2. Your Guide to Financial Aid
Types of
Financial Aid.
Financial Aid Timeline
MAC College Money Program

3. AVAILABLE Types of Financial Aid
$ GRANTS $ SCHOLARSHIPS $ WORK STUDY $ LOANS
KNOW THE TYPES OF
FINANCIAL AID
AVAILABLE

4. Types of Financial Aid: GRANTS
GRANTS are free money awarded based on a family’s financial need
Examples:
Federal Pell Grant
Texas Grants
MAC Grant from the MAC Program

5. Types of Financial Aid: SCHOLARSHIPS
SCHOLARSHIPS are free money awarded based on a student’s merit (i.e. grades/extracurricular)
Some scholarships are awarded based on both merit and need
Apply even if you haven’t been accepted for admissions yet
Apply throughout your senior year and even while in college

6. Types of Financial Aid: WORK STUDY
WORK STUDY provides funding for part-time jobs for students with financial need.
Students can earn money to help pay educational costs while gaining work experience
Students are responsible for finding their own jobs on or off campus.

7. Types of Financial Aid: LOANS
A LOAN is money you borrow and must pay back with interest 6 months after you stop attending classes.
Federal Student Loans have lower interest rates
Subsidized v. Unsubsidized
Loans should be considered your LAST resort!
Separate parent loans, state loans or private loans are also available, but at a much higher interest rate

8. Financial Aid Timeline: August to December Apply for admission to multiple colleges
Research multiple colleges to determine which ones are best fit for your prospective college experience
Consider: Potential career, major, school size, admission requirements, location, etc.
Take college tours
Talk to an admissions counselor
Submit your application before each college’s deadline

9. Financial Aid Timeline: August to June Apply for scholarships throughout your senior year
RESOURCES
Sign up for a free scholarship search engine (Cappex, Fastweb, Scholarships.com, etc.) to find national or state scholarships
Contact your counselor, local church, organizations and businesses for local scholarships
Visit your high school’s website
Follow the MAC Program on social media for scholarship updates and opportunities!
Facebook.com/WacoMAC
@WacoMAC

10. Financial Aid Timeline: September Create your Federal Student Aid ID}
Both STUDENT and PARENT need to create a Federal Student Aid ID (FSA ID) at FSAID.ED.GOV
Log in information to access student’s FAFSA
If you have a sibling in college and your parent has already made an FSA ID, your parent does not need to create a new one!
Allows access to student/parent tax information
Electronic Signature for student and parent

11. Financial Aid Timeline: October Complete your FAFSA
Free Application for Federal Student Aid
Calculates the student’s Expected Family Contribution (EFC) using financial information and household size
FAFSA
The EFC is a number generated by FAFSA, which is used to determine financial need and your eligibility for the free PELL GRANT and federal student loans
EFC
Once a college receives a student’s FAFSA, they will then determine eligibility for state grants or other scholarships from their institution
Additional Financial Aid

12. Financial Aid Timeline: October Complete your FAFSA
Be sure you go to the correct website!
FAFSA.GOV

13. Financial Aid Timeline: October Complete your FAFSA
You can now complete your FASFA on your mobile device!
myStudentAid

14. FAFSA BECOMES AVAILABLE on OCTOBER 1st
Financial Aid Timeline: October Complete your FAFSA
FAFSA BECOMES AVAILABLE on OCTOBER 1st

15. Financial Aid Timeline: October Complete your FAFSA
Financial and Tax Information
2017 TAX RETURN, W2s, Account Balances (for student & parent)
Use the IRS DATA RETRIEVAL TOOL (IRS DRT)
Automatically imports your tax information into your FAFSA from the IRS

16. DEPENDENT OR INDEPENDENT?
Financial Aid Timeline: October Complete your FAFSA
DEPENDENT OR INDEPENDENT?
Can I just use my own income? Probably not…
Most students are dependent, even if you don’t live with parents until you are 24 or have other extenuating circumstances.

17. } Financial Aid Timeline: October Complete your FAFSA
Who is considered your parent?
Biological parent(s)
Adoptive parent(s)
Biological parent and stepparent (if remarried)
NO ONE ELSE can be reported as a parent.
If your parents are divorced, choose the parent you are living with or stayed with the most over the last year.
If you don’t live with a parent, report the information on the last parent you lived with.
It does NOT matter who claims you on their tax return!

18. Reality Check: Financial Aid awarded through FAFSA may not be enough…
Financial Aid Timeline: October Complete your FAFSA
Reality Check: Financial Aid awarded through FAFSA may not be enough…
Outside scholarships are awarded on top of the Pell Grant and scholarships the college offers you!

19. Apply for FAFSA, regardless your family income!
Financial Aid Timeline: October Complete your FAFSA
Apply for FAFSA, regardless your family income!
LOANS and MOST SCHOLARSHIPS, even academic or merit-based, will require a FAFSA on file with the college before they can be awarded.
Even if the student was not eligible for need-based aid.

20. TASFA (Texas Application for State Financial Aid)
For non-U.S. Citizens only
Paper Application to determine eligibility for need based state grants
Collegeforalltexans.com
Required Documents
2017 Tax Return and all W2s for student and parent

21. Financial Aid Timeline:
Financial Aid Priority Deadlines
Funds CAN run out, so it is recommended that you submit your FAFSA ASAP
Texas Financial Aid Priority Deadline = MARCH 15
Each state has their priority deadline
College Financial Aid Priority Deadline
Contact your college’s financial aid office

22. Financial Aid Timeline: January to February
Colleges begin processing financial aid
Colleges will not start processing FAFSAs until January and ONLY if the student was accepted for admission
will be the colleges’ main form of communication to the student AND parent
Use ADDRESSES where you will have continued access
Do not use high school s for college or financial aid applications

23. Financial Aid Timeline: March to April
Verification
Submitting a FAFSA DOES NOT mean you have completed the financial aid process!
Verification: Student is required to submit additional paperwork to the college to verify tax or household information before financial aid can be awarded
Colleges will contact the student and parent via and through their student portal (i.e. WebAdvisor)

24. Financial Aid Timeline: April to May
Review Financial Aid Award Package
Students receive the financial aid award package online in the STUDENT PORTAL
Lists ALL financial aid you are eligible to receive at that college
Federal Pell Grant, Federal Subsidized and Unsubsidized loans, Federal Work Study, Texas Grants and other grants and scholarships offered through the college
Compare with other colleges

25. Financial Aid Timeline: May
Make your final college choice
Completing the financial aid and admission process for multiple colleges allows you to have options
Don’t wait until the last minute
Following the financial aid timeline during your senior year allows you to make the best informed college decision

26. Financial Aid Timeline: June to July
Orientation
Use the summer to complete orientation, meet with your academic adviser and register for classes
Contact the financial aid office early summer to confirm your financial aid is in place well BEFORE the bill deadline

27. Financial Aid Timeline: August
Start College
Remember to apply for scholarships even while in college
Renew your FAFSA every year after October 1st for the following school year

28. Financial Aid Assistance for anyone in the community
MAC Grant for high school seniors
MAC Scholarship for MAC eligible students continuing into their third and fourth year

29. Financial Aid Timeline: May 1
MAC Grant Application
MAC Grant: “Last Dollar” grant up to $1,000/semester for McLennan County seniors to be used at MCC or TSTC to cover the gap between your other financial aid and cost of tuition.
All seniors should apply regardless of college choice or income
Requirements
Graduate from a McLennan County high school
Family income of $50,000 or less OR EFC at or less than 5486
Submit a MAC Grant application by MAY 1ST
Your only opportunity to apply is during your senior year of high school!

30. MAC Program: MAC Scholarship
The third and fourth year MAC Scholarship is $5,000 and can be used at any institution.
Requirements:
Student must have been accepted into the MAC Program as a senior in high school even if he/she did not use the MAC Grant.
60 credit hours and at least a 3.0 GPA
Submit an application in the semester you expect to receive 60 credit hours
Three students transferring from MCC to Baylor University with
the highest GPAs, receive a FULL-TUITION SCHOLARSHIP
for their last two years!

31. KAHOOT.IT Kahoot: Pop Quiz On your phone, tablet or laptop go to:
and type the Game PIN that will appear shortly.
ONLY use your FIRST NAME and LAST INITIAL
Lauraallen3
kahoot

32. Need more help? Contact us and make an appointment!
Rolando Rodriguez, MAC & Scholarships Coordinator
Maria Arevalo,
MAC Assistant