Help students pay for college Achieved by: - Evaluating family's ability to pay for educational costs - Distributing limited resources in a fair and equitable manner using a programmed award philosophy

Financial Aid is not designed to cover 100% of college expenses

Financial Aid Gift Aid Self-help Loans Work Study Grants and Waivers Scholarships

 May be filed after January 1 st of the Academic year the student plans to attend  For the 2014–15 academic year, the FAFSA may be filed beginning January 1, 2014  Check with your college to find out their FAFSA deadline

 Remind the student to answer the FAFSA accurately  For example: If the question ask for parents’ demographic information and income…

 It is the Student’s responsibility to remain in compliance with the university’s Satisfactory Academic Progress Standards - Satisfactory academic progress (SAP) is used to define successful completion of coursework - May be different depending on the college Example:

 Electronic (FAFSA on the Web)  Paper Request at : 1-(800)- 4FEDAID ( )

Applicant may submit request to IRS for tax data - Electronically: at least 2 weeks prior - Paper: at least 6-8 weeks prior If match found: IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data

 Amount a family can reasonably be expected to contribute toward their child's education  Stays the same regardless of college  Calculated using data from the FAFSA

 Tuition and fees  Room and board  Books and supplies  Transportation  Miscellaneous personal expenses

COST OF ATTENDANCE (COA) EXPECTED FAMILY CONTRIBUTION (EFC) _________________________________________________ FINANCIAL NEED

Est. Cost of Attendance (COA) $ 18,000 Expected Family Contribution (EFC) 10,000 Financial Need $ 8,000 Subsidized Loan $ 3,500 Remaining Need $ 4,500 State Grant $ 3,000 Eligibility for Remaining Need $ 1,500 Remaining Est. Cost for Student $11,500 Once remaining need is met the rest of the students financial aid package can be made up of non-need based aid (ex. Unsubsidized Loan, Parent Plus Loan)

Federal  Pell Grant  Supplemental Educational Opportunity Grant (SEOG)  TEACH Grant State  TEXAS Grant (will no longer be available at 2 year schools)  Texas Public Education Grant (TPEG)  Priority deadline for TEXAS Grant is March 15  So, taxes need to be process by…?

 Need-based  Earn money to help pay educational expenses  At least minimum wage, paid at least monthly  Part-time job

Federal Loans  Subsidized Loan  Unsubsidized Loan  Parent Plus Loan  Perkins Loan State Loans  College Access Loan (CAL)  Be On Time Loan (BOT) Alternative Loans  Private consumer loans  Usually a last option after other more economical sources are exhausted

Subsidized Loan  Need based  Interest: 3.86%  Does not accrue interest while student is in school Unsubsidized Loan  Not need-based  Interest: 3.86%  Interest accrues from date of first disbursement

Maximum Annual Amounts $5,500 - Freshman $6,500 - Sophomore $7,500 - Junior and Senior Repayment Begins six months after graduation or after dropping below half- time enrollment status

 Based on parents’ credit Approved – parent may borrow up to cost of attendance, less any other financial aid Denied – If parent is denied due to adverse credit and indicates on the application they will not be pursuing further action, the student can be offered an Additional Unsubsidized Loan ($4,000- $5,000 depending on classification)

Money awarded on the basis of merit, skill, or unique characteristics that does not have to be paid back  Local organizations  Foundations  Companies  Websites  

 Every exemption has different requirements for eligibility  Types and eligibility requirements available at:

Cannot report on FAFSA Send written explanation to your College’s Financial Aid Office  Change in employment status  Death or Divorce  Medical expenses not covered by insurance  Change in parent/student marital status  Unusual dependent care expenses  Student cannot obtain parent information

Certain non-citizens qualify for Texas financial aid  Available to some students who are not eligible to complete the FAFSA (must have SSN or be a legal alien to complete the FAFSA)  Contact your university’s admissions office for qualifications  Students should complete the Texas Application for State Financial Aid (TASFA) Available

QUESTIONS?

FAFSA WORKSHOPS