The Free Application for Federal Student Aid (FAFSA)
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The Free Application for Federal Student Aid (FAFSA). Texas Association of College Admissions Counselors (TACAC) September 24, 2010 Lyn Wheeler Kinyon Assistant Director, Grants and Special Programs Texas Higher Education Coordinating Board [email protected]. Reason for the FAFSA. - PowerPoint PPT Presentation
Transcript of The Free Application for Federal Student Aid (FAFSA)
Financial Aid Update
Texas Association of College Admissions Counselors (TACAC)September 24, 2010
Lyn Wheeler KinyonAssistant Director, Grants and Special ProgramsTexas Higher Education Coordinating [email protected]
The Free Application for Federal Student Aid (FAFSA)Reason for the FAFSAThe family has the primary responsibility and is the primary resource to pay for educational costs.If the family resources are not enough to pay for the education, financial aid is available to supplement the family resources.FAFSA is the tool used to determine the Expected Family Contribution (EFC), the familys calculated ability to contribute to the educational costs of the student.
Free Application for Federal Student Aid (FAFSA)GenericElectronic (paper available)Collects information to be used in the EFC calculation: Dependency StatusFamily SizeNumber in CollegePrior Year IncomeCurrent AssetsOther InformationCollegesExpected Living ArrangementStatement of Educational Purpose
Personal Identification Number (PIN)www.pin.ed.gov Sign FAFSA electronicallyApplicant PINParent PINSign loan promissory note electronicallyPIN does not expire
Student Aid Report (SAR) SAR or ISIRExpected FamilyContribution (EFC)Important information and instructionsApplicant reported informationReview and correct if necessary
Texas Application for State Financial Aid (TASFA)The TASFA is available for students in Texas who cannot complete the FAFSA due to citizenship and SS# issues.Not all schools accept the TASFA.http://www.collegeforalltexans.com/index.cfm?objectid=D465D848-EA0F-C0EA-5209BC8C89262877
FAFSA4caster www.fafsa4caster.ed.gov
Early EstimateTransfer DATA toFAFSA on the WebLinks to PIN SiteTips for Preparingfor College and theFinancial Aid Process
Questions?Texas Association of College Admissions Counselors (TACAC)September 24, 2010
Lyn Wheeler KinyonAssistant Director, Grants and Special ProgramsTexas Higher Education Coordinating [email protected]
Financial Aid from the College PerspectiveTypes and Sources of Financial AidTypes of AidScholarshipsGrantsLoansWork
Gift AidScholarshipsGrants
Need-Based Aid
Sources of AidFederal GovernmentState GovernmentInstitutionPrivate
Self-Help AidLoansWork
Non-Need-Based Aid
Applying for Financial AidApply for admission to the institution(s).Request institutional financial aid information.Request institutional scholarship information.Complete all forms required by the institution and/or the scholarship program.Complete the Free Application for Federal Student Aid (FAFSA) or TASFA as early in the spring as possible prior to the academic year of anticipated enrollment.Pay attention to the institutions established deadlines.Respond to all requests from the FAO in a timely manner.Determining Eligibility and Packaging AidThe financial aid office:draws down FAFSA information from the CPS;confirms basic eligibility requirements are met;checks satisfactory academic progress;performs verification if required; andcalculates the students need.An aid package is created taking into consideration:students information; program specific requirements; availability of aid programs; andinstitutions packaging philosophy.An award notification is sent to the student.Aid is disbursed to the enrolled student.Need Calculation Cost of Attendance (COA)(includes allowances for tuition, fees, books, supplies, room, board, transportation and personal/miscellaneous expenses) - Expected Family Contribution (EFC)(determined by Federal Methodology and included on the FAFSA) - Other Resources (e.g., outside agency scholarships, value of tuition waivers, etc.) ____________________________________________
= Financial Need
Need Varies Based on Cost
Financial Aid NotificationsTypes and amounts of aid offeredProgram terms and conditionsAdditional action needed on the students or parents part to secure fundingAccept/declineLoan processSigned statement
Institution Specific ProcessesPriority deadline datesPackaging philosophiesAcceptance of TASFALoan processesAward noticesDisbursement processesReview of special student circumstancesSatisfactory Academic ProgressScholarship SourcesFinancial Aid OfficeScholarship OfficeDepartments On-CampusOrganizations On-CampusOutside AgenciesFree Scholarship Searches
Questions?
