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What is Financial Aid?

What is Financial Aid?. Money a student receives to pay college expenses. Comes from a source other than family. Two Categories of Aid. Need Based -Must demonstrate financial need through analysis of financial situation -May also be merit-based. Non-Need Based

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What is Financial Aid?

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  1. What is Financial Aid? Money a student receives to pay college expenses Comes from a source other than family

  2. Two Categories of Aid Need Based -Must demonstrate financial need through analysis of financial situation -May also be merit-based Non-Need Based -Does not have to demonstrate financial need -Could be eligible for merit-based aid

  3. Sources and Types of Aid • Institutional Aid • State Aid • Federal Aid Grants Scholarships Work Study Loans

  4. Applying for Financial Aid • Free Application for Federal Student Aid (FAFSA) • OR Texas Application for State Aid (TASFA) • FAFSA Available January 1 • TASFA Available February • Priority deadline is April 1 • Separate scholarship applications • Some schools require additional applications

  5. Filing a FAFSA Apply for a PIN www.pin.ed.gov Fill out the FAFSA www.fafsa.gov File FAFSA every year The earlier, the better

  6. What You Need Income Tax (1040, 1040A, 1040EZ) W2’s PIN numbers, SSN’s, date of birth, name Business, farm, real estate records (not the home you live in) Records of stocks, bonds, investments Savings and checking account balances

  7. A Note on Dependent vs. Independent If you are younger than 24, chances are you are a dependent student • Things that make you Independent: • Older than 23 • Married • Seeking a Graduate degree • Active duty or Veteran of the US Military • Have children or legal dependents you support • Orphan, Ward of Court, Foster Care • Emancipated Minor • Legal Guardianship • Unaccompanied Youth (Homeless)

  8. TASFA • Texas Application for State Aid (TASFA) • House Bill 1403/Senate Bill 1528 • Must apply each year • Paper Application • www.collegeforalltexans.com or university website

  9. What You Need COMPLETE Income Tax (1040, 1040A, 1040EZ) W2’s or Cash Earnings SSN’s (if applicable), date of birth, name Selective Service registration (males only) Admission to the University Savings and checking account balances

  10. What is Expected Family Contribution (EFC)? • Amount the family can reasonably be expected to contribute • Stays the same regardless of college • Calculated using data from FAFSA

  11. What is Cost of Attendance (COA)? • ESTIMATE! • Direct costs • Indirect costs • Varies widely from college to college • A.K.A. “Budget”

  12. Cost of Attendance at UHD • Estimated CoA is not your balance • Total financial aid cannot exceed CoA

  13. Determining Financial Need “Financial Need” is the difference between a student’s estimated costs and the amount of money he and his family are expected to contribute towards meeting those costs. COA – EFC = Need Ex. $20,000 (COA) -$5,000 (EFC) $15,000 (Need)

  14. Determining Financial Aid Awards Grants Scholarships Work Study Loans

  15. Grants and Scholarships • Often called “free” money or gift aid • Does not have to be repaid • Most desirable type of aid • Can come from state, institution, federal, or private donors

  16. Scholarships • Like grants, “free money” • Not usually based on financial need • Different qualifications, different sponsors • Research is most important • http://www.uhd.edu/financial/scholarships/ • Apply early, deadlines tend be to very early

  17. Loans • Self-help aid • Must be repaid • Can be need based or non-need based • Less desirable type of aid • Can come from federal, state, or private lenders

  18. Federal Direct Stafford Loans • Stafford Loans are funded by the federal government, and must be repaid • Repayment begins 6 months after you graduate or fall below half time enrollment • Typically lower interest rates: 3.86% for undergrad • Flexible repayment options • Two types exist: • Subsidized • Unsubsidized

  19. Work Study • Self-help aid • Need based • Student works on campus to earn financial aid funds • Just like a regular part-time job • Positions not guaranteed • Great way to: • Gain work experience • Get more out of school • Make some extra money

  20. Maintaining Financial Aid Eligibility • Government helps pay so that you can earn a degree • Satisfactory Academic Progress (SAP) • Pass your classes • 2.0 GPA (“C” average) • Complete your classes (don’t drop/withdraw) • 73% Completion percentage • Graduate in a timely manner • 170 Total attempted credit hours

  21. Questions? • www.uhd.edu/financial • www.studentaid.ed.gov • www.collegeforalltexans.com • www.fafsa.ed.gov • More questions? • Phone: 713-221-8041 • Email: uhdfinaid@uhd.edu • Start researching and applying early! • UHD’s Financial Aid Fair • February 12, 2014

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