FAFSA and Senior Information Night October 2017

Financial Aid

Topics We Will Cover Terms to Know Types of Financial Aid Applying and Determining Aid -FAFSA/TASFA Miscellaneous Facts

Important Financial Aid Terms PIN – Personal Identification Number ITIN – Individual Taxpayer Identification Number SAR – Student Aid Report EFC – Expected Family Contribution COA – Cost of Attendance Need Verification

PIN – Personal Identification Number Needed to complete and sign the FAFSA Both parents AND students Apply for PIN at pin.ed.gov Same PIN for your entire life Will use every year in school to file the FAFSA Keep PIN in a safe place and do not share with anyone

ITIN – Individual Taxpayer Identification Number Tax processing number issued by the IRS in the place of a SSN Undocumented students or parents

SAR – Student Aid Report Results/Summary of information filled out on the FAFSA You and each of the schools you listed will receive a copy Indicates your family’s EFC and if there were any errors

EFC – Expected Family Contribution Based on your financial information from the FAFSA, the federal government estimates how much your family can contribute to the student’s college expenses each year 0 – 99,999 Get an estimated EFC NOW: FAFSA 4caster

COA – Cost of Attendance Different for each school Includes: Tuition and Fees Room and Board Books Transportation Other/Personal Expenses COA Examples NYU – $71,754 Schreiner University - $37,156 Texas A&M - $27,452 UT Austin - $26,626 Texas State - $23,230 Tarleton State - $22,612

Need Cost of Attendance – Expected Family Contribution Need

Verification University will ask for additional documents W-2, 1099, Income Tax Returns Universities are required to verify 30% of applicants Lower Estimated Family Contribution (EFC) increases your odds of being verified How will you know? * next to EFC on FAFSA/SAR Student Portal

Types of Financial Aid Scholarships: Awards that are based on need, merit, or achievement. Loans: Money that is borrowed that must be repaid with interest. Grants: Money that is mostly awarded on the basis of need and DOES NOT have to be repaid. Work Study: Programs of on or off-campus jobs for students who demonstrate financial need. Hours are limited.

Defining Financial Aid What? Free/Pay Back? Merit/Need? How? When?

Defining Financial Aid What? Free/Pay Back? Merit/Need? How? When? Scholarships Loans Grants Work-Study

Defining Financial Aid What? Free/Pay Back? Merit/Need? How? When? Scholarships FREE But student must meet requirements Apply! Check my website for scholarships and search engines. NOW! Both Merit and Need 1. Private 2. Institutional Loans Grants Work-Study

Defining Financial Aid What? Free/Pay Back? Merit/Need? How? When? Scholarships FREE But student must meet requirements Apply! Check my website for scholarships and search engines. NOW! Both Merit and Need 1. Private 2. Institutional Loans Pay Back Neither – almost anyone can get these loans FAFSA NOW! Subsidized Unsubsidized Grants Work-Study

Defining Financial Aid What? Free/Pay Back? Merit/Need? How? When? Scholarships FREE But student must meet requirements Apply! Check my website for scholarships and search engines. NOW! Both Merit and Need Private Institutional Loans Pay Back Neither – almost anyone can get these loans FAFSA NOW! Subsidized Unsubsidized Grants FREE Need But money will go to those who apply first FAFSA/TASFA NOW!

Defining Financial Aid What? Free/Pay Back? Merit/Need? How? When? Scholarships FREE But student must meet requirements Apply! Check my website for scholarships and search engines. NOW! Both Merit and Need Private Institutional Loans Pay Back Neither – almost anyone can get these loans FAFSA NOW! Subsidized Unsubsidized Grants FREE Need But money will go to those who apply first FAFSA/TASFA NOW! Work-Study Neither, you work for it! Combination FAFSA NOW!

FAFSA - Free Application for Federal Student Aid www.fafsa.gov Fill out and submit form online Students and Parents work together Will take ~30 minutes with correct information in front of you If you have already filed taxes you can use the IRS Data Retrieval Tool - information is auto filled for you (no mistakes) List all schools you have applied to Never pay ANYTHING to file the FAFSA

www.fafsa.gov

Login Page This is the 2017-18 “Login” page. Because the FAFSA is ALWAYS the student’s application (rather than the parent’s), the student inputs his or her information first. The personal identifying information entered here will form the record locators within the FAFSA database.

TASFA Texas Application for Student Financial Aid For undocumented students Print, Fill Out, and Mail to universities www.collegeforalltexans.com

What do you need to fill out the FAFSA/TASFA? 1. Student State ID, Driver’s License, SSN 2. Student W-2 and Tax Return 3. Parents 1040, W-2, and 1099 Tax Forms 4. Parents Bank Statements and Mortgage Info 5. Records of Stocks, Bonds, and Investments 6. Untaxable benefits documentation (Social Security, Veterans Benefits) 7. Business/Farm Records 8. Unusual family circumstances and costs (Child Support)

IMPORTANT FACTS Don’t leave any fields blank! Use your legal name – Not your nickname Pay your bills first. Questions 41 and 90 ask about how much cash students and parents have in savings and checking accounts at the moment you are filling out the FAFSA. But notice that there are no questions on the FAFSA about your debts or bills. Put the amount that is in your account AFTER you pay your monthly bills Investments. Questions 42, 43, 91 and 92 ask about the student’s and the parents’ investments. But many filers don’t realize that the value of any retirement accounts, as well as the home you live in, should not be included in these boxes Highest Education Completed. Questions 24 and 25 ask about the highest level of education your parents completed. Some states and colleges offer extra aid to children of parents who haven’t earned college degrees. Strategize your college list. FAFSA reports your entire college list to each university.

Supplementary Letter Use the Supplementary Letter to Explain Extenuating Circumstances Loss of job High medical bills You must provide documentation to support this letter

Selective Service “A young man who fails to register with Selective Service may be ineligible for opportunities that may be important to his future. He must register to be eligible for federal student financial aid, state- funded student financial aid in many states, most federal employment, some state employment, security clearance for contractors, job training under the Workforce Investment Act, and U.S. citizenship for immigrant men.” “Failing to register or comply with the Military Selective Service Act is a felony punishable by a fine of up to $250,000 or a prison term of up to five years, or a combination of both.”

Beware of Scholarship Scams Watch out for the following claims: “For a fee, we provide a comprehensive list of scholarships.” “Billions of dollars of award monies going unclaimed.” “We have a money-back guarantee.” “We need your credit card or bank account number.” “We will do all the work.” AVOID fafsa.com

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Senior Information

Project Graduation Right after graduation – Friday, May 25, 2018 YMCA of Austin - East Communities Friday, May 25 - Saturday, May 26 Details to come soon! Laura DiCarlo – LASA Parent

Graduation Ceremony Friday, May 25 7:00 p.m. Doors Open at 6:30 p.m. Seniors must arrive at 5:15 p.m. Location: St. James Baptist Church  3417 E. Martin Luther King Jr. Blvd. Austin, Texas  78721

Graduation Practice Mandatory! Seniors and Participants Only Thursday, May 24  2 p.m. - 5 p.m. St. James Baptist Church

Upcoming Cap, Gown, & Senior Items by Herff Jones Presentation to Seniors: During Senior Meeting on 10/26 Order Days - 11/10 & 10/17 Turn in Baby/Childhood/Youth pictures for the Graduate Slide Show by December 13.

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