Financial AidPresentation 2012-2013

Grants

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Texas Public Education Grant (TPEG)

TEXAS Grant

Federal Pell Grant

Max Pell Grant $5550

No Projected increase

Max Eligible EFC 5237

TEXAS Grant

Up to $5000 per year High School Transcript MUST

indicate if completing the recommended or distinguished high school curriculum

EFC < 4000 Renewable with GPA of 2.5+ & 24

credit hrs/yr

Top 10% Scholarship

$2000/year scholarship Must be in top 10% of high school

class Must submit FAFSA by March 1 Must have “financial need” (At least

$1) Renewable with 3.25 GPA

Student Employment

• Federal College Work-study

• State College Work-study

• Community Service Jobs

Federal Direct Student Loans

Effective Fall 2010, all Universities across the country and abroad that offer Federal Student Loans will be funded by the Federal Direct Student Loan Program

Direct Student LoansRates for 2012-2013

Federal Direct Stafford Subsidized Loan Program Fixed 6.8% int. rate, no payments while in

school.

Federal Direct Stafford Unsubsidized Loan Program Fixed 6.8% int. rate, no payments while in

school.

Federal Parent Loan for Students (PLUS) Fixed 7.9% int. rate, payment plan varies, 10

year repayment plan

Tuition ExemptionsThe state has programs for students

who:

Were in foster care Were adopted Were the highest ranking scholar for

their school Are blind or deaf Are Texas Veterans Are the spouse of deceased Texas public

servants

Visit www.collegefortexans.com for fact sheets & links to other higher education resources for students

How Do I Apply For All This?

Financial Aid Application Process

Beginning January 1st-Complete the Free Application forFederal Student Aid (FAFSA)

www.fafsa.gov

Changes on 2012-2013 FAFSA

Beginning January 2012, all applicants & parents of dependents who have filed their taxes and are eligible, will be directed to use the IRS Data Retrieval process to complete their FAFSA.

Applicants who do not use IRS Data Retrieval or who have used Data Retrieval but have changed their information will need to explain to their institution the why the changes made are more accurate.

Applicants who file but elect not to use the IRS Data Retrieval & manually enter their information, will be subject to verification.

Verification-What it Really Means

This does not always mean your answers are false or incorrect; it is a random selection process

If you application is selected for verification, you will be asked to provide:

- Signed Institutional Verification Worksheet

- Taxes will not be required if you use IRS Data retrieval

What Happens if Verified?

If a student and/or parent are selected they will need to:

1. Complete and submit Verification forms.

2. Submit Tax Transcript (not 1040,1040A or 1040EZ) which can be obtained from IRS.

NOTE: Transcripts may take 5-10 days to receive.

Options Available

Have completed Tax Return

Will file

Will not file

If selected Will File

If student or parent selected Will file, the FAFSA application is not complete until the completed Tax Return information is entered in FAFSA.

If IRS data is not going to be used and entered manually, the student or parent will be subject to verification and forms and IRS Transcript will need to be submitted.

IRS DATA RETRIVAL

DATA RETRIVAL CONT.

Expected Family Contribution (EFC)

Amount family can reasonably be expected to contribute

Stays the same regardless of college Two Components

- Parent contribution- Student contribution

Calculated using FAFSA data and a federal formula

Financial Need Formula

Cost of Attendance - Expected Family

Contribution

____________________________ = Financial Need

Misconceptions about Applying

for Financial Aid

My Parent’s Income is too High to Apply for Aid

• Financial aid is intended to make a college education available to families in a number of different financial situations; everyone qualifies for something.

• Income is only one of many factors considered.

• A growing number of institutional and private scholarships require that students fill out the FAFSA as part of their application process.

My Grandparents/Guardian can provide their income information

on my FAFSA• If your parent(s) are still alive, federal

guidelines require that biological parent’s information be used to fill out the Free Application for Federal Student Aid (FAFSA) unless someone else is your legal guardian.

• Guardianship as determined by a Judge or Court of law in your state of residence. Student may file as an independent.

My parents are divorced (separated), which parent

should complete the FAFSA• The parent whom the student

resided with the longest over the last 12 months provides their information on the FAFSA; both parents are not required.

• If you lived with each parent for an equal number of days, use the income information from the parent who provided you with the most support during the last 12 months.

• "Support" means money for such things as housing, food, clothing, transportation, medical care and school.

My stepparent does not have to provide income information on my

FAFSA• Stepparent's information must be

included on your financial aid application if you lived in the stepparent's household for 6 weeks (42 days) or more during the previous or current year or if a stepparent contributed more than $750 in "support" during the previous or current year.

• "Support" means money for such things as housing, food, clothing, transportation, medical care and school.

I’m Independent of My Parents

Parents must provide information and signatures on students FAFSA unless:

Student is over 24 Has children/dependents and provides at

least 50% of their support Married Foster Child (after age 13) Homeless/unaccompanied youth Veteran In legal Guardianship (proof needed)

Questions?