2. What You Need to Know What is financial aid –Types, and sources of financial aid General Eligibility Requirements How to Apply for Financial Aid –Free Application for Federal Student Aid (FAFSA) Special circumstances

3. Types of Financial Aid Grants – Usually “gift” aid that does not need to be paid back Loans – DO need to be paid back Federal Work Study – Only paid for hours worked. Scholarships – Private and Institutional. Some are “gift” aid; others require obligations be fulfilled in order to be eligible for the money (e.g. athletic scholarships).

4. Financial Aid: Grants Pell Grant –Need based. –Given to those student’s determined to have the highest need (i.e., lowest EFCs) Supplemental Grants –Federal grants (FSEOG) –State grants (i.e., TPEG/TEXAS/TEOG) –Typically need based –Often linked to priority deadlines

5. Financial Aid: Loans Subsidized Stafford loans –Must demonstrate “financial need” –Government pays interest while in school Unsubsidized Stafford loans –Need is not a consideration –Interest capitalizes and accrues while the student is in school Parent PLUS loan –For dependent student’s only

6. Sources of Financial Aid Federal government States Private sources

7. State Aid Residency requirements Most aid awarded on the basis of both merit and need Uses information from the FAFSA Deadlines vary by state; check paper FAFSA or FAFSA on the Web site

8. Private Sources Foundations, businesses (including employers), charitable organizations Civic Organizations and churches Deadlines and application procedures vary widely Begin researching private aid sources early (NLT spring senior year) Do not overlook low $ scholarships. They add up!!!

9. General Eligibility Requirements Must be enrolled and pursuing an eligible degree or certificate at your college (check with FA Advisor) Must be a U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male and required to be) May not have a recent drug-related conviction

10. General Eligibility Requirements, cont. Must have a valid Social Security Number* May not be in default on a federal student loan or owe repayment of a federal grant Must have a HS Diploma or GED Must be making satisfactory academic progress as defined by the school * Some funds available for SB 1528 students

11. How do I apply? Electronic FAFSA application on the web - website is www.fafsa.ed.gov Both student and one parent apply for PIN - PIN used to “sign” the FAFSA Include (up to 6) school code(s) (Collin=016792) Submit Follow up with school!!!

12. When can I fill out a FAFSA? May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid For the 2015-16 academic year, the FAFSA may be filed beginning January 1, 2015 Colleges may (and usually do!) set FAFSA filing deadlines

13. Personal Identification Number (PIN) Web site: www.pin.ed.gov Sign FAFSA electronically Can request PIN before January 1, 2015 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years

14. FAFSA on the Web Worksheet Web site: www.fafsa.ed.gov - click on “Student Aid on the Web” on the top menu bar - click on “Tools and Resources” on left menu - scroll down and click on “FAFSA on the Web Worksheet” FAFSA on the Web Worksheet: - Used as “pre-application” worksheet -Questions follow order of FAFSA on the Web. -Can help reduce stress and confusion for first-timers 2012-2013 2013 2014

15. Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college

16. FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA results via a Student Aid Report (SAR) by: E-mail notification in 3 – 5 days containing a direct link to student’s on-line SAR if e-mail was provided Paper Student Aid Report (SAR) mailed in 7 – 10 days if FAFSA was filed and no e-mail address was provided Student with PIN may view SAR on-line at www.fafsa.ed.gov The SAR summarizes all the information you provided on your FAFSA. Will usually show your EFC if enough info was provided.

17. FAFSA Processing Results – cont. Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approx. 7 to 14 days after FAFSA submitted College reviews ISIR –May request additional documentation, such as copies of federal tax returns –Most additional docs flagged by FAFSA. May also be for institutional aid

18. After the FAFSA: Follow up with School FAFSA information takes 7 to 14 days to electronically arrive at the school. Each school may have their own in-house paperwork you have to complete. Processing takes 4 to 6 weeks under normal circumstances (longer during peak times). You do not have financial aid until you receive an award letter from the school and accept it online.

19. Special Circumstances Cannot report on FAFSA Send explanation to financial aid office at each college College will review special circumstances –May request additional documentation –Decisions are final and cannot be appealed to U.S. Department of Education

20. Special Circumstances (cont) Special Circumstances may include: Change in employment status Medical expenses not covered by insurance (and above the income protection allowance – 11%) Change in parent marital status Unusual dependent care expenses Other catastrophic events

21. If It Sounds Too Good To Be True…. If you are considering hiring a scholarship or financial aid consultant, do your research first! –The Department of Education’s finaid.org website has a lot of great information on scholarship scams and questionable consultant tactics. Before you hire anyone, go to: www.finaid.org/scholarships/scams.phtml

22. Free Resources Nerdwallet.comcollegeboard.com Fastweb.comfinaid.org Scholarships.comcollegetoolkit.com Wiredscholar.comcollegenet.com Studentaid.orgfreschinfo.com Be cautious about entering scholarship contests that require a fee. * DON’T MISS DEADLINES!! www.collin.edu/gettingstarted/financialaid/scholarships.html www.finaid.org/otheraid/

23. Contact Us Spring Creek Campus –Monday through Thursday: 8 am - 8pm, Friday: 8 am - 5 pm –P: 972.881.5760 –F: 972.881.5118 –Address 2800 E. Spring Creek Pkwy. Plano, TX 75074-3388

24. Contact Us Preston Ridge Campus – Monday and Tuesday: 8 am - 8 pm, Wednesday through Friday: 8 am - 5 pm –P: 972.377.1760 –F: 972.377.1611 –Address Founder’s Hall 9700 Wade Blvd. Frisco, TX 75035

25. Contact Us Central Park Campus –Monday, Tuesday, Thursday and Friday: 8 am - 5 pm, Wednesday: 8 am - 8 pm –P: 972.548.6760 –F: 972.548.6703 –Address 2200 W. University Dr. McKinney, TX 75070-8001

26. Good Luck!