Student Financial AidApplying for Financial Aid

Presented by the

Texas Association of Developing Colleges

East Texas Educational Opportunity Center

A Federal TRIO Program funded by the US Department of Education

How Will You Pay for College?

What is Financial Aid?

Money/Resources to pay for collegeoGrants and Scholarships

oWork Study employment – work for a paycheck

oLoans – repay with interest

oTax Credits and Deductions

• Need based– Pell Grant– Supplemental Educational Opportunity

Grant (SEOG)– Academic Competiveness Grant (ACG)– Science/Math Access to Retain Talent

Grant (SMART)– Work Study– Subsidized Direct Loan– Perkins Loan

• Non-need based– Unsubsidized Direct Loan/Parent Loan

Federal Financial Aid Programs

• Towards Excellence, Access and Success (TEXAS Grant)

• Texas Educational Opportunity Grant (TEOG)

• Texas Public Education Grant (TPEG)• Texas Equalization Grant (TEG)• Texas Work Study• State Tuition Waivers/Exemptions• Various State Scholarships• Texas B-on-Time Loan• College Access Loan (CAL)• Health Education Loan Program (HELP)

State Financial Aid Programs

2007 – 2008 Financial Aid DistributionUndergraduate Students

(Latest Data Available)

Source: Institute of Education Sciences US Department of Education – NCES 2009

Scholarships

Financial Need

Artistic Talents

Academic Excellence

Demographic Indicators

Athletic Talents

Community Service

Scholarship Scams• Victims of scholarship scams lose more than

$100 million annually

• Paying money to get money is generally a scam

• Duplicates what you can find out for free

• Beware of:– Scholarships with application fee– Scholarship services who guarantee success– Sales pitches disguised as financial aid

“seminars”

• Website: www.finaid.org/finaid/scams.html

Start Scholarship Search Early

High School

Counselor

Cost of Attendance

• Tuition and fees

• Room and board

• Books, supplies, equipment, transportation, and miscellaneous personal expenses

Expected Family Contribution

Parent’s contribution from income/ assets

Student’s contribution from income/assets

Expected Family Contribution (EFC)

Comparing Need

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Variable)

(Variable) (Constant)

1

2

3

EFC EFC

FAFSA on the Web (FOTW) www.fafsa.ed.gov

FREE Application

for

Federal Student Aid

(FAFSA)

To Complete the2012 – 2013 FAFSA

Social Security Number

Driver’s License Number

Selective Service Registration

Date of Parents’ Marriage, Remarriage, Separation, Di-vorce, Widow Status, if applicable

Date of Birth/Social Security Number for Parents, if applicable

Number in Parents’ Household, if applicable

2011 Tax Form (1040, 1040A or 1040 EZ) along with W-2s and Schedules for both Student and Parents

Records of Child Support, Veterans Benefits, Workers Comp, etc. received or paid in 2011

Value of stocks, bonds, CDs, real estate, businesses, etc.

Cash on hand and in Checking and Saving accounts.

Name/Address/SSN/DOB

Citizenship/Marital Status/Residency/Gender/Selective Service

First Generation and High School Graduation Status

High School/College Enrollment Information

Student’s Income and Tax Information

Student’s Asset Information

Dependent students will not report INVESTMENT amounts on line #41 but will add their INVESTMENTS with parents’ INVESTMENTS on line #89

Student’s Income Reduction Information

Student’s Additional Income Information

Questions to Determine Student’s Dependency Status

PARENTS are birth or adoptive mother and father/ stepmother and stepfather, if applicable. Grand-parents, siblings, guardians, other relatives or friends cannot be reported in this section.

More about “Parents” in Completing the FAFSA

58-59

Parent’s Household Information

Parent’s Tax Status and “Dislocated Worker” Status

Parent’s Income and Asset Information

Dependent students will not report INVESTMENT amounts on line #41 but will add their INVESTMENTS with parents’ INVESTMENTS on line #89

Parent’s Income Reduction Information

Parent’s Additional Income Information

This section is for INDEPENDENT STUDENTS only!

(When Parent Information Is Not Required on FAFSA)

List of Colleges to Receive FAFSA Information(Up to 10 Colleges Can Be Listed Online)

LIST SCHOOLS IN ORDER OF PREFERENCE

WHAT’S NEXT?You will receive a SAR (Student Aid Report)—either postal or electronic delivery.

The Financial Aid Office of the college(s) you listed will receive an Electronic SAR (ISIR).

If required to verify the information you reported on the FAFSA (the process is called “VERIFICATION”), you will be asked to forward copies of signed Tax Returns, printouts of Child Support, Workers Comp, Veterans Benefits, etc. to show that the FAFSA was properly completed.

The Financial Aid Office will provide an “Award Letter” either by mail or through their on-line services to specify the source(s) and the amount(s) of financial aid you will receive.

BE SURE TO RESPOND QUICKLY TO REQUESTS FOR ADDITIONAL INFORMATION OR FORMS COMPLETION.

KNOW HOW TO ACCESS INFORMATION

Once you’re accepted for admission, you’ll receive information about accessing student information. This allows you to:

•Check your admission status for missing

documentation

•Sign up for Testing/Orientation, if applicable

•Check your financial aid status for missing

documentation

•Accept or Decline your Financial Aid Offers

CONTACT OUR OFFICE2009-C South Mobberly

( Located between Manly’s Furniture Store & Tex-Mex Restaurant

and across the street from LeTourneau University)

Longview, Texas 75602

Phone: 903.757.9660 Fax: 903.757.9663

www.txadc.org