How Do I Pay for College? A discussion on funding solutions with Bradley Moore, Senior Advisor Texas...
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![Page 1: How Do I Pay for College? A discussion on funding solutions with Bradley Moore, Senior Advisor Texas A&M University.](https://reader033.fdocuments.us/reader033/viewer/2022052913/56649de95503460f94ae45c6/html5/thumbnails/1.jpg)
How Do I Pay for College?
A discussion on funding solutions with
Bradley Moore, Senior AdvisorTexas A&M University
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With Help
Financial Assistance• Grants• Loans• Work-Study
Scholarships• Institutional• Private
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Scholarships• Consult college/university scholarships
website for application procedures. Most, but not all, Texas Universities have their scholarship applications available at ApplyTexas.org
• Apply for as many private scholarships as you can find. Consult your college counselor, GO Center mentors, free scholarship search engines, corporate/organization websites, such as:• fastweb.com• scholarships.com• cbcfoundation.org• scholarships.tamu.edu
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Financial Assistance
• Complete the Free Application for Federal Student Aid (FAFSA) at fafsa.gov
• Priority Deadlines often in March.
• State aid priority deadline March 15.
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What is the FAFSA?
• A financial aid application created by the U.S. Department of Education.
• Collects important information about the students family, such as:• Income • Taxes paid• Family size, number of children in college• Demographic information such as address,
social security numbers, etc.
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Required Information
• Social Security Numbers• Parent’s Information (name, DOB, marital
status)• Tax returns, W-2/1099 forms, bank
statements• Household size• Number of household members in college• Non-retirement investment net worth• Electronic signatures
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IRS Data Retrieval Tool• FAFSA information must now be retrieved
directly from the IRS unless your status is:
• Married filing separately• You file an amended return• You file a Puerto Rico or foreign income tax
return
• If you cannot use the data retrieval tool you must submit a corrected FAFSA using the tool as soon as you are able, or be subjected to extra scrutiny. Contact your financial aid office for more information.
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IRS DATA RETRIEVAL TOOL
Opens feb 3
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Verification• The Department of Education and/or
the receiving institution may select your FAFSA for verification.
• This means you must submit documentation to Financial Assistance office verifying the information provided on your FAFSA.
• Copy of IRS tax return transcript, verification worksheets and proof of identification are the common requirements. Contact aid office for more information.
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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 by the Dept. of Education
using FAFSA data.
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Financial Need Formula
Cost of Attendance - Expected Family Contribution
_________________________= Financial Need
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Federal Pell Grant
• Federal Entitlement Program
• Cannot receive for more than 12 semesters
• EFC threshold: $0-$5157
• Amount: $602-$5830
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Toward Excellence, Access and Success (TEXAS) Grant
Amount varies by university (up to $8000) Texas resident Not convicted of controlled substance
crime EFC less than $4800 Priority for meeting two of the following
categories: Distinguished Achievement/IB
diploma/12 hours college credit (AP/IB/dual credit)
TSI Readiness Graduate top 33% or have B average
(80+) Complete a math course having Algebra
II as prerequisite
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Texas Educational Opportunity Grant (TEOG)
Amount varies by community college
(up to $2700)
Texas resident
Not convicted of controlled
substance crime
EFC less than $4800
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Top 10% Scholarship
Amount varies based on funding
Must be in top 10% of high school class
School MUST receive valid FAFSA by March 15.
Must have “financial need”
Renewable with 3.25 GPA and 30 credits completed
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Student Employment
• Work-Study programs offer students ability to work part-time (10-20 hours/week)
• Wages earned through work-study useable for all education related expenses such as:• Tuition• Books • Housing• Personal expenses
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Federal Student Loans• Federal Direct Subsidized loan program
• Fixed 4.66% int. rate, no payments while in school, 10-25 year flexible repayment plans.
• Federal Direct Unsubsidized loan program• Fixed 4.66% int. rate, no payments while in
school, 10-25 year flexible repayment plans.
• Parent Loan for Undergraduate Students (PLUS)• Fixed 7.21% int. rate, payments deferrable
while student attends school, 10 year repayment plan.
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Alternative Loans
• College Access Loan (CAL)• Student loan program offered by Texas
Higher Education Coordinating Board• Parent as cosigner• Fixed 5.25% interest rate.• 10-20 year repayment depending on amount
• www.hhloans.com
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Tuition Exemptions
The state has programs for students who:
• Were in foster care• Were adopted out of care• Were the highest ranking scholar for their
school• Are blind or deaf• Are Texas Veterans or children of Texas
Veterans (Hazlewood Act)• Child of certain disabled/deceased Texas public
servants
Visit www.collegefortexans.com for fact sheets & links to other higher education resources for students
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Misconceptions about Applying for Financial
Aid
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My Parent’s Income is too High to Apply for Aid
• Financial aid is intended to make a college education available to families in a number of different financial situations; everyone qualifies for something.
• Income is only one of many factors considered.
• A growing number of institutional and private scholarships require that students fill out the FAFSA as part of their application process.
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My Grandparents/Guardian can provide their Income Information on
my FAFSA• If your parent(s) are still alive, federal
guidelines require that biological parent’s information be used to fill out the Free Application for Federal Student Aid (FAFSA) unless someone else is your legal guardian or you have a severe extenuating circumstance.
• Legal guardianship must be court ordered; students stating they live with guardians MUST provide court documents proving such.
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My Stepparent does not Have to Provide Income Information on my
FAFSA• Stepparent's information must be
included on your financial aid application if you lived in the stepparent's household for 6 weeks (42 days) or more during the previous or current year or if a stepparent contributed more than $750 in "support" during the previous or current year.
• "Support" means money for such things as housing, food, clothing, transportation, medical care and school.
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My Parents are Divorced or Separated, which Parent Should
Complete the FAFSA• The parent whom the student resided with
the longest over the last 12 months provides their information on the FAFSA; both parents are not required.
• If you lived with each parent for an equal number of days, use the income information from the parent who provided you with the most support during the last 12 months.
• "Support" means money for such things as housing, food, clothing, transportation, medical care and school.
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Special Circumstances
• The FAFSA is a generic application that does not allow consideration for issues not reflected in the tax return information
• All Financial Aid offices have paperwork useable to alert about special circumstances such as high medical bills, reduced employment, job loss, etc.
• Visit schools financial aid website or call for more information
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Texas Application for State Financial Aid
• Some students not eligible to complete a FAFSA may still receive some aid by utilizing a TASFA
• These students would not be U.S. citizens or noncitizens eligible for Federal Student aid but considered Texas residents for education purposes, eligible for State aid under Texas Senate Bill 1528 (lived in TX and attended TX HS three years leading up to graduation
• Application available at: collegefortexans.com or your institutions financial aid website
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I’m Independent of My Parents
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Need Help?
Help is available through many outlets:
High School counselorsFinancial Aid office at college/university
you plan to attend
Bradley Moore, Texas A&M UniversityPhone: 361-289-7905E-mail: [email protected]