Paying for College Name: Farcett Patrick Date: December 8, 2015

How necessary will financial aid (education loans, scholarships and grants) be to pay for your (child’s) college education? College Hopes and Worries StudentsParents Source: The Princeton Review, College Hopes and Worries Survey, 2011

80 % (4 out of every 5) receive some form of financial aid 17 million students attend college each year How many people receive aid?

Where does aid come from? Sources of Financial Aid (In billions) Source: Trends in Student Aid 2010, The College Board Federal Gov’t

If you are accepted to a college, enroll, and do nothing else, You will not receive any financial assistance. Applying for Federal Aid When you apply for admission, you are not applying for federal aid. These are two distinct processes.

The Goal of Federal Aid… How much college costs How much your family can afford The Gap - = Cost of Attendance Expected Family Contribution Need - = To bridge the gap between how much college costs And how much your family can afford.

Cost of Attendance Tuition and Fees +Student Activity Fee +Room and Board +Books and Supplies* +Travel +Miscellaneous Living Expenses* =$ Cost of Attendance (per year vs. per semester) *Keep in mind that schools may include some or most of these in their publications. You will most likely have to pay for ALL the above expenses either on your bill or out of pocket.

What is EFC? EFC is the Expected Family Contribution EFC will determine Pell Grant eligibility & any need-based financial aid eligibility Factors include: Household income (parent and student) Assets (parent and student) Household size Number of students enrolled in college * “need-based” by federal guidelines, not a personal “need” perspective*

EFC Cost of Attendance Expected Family Contribution Need - = You? The college? The government? Who decides how much a family can afford?

EFC You? The college? The government. Who decides how much a family can afford? Cost of Attendance Expected Family Contribution Need - =

TAFSA

FAFSA Roughly 100 questions »Online Application » »Student and family’s income and assets »Size of household »Student lists up to 10 schools(colleges/universities) Submitted: After January 1 st of Senior Year of HS And submitted every year for each year of college the student attends.

More about FAFSA Federal Grants -Federal Pell Grant -Federal Supplemental Education Opportunity Grant -Federal TEACH Grant *funds are allocated to schools each academic year *once funds are committed, no new funds will be available until the next academic year

What is a FSA ID? The FSA ID, which replaced the Federal Student Aid PIN in May 2015, is the username and password you use when you visit certain U.S. Department of Education websites and it’s used to electronically sign and submit the FAFSA application. How do I get an FSA ID? - your Social Security number (you must have an SSN to get an FSA ID) - your full name (must match your Social Security card) -your date of birth Tips: Although you’re not required to provide your address when you set up your FSA ID, it’ll make retrieving your username and password easier if you forget them. Just make sure you don’t use the same address as someone else (your parent, for instance). Each address can be associated with only one FSA ID.

More about FAFSA IRS Data Retrieval Tool Available early February 2016 Will allow for financial figures to be pulled directly from the IRS system IRS data available within 2-3 weeks for electronic filers or 8-11 weeks if filed by paper

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TASFA 16 Page Application - 41 Questions »Online application at: » » »Student and family’s income and assets »Size of household »MUST be printed and mailed to the colleges Submitted: After January 1 st of Senior Year of HS And submitted every year for each year of college the student attends.

More about TAFSA Financial aid for our undocumented and/or deferred action students Eligible for state funds in TX such as: -Texas Grant -Texas Public Education Opportunity Grant(TPEOG) -Texas Equalization Opportunity Grant (TEOG)

Meeting your need Colleges create award packages from a single pool of federal funds. If you have unmet need, who makes up the difference? Answer: You and your family. They decide how much a family receives. They decide what types of aid they will receive.

Only when a student is deciding which school to attend, should they consider the cost. When cost (is / is not) a factor When a student is deciding to which schools they will apply, cost can take a back-seat (for now).

Other Types of Aid Work-Study program Federal Student Loan program -Federal Subsidized Loan -Federal Unsubsidized Loan Federal Perkins Loan Federal Parent Loan for Undergraduate Students (PLUS Loan)

Scholarships may be awarded on the basis of: Academic Merit GPA Rank Rigor of coursework Financial Need Talent/Performance Athletics Art Dance Band, orchestra, choir Member of a particular group or organization Leadership and participation Writing sample (essay) All or any combination of the above Scholarships

FAFSA/TASFA Completion Help Dallas County is hosting multiple events designed to help you complete your FAFSA/TASFA this Winter: Feb. 2 nd : »Financial Aid application assistance for HSHP & ESSM, 6 p.m.-8 p.m. Feb. 9 th : »Financial Aid application assistance for Townview, 6 p.m.-8 p.m. Feb. 20 th : »Lake Highlands HS, Molina HS Feb. 27 th : »Bryan Adams HS Mar. 5 th : »Carter HS

- FAFSA – TASFA TAFSA – Scholarships Scholarships –College search Important Websites

a Farcett Patrick Higher Education Advisor Townview ESSM and HSHP