Financial Aid for College James Bowie High School January 15, 2013 Veronica Castillo Project Advance Facilitator (aka College Advisor) Bowie High School—College.

Financial Aid for College

James Bowie High School January 15, 2013

Veronica CastilloProject Advance Facilitator(aka College Advisor) Bowie High School—College & Career [email protected]

Types of Financial Aid

◦Grants: Money that is mostly awarded on the basis of need and DOES NOT have to be repaid.

◦Work Study: Programs of on or off-campus jobs for students who demonstrate financial need. Hours are limited.

◦Loans: Money that is borrowed that must be repaid with interest.

◦Scholarships: Awards that are based on need, merit, or achievement.

Financial Aid Terms

FAFSA = Free Application for Federal Student Aid: Primary document used to determine eligibility for federal student aid programs that most colleges/universities require students to complete.

PIN = Personal Identification Number: Your electronic “signature” that both student and parent(s) will need to use for signing off on every piece of documentation via internet.

EFC = Expected Family Contribution: What the federal government will expect the family to contribute to the cost of education as they determine from your FAFSA.

SAR = Student Aid Report: The report you’ll receive from FAFSA once your information is processed that gives you your EFC.

Verification = Process where you must confirm information you provided on you FAFSA

What is Cost of Attendance (COA)?

• Direct costs- Tuition, Room, Board, and Fees

• Indirect costs- Books, Computer, Transportation, Personal

• Direct + Indirect Costs = Cost of Attendance

• COA varies WIDELY from college to college

A Student is “Dependent” unless s/he…

Is age 24Has a child whom

he/she supportsHas a dependent

who lives with student and whom he/she supports

Is Married Is a Graduate

StudentIs an Orphan or

“Ward of the Court”Is a veteran of the

armed forces

Financial Aid Timeline

December: Gather materials neededJanuary: (FAFSA opens) Collect tax documentsFebruary/March: Submit FAFSAMarch/April: Receive SAR & EFCApril/May: Receive school financial aid packagesApril/May: Decisions & depositsMay: Deposits & GraduationJune: (FAFSA closes)

How to Prepare

What you’ll need to complete FAFSA

◦Completed tax return for 2012 ***MOST IMPORTANT***

◦Correct permanent address◦PINs for both student and parent◦Social Security #◦Driver’s License (optional)

Common Mistakes

Forgetting to sign the applicationUsing the wrong figures: Do not use

your W2 form for the FAFSA, but use your Adjusted Gross income from federal tax return.

Divorced parents should list only their own income and their current spouse’s income – NOT their ex-spouse’s income.

What you MUST know…

You have to re-apply every spring for FAFSA

If you are selected for verification, you most likely will be selected every subsequent year

Financial aid dependency until the age of 24

Financial Aid Websites and Toll Free Number (English & Spanish)

Federal Resources: http://federalstudentaid.ed.gov Texas Education Code & Other Statutes: www.statutes.legis.state.tx.us/ Financial Aid & College Application Resources: www.collegeforalltexans.com/

Free Application for Federal Financial Aid: www.fafsa.ed.gov/ Texas Application for State Financial Aid: www.aie.org/state/TASFA

(for non-US citizens)Texas Guaranteed Student Loan: www.tgslc.orgTexas Higher Education Coordinating Board: www.thecb.state.tx.us/ Texas Education Agency: www.tea.state.tx.us/ Uniform College Application: www.applyTexas.org Planning for College:  www.everychanceeverytexas.org Adventures in Education:  www.aie.org

  Toll Free Number for Financial Aid Assistance in English and in Spanish:

888-311-8881

Every institution is required to have a Cost Estimator/Calculator on its website! Don’t forget to use these!

To examine this info at your college: www.collegeboard.com

FINDING COSTS ON THE WEB:

To research your school’s data, you can use this website to gather information about financial aid.

Select the school and then click on the “Cost and Financial Aid” tab to obtain the information you might need.

ScholarshipsMerit/Need/Achievement based financial aid

Common types of scholarships◦Academic◦Athletic◦Performance, e.g. Music, Theatre◦Participation

Do your research!◦Deadlines◦Requirements◦Free scholarship searches◦Beware of scholarship scams

Local Scholarship Searches

https://succeed.naviance.com/bowie

Web-based Scholarship Searches

www.fastweb.com is an example of a scholarship search engine

Beware of Scholarship Scams

Watch out for the following claims:“For a fee, we provide a comprehensive

list of scholarships.”“Billions of dollars of award monies going

unclaimed.”“We have a money-back guarantee.”“We need your credit card or bank account

number.”“We will do all the work.”

A special thank you to: Gail Braswell

Financial Aid Supervisor

Austin Community College

Pinnacle Campus