FINANCIAL AID & AFFORDABILITY

Memorial High School

Erika Delgado ScottDistrict College Transition Facilitatorerika.scott@springbranchisd.com

GUIDING LIGHTS

• Be patient with yourself & your student(s)…(and your counselors )

• Ask group beneficial questions• Stay after to ask more specific

questions• We are not tax professionals• This is a safe space! No dumb Q’s!

IS HIGHER EDUCATION AFFORDABLE?

• U.S. Colleges & Universities view financial aid and affordability as a partnership with students, parents, and themselves as the institution

• U.S. Colleges & Universities do not view themselves as solely responsible to fund higher education for students

WHY AFFORDABILITY?

• Aim = make a level playing field for access

• If people perceive postsecondary education as unaffordable, they are likely to make decisions that limit their participation and success

• There will never be one answer to how affordable college is or how that affordability is changing; affordable is different for every family

• We want families to make the most informed decisions

COST OF ATTENDANCE

As defined by the university/college: total amount it will cost you to go to college each

year including both expenses billed directly to a student account and other likely expenses related to a year of education at that institution

Important:Every school estimates a different COAEvery school estimates a different amount for incidentals

COST OF ATTENDANCE

Direct Costs

Indirect Costs

Cost of Attendance

(COA)

DIRECT COSTS

Tuition & Fees

Room & Board

Direct Costs

INDIRECT COSTS (VARIABLE)

Books

Supplies

Personal Items

Transportation

Loan fees

Purchase of a personal computer

Costs related to a disability

Costs for eligible study-abroad programs

Misc.

WHAT’S CHANGING FOR 2017–18

• Use 2015 Taxes for 2017-2018 awarding year

• Schools may request 2016 taxes- please file asap!

• May or may not impact award letter timeline

• Special edits for filing or marital status changes from 2015 to now

EARLY FAFSA

Oct. 1

https://fafsa.ed.gov/

THE NEW FSA ID

• The FSA WHAT?? • If you have an older student and have previously filled out the FAFSA, you

signed with a PIN. To enhance security and privacy, the PIN is being replaced with a self-created username and password.

• WHO does this change affect?• Anyone who had a PIN before will need to apply for a FSA ID. This includes

high school seniors, current college students AND parents.

• HOW will I apply for a FSA ID? • Please the reference the handout in your packet for directions.

THE NEW FSA ID

THE NEW FSA ID

**SPECIAL CIRCUMSTANCES

IRS Data Retrieval Tool What exactly is the IRS DRT? Function for a student’s FAFSA to automatically link to the IRS & upload necessary federal tax info

When does this tool become available? If filing taxes electronically, data available after ~ 2 weeks If filing taxes by mail, could take 6-8 weeks to become available

Cannot use tool is parents file separately but both parent’s info being used for financial aid process

IRS DATA RETRIEVAL TOOL

ONCE YOU HIT SUBMIT, YOU MAY NOT BE DONE

AWARD LETTER REVIEW

In the Spring, the Counselors will help students review and compare their financial aid award letters. This process is streamlined so students and parents understand their award package from each school to make the most informed financial decision

FEDERAL GRANT & AWARD PROGRAMS

http://financialaidtoolkit.ed.gov/tk/learn/types.jsp

FEDERAL GRANT & AWARD PROGRAMS

• Pell Grant (Max $5,815 this year)• Federal Supplemental Educational

Opportunity Grant (FSEOG)• Teacher Education Assistance For College

And Higher Education (TEACH)• Iraq and Afghanistan Service Grant• Federal Work-Study

3.76%

3.76%

Perkins Loan: A federal low-interest (5%), subsidized loan for undergraduate students only* with exceptional financial need. Loan Max: $5,500/year. Grace period is 9 months.

TEXAS GRANTS & AWARD PROGRAMShttp://www.collegeforalltexans.com (Types of Financial Aid)

TEXAS GRANTS & AWARD PROGRAMShttp://www.collegeforalltexans.com/apps/financialaid/tofa.cfm?Kind=GS

SCHOLARSHIPS

OTHER SCHOLARSHIP SEARCHING

Raise.memyRedKite.comBusinessesOrganizationalCommunityReligious organizations/churches

IN SUMMARY

Everyone’s financial situation is different and no two students award packages will look the same

Financial aid is on a first-come first-serve basis, check each school’s priority deadline

No income “cap” to complete the FAFSANegotiate financial aid award packagesUpdate schools on any changing info

CONTACTS & FUTURE EVENTS

Guidance Counselors

Erika Scott, District College Transition Facilitatorerika.scott@springbranchisd.com

(713)251-8430

Future “Completion” Workshops