James Madison High School Financial Aid Night 2016 James Madison High School

College Access and Success Advisor Sergio Mares College Access and Success Advisor Kirk Murrell College Advisor

Agenda Main Theme What is FAFSA? FSA ID FAFSA Application IRS Data Retrieval Tool (DRT) Estimated Family Contribution (EFC) Verification Process What is TASFA? Requirements for In-State Tuition Overview of TASFA Application TASFA Documentation Resources

www.fafsa.ed.gov

What is FAFSA? Free Application For Student Aid Created by the Dept. of Education Used to determine if students qualify for federal aid Used by colleges to determine eligibility for institutional aid Electronic filing is highly recommended Faster processing Built-in support to prevent errors

Why is FAFSA Important? Financial Aid Completing your FAFSA can make you eligible for federal financial aid. Your eligibility will generally be based on your financial need. FAFSA provides more than $150 billion in student aid each year. Aid provided in the form of: grants, loans, & Federal Work-study

FAFSA for 2017-2018 Applications What has Changed: Opening October 1st Filing with Prior-Prior Taxes (1 year earlier) 2015 Tax Return (W-2, 1040) Same as last year’s FAFSA. What it means for you Calendar alignment – Receiving aid decisions earlier. Certainty – No more guessing tax return amounts Less Pressure – More time to apply for financial aid

FSA ID The FSA ID allows students AND parents to identify themselves electronically. The FSA ID is made up of a username and password and can be used to log into FAFSA on the Web. While you are not required to have an FSA ID to complete and submit a FAFSA, it is the fastest way to sign your application and have it processed. To complete your FAFSA, your child and 1 parent/guardian needs to create their own separate FSA ID.

FAFSA - Eligibility High School Diploma or GED Enrolled in degree or certificate program Satisfactory Academic Progress (SAP) U.S. citizen/national Eligible noncitizen Registered with Selective Service (for males)

FAFSA - The Checklist Student: Social Security Number Completed IRS tax return W-2 Record of untaxed income $ Amount in cash, checking, and savings accounts Parent: Completed IRS tax return W-2 Record of untaxed income Record of investments $ Amount in cash, checking and savings accounts

IRS Data Retrieval Tool (DRT) The IRS DRT allows students and parents to access the IRS tax return information needed to complete the FAFSA and transfer the data directly into their FAFSA from the IRS Web site. If you choose not to use the IRS DRT to retrieve tax information, your college may require a copy of your IRS Tax Return Transcript (or your parents’ IRS Tax Return Transcript, if you are a dependent student.) We highly recommend using the tool for several reasons: It’s the easiest way to provide your tax data. It’s the best way of ensuring that your FAFSA has accurate tax information. You won’t need to provide a copy of your or your parents’ tax returns to your college.

Estimated Family Contribution (EFC) The EFC is a measure of your family’s financial strength and is calculated according to a formula established by law. Your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered in the formula. Also considered are your family size and the number of family members that will attend college during the year. Schools use the EFC to determine your federal student aid eligibility and financial aid award. IMPORTANT: Your EFC is not the amount of money your family will have to pay for college nor is the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.

Types of Federal Aid

Grants

Work-study

Federal Direct Loans

Federal Direct Loans - Student

Federal Direct Loans - PLUS

Lowest dollar amount that COULD be awarded based off of financial need $0* Lowest dollar amount that COULD be awarded based off of financial need *Pell Grant

$5,775/yr* Maximum dollar amount that COULD be awarded based off of financial need *Pell Grant

The Power of the Pell Grant School Per Semester Tuition (Full-Time) Pell Grant Out-of-Pocket Expense Alamo Colleges $873.00 $2,887.50 $2,014.50 UTSA $4,680.50 $1,793.00 Texas A&M - SA $1,863.53 $1,023.97 Our Lady of the Lake University $12,650.00 $9,762.50 Trinity University $18,928.00 $16,040.50 University of Texas $5,301.00 $2,413.50 Sam Houston State $4,668.50 $1,781.00

Verification Process* *Verification is a random review process in which the College/University’s Financial Aid office determines the accuracy of various data elements reported by the student/parent on the FAFSA. How do you know if you were selected for Verification? Look for an asterisk * on the SAR (Student Aid Report) sent to the email address you provided on your FAFSA. The U.S. Dept. of Education selects approximately 30% of all aid applicants for verification. What information do I need to provide if I was selected for Verification? Verification Worksheet Form Tax Transcript Any additional documents that your school may require

What is TASFA? An application used by financial aid administrators at most Texas colleges and universities to determine a student’s eligibility for state financial aid.

Texas in-state tuition law H.B. 1403 - passed in 2001 by Texas Legislature S.B. 1528 - updated law in 2005 State Law classifies eligible undocumented students as Texas Residents for purposes of paying tuition. Undocumented students eligible for state financial aid at Texas public colleges & universities.

Requirements for in-state tuition Undocumented students and students in immigration process Graduate from high school/received a GED in TX Reside in TX for at least three consecutive years before graduation or receiving GED Reside in TX for at least one year leading up to college enrollment Sign a notarized Affidavit of Intent.

Overview of the TASFA Application Section I: Personal Information and Dependency Section II: Household Information Section III: Tax Filing Status/Additional Information Section IV: Untaxed Income and Assets Section V: Total Family Income/Explanation Section VI: Selective Service Registration Section VII: Signatures

TASFA Documents The following must be submitted to your College/University: Completed TASFA Application (Paper only) Proof of Selective Service Registration (males only) Notarized Affidavit of Intent Depending on your school, they may also require additional documents that could include: Verification Worksheet Tax Transcript (if no taxes filed, then Written Statement of Income/Assets)

Resources Counseling Department Go Center Texas Financial Aid Information Ctr Call 1-888-311-8881 Monday - Friday Student Aid Saturdays www.studentaidsa.org Cafe College www.cafecollege.org Federal Student Aid www.studentaid.ed.gov Resources Counseling Department Go Center Mr. Kirk Murrell (8-4:30 M-F) Ms. Melissa Ramos (Tuesdays)