7. How much federal student aid can I get? Example: first-year student in 2015-16 Maximum amounts allowed: • Federal Pell Grant: [$5,775] • Direct Subsidized and Unsubsidized Loans: $5,500 total • Federal Perkins Loan: Not available at KC • Federal Supplemental Educational Opportunity Grant: [School will determine amount per student - $500/Sem] • Federal Work-Study: depends on funds available at school • Direct PLUS Loan (for parents): COA minus other aid received

  8. How much state aid can I get? • TEOG - $1368 per year (2015-16) • TPEG – up to $1000 per Year (15-16) • College for all Texans • www.studentaid.ed.gov/scholarship • Contact school’s financial aid office

  9. How do I apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov • State and School aid: contact financial aid office at schools you are considering • Outside Scholarships: contact donors / websites for specific information Examples: Civic Clubs, Churches, Businesses, Charitable Organizations

  10. What happens next? • Each school will tell you how much aid you can get at that school. • Before you are awarded, the school may ask for additional documents in a process called Verification. • Provide the information asap, so it will not delay processing your aid.

  11. Institutional Verification • Confirms accuracy of FAFSA information • Application selected at random by CPS, but school is required to verify if selected • Often occurs if information is incomplete or questionable • School may request documents necessary to complete the verification process • Prepare copies for the school, • as originals will not be returned

  12. Common Documents • BE PREPARED TO FURNISH: • Tax Return Transcripts and W-2(s) – Prior year • Untaxed income on tax return, such as • Tax Exempt Interest Income • Untaxed IRA distributions, annuity payments • Deductible IRA or Keogh payments • Homebuyer or Making Work Pay tax credits • Child Support Received or Paid • Unemployment Benefits • Welfare Benefits (Food Stamps) • Workers’ Compensation • Identity Information • Official High School Transcript

  13. What happens after verification? • After verification is complete, the counselor checks the Expected Family Contribution shown on the Fafsa • The EFC is a factor which uses the Fafsa data and a federal formula to rank students • It can change, based on results of Verification • Factors considered in EFC formula: • Parent and student prior year income • US Income Tax paid • Number of family members in household • Number of students attending college • Family assets

  14. So what is the next step in processing student aid? • After the EFC is determined, the aid counselor sets up a budget for the student, also known as a “cost of attendance”: • Definition of Cost of Attendance: • Tuition and Fees of particular institution • Books and Supplies • Room and Board, (dorm, apartment, or at home) • Transportation • Personal/Miscellaneous Expenses • Child Care • Disability expenses

  15. Definition of Unmet Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

  16. Comparing COA to Equal EFC School A: Community College $12,000 - Expected Family Contribution (EFC) 1,000 Unmet Need $ 11,000 School B: State University $25,000 - Expected Family Contribution (EFC) 1,000 Unmet Need $24,000 School C: Private University $45,000 -Expected Family Contribution (EFC) 1,000 Unmet Need $44,000

  17. Evaluating Aid Packages • Most expensive is not always best choice • Compare college cost to career earnings • Compare earnings to accrued 5-yr debt • How much is offered in renewal scholarships? • Is the COA of the school offset by aid? • Balance of aid offered • What percentage is offered of grant aid? • Loan aid? • Institutional scholarships?

  18. Common Errors • INCOMPLETE APPLICATIONS - Most errors are caused by the student providing inaccurate or incomplete data on FAFSA (make a copy) • Not meeting required deadlines • Not submitting all required documents • No Admission Application and Official Transcripts on file in Registrar’s Office • Not returning or accepting Award Letter terms by stated deadline (paper or electronic)

  19. Satisfactory Academic Progress • Academic Progress evaluated by school on a semester or annual basis • Students must show progress by meeting academic standards, usually a min 2.0 GPA and a set percentage of classes to continue to receive federal financial aid • State and Donor Scholarships require higher minimum standards for renewal • Pay attention to changes in requirements! • Loss of one fund can result in dollars owed from You! Be informed & don’t lose your aid!!

  20. World Wide Web • ed.gov/studentaid • fafsa.ed.gov • collegeforalltexans.com • mappingyourfuture.org • studentloans.gov • finaid.org

  21. Where can I get more info? • www.studentaid.ed.gov • Information about aid programs • Free scholarship search • Free college search • 1-800-4-FED-AID • Information about aid programs • Help with the FAFSA

  22. Pay Attention! • Review each school’s catalogs/website for information and application procedures. • Accurately complete and submit correct forms and respond promptly to requests. • Know each school’s deadlines be an early bird for best choice of funds! • Check SAP policies for renewal and make sure you meet them!

  23. Thanks for coming Contact information: Name Mr. Will Massey, Financial Aid Counselor, Kilgore College Phone: (903) 983 - 8641 Email: wmassey@Kilgore.edu

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