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

fahelp@tccd.edu email