finance your future. types of financial aid gift aid scholarships grants self-help aid work-study...
DESCRIPTION
Scholarshipsand Grants Institutional, State, Federal, or Private funds Awarded based on financial need, academic merit, and other factors Typically do not have to be repaidTRANSCRIPT
FINANCE YOUR FUTURE
Types of Financial Aid
GIFT AID • Scholarships• Grants
SELF-HELP AID
• Work-study• Loans
Scholarships and Grants
Institutional, State, Federal, or Private funds
• Awarded based on financial need, academic merit, and other factors• Typically do not have to be repaid
Work-study
Institutional, State, or Federal funds• Awarded based on financial need• Earn money by working in an
office/department on campus• Earn at least minimum wage• Receive a paycheck at least on a monthly basis
LoansPrivate, State, or Federal funds
STUDENT• Federal funds not based on credit worthiness• Maximum loan amount based on student’s year in school and other factorsPARENT• Federal funds are based on credit worthiness• Can borrow up to the cost of attendance, less any other financial aid• If denied due to adverse credit, the student can borrow additional student
loan funds (federal)
Applying for Financial Aid
Free Application for Federal Student Aid (FAFSA)
CSS/Financial Aid PROFILE (Non-Federal aid)
State applicationInstitutional applicationOutside scholarship websites
FAFSA• FREE• Available to US citizens and eligible non-citizens• File by the earliest deadline of the schools you are
applying to• Available January 1, 2016 for current seniors• Available October 1, 2016 for current juniors and beyond• https://fafsa.ed.gov/
CSS/Financial Aid PROFILE
$25 for initial application and one college or program
Additional reports are $16 eachAvailable October 1 each yearhttps://student.collegeboard.org/css-
financial-aid-profile
Warning Signs of a Scholarship Scam Application fees Claiming to apply on your
behalf Requests for personal
information (bank account numbers, credit card numbers, etc)
Financial Aid PackagingStudent submits
FAFSA and other
applications
Student and school receive a summary
of information submitted on the FAFSA, including
an Expected Family
Contribution (EFC)
School uses the EFC to create the student’s financial aid
package
Financial Aid Formulas
Cost of Attendance- EFC
Eligibility for Need-Based Aid
Cost of Attendance- Financial Aid Awarded
(so far)
Eligibility for Non-Need-Based Aid
Cost of Attendance
$Tuition and fees$Housing and meals (On or Off-Campus)$Books and supplies$Transportation$Miscellaneous/personal expenses
DIRECT COSTS• Tuition and fees• Housing and meals (if
living ON campus)• Transportation
(university parking permit, etc)
INDIRECT COSTS• Housing and meals (if
living OFF campus)• Books and supplies• Transportation• Miscellaneous/
personal expenses
Manage Cost of Attendance• On-Campus: Consider shared space
w/community bath• Off-Campus: Consider having one or more
roommates Housing and meals
• Rent textbooks, buy used textbooks, or buy e-books
• Check the libraries for course-related books• Share books with friends
Books and supplies
• Research student parking prices/options ahead of time
• Plan ahead for trips homeTransportation
• Take advantage of student discounts Miscellaneous/personal expenses
Maintain Eligibility and Reapply
State and Federal
Scholarships/Grants/Loans
University Scholarships/Gr
antsPrivate
Scholarships
Maintain Satisfactory Academic Progress
X X X
Submit FAFSA X XSubmit continuing student scholarship application
X
KEEP IN MIND…• Most financial aid packages are based on full-time
enrollment• Most awards require students to be enrolled at least
half-time in order to receive them• Communicate any special circumstances to the
financial aid office• Dropping below half-time enrollment triggers the
start of your six-month grace period on student loans• Borrow only what you need in loans. There are few
ways to discharge them.
QUESTIONS
CONTACT INFORMATIONEVELYN WINGARD
The University of Texas at AustinDallas Admissions Center
214 – 526 – 2386Email: [email protected]