Help students pay for college Achieved by: - Evaluating family's ability to pay for educational...
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Financial Aid 101 Presented by: SHSU Financial Aid & Scholarships Office
Help students pay for college Achieved by: - Evaluating family's ability to pay for educational costs - Distributing limited resources in a fair and equitable
Help students pay for college Achieved by: - Evaluating
family's ability to pay for educational costs - Distributing
limited resources in a fair and equitable manner using a programmed
award philosophy
Slide 3
Financial Aid is not designed to cover 100% of college
expenses
Slide 4
Financial Aid Gift Aid Self-help Loans Work Study Grants and
Waivers Scholarships
Slide 5
May be filed after January 1 st of the Academic year the
student plans to attend For the 201415 academic year, the FAFSA may
be filed beginning January 1, 2014 Check with your college to find
out their FAFSA deadline
Slide 6
Remind the student to answer the FAFSA accurately For example:
If the question ask for parents demographic information and
income
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It is the Students responsibility to remain in compliance with
the universitys Satisfactory Academic Progress Standards -
Satisfactory academic progress (SAP) is used to define successful
completion of coursework - May be different depending on the
college Example:
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Electronic (FAFSA on the Web) www.fafsa.ed.gov Paper Request at
: 1-(800)- 4FEDAID (433-3243)
Slide 9
Applicant may submit request to IRS for tax data -
Electronically: at least 2 weeks prior - Paper: at least 6-8 weeks
prior If match found: IRS sends real-time results to applicant in
new window Applicant chooses whether or not to transfer data
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Amount a family can reasonably be expected to contribute toward
their child's education Stays the same regardless of college
Calculated using data from the FAFSA
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Tuition and fees Room and board Books and supplies
Transportation Miscellaneous personal expenses
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COST OF ATTENDANCE (COA) EXPECTED FAMILY CONTRIBUTION (EFC)
_________________________________________________ FINANCIAL
NEED
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Est. Cost of Attendance (COA) $ 18,000 Expected Family
Contribution (EFC) 10,000 Financial Need $ 8,000 Subsidized Loan $
3,500 Remaining Need $ 4,500 State Grant $ 3,000 Eligibility for
Remaining Need $ 1,500 Remaining Est. Cost for Student $11,500 Once
remaining need is met the rest of the students financial aid
package can be made up of non-need based aid (ex. Unsubsidized
Loan, Parent Plus Loan)
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Federal Pell Grant Supplemental Educational Opportunity Grant
(SEOG) TEACH Grant State TEXAS Grant (will no longer be available
at 2 year schools) Texas Public Education Grant (TPEG) Priority
deadline for TEXAS Grant is March 15 So, taxes need to be process
by?
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Need-based Earn money to help pay educational expenses At least
minimum wage, paid at least monthly Part-time job
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Federal Loans Subsidized Loan Unsubsidized Loan Parent Plus
Loan Perkins Loan State Loans College Access Loan (CAL) Be On Time
Loan (BOT) Alternative Loans Private consumer loans Usually a last
option after other more economical sources are exhausted
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Subsidized Loan Need based Interest: 3.86% Does not accrue
interest while student is in school Unsubsidized Loan Not
need-based Interest: 3.86% Interest accrues from date of first
disbursement
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Maximum Annual Amounts $5,500 - Freshman $6,500 - Sophomore
$7,500 - Junior and Senior Repayment Begins six months after
graduation or after dropping below half- time enrollment
status
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Based on parents credit Approved parent may borrow up to cost
of attendance, less any other financial aid Denied If parent is
denied due to adverse credit and indicates on the application they
will not be pursuing further action, the student can be offered an
Additional Unsubsidized Loan ($4,000- $5,000 depending on
classification)
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Money awarded on the basis of merit, skill, or unique
characteristics that does not have to be paid back Local
organizations Foundations Companies Websites
www.studentscholarships.org www.studentscholarships.org
www.studentaid.ed.gov/scholarships
www.studentaid.ed.gov/scholarships
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Every exemption has different requirements for eligibility
Types and eligibility requirements available at:
www.collegeforalltexans.com www.collegeforalltexans.com
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Cannot report on FAFSA Send written explanation to your
Colleges Financial Aid Office Change in employment status Death or
Divorce Medical expenses not covered by insurance Change in
parent/student marital status Unusual dependent care expenses
Student cannot obtain parent information
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Certain non-citizens qualify for Texas financial aid Available
to some students who are not eligible to complete the FAFSA (must
have SSN or be a legal alien to complete the FAFSA) Contact your
universitys admissions office for qualifications Students should
complete the Texas Application for State Financial Aid (TASFA)
Available online @: www.collegeforalltexans.com
www.collegeforalltexans.com