Financial Aid2015-2016

Who

is E

ligib

le? Be a U.S. citizen or an eligible noncitizen;

Have a valid Social Security number;

Eligible Non-citizens must provide Certificate of Naturalization and an Alien Registration Number;

Be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);

Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;

Be enrolled at least half-time to be eligible for Direct Loan Program funds;

Maintain Satisfactory Academic Progress (SAP) in college or career school;

Sign statements on the Free Application for Federal Student Aid (FAFSASM) stating that

You are not in default on a federal student loan and do not owe money on a federal student grant and

You will use federal student aid only for educational purposes.

Texa

s App

licati

on fo

r St

uden

t Fin

anci

al A

id

(TAS

FA)

Texas Application for Student Financial Aid is for students who are neither US Citizens or eligible non-citizens.

Must provide parents names, birthdates, household income information or statement from parent’s employer stating how much they made (it is never reported to any other governing authority).

Wha

t is F

inan

cial

Aid

Financial Aid is money provided to students to help pay for school expenses: Tuition & fees

Room & Board (food)

Transportation

Books

Miscellaneous living costs

Financial aid funds are: Pell Grants and State Grants

Scholarships

Work-Study

Federal Direct Student Loans

Federal Parent Loans for Undergraduate Students (PLUS Loans)

Gra

nts Grants do not have to be paid

back

Awarded based on financial need As determined by the FAFSA

Federal and state grants available

Scho

lars

hips

Do not have to be paid back

Are awarded based on merit

Research what is available in community

To what organizations and churches do student and family belong?

Application process usually occurs during spring of senior year

Small scholarships add up!

Search engines: www.collegeforalltexans.com

https://bigfuture.collegeboard.org/scholarship-search

www.fastweb.com

www.gocollege.com

www.finaid.org

Wor

k-St

udy

Part-time job through the college or university

Work less than 15 hours per week

Usually minimum wage ($7.25/hr.)

Paid directly to the student once a month

Must submit FAFSA and qualify for PELL grant

Dire

ct S

taffo

rd L

oans

Subsidized Stafford Loan

Awarded based on financial need

3.8% interest rate

The U.S. Department of Education pays the interest on subsidized loans:

While you’re enrolled at least half-time (6 credit hours)

During periods of deferment

Unsubsidized Stafford Loan

Awarded regardless of financial need

6.8% interest rate

The U.S. Department of Education never pays the interest on unsubsidized loans

Each college has additional Loan Steps students must complete prior to receiving their loans (Entrance Loan Counseling, completing Master Promissory Note, etc.)

Fede

ral D

irect

St

uden

t Loa

n Li

mits

CLASSIFICATIONS: DEPENDENT STUDENTS:

ADDITIONAL UNSUBSIDIZED

LOANS:

FRESHMAN: 29 or less semester hours completed

$3,500 $2,000

SOPHOMORE: 30 or more semester hours completed, excluding developmental hours

$4,500 $2,000

CLASSIFICATIONS: INDEPENDENT STUDENTS:

ADDITIONAL UNSUBSIDIZED

LOANS:

FRESHMAN: 29 or less semester hours completed

$3,500 $6,000

SOPHOMORE: 30 or more semester hours completed, excluding developmental hours

$4,500 $6,000

*The actual loan amount you are awarded will depend on other financial aid you receive and the amount of your budget (cost of attendance) as set by TC Financial Aid Office.

Be aware that financial aid does not always cover the full cost of attending college.

PLU

S Lo

ans PARENT LOAN FOR

UNDERGRADUATE STUDENTS (PLUS)

Parents of undergraduate dependent students apply

PLUS loans are credit based loans

Interest rate is 7.9%

Satis

fact

ory

Acad

emic

Pro

gres

s GPA

Maintain a cumulative 2.0 GPA on all hours attempted at Temple College. The last grade of a repeated course will replace the original attempt(s) in the GPA.

Completion Rate

Students must complete 67% of all courses attempted at Temple College (includes transfer courses and remedial courses).

How

Do

I App

ly fo

r Fi

nanc

ial A

id For the 2016-2017 school year, you will need Financial Information from 2015: Student’s social security

number

2015 Federal Income Tax Return and W-2 forms for student and parents (if student is dependent)

Your alien registration or permanent residence card (if you are not a U.S. citizen).

www.fafsa.ed.gov

The FAFSA is the FREE Application for Federal Student Aid

You must reapply every year, beginning January 1st.

BEW

ARE

OF

SCAM

S re

quiri

ng fe

es

to c

ompl

ete

the

FAFS

A or

hel

p yo

u fin

d fin

anci

al a

id re

sour

ces.

Both

Stu

dent

and

Pa

rent

Cre

ate

FSA

ID

www.fsaid.ed.gov___________________________

• Allows applicant and parent to sign FAFSA electronically

• Each student and parent should create their own FSA ID with their individual email addresses

• It is a legal signature and should not be shared with anyone

• Can be used to “link” FAFSA to IRS to streamline process.

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

• Needs to be written down or saved for future use!

Som

e FA

FSA

Prio

rity

Appl

icati

on D

eadl

ines March 1 Baylor University

University of Mary Hardin Baylor

March 15 Texas A&M UniversitySam Houston State UniversityTexas State UniversityTexas Tech UniversityUniversity of TexasUniversity of Texas at Arlington

June 1 Temple CollegeBlinn College

CHECK WITH YOUR COLLEGE TO CONFIRM DATES AND DEADLINES!!!

Are

you

a De

pend

ent

or In

depe

nden

t st

uden

t?

Were you born before Jan. 1, 1992?

Are you married? (Answer “Yes” if you are separated but not divorced.)

You have a child you will support between July 1, 2015, and June 30, 2016?

Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2015?

At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court?

Has it been determined by a court in your state of legal residence that you are an emancipated minor or that you are in a legal guardianship?

At any time on or after July 1, 2013, were you determined to be an unaccompanied youth who was homeless or at risk of being homeless, as determined by (a) your high school or district homeless liaison or (b) the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development?

IRS

Data

Ret

rieva

l Too

l You must use the link option to retrieve

the 2015 tax return information for the student and the parent (if a dependent student).

If you do not use the IRS Data Retrieval Tool – You will be required to submit a copy of

your 2015 IRS tax return transcript to your school. Request it online at

http://www.irs.gov/Individuals/Get-Transcript

Or call 1-800-908-9946, select “Option 2” and 2014

Com

mon

Que

stion

s on

the

FAFS

A

Should I send my FAFSA to more than one college?

What if I decide to go to a different college?

If my parents are divorced, whose information do I need?Report the information of the parent with whom you lived the most during the 12 months preceding the date you completed the FAFSA. It does not make a difference which parent claims you as a dependent for tax purposes.

I’ll be filing a tax return this year but I probably won’t get around to it until April. How should I answer the financial questions? Should I wait to fill out this form after I’ve filed my tax return?Don’t wait until April. Many schools award aid on a first-come, first-served basis. Also, you may not be eligible for state aid if you wait until April to submit your FAFSA. Many state aid deadlines are early in the calendar year.

What if I have questions while completing the FAFSA?Go to www.fafsa.gov and select the “Help” icon at the top of any page of the application. The “Help” page lists options for getting additional assistance, including a live help option . You can also call 1-800-4-FED-AID (1-800-433-3243).

Wha

t do

we

do n

ow?

Tim

elin

e

December Gather your tax receipts, pay stubs,

bank statements, etc and prepare to file your income taxes and complete your FAFSA before your college’s FAFSA Priority Deadline

January / February If you are not able to file your Income

Taxes prior to the FAFSA Priority Deadline, file your FAFSA online using either 2014 financials or best estimating 2015 financials. On FAFSA, select “Will File Taxes.”

File your taxes as soon as possible, then go back into FAFSA 3 weeks later and use “IRS Data Retrieval Tool” to link to IRS.

Many Scholarships begin accepting applications in January so start applying!

March Many schools begin awarding

Financial Aid in March. You should receive a Financial Aid award letter or request for additional required forms.

Make Sure you accept your financial aid award and follow any additional steps.

Tim

elin

e (c

ont’d

)

April Remember to file your IRS federal

income tax return no later than April 15. If you submitted your FAFSA before you filed your taxes, make sure you go back into your FAFSA and use the IRS Data Retrieval Tool to “link to the IRS.”

June / July First time Federal Student Loan

borrowers often have to complete Entrance Loan Counseling and Master Promissory Note.

Confirm with Financial Aid office that you have completed everything required.

Double check on any outside financial aid or scholarships you may be receiving.

Register for classes for Fall.August

Establish how financial aid disbursement will come to you – direct deposit to bank account or check. Set up accounts.

Research textbook options and establish a plan.

Buy

and

Sell

Text

book

s www.amazon.com

www.chegg.com

www.slugbooks.com

www.bookgator.com

www.half.com

Temple College allows students to charge their books to their financial aid accounts if purchased through the TC Bookstore.

DO N

OT

FORG

ET! Check for Financial Aid Award Letter

Are more forms required? (Verification form, tax return transcript, copy of SS card, etc.)

Accept / decline financial aid

Be aware of deadlines

Loan counseling dates

Disbursement dates and methods of disbursement

Bookstore charge dates

Satisfactory Academic Progress

Work-study opportunities

When to file FAFSA renewal

Sum

mar

yApply for college at

www.applytexas.org

Apply for Financial Aid at www.FAFSA.ed.gov

Read school websites for information concerning processes and deadlines.

Questions?financialaid@templejc.edu