SCHOLARSHIPS & FINANCIAL AID - NBISD Aid.pdf · What is Financial Aid? Scholarships: Money that can be given to a student for good grades, sports or having a special talent. YOU DON’T

Shahrzad Sameri, MBASenior Regional Advisor

San Antonio Regional Prospective Student CenterTexas A&M University

SCHOLARSHIPS & FINANCIAL AID

Key Things to Remember

Myths My parents make too much

money, so I’ll never qualify. Only people with perfect GPAs

get scholarships. You can only get financial aid if

you pay someone to help you find it.

Truths Even a millionaire can receive

financial aid. Scholarships are not always

awarded based solely on GPA. You don’t need to pay anyone for

help.

What is Financial Aid? Scholarships: Money that can be given to a student for good grades, sports or having a special talent. YOU DON’T HAVE TO PAY THIS MONEY BACK.

Grant: Money given by the government for students who are not able to pay for college. YOU DON’T HAVE TO PAY THIS MONEY BACK.

Work Study: Money you will need to earn by working on or off campus. 

Loan: Money that a student or parent borrows for college. YOU MUST PAY THIS MONEY BACK.

Scholarships

Institutional – school awarded scholarships based on academics, athletics, extracurricular, leadership, etc.

External – scholarships sponsored by corporate companies, charitable organizations, businesses, student’s high school

For external scholarships consider starting with the following site:    

www.everychanceeverytexan.org 

State and Federal Grants & Scholarships

Federal• Federal PELL Grant• Federal Supplemental Educational 

Opportunity Grant• Federal Teacher Quality Enhancement 

Scholarships from the U.S. Department of Education

State• Texas Armed Services Scholarship Program• Texas Career Opportunity Grant Program• Texas Educational Opportunity Grant 

Program (TEOG)• TEXAS Grant• Texas Public Educational Grant• Top 10% Scholarship Program

For More Information Visit: www.collegeforalltexans.com

Types of LoansFederal Direct Loans

Subsidized or Unsubsidized:  low‐interest loans available to undergraduate and graduate students

PLUS LoansFederal Direct PLUS Loans are low‐interest loans available to students (to finance their own education) 

and parents of dependent undergraduate students (to help finance the students' education). A Federal Direct PLUS Loan is intended to supplement  any Federal Direct Stafford Loans for which a student is eligible, to help cover the cost of attendance.

Federal Perkins LoansA Federal Perkins Loan is a need‐based loan made by the school to an undergraduate or graduate or 

professional student enrolled at least half time. 

College Access LoanA non‐need based state loan program administered by the Texas Higher Education Coordinating Board 

(THECB). The CAL loan is considered a type of Alternative loan that is intended to supplement traditional financial aid programs.

Private, or Alternative, LoansAfter you've exhausted all of your other options — including federal, state, and institutional 

grant and loan programs and other sources of funding — you might consider a private loan.

Other Institutional loans:  Emergency and short‐term loans

How to Apply

Complete the Free Application for Federal Student Aid (FAFSA) every year! Apply for a student and parent PIN

at pin.ed.gov Apply online at fafsa.ed.gov

The FAFSA is not a scholarship application.

Some scholarships require FAFSA information to determine financial need.

Parent PLUS Loan requires the FAFSA.

What is the FAFSA?

The key requirement for determining most federal and state aid eligibility.

The U.S. Department of Education determines the expected family contribution (EFC).

Parent and Student income and assets

Taxes paid

Number of household members

Number in college

The FAFSA Online

What do you need when filling out the FAFSA? Gather the documents you need. Start

with your Social Security Number, driver’s license, income tax returns, bank statements, and investment records.

Print a FAFSA on the Web Worksheet. Write in your answers and gather your parents' information then transfer the data to FAFSA on the Web.

Note important deadlines. You can start Jan 1. Schools and states have their own deadlines. Contact them for exact deadline dates.

What does the FAFSA do?

• It provides a Student Aid Report (SAR) with your  Expected Family Contribution (EFC) to each university/college you selected to receive your information.

• Your college will calculate your need based on the following formula:

Estimated Cost of Attendance− Expected Family Contribution=    Financial Need

• Your college will then prepare a financial aid package to help meet your financial need.  

2014-2015 Cost of Attendance

ResidentResident At Home with

ParentsNon-Resident

Tuition & Fees* $9,180 $9,180 $26,356

Loan Fees 62 62 62

Room & Board 9,522 4,400 9,522

Books & Supplies 1,000 1,000 1,000

Travel 606 606 1,000

Personal Expenses 2,100 2,100 2,100

Total $22,470 $17,348 $40,040

*Based on 15 credit hours per semester at Texas A&M University, College Station.

Your financial Aid Award

Estimated Cost of Attendance− Expected Family Contribution=    Financial Need

$22470

- $3000

$19470

Fall SpringPell Grant $1500 Pell Grant $1500SEOG $500 SEOG $500Univ. Schr $3000 Univ. Schr $3000 Texas Grant $1000 Texas Grant $1000Sub Loan $3000 Sub Loan $3000Unsub Loan $735 Unsub Loan $735

Sample Award

Estimated Need: $19,470

What Does the FAFSA Look Like?

The IRS Data Retrieval tool

The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS Web site.

All males over 18 must register with selective service if submitting a financial aid application.

FYI—FAFSA allows students to register while completing the application.

Selective Service Registration

Useful Websites

CollegeforAllTexans.com Information on Exemptions and

Waivers

AdventuresinEducation.org College and Career Planning Student Loan Inquiry

FinAid.org “SmartStudent” Guide to

Financial Aid Calculate your Expected Family

Contribution (EFC)