ABC WORKSHOP 2012

Financial Aid Overview

What is Financial Aid?

Financial Aid: Funds provided for students to assist in funding their college educationFunds are meant to supplement, not

replace, family financial resourcesNot all financial aid is need-based

Financial Aid consists of the following:

Grants ScholarshipsLoansEmployment Opportunities

Estimated Financial Assistance

A school must examine all federal, state, institutional, private, and other sources of educational assistance in determining eligibility for most Title IV Federal Student Aid (FSA). The aid is known as estimated financial assistance (EFA). If other aid will cover a student’s cost of attendance (COA), then the student will not be eligible for most forms of FSA.

How do students qualify?

Need-Based Aid All Estimated Financial Assistance(EFA) will need to

fit within the student’s calculated NEED

Federal Need Formula

COA(Cost of Attendance)-EFC(Estimated Family Contribution)_

=Need

Types of Financial Aid

Gift Aid Funds that may not have to be repaid

to sourceIf conditions set by source are not met, funds must be repaid

Includes:Grants: Require completion of the FAFSA

Scholarships: Sought by Student

Types of Financial Aid

Self-Help AidFunds that are either earned or

repaid by studentWork-Study: Earned by workingLoans: Funds that will have to be

repaid

Types of Financial Aid

Merit –Based Aid Awarded to students in recognition of

special skills, talent, and/or academic achievement

Counted in calculation for need-based AidScholarships (sought by student)

InstitutionalPrivate

Some grants

Types of Financial Aid

Other Resources

Also included as Estimated Financial Assistance:

AmeriCorps Vouchers State Exemptions Graduate Stipends/Fellowships Employment Tuition Assistance …and many more

Types of Financial Aid

Non-Need Based Aid Given to students regardless of financial

need however must fit in the students COA; may replace the EFC

COA -All need based aid & EFA(if any)=Non-Need-Based Aid

Teach Grant Unsubsidized Stafford Loans

PLUS Loans Grad Plus Loans

Private Loans

How do students begin the Financial Aid Process?

How does the Department of Education (DOE) and/or accredited institution determine eligibility?

Contact Information

Marcos MendezTexas A&M UniversityAthletics Financial Aid CoordinatorMarcos04@tamu.edu979-458-5364