Financial Aid for College
James Bowie High School January 15, 2013
Veronica CastilloProject Advance Facilitator(aka College Advisor) Bowie High School—College & Career [email protected]
Types of Financial Aid
◦Grants: Money that is mostly awarded on the basis of need and DOES NOT have to be repaid.
◦Work Study: Programs of on or off-campus jobs for students who demonstrate financial need. Hours are limited.
◦Loans: Money that is borrowed that must be repaid with interest.
◦Scholarships: Awards that are based on need, merit, or achievement.
Financial Aid Terms
FAFSA = Free Application for Federal Student Aid: Primary document used to determine eligibility for federal student aid programs that most colleges/universities require students to complete.
PIN = Personal Identification Number: Your electronic “signature” that both student and parent(s) will need to use for signing off on every piece of documentation via internet.
EFC = Expected Family Contribution: What the federal government will expect the family to contribute to the cost of education as they determine from your FAFSA.
SAR = Student Aid Report: The report you’ll receive from FAFSA once your information is processed that gives you your EFC.
Verification = Process where you must confirm information you provided on you FAFSA
What is Cost of Attendance (COA)?
• Direct costs- Tuition, Room, Board, and Fees
• Indirect costs- Books, Computer, Transportation, Personal
• Direct + Indirect Costs = Cost of Attendance
• COA varies WIDELY from college to college
A Student is “Dependent” unless s/he…
Is age 24Has a child whom
he/she supportsHas a dependent
who lives with student and whom he/she supports
Is Married Is a Graduate
StudentIs an Orphan or
“Ward of the Court”Is a veteran of the
armed forces
Financial Aid Timeline
December: Gather materials neededJanuary: (FAFSA opens) Collect tax documentsFebruary/March: Submit FAFSAMarch/April: Receive SAR & EFCApril/May: Receive school financial aid packagesApril/May: Decisions & depositsMay: Deposits & GraduationJune: (FAFSA closes)
How to Prepare
What you’ll need to complete FAFSA
◦Completed tax return for 2012 ***MOST IMPORTANT***
◦Correct permanent address◦PINs for both student and parent◦Social Security #◦Driver’s License (optional)
Common Mistakes
Forgetting to sign the applicationUsing the wrong figures: Do not use
your W2 form for the FAFSA, but use your Adjusted Gross income from federal tax return.
Divorced parents should list only their own income and their current spouse’s income – NOT their ex-spouse’s income.
What you MUST know…
You have to re-apply every spring for FAFSA
If you are selected for verification, you most likely will be selected every subsequent year
Financial aid dependency until the age of 24
Financial Aid Websites and Toll Free Number (English & Spanish)
Federal Resources: http://federalstudentaid.ed.gov Texas Education Code & Other Statutes: www.statutes.legis.state.tx.us/ Financial Aid & College Application Resources: www.collegeforalltexans.com/
Free Application for Federal Financial Aid: www.fafsa.ed.gov/ Texas Application for State Financial Aid: www.aie.org/state/TASFA
(for non-US citizens)Texas Guaranteed Student Loan: www.tgslc.orgTexas Higher Education Coordinating Board: www.thecb.state.tx.us/ Texas Education Agency: www.tea.state.tx.us/ Uniform College Application: www.applyTexas.org Planning for College: www.everychanceeverytexas.org Adventures in Education: www.aie.org
Toll Free Number for Financial Aid Assistance in English and in Spanish:
888-311-8881
Every institution is required to have a Cost Estimator/Calculator on its website! Don’t forget to use these!
To examine this info at your college: www.collegeboard.com
FINDING COSTS ON THE WEB:
To research your school’s data, you can use this website to gather information about financial aid.
Select the school and then click on the “Cost and Financial Aid” tab to obtain the information you might need.
ScholarshipsMerit/Need/Achievement based financial aid
Common types of scholarships◦Academic◦Athletic◦Performance, e.g. Music, Theatre◦Participation
Do your research!◦Deadlines◦Requirements◦Free scholarship searches◦Beware of scholarship scams
Web-based Scholarship Searches
www.fastweb.com is an example of a scholarship search engine
Beware of Scholarship Scams
Watch out for the following claims:“For a fee, we provide a comprehensive
list of scholarships.”“Billions of dollars of award monies going
unclaimed.”“We have a money-back guarantee.”“We need your credit card or bank account
number.”“We will do all the work.”