student financial aid applying for financial aid presented by the texas association of developing...
TRANSCRIPT
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Student Financial AidApplying for Financial Aid
Presented by the
Texas Association of Developing Colleges
East Texas Educational Opportunity Center
A Federal TRIO Program funded by the US Department of Education
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How Will You Pay for College?
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What is Financial Aid?
Money/Resources to pay for collegeoGrants and Scholarships
oWork Study employment – work for a paycheck
oLoans – repay with interest
oTax Credits and Deductions
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• Need based– Pell Grant– Supplemental Educational Opportunity
Grant (SEOG)– Academic Competiveness Grant (ACG)– Science/Math Access to Retain Talent
Grant (SMART)– Work Study– Subsidized Direct Loan– Perkins Loan
• Non-need based– Unsubsidized Direct Loan/Parent Loan
Federal Financial Aid Programs
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• Towards Excellence, Access and Success (TEXAS Grant)
• Texas Educational Opportunity Grant (TEOG)
• Texas Public Education Grant (TPEG)• Texas Equalization Grant (TEG)• Texas Work Study• State Tuition Waivers/Exemptions• Various State Scholarships• Texas B-on-Time Loan• College Access Loan (CAL)• Health Education Loan Program (HELP)
State Financial Aid Programs
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2007 – 2008 Financial Aid DistributionUndergraduate Students
(Latest Data Available)
Source: Institute of Education Sciences US Department of Education – NCES 2009
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Scholarships
Financial Need
Artistic Talents
Academic Excellence
Demographic Indicators
Athletic Talents
Community Service
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Scholarship Scams• Victims of scholarship scams lose more than
$100 million annually
• Paying money to get money is generally a scam
• Duplicates what you can find out for free
• Beware of:– Scholarships with application fee– Scholarship services who guarantee success– Sales pitches disguised as financial aid
“seminars”
• Website: www.finaid.org/finaid/scams.html
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Start Scholarship Search Early
High School
Counselor
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Cost of Attendance
• Tuition and fees
• Room and board
• Books, supplies, equipment, transportation, and miscellaneous personal expenses
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Expected Family Contribution
Parent’s contribution from income/ assets
Student’s contribution from income/assets
Expected Family Contribution (EFC)
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Comparing Need
X
Y
Z
Cost of Expected Family NeedAttendance Contribution (Variable)
(Variable) (Constant)
1
2
3
EFC EFC
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FAFSA on the Web (FOTW) www.fafsa.ed.gov
FREE Application
for
Federal Student Aid
(FAFSA)
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To Complete the2012 – 2013 FAFSA
Social Security Number
Driver’s License Number
Selective Service Registration
Date of Parents’ Marriage, Remarriage, Separation, Di-vorce, Widow Status, if applicable
Date of Birth/Social Security Number for Parents, if applicable
Number in Parents’ Household, if applicable
2011 Tax Form (1040, 1040A or 1040 EZ) along with W-2s and Schedules for both Student and Parents
Records of Child Support, Veterans Benefits, Workers Comp, etc. received or paid in 2011
Value of stocks, bonds, CDs, real estate, businesses, etc.
Cash on hand and in Checking and Saving accounts.
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Name/Address/SSN/DOB
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Citizenship/Marital Status/Residency/Gender/Selective Service
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First Generation and High School Graduation Status
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High School/College Enrollment Information
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Student’s Income and Tax Information
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Student’s Asset Information
Dependent students will not report INVESTMENT amounts on line #41 but will add their INVESTMENTS with parents’ INVESTMENTS on line #89
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Student’s Income Reduction Information
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Student’s Additional Income Information
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Questions to Determine Student’s Dependency Status
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PARENTS are birth or adoptive mother and father/ stepmother and stepfather, if applicable. Grand-parents, siblings, guardians, other relatives or friends cannot be reported in this section.
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More about “Parents” in Completing the FAFSA
58-59
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Parent’s Household Information
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Parent’s Tax Status and “Dislocated Worker” Status
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Parent’s Income and Asset Information
Dependent students will not report INVESTMENT amounts on line #41 but will add their INVESTMENTS with parents’ INVESTMENTS on line #89
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Parent’s Income Reduction Information
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Parent’s Additional Income Information
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This section is for INDEPENDENT STUDENTS only!
(When Parent Information Is Not Required on FAFSA)
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List of Colleges to Receive FAFSA Information(Up to 10 Colleges Can Be Listed Online)
LIST SCHOOLS IN ORDER OF PREFERENCE
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WHAT’S NEXT?You will receive a SAR (Student Aid Report)—either postal or electronic delivery.
The Financial Aid Office of the college(s) you listed will receive an Electronic SAR (ISIR).
If required to verify the information you reported on the FAFSA (the process is called “VERIFICATION”), you will be asked to forward copies of signed Tax Returns, printouts of Child Support, Workers Comp, Veterans Benefits, etc. to show that the FAFSA was properly completed.
The Financial Aid Office will provide an “Award Letter” either by mail or through their on-line services to specify the source(s) and the amount(s) of financial aid you will receive.
BE SURE TO RESPOND QUICKLY TO REQUESTS FOR ADDITIONAL INFORMATION OR FORMS COMPLETION.
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KNOW HOW TO ACCESS INFORMATION
Once you’re accepted for admission, you’ll receive information about accessing student information. This allows you to:
•Check your admission status for missing
documentation
•Sign up for Testing/Orientation, if applicable
•Check your financial aid status for missing
documentation
•Accept or Decline your Financial Aid Offers
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CONTACT OUR OFFICE2009-C South Mobberly
( Located between Manly’s Furniture Store & Tex-Mex Restaurant
and across the street from LeTourneau University)
Longview, Texas 75602
Phone: 903.757.9660 Fax: 903.757.9663
www.txadc.org