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Financial Aid Parent Night
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Topics We Will Cover Tonight Types of Financial Aid Applying and Determining Aid -Terms to know -FAFSA/TASFA Financial Aid Timeline
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Defining “Financial Aid” What?Free/Pay Back?Merit/Need?How?When?
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Defining “Financial Aid” What?Free/Pay Back?Merit/Need?How?When? What are the 4 types of financial aid a student can receive for college? Scholarships Loans Grants Work-Study
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Defining “Financial Aid” What?Free/Pay Back?Merit/Need?How?When? Scholarships Loans Grants Work-Study FREE But student must meet requirements Mostly Merit Sometimes need Apply!NOW! 1. Private 2. Institutional
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Defining “Financial Aid” What?Free/Pay Back?Merit/Need?How?When? Scholarships Loans Grants Work-Study 1. Private 2. Institutional FREE But student must meet requirements Mostly Merit Sometimes Need Apply!NOW! 1. Subsidized 2. Unsubsidized Pay Back Neither – almost anyone can get these loans FAFSA January 1 st, 2015
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Defining “Financial Aid” What?Free/Pay Back?Merit/Need?How?When? Scholarships Loans Grants Work-Study FREE But student must meet requirements Mostly Merit Sometimes need Apply!NOW! Pay Back Neither – almost anyone can get these loans FAFSA FREE Need But $ will go to those who apply 1 st FAFSA/TASFA January 1 st, 2014 NOW! (January 1 st of senior year After filing taxes) 1. Private 2. Institutional 1. Subsidized 2. Unsubsidized
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Defining “Financial Aid” What?Free/Pay Back?Merit/Need?How?When? Scholarships Loans Grants Work-Study 1. Private 2. Institutional FREE But student must meet requirements Mostly Merit Sometimes need Apply!NOW! 1. Subsidized 2. Unsubsidized Pay Back Neither – almost anyone can get these loans FAFSA FREE Need But $ will go to those who apply 1 st FAFSA/TASFA Neither, you work for it! Combination FAFSA NOW! (January 1 st of senior year After filing taxes) NOW! (January 1 st of senior year After filing taxes) January 1 st, 2014
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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
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FAFSA-Free Application for Federal Student Aid 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 applied to Never pay ANYTHING to file the FAFSA
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FAFSA.GOV
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ITIN – Individual Taxpayer Identification Number Tax processing number issued by the IRS in the place of a SSN Undocumented students or parents
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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
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TASFA Texas Application for Student Financial Aid For undocumented students Print, Fill out, and Mail to universities www.collegeforalltexans.com www.collegeforalltexans.com
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What do you need to fill out the FAFSA/TASFA? 1. Student 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)
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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
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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
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Verification University will ask for additional documents W-2, 1099, Income Tax Returns Universities are required to verify 30% of applicants Lower EFC increases your odds of being verified How will you know? * next to EFC on FAFSA/SAR Student Portal
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COA – Cost of Attendance Different for every school Includes: Tuition and fees Room and board Books Transportation Personal expenses COA Examples from 2012-2013 School year UT - $25,800 Texas State - $21,300 Tarleton State - $18,500
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Need COA – Expected Family Contribution = Need Ways to cover need: Scholarships, Grants, Work Study, Loans
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Financial Aid Timeline Junior Year Fall of the Senior Year Spring of the Senior Year Spring of Senior Year Parents/guardians & students file taxes Submit the FAFSA or TASFA Between Jan. 1 st and March 1 st Receive your Student Aid Report & EFC Verification? Colleges calculate student need with the following formula: Cost of Attendance (COA) – EFC = NEED Student should have received decisions from all colleges by this time Colleges send Financial Aid Packages Appeal? Sit with CF and compare financial aid awards Make final decision and accept financial aid award
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IMPORTANT FACTS 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 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 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.
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Questions?
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Types of Financial Aid 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. Loans : Money that is borrowed that must be repaid with interest. Scholarships : Awards that are based on need, merit, or achievement.
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Web-based Scholarship Searches
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Scholarship and Grant Search Tools: Fastweb - www.fastweb.com/www.fastweb.com/ My College Dollars - mycollegedollars.hyfnrsx1.com/mycollegedollars.hyfnrsx1.com/ Scholarship Expert - www.scholarshipexperts.comwww.scholarshipexperts.com
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Big Future
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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.”
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