Financial Aid Parent Night
Dec 17, 2015
Topics We Will Cover Tonight
Types of Financial Aid Applying and Determining Aid
-Terms to know
-FAFSA/TASFA Financial Aid Timeline
Defining “Financial Aid”What? Free/Pay Back? Merit/Need? How? When?
What are the 4 types of financial aid a student can receive
for college?
Scholarships
Loans
Grants
Work-Study
Defining “Financial Aid”What? Free/Pay Back? Merit/Need? How? When?
Scholarships
Loans
Grants
Work-Study
FREEBut student must
meet requirements
Mostly MeritSometimes need
Apply! NOW!
1. Private2. Institutional
Defining “Financial Aid”What? Free/Pay Back? Merit/Need? How? When?
Scholarships
Loans
Grants
Work-Study
1. Private2. Institutional
FREEBut student must
meet requirements
Mostly MeritSometimes Need
Apply! NOW!
1. Subsidized2. Unsubsidized
Pay BackNeither – almost anyone can get
these loans
FAFSA
January 1st, 2015
Defining “Financial Aid”What? Free/Pay Back? Merit/Need? How? When?
Scholarships
Loans
Grants
Work-Study
FREEBut student must
meet requirements
Mostly MeritSometimes need
Apply! NOW!
Pay BackNeither – almost anyone can get
these loans
FAFSA
FREE NeedBut $ will go to
those who apply 1st
FAFSA/TASFA
January 1st, 2014
NOW!(January 1st of
senior yearAfter filing taxes)
1. Private2. Institutional
1. Subsidized2. Unsubsidized
Defining “Financial Aid”What? Free/Pay Back? Merit/Need? How? When?
Scholarships
Loans
Grants
Work-Study
1. Private2. Institutional
FREEBut student must
meet requirements
Mostly MeritSometimes need
Apply! NOW!
1. Subsidized2. Unsubsidized
Pay BackNeither – almost anyone can get
these loans
FAFSA
FREE NeedBut $ will go to
those who apply 1st
FAFSA/TASFA
Neither, you work for it!
Combination FAFSANOW!
(January 1st of senior year
After filing taxes)
NOW!(January 1st of
senior yearAfter filing taxes)
January 1st, 2014
Important Financial Aid Terms
PIN – Personal Identification Number ITIN – Individual Taxpayer Identification
Number SAR – Student Aid Report EFC – Expected Family Contribution COA – Cost of Attendance Need Verification
FAFSA-Free Application for Federal Student Aid Fafsa.gov
Fill out and submit form online Students and Parents work together Will take ~30 minutes with correct information in
front of you
If you have already filed taxes you can use the IRS Data Retrieval Tool-information is auto filled for you (no mistakes)
List all schools you applied to Never pay ANYTHING to file the FAFSA
ITIN – Individual Taxpayer Identification Number
Tax processing number issued by the IRS in the place of a SSN
Undocumented students or parents
PIN – Personal Identification Number
Needed to complete and sign the FAFSA Both parents AND students
Apply for PIN at pin.ed.gov Same PIN for your entire life
Will use every year in school to file the FAFSA
Keep PIN in a safe place and do not share with anyone
TASFA
Texas Application for Student Financial Aid
For undocumented studentsPrint, Fill out, and Mail to universitieswww.collegeforalltexans.com
What do you need to fill out the FAFSA/TASFA? 1. Student ID, Driver’s License, SSN 2. Student W-2 and Tax Return 3. Parents 1040, W-2, and 1099 Tax Forms 4. Parents Bank Statements and Mortgage Info 5. Records of Stocks, Bonds, and Investments 6. Untaxable benefits documentation (Social
Security, Veterans Benefits) 7. Business/Farm Records 8. Unusual family circumstances and costs (Child
Support)
SAR – Student Aid Report
Results/Summary of information filled out on the FAFSA
You and each of the schools you listed will receive a copy
Indicates your family’s EFC and if there were any errors
EFC – Expected Family Contribution
Based on your financial information from the FAFSA, the federal government estimates how much your family can contribute to the student’s college expenses each year
0 – 99,999
Get an estimated EFC NOW: FAFSA 4caster
Verification University will ask for additional documents
W-2, 1099, Income Tax Returns Universities are required to verify 30% of applicants
Lower EFC increases your odds of being verified How will you know?
* next to EFC on FAFSA/SAR Student Portal
COA – Cost of Attendance Different for every school Includes:
Tuition and fees Room and board Books Transportation Personal expenses
COA Examples from 2012-2013 School year UT - $25,800 Texas State - $21,300 Tarleton State - $18,500
Need
COA – Expected Family Contribution = Need
Ways to cover need:Scholarships, Grants, Work Study,
Loans
Financial Aid Timeline
Junior Year
Fall of the Senior Year
Spring of the Senior Year
Spring of Senior
Year
Parents/guardians & students file taxes
Submit the FAFSA or TASFA
Between Jan. 1st and March 1st
Receive your Student Aid Report & EFC
Verification?
Colleges calculate student need with the following
formula:Cost of Attendance (COA) –
EFC = NEED
Student should have received decisions from all colleges by this time
Colleges send Financial Aid Packages
Appeal?Sit with CF and compare
financial aid awards Make final decision and
accept financial aid award
IMPORTANT FACTS Pay your bills first. Questions 41 and 90 ask about how
much cash students and parents have in savings and checking accounts at the moment you are filling out the FAFSA. But notice that there are no questions on the FAFSA about your debts or bills. Put the amount that is in your account AFTER you pay your monthly bills
Questions 42, 43, 91 and 92 ask about the student’s and the parents’ investments. But many filers don’t realize that the value of any retirement accounts, as well as the home you live in, should not be included in these boxes
Questions 24 and 25 ask about the highest level of education your parents completed. Some states and colleges offer extra aid to children of parents who haven’t earned college degrees.
Strategize your college list. FAFSA reports your entire college list to each university.
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.
Scholarship and Grant Search Tools:
Fastweb - www.fastweb.com/
My College Dollars - mycollegedollars.hyfnrsx1.com/
Scholarship Expert - www.scholarshipexperts.com