financing students’ dreams beyond high school 2011-2012
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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. - PowerPoint PPT PresentationTRANSCRIPT
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.
Loans – Low interest Federal Loans for Students. Private Loans also available.
Employment Opportunities – work-study or non work-study jobs on/off Campus
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 collegeAND
the Expected Family Contribution (EFC) calculated when the student completes the
FAFSA.
This determines the student’s FINANCIAL NEED
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)
Same Student’s Financial Need at Different Universities/Colleges
X
Y
Z
Cost of Expected Family NeedAttendance Contribution (Va ria b le ) (Va ria b le ) (Co ns ta n t)
1
2
3
EFC EFC
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
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
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
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)
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)
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 or terminated 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.
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
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
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
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 provided2. 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
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
Private Scholarship Search
Great Way to Find Additional Money for College!
www.fastweb.com
www.fastweb.com
Presented By
Consuela MitchellDirector of Student Financial Aid Services
Northeast Campus
http://www.tccd.edu/Student_Services/Financial_Aid.html 817-515-4243
[email protected] email