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Financial Aid for College

Financial Aid for College. James Bowie High School January 15, 2013. Veronica Castillo Project Advance Facilitator (aka College Advisor) Bowie High School—College & Career Center Veronica.castillo@austinisd.org 841-4107. Types of Financial Aid

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Financial Aid for College

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  1. Financial Aid for College James Bowie High School January 15, 2013 Veronica Castillo Project Advance Facilitator (aka College Advisor) Bowie High School—College & Career Center Veronica.castillo@austinisd.org 841-4107

  2. 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.

  3. Financial Aid Terms • FAFSA = Free Application for Federal Student Aid:Primary document used to determine eligibility for federal student aid programs that most colleges/universities require students to complete. • PIN = Personal Identification Number: Your electronic “signature” that both student and parent(s) will need to use for signing off on every piece of documentation via internet. • EFC = Expected Family Contribution:What the federal government will expect the family to contribute to the cost of education as they determine from your FAFSA. • SAR = Student Aid Report:The report you’ll receive from FAFSA once your information is processed that gives you your EFC. • Verification = Process where you must confirm information you provided on you FAFSA

  4. What is Cost of Attendance (COA)? • Direct costs- Tuition, Room, Board, and Fees • Indirect costs- Books, Computer, Transportation, Personal • Direct + Indirect Costs = Cost of Attendance • COA varies WIDELYfrom college to college

  5. Is age 24 • Has a child whom he/she supports • Has a dependent who lives with student and whom he/she supports • Is Married • Is a Graduate Student • Is an Orphan or “Ward of the Court” • Is a veteran of the armed forces A Student is “Dependent” unless s/he…

  6. Financial Aid Timeline • December: Gather materials needed • January: (FAFSA opens) Collect tax documents • February/March: Submit FAFSA • March/April: Receive SAR & EFC • April/May: Receive school financial aid packages • April/May: Decisions & deposits • May: Deposits & Graduation • June: (FAFSA closes)

  7. How to Prepare • What you’ll need to complete FAFSA • Completed tax return for 2012 ***MOST IMPORTANT*** • Correct permanent address • PINs for both student and parent • Social Security # • Driver’s License (optional)

  8. Common Mistakes • Forgetting to sign the application • Using the wrong figures: Do not use your W2 form for the FAFSA, but use your Adjusted Gross income from federal tax return. • Divorced parentsshould list only their own income and their current spouse’s income – NOT their ex-spouse’s income.

  9. What you MUST know… • You have to re-apply every spring for FAFSA • If you are selected for verification, you most likely will be selected every subsequent year • Financial aid dependency until the age of 24

  10. Financial Aid Websites and Toll Free Number (English & Spanish) Federal Resources: http://federalstudentaid.ed.govTexas Education Code & Other Statutes: www.statutes.legis.state.tx.us/Financial Aid & College Application Resources: www.collegeforalltexans.com/Free Application for Federal Financial Aid: www.fafsa.ed.gov/Texas Application for State Financial Aid: www.aie.org/state/TASFA (for non-US citizens) Texas Guaranteed Student Loan: www.tgslc.org Texas Higher Education Coordinating Board: www.thecb.state.tx.us/Texas Education Agency: www.tea.state.tx.us/Uniform College Application: www.applyTexas.orgPlanning for College:  www.everychanceeverytexas.orgAdventures in Education:  www.aie.org • Toll Free Number for Financial Aid Assistance in English and in Spanish: 888-311-8881 • Every institution is required to have a Cost Estimator/Calculator on its website! Don’t forget to use these!

  11. FINDING COSTS ON THE WEB: To research your school’s data, you can use this website to gather information about financial aid. Select the school and then click on the “Cost and Financial Aid” tab to obtain the information you might need. To examine this info at your college: www.collegeboard.com

  12. Common types of scholarships • Academic • Athletic • Performance, e.g. Music, Theatre • Participation • Do your research! • Deadlines • Requirements • Free scholarship searches • Beware of scholarship scams ScholarshipsMerit/Need/Achievement based financial aid

  13. https://succeed.naviance.com/bowie Local Scholarship Searches

  14. www.fastweb.com is an example of a scholarship search engine Web-based Scholarship Searches

  15. 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.”

  16. A special thank you to: • Gail Braswell • Financial Aid Supervisor • Austin Community College • Pinnacle Campus

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