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Finding Money for College

Finding Money for College. Basics of Financial Aid and the FAFSA. Tomball Memorial High School – Financial Aid Night January 26, 2016. Presenters for the Evening. Kylan Voss - Lone Star College, Financial Aid Specialist Pennie Stanley - Sam Houston State University Scholarship Coordinator

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Finding Money for College

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  1. Finding Money for College Basics of Financial Aid and the FAFSA Tomball Memorial High School – Financial Aid Night January 26, 2016

  2. Presenters for the Evening • Kylan Voss - Lone Star College, Financial Aid Specialist • Pennie Stanley - Sam Houston State University Scholarship Coordinator • Christopher Collins - Wells Fargo Personal Banker • SSG Owen Lee - United States Army Recruiter • SSG Jeremiah Pierce- United States Army Recruiter • SSG Michael Butler - United States Marines Recruiter • SSG Justin Grandmont- United States National Guard • Oscar Hernandez - Own The Dream Program Coordinator • Carlos Pineda – Lone Star College, Financial Aid

  3. Financial Aid Workshops Lone Star College – Tomball FREE Financial Aid Workshops! Get help completing the FAFSA Se habla español! February 2nd 10th – 5:00 – 7:00 PM Complete list of dates will be posted on the College & Career Webpage

  4. Financial Aid Workshops SHSU Go Center March 2nd throughout the school day at TMHS Be on the lookout for link to make an appointment

  5. What is Financial Aid? Financial aid consists offunds (scholarships, grants, loans, work-study) provided to students and families to help pay for postsecondary educational expenses.

  6. Sources of Financial Aid • Federal government • States • Colleges and universities • Private sources • Civic organizations and churches • Employers

  7. What is Cost of Attendance (COA)? COA includes: • Tuition & Fees • Room & Board • Books & Supplies • Transportation • Personal Expenses COA Varies widely from college to college Don’t rule out a school based on COA alone.

  8. What is Expected Family Contribution (EFC)? • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using data from a federal application form and a federal formula

  9. What is Financial Need? Cost of Attendance –Expected Family Contribution = Financial Need

  10. 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 in college/career school

  11. What’s Out There for Students? • Pell Grants – Based on EFC - Automatic with eligibility - Range from $290 to $5,775 for 2015-2016 • FSEOG - Supplemental grant for the neediest of students - Based on availability • TEACH Grant - For those planning to teach in high-need fields - Agreement to Serve • Iraq & Afghanistan Service Grant - Students whose parent/guardian died as a result of military service in Iraq/Afghanistan after 9/11

  12. What’s Out There . . .(continued) • Federal Work Study - Federal dollars paid in exchange for part-time employment in designated jobs (amounts vary from school to school) - School comes first • Federal Direct Loans - Subsidized - Unsubsidized - Freshman Annual Loan Limit = $5500 - 2015-16 Interest Rate = 4.29%

  13. What’s Out There . . .(continued) • Federal Direct Loans (cont’d) • Parent PLUS Loans • 2015-16 Interest Rate = 6.84% • Private/Alternative Loans • Exhaust federal aid options first

  14. Now - How Do I GET It? • FAFSA – FREE Application for Federal Student Aid www.fafsa.gov

  15. FAFSA • Information used to calculate the expected family contribution (EFC) • 2016–17 FAFSA available January 1, 2016 • Most colleges set FAFSA priority filing deadlines • Usually around March 15th • Paper application available

  16. Dependent or Independent: That is the question • If the answer to all is NO – they’re Dependent • If the answer to ANY is YES – they’re Independent • Born before Jan. 1, 1993 • Veteran • Active duty - military • Married • Children or other dependents • Both parents deceased • Foster care past age 13 • Dependent/ward of court past age 13 • Legal guardianship • Emancipated minor • Homeless or at risk of homelessness • Graduate student

  17. Parent Information on the FAFSA • Who is my parent when it comes to the FAFSA? • If parents are living together, regardless of marital status, include their combined financial information • If parents are divorced or separated, include the financial information for the parent you lived with more during the past 12 months. If that parent is remarried, you must include your stepparent’s financial information. Grandparents, foster parents, and legal guardians are NOT considered parents unless they legally adopted you

  18. What information do I need to have with me to complete the FAFSA? • Taxes, Income information, benefit summaries • Asset information • NOT 401(k) or IRA balances • NOT the value of your primary residence • Untaxed income such as child support received

  19. FSA ID: Replaced the PIN • The FSA ID (username and password) now replaces the PIN for students, parents and borrowers accessing FSA systems. • www.fsaid.ed.gov • The FSA ID • Provides more secure access to user’s information • Links to PIN information during registration Each FSA ID Requires a Different E-mail Address

  20. IRS Data Retrieval Tool • Real-time request in the FAFSA to import IRS tax data • Important! Don’t change IRS transferred data • Reduces documents requested later • Usually available in early February (This year Feb. 7th) • IRS DRT will not work for families who: • File an amended tax return • Do not have a Social Security Number • Are married but file taxes separately

  21. Frequent FAFSA Errors • Social Security numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real Estate and investment net worth • What assets to include Make corrections online at www.fafsa.gov or on the paper Student Aid Report

  22. What Happens After I File? • A summary of your application is created for your review & sent to your selected schools electronically • Summary is called a Student Aid Report (SAR) • Students with FSA IDs may view SAR online at www.fafsa.gov • If schools require further information or documentation, they will contact the student directly • Make sure students know how each school communicates with them • FERPA • Watch for award notifications • Most schools won’t begin processing aid for 2016-17 until late March or April

  23. Special Circumstances • Cannot be documented using FAFSA • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Send written explanation and documentation to financial aid office at each college • College will review and request additional information if necessary • Decisions are final and cannot be appealed to U.S. Department of Education

  24. Satisfactory Academic Progress • Time Frame • Grade Point Average • Pace • Check with your college for their policy to maintain eligibility

  25. How much federal student aid can I get? For early estimate, use FAFSA4caster: • Go to fafsa.gov and find link in “Thinking About College?” section (lower right of home page) • Enter some financial information • Get an estimate

  26. What happens next? • Each school will tell you how much aid you can get at that school. • Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.

  27. Where can I get more info? • StudentAid.gov • Info about aid programs • Links to free scholarship and college searches • 1-800-4-FED-AID • Info about aid programs • Help with FAFSA

  28. Suggested Timeline (For SENIOR YEAR) • Complete FAFSA and Submit Forms SENIOR YEAR • IRS Data Retrieval Tool - available February 7, 2016 • FAFSA Priority Deadline (for most schools) • @ March 1st- March 15th The earlier, the better! Financial aid is limited and awarded on a first come, first serve basis. Deadlines vary. Check with your school.

  29. Upcoming Dates in January and February February 1st– 6:30 PM Understanding Your PSAT Scores with Princeton Review 7:00 PM – 10th/11th Grade Parent Meeting with TMHS Counselors February 2nd- Electives Fair February 3rd/4th– Understanding Your PSAT Scores Lunch ‘n Learns 10th/11th Graders February 9th– 6:30 PM Dual Credit Parent Meeting February 25th– 6:30 – 8:00 PM TISD College Fair at Tomball Memorial High School

  30. Session 1 - 6:50 to 7:15 Session 2 - 7:20 to 7:45 Session 3 - 7:50 to 8:15 Choose 3 Sessions How to FAFSA – Auditorium Scholarships 101 – Band Hall Financial Planning & Loans - Orchestra Military Scholarships – Choir Room One session at 6:50 – 7:15 FAFSA & TASFA in Spanish - Cafeteria

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