Preparing to Pay for College …or more appropriately, where do we start, what do we do and when???
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Transcript of Preparing to Pay for College …or more appropriately, where do we start, what do we do and when???
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Preparing to Pay for College
…or more appropriately, where do we start, what do we do and when???
Just enough information to generate more questions
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College Planning• It’s not too early!• Families should begin dialog about ‘life after high school’;
college, trade school, etc.• Parent AND student should review expected costs and begin
forming plan to finance educational goals• Begin scholarship searches• Review high school education plan: are there any funding
programs dependent upon high school curriculum? what courses have been taken? what is remaining?
• What courses are needed for college goals? (it’s not too early to look at college catalogs)
• Discuss plans with family and high school counselor-make certain you have a back up plan
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FREE Scholarship Search: www.fastweb.com
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Senior Year
• Check deadlines for schools of interest-both admission and financial aid
• Complete the FAFSA as soon after January 1, as possible
• Submit all documents requested by the school as soon as possible
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Information on planning…Adventures in Education: WWW.AIE.ORG
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What is Financial Aid?
• Financial Aid is a means to assist students in obtaining higher education and consists of:– Grants-Federal or State (Pell, SEOG,
TPEG/TEG, ACG/SMART)– Loans (Federal and Private)– Work Study (on or off campus)– Scholarships (Merit and Need Based)– State Exemptions
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General Eligibility
• Enroll as a regular student in a degree or certificate program
• Not be enrolled simultaneously in high school
• Have a high school diploma or equivalent • Provide a valid social security number• Be a citizen, national or permanent resident
of the U.S. or other eligible non-citizen• Register with Selective Service if required• Maintain satisfactory academic progress• Undocumented students are not eligible for
federal aid
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The Application (FAFSA)(Free Application for Federal Student Aid)
• Available January 1-FAFSA on the Web (FOTW)-paper FAFSAs no longer supplied to schools 2008-2009 (student may request paper form from Dept. of Education)
• Requires prior year income (i.e. 2008-2009 based on 2007 income-student and parent)
• Available in English and Spanish• Used to determine eligibility for state and federal
aid• Personal Identification Number needed to
electronically sign form (student and one parent)-request at www.pin.ed.gov
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How the Process Works
• Student and family complete the FAFSA• Student and school receives Student Aid Report
(SAR-response from FAFSA) with Expected Family Contribution number (EFC)
• School contacts student regarding missing/needed information
• School reviews student’s file to determine eligibility (based on federal guidelines)
• School notifies student of eligibility/offer
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Factors in determining eligibility
• Parent and student income
• Family size
• Age of older parent
• Number of family members attending college
• Parent and student assets
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FAFSA4caster: www.fafsa4caster.ed.gov
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www.collegefortexans.com
Texas Financial Aid Information Center 1-888-311-8881
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What are your questions?