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Your Comprehensive Guide to Financial Aid: Types, Timeline, and Resources

Discover the various types of financial aid available - such as grants, scholarships, work-study, and loans - and learn the step-by-step financial aid timeline from application to repayment. Find valuable resources for financing your college education.

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Your Comprehensive Guide to Financial Aid: Types, Timeline, and Resources

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  1. Your Guide to Financial Aid Types of Financial Aid Financial Aid Timeline MAC College MoneyProgram

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

  3. 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

  4. 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

  5. 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 ownjobs on or off campus.

  6. 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 higherinterest rate

  7. Financial Aid Timeline: August to DecemberApply 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

  8. Financial Aid Timeline: August to JuneApply 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

  9. Financial Aid Timeline: SeptemberCreate 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 • Allows access to student/parent tax information • Electronic Signature for student and parent

  10. Financial Aid Timeline: OctoberComplete 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 GRANTand 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

  11. Financial Aid Timeline: OctoberComplete your FAFSA Be sure you go to the correct website! FAFSA.GOV

  12. Financial Aid Timeline: OctoberComplete your FAFSA FAFSA BECOMES AVAILABLE on OCTOBER 1st

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

  14. Financial Aid Timeline: OctoberComplete 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.

  15. Financial Aid Timeline: OctoberComplete 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!

  16. Financial Aid Timeline: OctoberComplete 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!

  17. Financial Aid Timeline: OctoberComplete 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.

  18. 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

  19. 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 • EMAIL will be the colleges’ main form of communication to the student AND parent • Use EMAIL ADDRESSES where you will have continued access • Do not use high school emails for college or financial aid applications

  20. Financial Aid Timeline: January 15 Texas Financial Aid Priority Deadline • For residents of Texas, submitting your FAFSA also determines your eligibility for need-based Texas Grants • Funds CAN run out, so it is recommended that you submit your FAFSA BEFORE January 15.

  21. 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 EMAIL and through their student portal (i.e. WebAdvisor)

  22. 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

  23. 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

  24. 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

  25. 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

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

  27. 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!

  28. 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!

  29. Need more help? Contact us and make an appointment! Rolando Rodriguez,MAC & Scholarships Coordinator Maria Arevalo, MAC Assistant mac@wacofoundation.org 254.752.9457

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