the college 411 presented by tyler junior college
TRANSCRIPT
The College 411
Presented by
Tyler Junior College
Why attend college?
Types of Financial Aid
• Scholarships
• Grants
• Loans
• Employment opportunities
How Do I Apply?Submit the Free Application for Federal Student Aid (FAFSA)
prior to your school’s deadline at www.fafsa.ed.gov
What will I need to complete it?
FAFSA Workshops:
February 24March 26
6:30p.m.
Reservations are Reservations are required.required.
Call (903) 510-2385Call (903) 510-2385
How does it work?Federal Methodology
Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC).
Calculated by filling out the FAFSA
EFC is used to:•Determine eligibility for the Pell Grant•Determine eligibility for ALL Need Based Aid programs
How does it work?Definition of Need
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
Examples:
$13,838
– 1,000 (EFC)
= $ 12,838
$13,838
– 14,215 (EFC)
= $ 0
COA Defined-
direct= tuition, fees, books, on campus room/board
indirect=personal, transportation, off campus room/board
Need Varies Based on Cost
X
Y
Z
Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)
1
2
3
EFC EFC
TJCScholarships
• General Scholarships with various eligibility criteria: academic, need-based, community leadership, residency etc
• Performance Grants in performing arts and athletics which requires a separate application and tryouts
• Presidential Minimum score = SAT (1070) or ACT (23)
$2000 per year for 2 years
Requires full-time enrollment and 3.3 GPA
• DeansSAT or ACT required (no minimum score)
$1000 per year for 2 years
Requires full-time enrollment and 3.0 GPA
How to Apply for TJC Scholarships
• Complete TJC Scholarship Application
www.tjc.edu/scholarship
• March 1st (priority deadline)
• Complete FAFSA (need-based scholarships)
• Incomplete applications will not be considered
Scholarship Contacts
Shelby Brown, Scholarship Coordinator
903-510-2386
Beverly Richmond, Staff Technician
903-510-3234
White Administrative Bldg, 2nd Floor
• Local organizations (Kiwanis clubs, booster clubs, churches, etc.)
• Parent’s place of employment
• State funded scholarships (THECB)
• Americorps
• Bureau of Indian Affairs
Outside Funding Sources
• The College Board www.collegeboard.com
• Scholarships.com www.scholarships.com
• ScholarshipHunter www.scholarshiphunter.com
• College for Texans www.collegefortexans.com
• FastWeb www.fastweb.com
Scholarship Searches
• Top 10 Percent Scholarship from THECB– Texas Resident
– Demonstrate financial need (FAFSA must be received by the college by April 1st)
– Recommend or Distinguished Achievement HS curriculum
– Rank in top 10% of HS class as of 7th semester (3rd 6 weeks of Senior year)
– Fulltime enrollment in Texas Public college/university Fall semester immediately following HS graduation
New Scholarship
Federal GrantsPell
– Awarded by EFC– Enrollment status– Max award 08-09 $4731/yr 09-10 ???
SEOG– Need-Based– Awarded by Institutional Policy
ACG– Pell Eligible– Completed Recommended or
Distinguished Achievement High School Program
– 1st year and 2nd year award– Max $750 and $1,300
Other Federal Grants
– Depends on institutional participation/eligibility
State GrantsTEXAS Grant
– Need- Based
– Recommended or Distinguished Achievement High School
– Enrollment status
– 08-09 Award Amount @ 2Year $1,730/yr
– 09-10 ??? 4Year $5,170/yr
Technical Colleges $2,650/yr
Independent Colleges/Univ. $3,331/yr for renewal only – no initial
TEOG– Need- Based
– Not eligible after Associate Degree earned
– Enrollment status
– 08-09 Award Amount @ 2Year $1,730/yr
– 09-10 ??? 4Year $5,170/yr
Technical Colleges $2,650/yr
Independent Colleges/Univ.$3,331/yr for renewal only – no initial awards
LEAP, TPEG, Other State Grants
• Need-Based• Awarded according to institutional policy• Depends on institutional participation/eligibility
Work-Study
– Employment on or off campus
– Work less than 18 hours per week
– Minimum wage
– Need-based award
Federal and State Work Study Programs
Stafford Loans
• Available under: – Federal Family Education Loan Program (FFEL
Program) with funds provided by lender (e.g., bank or credit union)
– William D. Ford Federal Direct Loan Program (Direct Loan Program) with funds provided directly by the federal government
• School determines loan eligibility
and delivers loan proceeds to
the student
Stafford Loans (Subsidized and Unsubsidized)
• Subsidized Stafford: Must demonstrate “need”
• Unsubsidized Stafford: Need is not a consideration
• Difference between Subsidized and Unsubsidized
SSL-Government pays the interest for in-school period
USL-Student responsible for all interest
• Base annual loan limits (combined subsidized and unsubsidized)
– $3,500 for 1st year undergraduates
– $4,500 for 2nd year undergraduates
– $5,500 for each remaining undergraduate year
– $7,500 for each year of graduate/professional study
Eligibility for Unsubsidized Stafford Loan
• Dependent students– $2,000 per year
• Additional unsubsidized loan eligibility for independent undergraduates, graduate students, and dependent students whose parents are unable to borrow under the PLUS Program:
– $4,000 per year for first and second years of undergraduate study
– $5,000 per year for remaining years of undergraduate study
– $10,000 per year for graduate and professional students
Repayment of Stafford Loans
• Six-month grace period
• Maximum repayment period between 10 and 20 years depending on repayment plan chosen
• Deferment, forbearance, and cancellation provisions available
Costs of Borrowing Stafford Loans
• Fixed interest rate – but changes annually for new loans– Subsidized interest rate
7/1/08 - 6/30/09 is 6.00% 7/1/09 - 6/30/10 is 5.60%
– Unsubsidized interest rate is fixed at 6.80%
• Loan fees based on principal amount of each loan:– FFEL: Up to 1.5% origination fee and 1% default fee
– Direct Loan: Up to 2.5% loan fee
Federal PLUS Loans (Parent)
•Parent, Adoptive parent, or Step-parent may borrow•Repayment begins 60 days after loan is fully disbursed -deferment provisions available -only principal deferred, interest may be capitalized• Interest Rate: Fixed
7/1/08-6/30/09=8.5%•Cost of Borrowing: Loan fees FFEL: Up to 3% origination fee and 1% insurance premium (not in TX)
Direct Loan: Fixed 4% loan fee
Avoid
Errors made in completing the FAFSA and/or supplemental forms may delay application processing and result in the loss of financial aid funds.
Please complete all forms carefully!
•Must have a valid (and correct) Social Security Number
Frequent FAFSA Error
Frequent FAFSA Errors• Divorced/remarried parent information• Income earned by parents/stepparents and
left blank• U.S. Taxes Paid (parent)• U.S. Taxes Paid (student)• Student/Parent/Spouse Wage information
left blank• Untaxed income (SSI not reported now)• Household size• Number attending college• Real estate and investment net worth• Asset information left blank
•Missing appropriate signatures
Frequent FAFSA ErrorsContinued
Send your information to ten schools
• School code for sending FAFSA data
• Housing plans for each school
Avoid Being Scammed
To check the legitimacy of scholarship search organizations or individuals or for information about financial aid scams and tips to avoid being scammed check:
•Better Business Bureau: http://www.bbb.com •U.S. Department of Education: http://studentaid.ed.gov/students/publications/lsa/index.html •Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.html
How Do You Know Which Offers Are “Scams” That Should Be Avoided?
• Organizations that say they can help you locate more aid and then charge you a fee
• Anyone who charges you a fee for information about financial aid
• If they charge you a fee to complete the Free Application for Federal Student Aid (FAFSA)
• If they charge a fee to receive financial aid
Misleading Offers to Watch Out for to Avoid “Scams”
• “The scholarship is guaranteed or your money back.”
(No one can guarantee your scholarship before it is awarded.)
• “You can’t get this information anywhere else.”
(Everyone has access to the same information.)
Other Misleading Offers
• “You are a finalist” for an award you never applied for.(If you did not apply, it is not a legitimate offer.)
• “Come to our seminar and we’ll show you how to get more financial aid. You only have to pay a small fee.”(This is a sales pitch. Don’t pay for information that you can get elsewhere for free.)
Other Misleading Offers
• “We need your credit card information to hold your scholarship.”(You should never have to give this information to legitimate providers.)
• “The scholarship requires a small fee.”(Never pay a fee to get a scholarship.)
General student information:
•Name/Address/Telephone Number•Social Security Number•Date of Birth•Driver’s license number•Email Address•Citizenship•Marital status•State and Date of legal residence•Male or Female/Selective Service registrationstatus
FOTW Worksheet: Step 1
General student information:
FOTW Worksheet: Step 1 cont’d
•Drug conviction status•Parents’ educational background•Student’s educational background •Receipt of first bachelor’s degree•Student’s college background and
goals•Financial Aid Preferences
FOTW Worksheet: Step 2
Financial data for student (and spouse):• Tax filing status and return type• If student (and spouse) filed or will file a 1040, was he or she eligible
to file a 1040A or 1040EZ?• Adjusted gross income (AGI) for 2008• Income tax paid for 2008• Exemptions claimed for 2008• Income earned from work• Information about student’s veteran’s benefits
– Number of months benefits will be received during the 2009-10 academic year
– Monthly amount• Asset information for the student (and spouse):
– Cash, savings, and checking– Net worth of investments– Net worth of business and investment farms
FOTW Worksheet: Step 2 Cont’dStudent’s 2008 Additional Financial data (and
spouse):• Education credit• Child support paid• Taxable earnings need-based employment programs• Student grant and scholarship aid reported to the IRS• Combat pay or special combat pay
Student’s 2008 Untaxed Income (and spouse):• Payments to tax deferred pension and savings• IRA deductions• Child support received• Tax exempt interest income• Untaxed portions of IRA distributions• Untaxed portions of pensions• Housing, food, and other living allowances• Other untaxed income not reported elsewhere• Money received or paid on behalf of student/spouse
FOTW Worksheet: Step 3
• Born before Jan. 1, 1986• Married?• Working on Master’s or Doctorate?• Serving on active duty?• Veteran?• Have children that will receive more than ½ support?• Have dependents that will receive more than ½ support?• Since 13, both parents deceased or in foster care or dependent or ward
of the court?• Court emancipated minor or in legal guardianship• Unaccompanied youth who was homeless? (school district or
emergency shelter or transitional housing program funded by govt. must determine)
• Youth who was self supporting and at risk of being homeless. (determined by director or a runaway or homeless youth basic center or transitional living program)
Student status determination
FOTW Worksheet: Step 4Data for parents of dependent students:•Parents’ marital status•Date of parents’ marital status•Social Security Number•Last name•Date of birth•E-mail address (optional)•State and date of legal residence•Household size•Number in college
FOTW Worksheet: Step 4 Cont’d
•Adjusted Gross Income (AGI) for 2007•Income tax paid for 2007•Exemptions claimed for 2007•Income earned from work•Asset data for parents of dependent students:
–Cash, savings, and checking–Net worth of investments–Net worth of business and investment farms
Financial data for parents of dependent students:•Did anyone in the parents’ household receive benefits from any of the federal programs listed?•Tax filing status and return type•If parents filed or will file a 1040, were they eligible to file a 1040A or 1040EZ?•Dislocated worker?
FOTW Worksheet: Step 4 Cont’d
Parent’s 2008 Additional Financial data:• Education credit• Child support paid• Taxable earnings need-based employment programs• Student grant and scholarship aid reported to the IRS• Combat pay or special combat pay
Parent’s 2008 Untaxed Income data:• Payments to tax deferred pension and savings• IRA deductions• Child support received• Tax exempt interest income• Untaxed portions of IRA distributions• Untaxed portions of pensions• Housing, food, and other living allowances• Veteran’s non education benefits• Other untaxed income not reported elsewhere
FOTW Worksheet: Step 5
Back to student data for independent student’s only:
•Household size•Number in college•Did student or spouse or anyone in household receive benefits from any of the federal programs listed?•Dislocated worker?
List up to 10 colleges to receive FAFSA data:
Federal School Code for each collegeHousing plans for each college
FOTW Worksheet: Step 6
Stay on Track
• Use the following timeline to keep on track during the college planning process
(The following information is from FSA High School Counselors website at http://www.fsa4counselors.ed.gov/clcf/main.html)
Prior to Senior Year• Maintain the best grades that you possibly can.
You should be doing 2 hours of homework each night and participating in study groups if available.
• Participate in extracurricular activities
Junior Year
• In October-take the PSAT
• Make a list of all colleges that you are interested in attending.
• In the Spring semester-begin taking campus tours of the colleges on your list and take the SAT (March) or ACT (April)
• Summer between Junior and Senior year-write an essay to use for scholarship and admissions applications.
September
• Check your high school transcript to make sure you have all the credits you need to get into your college(s) of choice.
• Register for October/November SAT and ACT tests.
• Take another look at your list of colleges, and make sure that they still satisfy your requirements. Add and/or remove colleges as necessary.
• Make sure you meet the requirements (including any transcript requirements) for all the colleges to which you want to apply. Double-check the deadlines
• Give any recommendation forms to the appropriate teachers or counselors with stamped, college-addressed, envelopes making certain that your portion of the forms are filled out completely and accurately.
• Most early decision applications are due between October 1 and November 1. Remember to request that your
high school send your official transcripts to the college to which you are applying to meet this timeframe.
Senior Year Timeline
October:
• Make a final list of schools that interest you and keep a file of deadlines and required admission items for each school.
• Take SAT and/or ACT tests. Have the official scores sent by the testing agency to the colleges/universities that have made your final list of schools. Register for December or January SAT Reasoning Test and/or SAT Subject Test, if necessary.
• Continue thinking about and beginning writing (if you have not already started) any essays to be included with your applications.
November
• Submit your college at https://studentaid2.ed.gov/apply/ or in Texas at www.applytexas.org
Senior Year Timeline
December
• Early decision replies usually arrive between December 1st and December 31st.
• If you haven't already done so, make sure your official test scores are being sent to the colleges to which you are applying.
• Schedule any remaining required interviews.
Senior Year Timeline
Senior Year TimelineJanuary
• Submit the Free Application for Federal Student Aid (FAFSA) on or soon as possible after January 1st. Contact the Financial Aid Office or check their website to see if you need to complete additional financial aid forms and check into other financial aid options. In order to be considered for financial aid, you'll need to submit these forms even if you haven't yet been notified of your acceptance to the college(s) to which you applied. Complete the form at www.fafsa.ed.gov . Or complete a paper FAFSA.
Make sure your parents have completed their income tax forms in anticipation of the financial aid applications. If they haven't completed their taxes, providing estimated figures is acceptable
• Request that your high school send your official transcripts to the colleges to which you are applying.
• Contact the admissions office of the college(s) to which you have applied to make sure that your information has been received, and that they have everything they need from you.
Senior Year Timeline
February
• If you completed the FAFSA, you should receive your Student Aid Report (SAR) within four weeks if you applied via paper. If you applied on-line, you can receive results via e-mail within 3 to 5 days after electronic submission. If corrections are needed, correct and return it to the FAFSA processor promptly
• Complete your scholarship applications
• Contact the financial aid office of the college(s) to which you have applied to make sure that your information has been received, and that they have everything they need from you.
Senior Year TimelineMarch/April
• If you haven't received an acceptance letter from the college (s) to which you applied, contact the admissions office
• Compare your acceptance letters, financial aid and scholarship offers and choose your college.
When you choose a college that has accepted you, you may be required to pay a nonrefundable deposit for freshman tuition (this should ensure your place in the entering freshman class).
Senior Year Timeline
May
• Take Advanced Placement (AP) exams for any AP subjects you studied in high school.
• You should make a decision by May 1st as to which college you will be attending and notify the school by mailing your commitment deposit check. Many schools require that your notification letter be postmarked by this date.
If you were placed on a waiting list for a particular college, and have decided to wait for an opening, contact that college and let them know you are still very interested.
Senior Year TimelineJune
• Have your school send your final transcripts to the college which you will be attending
• Contact your college to determine when fees for tuition, room and board are due and how much they will be.
Summer After Senior Year
• Participate in any summer orientation programs for incoming freshmen.
• Now that you know you will be attending college in the fall, it is a good idea to evaluate whether to get student health insurance in case of any unforeseen emergencies or whether your family's insurance coverage is sufficient.
• Save money from your summer job and set up a checking or savings account for school. (Buy the things you will need for college gradually.)
• Set up a student checking and savings account for school
Thanks for your attention!
Good Luck!
Any questions?
The Financial Aid Office Staff:Rosa BradfordCindy Dorries
Kimberly CatheyTammy MintonMolly WilliamsLaura StevensCasey Wells
Devon WigginsSara Wilkerson
Contact InformationFinancial Aid Office: 510-2385
Web:finaid.tjc.edu Email: [email protected]