What You Need to Know What is financial aid –Types, and sources of financial aid General...

The Financial Aid Office

Presents…

Financing Education Beyond

High School

What You Need to Know

• What is financial aid– Types, and sources of financial aid

• General Eligibility Requirements• How to Apply for Financial Aid

– Free Application for Federal Student Aid (FAFSA)

• Special circumstances

Types of Financial Aid

• Grants – Usually “gift” aid that does not need to be paid back

• Loans – DO need to be paid back

• Federal Work Study – Only paid for hours worked.

• Scholarships – Private and Institutional. Some are “gift” aid; others require obligations be fulfilled in order to be eligible for the money (e.g. athletic scholarships).

Financial Aid: Grants• Pell Grant

– Need based. – Given to those student’s determined to have

the highest need (i.e., lowest EFCs)• Supplemental Grants

– Federal grants (FSEOG)– State grants (i.e., TPEG/TEXAS/TEOG)– Typically need based– Often linked to priority deadlines

Financial Aid: Loans

• Subsidized Stafford loans– Must demonstrate “financial need”– Government pays interest while in school

• Unsubsidized Stafford loans– Need is not a consideration– Interest capitalizes and accrues while the

student is in school

• Parent PLUS loan– For dependent student’s only

Sources of Financial Aid

• Federal government

• States

• Private sources

State Aid

• Residency requirements

• Most aid awarded on the basis of both merit and need

• Uses information from the FAFSA

• Deadlines vary by state; check paper FAFSA or FAFSA on the Web site

Private Sources• Foundations, businesses (including

employers), charitable organizations

• Civic Organizations and churches

• Deadlines and application procedures vary widely

• Begin researching private aid sources early (NLT spring senior year)

• Do not overlook low $ scholarships. They add up!!!

General Eligibility Requirements

• Must be enrolled and pursuing an eligible degree or certificate at your college (check with FA Advisor)

• Must be a U.S. citizen or eligible noncitizen• Must be registered with Selective Service

(if male and required to be)• May not have a recent drug-related

conviction

General Eligibility Requirements, cont.

• Must have a valid Social Security Number*• May not be in default on a federal student

loan or owe repayment of a federal grant• Must have a HS Diploma or GED• Must be making satisfactory academic

progress as defined by the school

*Some funds available for SB 1528 students

How do I apply?

• Electronic FAFSA application on the web

- website is www.fafsa.ed.gov• Both student and one parent apply for PIN

- PIN used to “sign” the FAFSA• Include (up to 6) school code(s) (Collin=016792)• Submit• Follow up with school!!!

When can I fill out a FAFSA?

• May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid

• For the 2015-16 academic year, the FAFSA may be filed beginning January 1, 2015

• Colleges may (and usually do!) set FAFSA filing deadlines

Personal Identification Number (PIN)

• Web site: www.pin.ed.gov

• Sign FAFSA electronically

• Can request PIN before January 1, 2015

• Not required, but speeds

processing• May be used by students and parents throughout aid process, including subsequent school years

FAFSA on the Web Worksheet

• Web site: www.fafsa.ed.gov - click on “Student Aid on the Web” on the top menu bar - click on “Tools and Resources” on left menu - scroll down and click on “FAFSA on the Web Worksheet”

• FAFSA on the Web Worksheet:- Used as “pre-application” worksheet- Questions follow order of FAFSA on the Web.- Can help reduce stress and confusion for first-timers

2012-20132013 2014

Frequent FAFSA Errors

• Social Security Numbers

• Divorced/remarried parental information

• Income earned by parents/stepparents

• Untaxed income

• U.S. income taxes paid

• Household size

• Number of household members in college

FAFSA Processing ResultsCentral Processing System (CPS) notifies student of FAFSA results via a Student Aid Report (SAR) by:• E-mail notification in 3 – 5 days containing a direct link to student’s on-line SAR if e-mail was provided

• Paper Student Aid Report (SAR) mailed in 7 – 10 days if FAFSA was filed and no e-mail address was provided

• Student with PIN may view SAR on-line at www.fafsa.ed.gov

The SAR summarizes all the information you provided onyour FAFSA. Will usually show your EFC if enough infowas provided.

FAFSA Processing Results – cont.

• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approx. 7 to 14 days after FAFSA submitted

• College reviews ISIR– May request additional documentation, such

as copies of federal tax returns– Most additional docs flagged by FAFSA.

May also be for institutional aid

After the FAFSA: Follow up with School

• FAFSA information takes 7 to 14 days to electronically arrive at the school.

• Each school may have their own in-house paperwork you have to complete.

• Processing takes 4 to 6 weeks under normal circumstances (longer during peak times).

• You do not have financial aid until you receive an award letter from the school and accept it online.

Special Circumstances

• Cannot report on FAFSA

• Send explanation to financial aid office at each college

• College will review special circumstances

– May request additional documentation– Decisions are final and cannot be

appealed to U.S. Department of Education

Special Circumstances (cont)

Special Circumstances may include:

• Change in employment status

• Medical expenses not covered by insurance (and above the income protection allowance – 11%)

• Change in parent marital status

• Unusual dependent care expenses

• Other catastrophic events

If It Sounds Too Good To Be True….

• If you are considering hiring a scholarship or financial aid consultant, do your research first!– The Department of Education’s finaid.org

website has a lot of great information on scholarship scams and questionable consultant tactics. Before you hire anyone, go to:

www.finaid.org/scholarships/scams.phtml

Free Resources• Nerdwallet.com collegeboard.com• Fastweb.com finaid.org• Scholarships.com collegetoolkit.com• Wiredscholar.com collegenet.com• Studentaid.org freschinfo.com

• Be cautious about entering scholarship contests that require a fee.

* DON’T MISS DEADLINES!!

www.collin.edu/gettingstarted/financialaid/scholarships.htmlwww.finaid.org/otheraid/

Contact Us• Spring Creek Campus

– Monday through Thursday: 8 am - 8pm, Friday:  8 am - 5 pm

– P: 972.881.5760– F: 972.881.5118

– Address2800 E. Spring Creek Pkwy.Plano, TX 75074-3388

Contact Us• Preston Ridge Campus

–  Monday and Tuesday:  8 am - 8 pm, Wednesday through Friday: 8 am -  5 pm

– P: 972.377.1760– F: 972.377.1611

– AddressFounder’s Hall9700 Wade Blvd.Frisco, TX 75035

Contact Us

• Central Park Campus– Monday, Tuesday, Thursday and Friday: 8 am

- 5 pm, Wednesday: 8 am - 8 pm– P: 972.548.6760– F: 972.548.6703

– Address2200 W. University Dr.McKinney, TX 75070-8001

Good Luck!