Student Financial Aid Student Financial Aid College Night Longview, - PowerPoint PPT Presentation

Student Financial Aid Student Financial Aid College Night  Longview, Texas November 8, 2010 Presented by the Texas Association of Developing Colleges East Texas Educational Opportunity Center East Texas Educational Opportunity Center A Federal TRIO Program funded by the US Department of Education

How Will You Pay for College? How Will You Pay for College?

What is Financial Aid? Money/Resources to pay for college o Grants and Scholarships o Work Study employment – work for a paycheck o Loans – repay with interest o Tax Credits and Deductions

Federal Financial Aid Programs • Need based N d b d – Pell Grant – Supplemental Educational Opportunity Supplemental Educational Opportunity Grant (SEOG) – Academic Competiveness Grant (ACG) Academic Competiveness Grant (ACG) – Science/Math Access to Retain Talent Grant (SMART) – Work Study – Subsidized Direct Loan – Perkins Loan • Non-need based Non need based – Unsubsidized Direct Loan/Parent Loan

State Financial Aid Programs • Towards Excellence, Access and Success (TEXAS Grant) • Texas Educational Opportunity Grant (TEOG) • Texas Public Education Grant (TPEG) T P bli Ed ti G t (TPEG) • Texas Equalization Grant (TEG) • Texas Work Study Texas Work Study • State Tuition Waivers/Exemptions • Various State Scholarships • Various State Scholarships • Texas B-on-Time Loan • College Access Loan (CAL) • College Access Loan (CAL) • Health Education Loan Program (HELP)

2007 – 2008 Financial Aid Distribution Undergraduate Students Veteran Benefits 7% 2% 4% 7% Grants Grants Loans 50% 37% Workstudy Workstudy Loans Veteran Benefits Parent PLUS Source: Institute of Education Sciences US Department of Education – NCES 2009

Scholarships Scholarships • Websites to include local high schools Websites to include local high schools

Scholarships p Financial Financial Academic Academic Need Excellence Artistic Athletic Talents Talents Talents

Cost of Attendance Cost of Attendance • Tuition and fees Tuition and fees • Room and board • Books, supplies, equipment, transportation, and miscellaneous personal expenses

Expected Family Contribution Expected Family Contribution Parent’s contribution from income/ assets Student’s contribution from income/assets Expected Family Contribution ( EFC )

Comparing Need Comparing Need 1 X Y Y 2 2 3 Z EFC EFC Expected Family Need Cost of Attendance Contribution (Variable ) (Variable ) ariable ) (V ( Constant )

FREE FREE Application li i for Federal Student Aid Federal Student Aid (FAFSA) (FAFSA) FAFSA on the Web (FOTW) FAFSA on the Web (FOTW) www.fafsa.ed.gov

To Complete the 2011 – 2012 FAFSA  Social Security Number  Driver’s License Number  Selective Service Registration  Date of Parents’ Marriage, Remarriage, Separation, Divorce, Widow Status, if applicable  Date of Birth/Social Security Number for Parents, if applicable  Number in Parents’ Household, if applicable applicable  2010 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 2010  Value of stocks, bonds, CDs, real , , , estate, businesses, etc.  Cash on hand and in Checking and Saving accounts.

Selective Service for Males/First Generation College Status Selective Service for Males/First Generation College Status

NEW TO FAFSA 2011-2012 NEW TO FAFSA 2011 2012 (Name of High School)

Questions to Determine Student’s Dependency Status You must use Parent Information if you cannot answer yes to any of the questions.

FAFSA Definition of Parent

More about “Parents” in Completing the FAFSA 58-59

Parent’s Tax Status and “Dislocated Worker” Status Parent s Tax Status and Dislocated Worker Status Knowing whether or not the Tax Payer is eligible to file a 1040A or a 1040EZ (“short forms”) helps to determine how family’s financial contributions are calculated. Ask your tax preparer if you do not know.

Income Information for Parents & Students (Student: Questions 35-39; Parents: Questions 83 – 87)

Income Information for Parents & Students (Student: Questions 40 - 42; Parents: Questions 88 – 89)

Income Information for Parents & Students (Student: Question 43; Parents: Question 91)

Income Information for Parents & Students Income Information for Parents & Students (Student: Questions 44; Parents: Questions 92)

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

WHAT’S NEXT?  Y  You will receive a SAR (Student Aid Report)—either postal ill i SAR (St d t Aid R t) ith t l or electronic delivery.  The Financial Aid Office of the college(s) you listed will  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 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 T BE SURE TO RESPOND QUICKL BE SURE TO RESPOND QUICKL BE SURE T RESPOND QUICKLY T RESPOND QUICKLY T Y TO REQUESTS FOR Y TO REQUESTS FOR REQUESTS FOR REQUESTS FOR ADDITION ADDITIONAL AL INFORMA INFORMATION OR FORMS COMPLETION ION OR FORMS COMPLETION.

CONTACT OUR OFFICE 2009-C South Mobberly 2009 C S th M bb l ( Next door to Manly’s Discount Furniture Store/Tex-Mex Restaurant and across the street from LeTourneau University) d h f L T U i i ) Longview, Texas 75602 Phone: 903.757.9660 Fax: 903.757.9663 www.txadc.org www.txadc.org