Your Guide to Financial Aid Types of Financial Aid. Financial Aid Timeline MAC College Money Program
Types of Financial Aid $ GRANTS $ SCHOLARSHIPS $ WORK STUDY $ LOANS
Types of Financial Aid GRANTS are free money awarded based on a family’s financial need Examples: Federal Pell Grant Texas Grants MAC Grant
Types of Financial Aid SCHOLARSHIPS are free money awarded based on a student’s merit (i.e. grades/extracurricular) • Some scholarships are awarded based on both merit and need • Apply even if you haven’t been accepted for admissions yet • Apply throughout your senior year and even while in college
Types of Financial Aid WORK STUDY provides funding through part-time jobs for students with financial need • Students can earn money to help pay educational costs while gaining work experience • Students are responsible for finding their own jobs on or off campus.
Types of Financial Aid LOANS are borrowed money that must be paid back with interest • Federal Student Loans have lower interest rates o Subsidized v. Unsubsidized • Loans should be considered as LAST resort o Separate parent loans, state loans or private loans are also available, but at a much higher interest rate
August - June Apply for scholarships throughout your senior year RESOURCES: • Sign up for a free scholarship search engine (Cappex, Fastweb, Scholarships.com, etc.) to find national or state scholarships • Contact your counselor, local church, organizations and businesses for local scholarships • Visit your high school’s website • Follow the MAC Program on social media for scholarship updates and opportunities! Facebook.com/WacoMAC @WacoMAC
September Create your Federal Student Aid ID } Both STUDENT and PARENT need to create a Federal Student Aid ID (FSA ID) at FSAID.ED.GOV • Log in information to access student’s FAFSA o If you have a sibling in college and your parent has already made an FSA ID, your parent does not need to create a new one! • Allows access to student/parent tax information • Electronic Signature for student and parent
October Complete your FAFSA and TASFA FAFSA & TASFA becomes available on OCTOBER 1 st
October Complete your FAFSA Free Application for Federal Student Aid ( FAFSA ) is an online application that uses your family’s financial and FAFSA household information to determine your Expected Family Contribution (EFC) The EFC is a number generated by FAFSA, which is used EFC to determine financial need and your eligibility for the free PELL GRANT and federal student loans Once a college receives a student’s FAFSA, they will Additional then determine eligibility for state grants or other Financial Aid scholarships from their institution
October Complete your FAFSA Be sure you go to the correct website! FAFSA.GOV
October Complete your FAFSA You can now complete your FASFA on your mobile device! myStudentAid
October Complete your FAFSA • Financial and Tax Information o 2018 TAX RETURN , W2s , Account Balances (for student & parent) • Use the IRS DATA RETRIEVAL TOOL ( DRT ) o Automatically imports your tax information into your FAFSA from the IRS
October Complete your FAFSA DEPENDENT OR INDEPENDENT? Can I just use my own income? Probably not… Most students are dependent, even if you don’t live with parents until you are 24 or have other extenuating circumstances.
October Complete your FAFSA - DEPENDENT Who is your parent? } • Biological parent(s) • considered Adoptive parent(s) • Biological parent and stepparent (if remarried) • NO ONE ELSE can be reported as a parent. • If your parents are divorced, choose the parent you are living with or stayed with the most over the last year. • If you don’t live with a parent, report the information on the last parent you lived with. o It does NOT matter who claims you on their tax return!
October Complete your FAFSA - INDEPENDENT • 24 or older • student } Married Who is • Financially supporting children or dependent • considered an In Foster Care • Under a legal guardianship with someone other than independent parent • Homeless or at-risk • Emancipated • Other special circumstances o Independent students are often required to provide documentation to the financial aid office
October Complete your FAFSA Reality Check: Financial Aid awarded through FAFSA may not be enough… Outside scholarships are awarded on top of the Pell Grant and scholarships the college offers you!
October Complete your FAFSA Apply for FAFSA, regardless your family income! Loans and most scholarships, even academic or merit-based, will require a FAFSA on file with the college before they can be awarded. o Even if the student was not eligible for need-based aid.
Texas Application for State Financial Aid ( TASFA ) • For non-U.S. Citizens only • Paper Application to determine eligibility for need based state grants • Collegeforalltexans.com • Required Documents: o 2018 Tax Return and all W2s for student and parent
Financial Aid Priority Deadlines • Funds can run out, so it is recommended that you submit your FAFSA ASAP • Texas Financial Aid Priority Deadline = JANUARY 15 – Each state has their priority deadline • College Financial Aid Priority Deadline – Contact your college’s financial aid office
February - March Colleges begin processing financial aid • Colleges will not start processing FAFSAs until early spring semester and ONLY if the student was accepted for admission • EMAIL will be the colleges’ main form of communication to the student AND parent – Use EMAIL ADDRESSES where you will have continued access – Do not use high school emails for college or financial aid applications
March - April Verification • Submitting a FAFSA DOES NOT mean you have completed the financial aid process! • Verification: Student is required to submit additional paperwork to the college to verify tax or household information before financial aid can be awarded • Colleges will contact the student and parent via EMAIL and through their student portal (i.e. WebAdvisor)
April - May Review Financial Aid Offer • Students receive the financial aid offer online in the STUDENT PORTAL (WebAdvisor for MCC) • Lists ALL financial aid you are eligible to receive at that college – Federal Pell Grant, Federal Subsidized and Unsubsidized loans, Federal Work Study, Texas Grants and other grants and scholarships offered through the college – Compare with other colleges
May Make your final college choice • Completing the financial aid and admission process for multiple colleges allows you to have options • Don’t wait until the last minute • Following the financial aid timeline during your senior year allows you to make the best informed college decision
June - July Orientation • Use the summer to complete orientation, meet with your academic adviser and register for classes • Contact the financial aid office early summer to confirm your financial aid is in place well BEFORE the bill deadline
August Start College • Remember to apply for scholarships even while in college • Renew your FAFSA every year after October 1 st for the following school year
1. Financial Aid Assistance for anyone in the community 2. MAC Grant for high school seniors 3. MAC Scholarship for MAC eligible students continuing into their third and fourth year
MAC Program: MAC Grant • MAC Grant: “Last Dollar” grant up to $1,000/semester for McLennan County seniors to be used at MCC or TSTC to cover the gap between your other financial aid and cost of tuition. • All seniors should apply regardless of college choice or income • Requirements: o Graduate from a McLennan County high school o Family income of $50,000 o Submit a MAC Grant application by MAY 1 ST o Your only opportunity to apply is during your senior year of high school!
MAC Program: MAC Scholarship • The third and fourth year MAC Scholarship is $5,000 and can be used at any institution. • Requirements: o Student must have been accepted into the MAC Program as a senior in high school even if he/she did not use the MAC Grant. o 60 credit hours and at least a 3.0 GPA o Submit an application in the semester you expect to receive 60 credit hours Three students transferring from MCC to Baylor University with the highest GPAs, receive a FULL-TUITION SCHOLARSHIP for their last two years!
Need more help? Contact us and make an appointment! MAC Program Coordinators: Rolando Rodriguez Maria Arevalo mac@wacofoundation.org 254.752.9457 TEXT US
Kahoot: Pop Quiz On your phone, tablet or laptop go to: KAHOOT.IT and type the Game PIN that will appear shortly. ONLY use your FIRST NAME and LAST INITIAL https://play.kahoot.it/#/k/1b5fea93-4a12-416c-9027-01529f221ee0
Let’s start your FAFSA! Go to fsaid.ed.gov To create your username and password for FAFSA
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