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Financing Students’ Dreams Beyond High School 2011-2012

Financing Students’ Dreams Beyond High School 2011-2012. What is Considered Financial Aid?. Scholarships – Merit Scholarships are based on Talent / Ability. Grants – Aid based on financial need. Provided by Federal and State Government OR the College.

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Financing Students’ Dreams Beyond High School 2011-2012

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  1. Financing Students’ Dreams Beyond High School 2011-2012

  2. What is Considered Financial Aid? • Scholarships – Merit Scholarships are based on Talent / Ability. • Grants – Aid based on financial need. Provided by Federal and State Government OR the College. • Loans – Low interest Federal Loans for Students. Private Loans also available. • Employment Opportunities – work-study or non work-study jobs on/off Campus

  3. In order to award financial aid to a student, the Financial Aid Office must first must determine the: Cost of Attendance (COA) set by the college AND the Expected Family Contribution (EFC) calculated when the student completes the FAFSA. This determines the student’s FINANCIAL NEED

  4. College/University Determines Cost of Attendance (COA) • Tuition/Fees and Room/Board (largest part of COA) • Books, supplies • Transportation • Miscellaneous, personal expenses • Loan fees These additional costs may be added to the cost of attendance with adequate documentation. • Study abroad costs • Dependent care expenses • Other costs if deemed appropriate (computer)

  5. Same Student’s Financial Need at Different Universities/Colleges

  6. Principles Applied to Processing a Student’s FAFSA Resulting In An EFC • To extent they are able, parents have primary responsibility to pay for dependent child’s education • Students also have responsibility to contribute to educational costs • Families should be evaluated in their present financial condition – FAFSA asks for prior year income information • Family’s estimated ability to pay educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances may affect family’s ability to pay

  7. Federal Financial Aid You May Be AwardedFederal Pell Grants • Awarded to eligible undergraduates pursuing first baccalaureate degree and certain students enrolled in post-baccalaureate teacher certification or licensing programs • Portable – may be awarded wherever the student attends, even if transferring. • Actual award amount based on EFC and enrollment status • Maximum award 2011-2012 = $5,550/yr

  8. Federal Supplemental Educational Opportunity Grants - SEOG • Eligible students: • Undergraduates pursuing first baccalaureate or professional degree • Awarded first to students with “exceptional financial need” (i.e. students with lowest EFCs at that school) • Priority to Federal Pell Grant recipients • Annual award amounts: • $100/yr minimum • $4,000/yr maximum

  9. Federal Direct Loans • Student loans available under Federal Direct Student Loan (Direct Loan) Program with funds provided directly by federal government via participating schools • School determines loan eligibility and delivers loan proceeds to students • Subsidized: Must demonstrate “need” (when EFC is subtracted from the COA); interest paid by federal government while student in school. • Unsubsidized: Not based on “need” and interest is not paid by federal government while student in school. • Base annual loan limits: • Up to $5,500/yr for 1st year undergraduates ($3,500/yr maximum subsidized) • Up to $6,500/yr for 2nd year undergraduates ($4,500/yr maximum subsidized) • Up to $7,500/yr for 3rd-5th year undergraduates ($5,500/yr maximum subsidized)

  10. State Financial Aid Programs • Must first complete the FAFSA to determine financial need (undocumented students must submit paper FAFSA or TASFA directly to the Financial Aid Office) • Public Texas Colleges/Universities • TPEG (Texas Public Educational Grant) • TEOG (Texas Educational Opportunity Grant) 2yr community colleges only • TEXAS Grant (Towards EXcellence, Access and Success) • Private Texas Colleges/Universities • TEG (Tuition Equalization Grant)

  11. General Eligibility Requirements Federal Financial Aid • Student must be enrolled or accepted for enrollment in eligible program of study • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible noncitizen (undocumented Texas residents eligible for state aid only) • Must be registered with Selective Service (if male between ages of 18 and 26) • May not have eligibility suspended orterminated due to drug-related conviction • Must have valid Social Security Number (SSN) • May not be in default on a federal student loan • Must not owe an overpayment of federal grant or loan funds • Must be making satisfactory academic progress, as defined by school.

  12. Financial Aid Application Process • Submit FAFSA prior to school’s priority deadline (typically in April or May) • Most aid awarded on “first-come, first-served” basis • To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: • Additional financial aid applications (i.e. CSS/Financial Aid PROFILE®) • Required application materials • Application deadlines

  13. FAFSA on the Web • Web site: www.fafsa.gov • 2012-2013 FAFSA on the Web available January 1, 2012 • Pre-Application Worksheet: • Questions follow order of FAFSA on the Web

  14. But, Before Filing FAFSA - PIN Registration • Web site: www.pin.ed.gov • Can get PIN before January 1 • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

  15. Once FAFSA is processed - Results in several ways: • Central Processing System (CPS) notifies student of FAFSA processing results by: 1. Student Aid Report (SAR) Information Acknowledgement if filed FAFSA electronically on the Web and student’s e-mail address was not provided 2. E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA • Students with a PIN can view SAR on-line at www.fafsa.gov • Use FAFSA on the Web if student has a PIN, or submit documentation to school’s financial aid office if corrections are needed • Results: online 3-4 business days; mail 3-4 weeks • Financial Aid Office will notify student of the award letter to that school; may vary by college

  16. Where Do I Go From Here? • Obtain and review admissions and financial aid web sites and materials for each school to which student is applying • Meet all application deadlines • Complete FAFSA and other application materials if required by school or state agency • Submit all requested follow-up documents • Contact Financial Aid Office if special circumstances exist • Investigate other sources of aid

  17. Private Scholarship Search Great Way to Find Additional Money for College! www.fastweb.com www.fastweb.com

  18. Consuela Mitchell Director of Student Financial Aid Services Northeast Campus Presented By http://www.tccd.edu/Student_Services/Financial_Aid.html 817-515-4243 fahelp@tccd.edu email

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