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Help students pay for college Achieved by: - Evaluating family's ability to pay for educational costs - Distributing limited resources in a fair and equitable manner using a programmed award philosophy

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Financial Aid is not designed to cover 100% of college expenses

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Financial Aid Gift Aid Self-help Loans Work Study Grants and Waivers Scholarships

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May be filed after January 1 st of the Academic year the student plans to attend For the 201415 academic year, the FAFSA may be filed beginning January 1, 2014 Check with your college to find out their FAFSA deadline

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Remind the student to answer the FAFSA accurately For example: If the question ask for parents demographic information and income

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It is the Students responsibility to remain in compliance with the universitys Satisfactory Academic Progress Standards - Satisfactory academic progress (SAP) is used to define successful completion of coursework - May be different depending on the college Example:

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Electronic (FAFSA on the Web) www.fafsa.ed.gov Paper Request at : 1-(800)- 4FEDAID (433-3243)

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Applicant may submit request to IRS for tax data - Electronically: at least 2 weeks prior - Paper: at least 6-8 weeks prior If match found: IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data

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Amount a family can reasonably be expected to contribute toward their child's education Stays the same regardless of college Calculated using data from the FAFSA

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Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses

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COST OF ATTENDANCE (COA) EXPECTED FAMILY CONTRIBUTION (EFC) _________________________________________________ FINANCIAL NEED

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Est. Cost of Attendance (COA) $ 18,000 Expected Family Contribution (EFC) 10,000 Financial Need $ 8,000 Subsidized Loan $ 3,500 Remaining Need $ 4,500 State Grant $ 3,000 Eligibility for Remaining Need $ 1,500 Remaining Est. Cost for Student $11,500 Once remaining need is met the rest of the students financial aid package can be made up of non-need based aid (ex. Unsubsidized Loan, Parent Plus Loan)

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Federal Pell Grant Supplemental Educational Opportunity Grant (SEOG) TEACH Grant State TEXAS Grant (will no longer be available at 2 year schools) Texas Public Education Grant (TPEG) Priority deadline for TEXAS Grant is March 15 So, taxes need to be process by?

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Need-based Earn money to help pay educational expenses At least minimum wage, paid at least monthly Part-time job

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Federal Loans Subsidized Loan Unsubsidized Loan Parent Plus Loan Perkins Loan State Loans College Access Loan (CAL) Be On Time Loan (BOT) Alternative Loans Private consumer loans Usually a last option after other more economical sources are exhausted

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Subsidized Loan Need based Interest: 3.86% Does not accrue interest while student is in school Unsubsidized Loan Not need-based Interest: 3.86% Interest accrues from date of first disbursement

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Maximum Annual Amounts $5,500 - Freshman $6,500 - Sophomore $7,500 - Junior and Senior Repayment Begins six months after graduation or after dropping below half- time enrollment status

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Based on parents credit Approved parent may borrow up to cost of attendance, less any other financial aid Denied If parent is denied due to adverse credit and indicates on the application they will not be pursuing further action, the student can be offered an Additional Unsubsidized Loan ($4,000- $5,000 depending on classification)

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Money awarded on the basis of merit, skill, or unique characteristics that does not have to be paid back Local organizations Foundations Companies Websites www.studentscholarships.org www.studentscholarships.org www.studentaid.ed.gov/scholarships www.studentaid.ed.gov/scholarships

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Every exemption has different requirements for eligibility Types and eligibility requirements available at: www.collegeforalltexans.com www.collegeforalltexans.com

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Cannot report on FAFSA Send written explanation to your Colleges Financial Aid Office Change in employment status Death or Divorce Medical expenses not covered by insurance Change in parent/student marital status Unusual dependent care expenses Student cannot obtain parent information

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Certain non-citizens qualify for Texas financial aid Available to some students who are not eligible to complete the FAFSA (must have SSN or be a legal alien to complete the FAFSA) Contact your universitys admissions office for qualifications Students should complete the Texas Application for State Financial Aid (TASFA) Available online @: www.collegeforalltexans.com www.collegeforalltexans.com

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QUESTIONS?

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FAFSA WORKSHOPS