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FINANCIAL AID 101

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Trina Smith-Patterson

Director, Financial Aid

Tarrant County College NW

Fahelp@tccd.edu

www.tccd.edu

Trina Smith-Patterson

Director, Financial Aid

Tarrant County College NW

Fahelp@tccd.edu

www.tccd.edu

What is Financial Aid????

Financial aid is money provided by the federal government, states, institutions and other sources to help students pay for college

This can consists of different programs Grants Loans Scholarships Work-Study Programs Stipends Fellowships

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Who is Eligible for Financial Aid?

General Eligibility Requirements: Have a H.S. Diploma or

recognized equivalent U.S. Citizen or Eligible

Non-Citizen Enroll for an eligible

degree or certificate program

Enroll at least 6 hours for most programs

General Eligibility Requirements cont: Not be convicted of an

offense involving a controlled substance

Register for Selective Service (Male Students)

Not owe a refund on federal grant or be in default on a loan

Maintain Satisfactory Academic Progress

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Application Process… Every Financial Aid

Program begins with the FAFSA Free Application for Federal

Student Aid Do not pay to process this

free application The student completes the

FAFSA at www.fafsa. gov Annual Process

FAFSA available in January each year for the Fall semester

Not ready to fill out the FAFSA?...

FAFSA 4Caster http://www.fafsa4caster.ed.gov Provides general info on the

FAFSA Gives an early estimate of eligibility

Gives “estimated” financial aid packages

Allows student to transfer information to actual FAFSA Populates certain fields on

actual FAFSA

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Know Priority Deadline at each Institution

Know your school’s Priority Deadline File completion deadline

Means all required documentation to process aid is received by FAO

Meeting priority deadline guarantees processing before tuition due date TCC—April 15 each year Files processed on first-

come, first-served basis The earlier students apply,

the more aid available

Remember: Apply for aid no later than 2nd week of March.

What happens next???

1. The Federal Processor Reviews Data and Assigns Estimated Family Contribution (EFC)

2. Student is Sent a Student Aid Report (SAR) and TCC receives an electronic ISIR

3. An email or letter is sent to student requesting required documentation to complete file

TCC uses Campus Cruiser Email Address:

Examplefirstname.lastname@my.tccd.edu

Understanding What We Do… The Financial Aid Office uses the following

formula to determine eligibility: Calculate the Need:

Cost of Attendance - Estimated Family Contribution (from SAR)

Financial Need The EFC is figured by the federal processor

from the information provided on the FAFSA

Examples of COA and Aid

TCC Dependent Student

living at home

Cost $9153

EFC 1300

Total Need 7853

SMU Undergraduate

Student living in dorm

Cost $ 50005

EFC 1300

Total Need 48705

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Financial Aid Programs Gift Aid: Funds that do not have to be repaid

Federal Pell Grant (EFC 0 -- 4617) 26.2 Million awarded 08-09 49.6 Million awarded 09-10

Academic Competitive Grant (EFC 0 -- 4617) Must be in Recommended or Advance High School Program Only Available the first two years of Academic study

Federal SEOG (EFC 0 -- 4617) TEXAS Grant

Must be in Recommended or Advance High School Program Other Grants (TPEG, SLEAP,LEAP) Stars of Tomorrow (TCC Only) Smart Grant (4-year schools only) TEACH Grant (Most 4-year schools) Scholarships

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Aid Programs Continued

Self-Help: Must be repaid or must work for funds

Federal and State College Work-study Allows students to work on or off-campus

Federal Subsidized Stafford and Unsubsidized Loans Alternative Loan Programs

Not recommended by many Financial Aid Offices Higher interest rate Based on Credit report

Top 10% Scholarship Initial Eligibility Requirements

Be a Texas resident Demonstrate financial need Apply for Financial Aid by April 1 Recommended or Distinguished Achievement HS curriculum Rank in the top 10 percent Graduate from an accredited high school in Texas Enroll fulltime in a Texas public 2-year or 4-year college or

university in fall 2009 Renewal Requirements (contingent upon available funding)

Complete 30 semester credit hours (SCH) in the previous year Maintain cumulative 3.25 GPA Complete at least 75% of hours attempted

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Be-On-Time Loan…??? Initial Eligibility Requirements

Be a Texas resident Recommended or Distinguished Achievement HS curriculum Be enrolled Fulltime Not eligible to receive TEXAS grant due to higher EFC or School

has exhausted all TEXAS grant funds

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Satisfactory Academic Progress All Schools are required

to have a policy Policy must define:

The number of hours you must complete

GPA requirements What happens when you fail

to meet the standards Maximum Timeframe a

student is eligible for financial aid

How they treat transfer hours

Whether a student can appeal and the appeal process

Policy may differ from College to College

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What should students avoid?

Withdrawing before the Official Date of Record Financial aid is prorated based on the number of hours enrolled as of

census date 100% for 12+; 75% for 9-11; 50% for 6-8 and 25% for 3-5 If student drops a class before ODR, will have to repay funds Dropping even 1 class may result in owing funds

Dropping all classes before completing 60% of semester Has not earned their financial aid until this point May have to return funds to TCC and/or government No appeal process for returning funds Receiving all F’s may also result in not earning the funds

A GPA lower than 2.0 We monitor GPA by semester as well as cumulative

For More Information

Contact Financial Aid (817) 515-4243

Website www.tccd.edu Collegeforalltexans.com Collegeboard.com Fastweb.com

Send email fahelp@tccd.edu