2014-15 Frisco Financial Aid Workshop Powerpoint

FRISCO ISD FINANCIAL AID
WORKSHOP
What You Need to Know
About Financial Aid
Governor Jackson
Director of Financial Aid
Texas Woman’s University
Denton - Dallas - Houston
What is financial aid?
Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA)
Special circumstances
Financial aid consists of federal, state,
institutional, and private agency funds
provided to students and families to help pay
for postsecondary educational expenses at
universities, colleges, community colleges, and
accredited technical and vocational schools.
Direct
costs (tuition, fees, books, oncampus room and board
Indirect
costs (personal expenses such as
entertainment, clothing, hygiene and
beauty care, transportation expenses such
as cost to get to and from class, auto gas,
auto insurance)
Varies
widely from college to college
9 Month
Academic Year
Cost
Tuition
&
Fees
Books &
Supplies
Room &
Board
Transportation
& Personal
Expense
Total
Texas A & M
Commerce
$6,753
$1,400
$8,106
$3,937
$20,196
Texas Woman’s
University
$7,560
$1,050
$6,624
$3,573
$18,807
UT Arlington
$9,380
$1,206
$8,156
$4,400
$23,142
UT Dallas
$11,806
$1,200
$9,548
4,180
$26,734
University of
North Texas
$10,066
$1,000
$7,376
$4,398
$22,840
Univ of Tx Austin
$9,798
$750
$11,456
$4,310
$26,314
9 Month
Academic Year
Cost
Tuition
&
Fees
Books &
Supplies
Room &
Board
Transportation
& Personal
Expense
Total
Baylor
$38,320
$1,250
$10,560
$4,030
$54,160
Southern
Methodist
University
$45,940
$800
$8,500
$2,876
$58,116
Texas Christian
University
$38,600
$1,050
$11,380
$2,700
$53,730
Rice University
$40,566
$800
$13,400
$2,150
$56,916
University of
Dallas
$34,430
$1,200
$8,000
$3,100
$46,730
Austin College
$34,840
$1,250
$3,830
$1,375
$41,295
9 Month
Academic Year
Cost
Tuition
&
Fees
Books &
Supplies
Room &
Board
Transportation
& Personal
Expense
Total
Collin County
Comm. College
$2,390
$1,500
$8,730
$4,504
$17,124
Dallas County
Comm. College
$1,665
$2,000
$8,253
$2,142
$14,060
Tarrant County
College
$6,150
$1,698
$6,654
$4,417
$18,919
Tyler Junior
College
$3,762
$1,800
$7,156
4,482
$17,200
Amount
family can reasonably be expected
to contribute
Stays the same regardless of college
Two components
Parent contribution
Student contribution
Calculated using data from the Free
Application for Federal Student Aid (FAFSA)
For students enrolled under HB 1403/SB
1528, they must complete the Texas
Application for Student Financial Aid
(TASFA), instead of the FAFSA, for EFC to
be calculated.
Available at: www.collegeforalltexans.com
What is Financial Need?
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
Need-based
aid
Non-need-based
aid
Scholarships
Grants
Loans
Employment
Gift Aid
Self-Help Aid
Money
that does not have to be paid back
Awarded on the basis of merit, skill, or
unique characteristic
Know the scholarship deadlines. Consult the Admissions
& Financial Aid Web Pages for colleges of interest
Apply for admission to all colleges of interest in the
fall of your senior year
Submit SAT scores, Act scores, and partial high school
transcript by December of your senior year, or earlier, if
required
Submit final high school transcript after graduation.
Review Admissions and Financial Aid Web Pages of
schools of interest no later than early fall of your senior
year
Use APPLYTEXAS to apply for admission to any public
college or university in Texas https://www.applytexas.org/adappc/gen/c_start.WBX
For private universities (in-state or out-of-state) and
public universities out-of-state, consult the university’s
Admission and Financial Aid Web Pages for deadlines and
procedures for Admissions and Financial Aid
Adventures in Education - http://www.aie.org/
Financial Aid Information Page http://www.finaid.org/
The Princeton Review http://www.princetonreview.com/sallie-maescholarship.aspx
College Board https://bigfuture.collegeboard.org/scholarship-search
Fastweb - http://www.fastweb.com/collegescholarships
Money
that does not have to be paid back
Usually
need
awarded on the basis of financial
Money
students and parents borrow to
help pay college expenses
Repayment
for student loans begins after
their education is finished
Repayment for Parent Loans begins after
the loan is fully disbursed.
Only
borrow what is really needed
Allows
student to earn money to help pay
educational costs
A paycheck; or
Nonmonetary compensation, such as
room and board
Student
may opt to work 12-20
hours/week
Federal
Pell Grant – Up to $5,750 annually
Iraq and Afghanistan Service Grant (IASG) – Up to
$5,311 annually
Teacher Education Assistance for College and
Higher Education (TEACH) Grant – Up to $4,000
annually
Federal Supplemental Educational Opportunity
Grant (FSEOG) – Up to $4,000 annually
Federal
Perkins Loan – Up to $5,500 annually, 5%
interest
Federal Nursing Loan – Up to $5,500 annually.
5% interest
Federal
Work-Study (FWS) – Amount varies, awards
may range from $2,000 - $8,000 annually
Subsidized and Unsubsidized Federal Direct Student
Loans (Direct Loans) – Up to $12,500 annually, 4.66%
- 6.21 % interest
PLUS (Parent) Loans – Up to cost of attendance
minus other aid awarded, 7.21% interest
Top 10 Scholarship - $600 - $1,000 annually
TEXAS Grant – Up to $5,000 annually
Tuition Equalization Grant – amount varies up to
tuition and fees
Tuition Scholarships – Up to tuition & fees
Texas Public Education Grant - $400 - $8,000
annually
Tuition Exemptions & Waivers -Up to tuition &
fees
Texas
College Workstudy - $2,000 - $8,000
annually
B-On-Time Loan – Up to $8,000 annually, 0%
interest
College Access Loan – Up to cost of attendance
minus other aid, 5.25% interest
How To Apply For Grants, Workstudy, and Loans
Complete IRS tax returns as early as possible
after January 1st, but no later than March 1st
Complete
the FAFSA as early as possible after
January 1st, but no later than March 1st
Authorize IRS Data Retrieval when completing
the FAFSA
Complete
any institutional aid forms
Complete,
print, and submit the Texas
Application for State Financial Aid (TASFA) by
March 15th. Available at:
www.collegeforalltexans.com
Submit signed copies of student and parent
tax returns by March 15th, if filed
Be registered with Selective Service (or exempt) and
have no drug convictions.
There are multiple versions of the FAFSA:
FAFSA on the Web (preferred method, available
at www.fafsa.ed.gov
Complete a PDF FAFSA (Must be printed and
mailed. Available at www.fafsa.ed.gov )
Request a paper FAFSA by calling (800) 433-3243
If hearing impaired: (800) 730-8913
Available in English and Spanish at:
www.fafsa.ed.gov
Real-time FAFSA submission and updates
Ability to electronically sign using a Federal
Student Aid (FSA) Personal Identification Number
(PIN)
Instructions and “help text” for certain questions
Skip-logic allowing student and/or parent to skip
unnecessary questions
Built-in edits check for errors prior to submission
Ability to check application status on-line
Printable Worksheet assists in collecting necessary
application information
Both the parent and student may apply for a
Federal Student Aid PIN at www.pin.ed.gov .The
PIN may be used to:
Electronically sign, revise, or track processing of
the FAFSA
Pre-fill some data on the FAFSA, if one was filed
the previous year
Review personal history in the National Student
Loan Data System of all federal aid received
Complete Entrance and Exit Loan Counseling
Apply for a Federal Direct Parent Loan
Sign the Agreement To Serve for the TEACH
Grant
Student/parent may obtain an FSA PIN
before or after completing the FAFSA on the
Web, preferably before completing the
FAFSA
Apply for a Federal Direct Parent Loan
Sign the Agreement To Serve for the TEACH
Grant
Student/parent may obtain an FSA PIN
before or after completing the FAFSA on the
Web, preferably before completing the
FAFSA
In spring 2015, the FAFSA PIN will be
replaced by a new Federal Student Aid ID,
comprised of a user-selected username and
password. Existing PINS can be linked to the
new FSA ID.
Process enables students and parents to
transfer tax return information from IRS
website directly to the FAFSA on the Web
application
IRS Data Retrieval is also available for
corrections
IRS Data Retrieval will expedite aid
processing
If selected for Verification, student and
parent must obtain an IRS transcript to verify
income tax information. Signed copies of tax
returns will not resolve the issue. May delay
aid processing for up to 6 weeks, or more.
Increases the likelihood of being selected for
Verification
TEXAS GRANT PRIORITY
Priority will be given to students who meet the priority deadline of March
15th and have any two of the following :
Advanced Academic Programs
(12 SCH, Foundation High School Program or it’s equivalent, Distinguished
Achievement Program, or International Baccalaureate)
Class Standing
rd
(graduate in top 3 of class or have B average)
TSI Readiness
(meet Texas Success Initiative thresholds or be exempt)
Advanced Math
(complete at least one math class beyond Algebra II)
Left-over funds after priority students are awarded will go to other eligible
students who missed the priority deadline.
Change
in employment status
Unusual
medical expenses not covered by
insurance
Change
in parent marital status
Unusual
dependent care expenses
Student
cannot obtain parental information
QUESTIONS?

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