Finding Money for College Basics of Financial Aid and the FAFSA Tomball Memorial High School Financial Aid Night January 26, 2016 Presenters for the Evening Kylan Voss - Lone Star College, Financial Aid Specialist Pennie Stanley - Sam Houston State University Scholarship Coordinator Christopher Collins - Wells Fargo Personal Banker SSG Owen Lee - United States Army Recruiter SSG Jeremiah Pierce- United States Army Recruiter SSG Michael Butler - United States Marines Recruiter SSG Justin Grandmont- United States National Guard Oscar Hernandez - Own The Dream Program Coordinator Carlos Pineda Lone Star College, Financial Aid Financial Aid Workshops Lone Star College Tomball FREE Financial Aid Workshops! Get help completing the FAFSA Se habla espaol! February 2 nd 10 th 5:00 7:00 PM Complete list of dates will be posted on the College & Career Webpage Financial Aid Workshops SHSU Go Center March 2 nd throughout the school day at TMHS Be on the lookout for link to make an appointment What is Financial Aid? Financial aid consists of funds (scholarships, grants, loans, work-study) provided to students and families to help pay for postsecondary educational expenses. Sources of Financial Aid Federal government States Colleges and universities Private sources Civic organizations and churches Employers What is Cost of Attendance (COA)? COA includes: Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses COA Varies widely from college to college Dont rule out a school based on COA alone. What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form and a federal formula What is Financial Need? Cost of Attendance Expected Family Contribution = Financial Need Who can get federal student aid? U.S. citizen or permanent resident High school graduate/GED holder Eligible degree/certificate program Valid Social Security number Males registered for Selective Service Satisfactory academic progress in college/career school Whats Out There for Students? Pell Grants Based on EFC - Automatic with eligibility - Range from $290 to $5,775 for FSEOG - Supplemental grant for the neediest of students - Based on availability TEACH Grant - For those planning to teach in high-need fields - Agreement to Serve Iraq & Afghanistan Service Grant - Students whose parent/guardian died as a result of military service in Iraq/Afghanistan after 9/11 Whats Out There...(continued) Federal Work Study - Federal dollars paid in exchange for part-time employment in designated jobs (amounts vary from school to school) - School comes first Federal Direct Loans - Subsidized - Unsubsidized - Freshman Annual Loan Limit = $ Interest Rate = 4.29% Whats Out There...(continued) Federal Direct Loans (contd) Parent PLUS Loans Interest Rate = 6.84% Private/Alternative Loans Exhaust federal aid options first Now - How Do I GET It? FAFSA FREE Application for Federal Student Aid FAFSA Information used to calculate the expected family contribution (EFC) 201617 FAFSA available January 1, 2016 Most colleges set FAFSA priority filing deadlines Usually around March 15 th Paper application available If the answer to all is NO theyre Dependent If the answer to ANY is YES theyre Independent Dependent or Independent: That is the question Born before Jan. 1, 1993 Veteran Active duty - military Married Children or other dependents Both parents deceased Foster care past age 13 Dependent/ward of court past age 13 Legal guardianship Emancipated minor Homeless or at risk of homelessness Graduate student Parent Information on the FAFSA Who is my parent when it comes to the FAFSA? If parents are living together, regardless of marital status, include their combined financial information If parents are divorced or separated, include the financial information for the parent you lived with more during the past 12 months. If that parent is remarried, you must include your stepparents financial information. Grandparents, foster parents, and legal guardians are NOT considered parents unless they legally adopted you What information do I need to have with me to complete the FAFSA? Taxes, Income information, benefit summaries Asset information NOT 401(k) or IRA balances NOT the value of your primary residence Untaxed income such as child support received The FSA ID (username and password) now replaces the PIN for students, parents and borrowers accessing FSA systems.The FSA ID Provides more secure access to users information Links to PIN information during registration FSA ID: Replaced the PIN Each FSA ID Requires a DifferentAddress Real-time request in the FAFSA to import IRS tax data Important! Dont change IRS transferred data Reduces documents requested later Usually available in early February (This year Feb. 7 th ) IRS DRT will not work for families who: File an amended tax return Do not have a Social Security Number Are married but file taxes separately IRS Data Retrieval Tool Social Security numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real Estate and investment net worth What assets to include Frequent FAFSA Errors Make corrections online ator on the paper Student Aid Report A summary of your application is created for your review & sent to your selected schools electronically Summary is called a Student Aid Report (SAR) Students with FSA IDs may view SAR online at If schools require further information or documentation, they will contact the student directly Make sure students know how each school communicates with them FERPA Watch for award notifications Most schools wont begin processing aid for until late March or April What Happens After I File? Special Circumstances Cannot be documented using FAFSA Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education Satisfactory Academic Progress Time Frame Grade Point Average Pace Check with your college for their policy to maintain eligibility How much federal student aid can I get? For early estimate, use FAFSA4caster: Go to fafsa.gov and find link in Thinking About College? section (lower right of home page)fafsa.gov Enter some financial information Get an estimate What happens next? Each school will tell you how much aid you can get at that school. Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid. Where can I get more info? StudentAid.gov Info about aid programs Links to free scholarship and college searches FED-AID Info about aid programs Help with FAFSA Suggested Timeline (For SENIOR YEAR) Complete FAFSA and Submit Forms SENIOR YEAR IRS Data Retrieval Tool - available February 7, 2016 FAFSA Priority Deadline (for most March 1st- March 15 th The earlier, the better! Financial aid is limited and awarded on a first come, first serve basis. Deadlines vary. Check with your school. Upcoming Dates in January and February February 1 st 6:30 PM Understanding Your PSAT Scores with Princeton Review 7:00 PM 10 th /11 th Grade Parent Meeting with TMHS Counselors February 2 nd - Electives Fair February 3 rd /4 th Understanding Your PSAT Scores Lunch n Learns 10 th /11 th Graders February 9 th 6:30 PM Dual Credit Parent Meeting February 25th 6:30 8:00 PM TISD College Fair at Tomball Memorial High School Choose 3 Sessions How to FAFSA Auditorium Scholarships 101 Band Hall Financial Planning & Loans - Orchestra Military Scholarships Choir Room One session at 6:50 7:15 FAFSA & TASFA in Spanish - Cafeteria Session 1 - 6:50 to 7:15 Session 2 - 7:20 to 7:45 Session 3 - 7:50 to 8:15