Panhandle-PlainsManagement & Servicing Corp.

www.ppslc.com

Presenter: Jodi Gatewood

Recruiter for University of South Alabama

FINANCIAL AID OVERVIEW

What It Costs: “Resident Budget”2014-15 Tuition/Fees, Books/Supplies, Room/Board, Transportation, Personal Expenses

T&F Resident Budget

Angelo State Univ. $ 7,642 $19,924Texas A&M Univ. $ 9,242 $22,470Texas Tech Univ. $ 9,608 $24,612UT Austin $ 9,798 $26,314Midwestern University $ 8,088 $20,392West Texas A&M Univ. $ 7,361 $20,099Baylor Univ. $38,320 $54,160Abilene Christian Univ. $29,450 $43,100Hardin-Simmons Univ. $22,350 $33,886Howard Payne Univ. $24,600 $33,589McMurray Univ. $25,019 $35,726 Wayland Baptist Univ. $15,930 $31,430Vernon College* $ 2,940 $13,768

*University of South Alabama out of state cost of attendance is $25,420-$26,920(Tuition and fees only are $17,220)

Source: www.collegeforalltexans.com

The Student and Family—Income and Savings Financial Aid

Where Does Financial Aid Come From?

The Federal and State Government Colleges and Universities The Community

How Do You Pay For It?

Cost of Attendance (COA) Resident Budget: Tuition/Fees, Books/Supplies; Room/Board; Personal/Transportation

Minus the Expected Family Contribution (EFC)—(Determined when FAFSA is processed—amount the student and family are expected to pay) and other financial aid

Equals Financial Need

Definition of Financial “Need”

COA*Private Public/State State 2 year

$37,436 $21,978 $15,116Minus EFC

-$3,000 -$3,000 -$3,000Equals “Financial Need”

$34,436 $18,978 $12,116

*Cost figures are the average cost by sector for Texas colleges/universities in 2014-15.

Example: COA minus EFC = Need

GRANTS– “Gift Aid”—No Repayment

SCHOLARSHIPS– “Gift Aid”—No Repayment

WORK-STUDY—Self Help—Hourly Paid Employment

LOANS—Self Help—Must Be Repaid

Types of Financial Aid

PELL GRANTS For students with most exceptional financial

need “Foundation” of the financial aid package Maximum annual award for 2014-15 is

$5,730. The maximum EFC is 5,157WORK-STUDY

Paid, part-time work, usually 12—20 hours per week—either on- or off-campus

Pay comes in the form of a pay check

Federal Programswww.studentaid.ed.gov

PERKINS LOAN Campus-based, limited funds Qualifications based on exceptional need Subsidized; Interest rate—5% Maximum amount for undergraduates-- $5,500

per year. Aggregate limit is $60,000, including graduate level loans.

Some cancellations benefits:◦ Full-time teacher in a low income elementary school and other teaching fields◦ Nurse or medical technician◦ Full-time law enforcement/corrections officer, or firefighter◦ Military service in a hostile fire/imminent danger area◦ And several more areas.

Federal Programs, Continued

The largest loan program—Available to all students Subsidized (need-based) or Unsubsidized (non-need-

based) Range $5,500 ($3,500 Sub. + $2,000 Unsub.) for

dependent students. Up to $9,500 ($3,500 Sub. + $2,000 Unsub. + an additional $4,000 Unsub.) for independent students.

Interest rate—Subsidized: 0% while in school; In repayment, interest will be 4.66% for loans made July 1, 2014 or after. Unsubsidized: 4.66% fixed while in school and in repayment. Graduate unsubsidized interest rate is 6.21%.

Repayment—10 years; some cancellation options Additional repayment options may be available.

Federal Direct Loans

Available to parents of undergraduate students; unsubsidized; Interest rate: 7.21% fixed

May borrow up to cost of attendance, minus other financial aid

Repayment begins either 60 days after second disbursement, or may be deferred and begin 6 months after student ceases to be enrolled at least half time.

Up to 10 years to repay

PLUS—Direct Parent Loan for Undergraduate Students

GRANTSTEXAS GrantTexas Public Educational GrantTuition Equalization GrantTexas Educational Opportunity Grant

(Also see “Types of Financial Aid,” “Exemptions” and “Waivers”)

State Programswww.collegefortexans.com

Adopted students formerly in foster or other residential care

Blind/Deaf Student exemption Exemption for child of Deployed Member of

the Armed Forces Exemption for Highest Ranking High School

Graduate

Selected Exemptionsat public colleges or universities in Texas

Foster Care Students Early High School Graduate exemption was

discontinued in the last Legislative session. More information is available at:

www.collegeforalltexans.com

Selected Exemptions, Cont’d

LOANS College Access Loans

No demonstrated needMay borrow amount up to cost of attendance, less any other financial aidInterest 5.25 fixed for 2014-15

Must have an acceptable credit score or have a cosigner with an acceptable score. Acceptable is a minimum of 650 Experian VantageScore will result in a loan with a 5% origination fee. A score of 651 to 710 is a 3% fee and a score of 711 qualifies for a 0% fee.

Texas B-on-Time Student LoanNo demonstrated need; borrow up to $8,000 per year at four year public and private non-profit institutions; $2,700 at two year institutions and for public technical institutions $4,700.May be forgiven if certain requirements are met—GPA, Time, Credit Hours. (Understand thoroughly “Satisfactory Progress.”)

State Programs, Continued

Awarded based on need, merit, or both.

Sources—Businesses, clubs, civic groups, high school counselor, college financial aid office, college departments, unique programs, state programs, and the Internet.

SCHOLARSHIPS

Apply for admission to all schools interested in attending.

Request Financial Aid Packets from each. Complete carefully and return.

Complete and submit the FAFSA. Be thorough and accurate; pay attention to

details.

The ADMISSION APPLICATION PROCESSwww.applytexas.org--Texas “Common Application”

ALL Federal Aid (and much State and College aid) based on the FAFSA

The basis for creating the total financial aid package

Can be submitted in via the Web Must not be submitted before January 1,

2015 See www.fafsa4caster.ed.gov

Provides an early estimate of the amount of federal student aid; also records data that will be transferred to the FAFSA when that document is prepared.

The Free Application for Federal Student Aid (FAFSA)FAFSA on the Web: www.fafsa.ed.gov

The PIN is changing to a new FSA ID Serves as your electronic signature and provides access to your

records. The FSA ID will give access to all federal student/borrower based

websites The FSA ID will be a user-selected user name and password. The ID

will eliminate the need to enter name, SSN, and DOB to access most federal student/borrower websites.

Existing PIN users will be able to link their PIN information to the new ID.

Prepare a Draft Web—print a copy of the “FAFSA On The Web Worksheet.” If you completed the fafsa4caster, you can import data. All of your

data, except financial data, will import to the FAFSA and populate those fields for you.

FAFSA On The Web--PINhttp:www.fafsa.ed.gov

Divorced / Remarried Parent Information Parents’ / Stepparents’ Earned Income Untaxed Income Income Taxes Paid Household Size Real Estate and Investments Net Worth

Problem Areas

Special Circumstances—Elementary /secondary school tuition fees, unusual medical/dental,

Expenses—not covered by insurance, job loss or reduced salary, divorce, death of a parent, etc.

Professional Judgment—Administrators can use discretion when there are unique circumstances.Can correct, update and/or make adjustments to the FAFSA and Student Aid Report.The student will be asked to provide documentation.

Financial Aid Administrators’Professional Judgment for Special Circumstances

If you have questions, contact your counselor or the financial aid office at the institution you are considering. It is important to get the answers to your questions related to the FAFSA and about the aid application process. Don’t delay, timely completion is important.

Review, Transfer, Send Use the IRS Data Transfer to the FAFSA, if possible. Sign and submit the FAFSA electronically using your FSA ID. Print and keep copies of your FAFSA. Be sure to complete all

steps. Your submission is not complete until you receive the confirmation number.

Remember, never pay for financial aid advice.

Help With the FAFSAAnd Other Financial Aid Concerns

Document what the Federal Processor sends after analyzing the FAFSA (Keep a copy.)

Paper—Receive in 4—6 weeks; Web: 2—6 days Students are strongly urged to complete the

electronic FAFSA Can be seen and corrected online with your

PIN Check carefully for errors School(s) you have selected also will receive

and also can make corrections electronically

The Student Aid Report (SAR)

At least 1/3 of all applicants are selected. If you are selected, you will receive instructions from your school about the additional documents you will need to provide.

Contact the financial aid office and ask for direction.

Notification of Award You will receive notification from the college, advising of

the action to be taken. You will respond by indicating which and how much of

the aid you will accept. For many schools this is an electronic notification.

When you enroll, the aid will be credited to your account.

Verification

Beware of financial aid services or scholarship search services that charge a fee. Never pay for financial aid advice.

For help in recognizing and avoiding scams visit these websites:http://www.ftc.gov/bcp/edu/microsites/scholarship/index.shtml

www.finaid.org/scholarships/scams.phtmlwww.collegescholarships.org/scam.htmhttps://bigfuture.collegeboard.org/pay-for-college/grants-and-scholarships/how-to-avoid-financial-aid-scams

https://bigfuture.collegeboard.org/pay-for-college/grants-and-scholarships/how-to-spot-scholarship-scams

CAUTION!

www.AIE.org - Adventures in Education has college planning and financial aid info for counselors, students, parents, educators. Includes information on the FAFSA.

www.collegeforalltexans.com - state-specific information about higher education, financial aid. Also includes information on federal aid.

www.studentaid.ed.gov/ - federal site on student financial aid

http://comparecollegetx.com - site is a Texas Higher Education Coordinating Board site. Includes comparison information for Texas colleges and universities.

Helpful Websites

www.everychanceeverytexan.org◦ The site is maintained by the State of Texas Comptroller’s

Office. The site contains a wealth of information related to higher education, jobs, tuition savings plans, information on Texas colleges, and much more.

www.everychanceeverytexan.org/about/scholars/◦ Minnie Stevens Piper Foundation Compendium of Texas

Colleges and Financial Aid Calendar. This information is furnished by the Minnie Stevens Piper Foundation for Texas students. It includes information about admission requirements for Texas Colleges & Universities, scholarships, and financial aid.

Helpful Websites

Scholarship Experts: http://www.scholarshipexperts.com/

College Board: http://apps.collegeboard.org/cbsearch_ss/welcome.jsp

College Net (Mach25): http://www.collegenet.com/mach25/app

Adventures in Education: http://www.aie.org/Scholarships/index.cfm

CareerInfoNet: http://www.careerinfonet.org/scholarshipsearch/ScholarshipCategory.asp?searchtype=category&nodeid=22

Free Scholarship Search Sites

Texas Financial Aid Information Center (888) 311-8881

Texas Higher Education Coordinating Board (800) 242-3062

Department of Education (800) 433-3243

Helpful Phone Numbers

Apply early for financial aid. Re-apply each year. Complete all forms neatly and accurately. Keep copies of everything you send. Read carefully everything you receive from

the college, state, or Federal government.

Reminders

Never be hesitant to call the financial aid office for information or advice.

If possible, respond early to all deadlines. Respond to all requirements of all

applications. Understand thoroughly the terms and

responsibilities of all agreements. Questions? Call, e-mail, or visit the financial

aid office.

Reminders, Continued

Main Office: Panhandle-Plains Management & Servicing Corp; P.O. Box 839; Canyon, TX 79015 Toll Free: 877-629-3669

Web: www.ppslc.com

Presenter: Courtney Adams806-674-2736

courtneym@ppslc.com

Contact Information

Questions?