The Financial Aid Office

Presents…

Financing Education Beyond

High School

What You Need to Know

• What is financial aid– Types, and sources of financial aid

• General Eligibility Requirements• How to Apply for Financial Aid

– Free Application for Federal Student Aid (FAFSA)

• Special circumstances

Types of Financial Aid

• Grants – Usually “gift” aid that does not need to be paid back

• Loans – DO need to be paid back

• Federal Work Study – Only paid for hours worked.

• Scholarships – Private and Institutional. Some are “gift” aid; others require obligations be fulfilled in order to be eligible for the money (e.g. athletic scholarships).

Financial Aid: Grants• Pell Grant

– Need based. – Given to those student’s determined to have

the highest need (i.e., lowest EFCs)• Supplemental Grants

– Federal grants (FSEOG)– State grants (i.e., TPEG/TEXAS/TEOG)– Typically need based– Often linked to priority deadlines

Financial Aid: Loans

• Subsidized Stafford loans– Must demonstrate “financial need”– Government pays interest while in school

• Unsubsidized Stafford loans– Need is not a consideration– Interest capitalizes and accrues while the

student is in school

• Parent PLUS loan– For dependent student’s only

Sources of Financial Aid

• Federal government

• States

• Private sources

State Aid

• Residency requirements

• Most aid awarded on the basis of both merit and need

• Uses information from the FAFSA

• Deadlines vary by state; check paper FAFSA or FAFSA on the Web site

Private Sources• Foundations, businesses (including

employers), charitable organizations

• Civic Organizations and churches

• Deadlines and application procedures vary widely

• Begin researching private aid sources early (NLT spring senior year)

• Do not overlook low $ scholarships. They add up!!!

General Eligibility Requirements

• Must be enrolled and pursuing an eligible degree or certificate at your college (check with FA Advisor)

• Must be a U.S. citizen or eligible noncitizen• Must be registered with Selective Service

(if male and required to be)• May not have a recent drug-related

conviction

General Eligibility Requirements, cont.

• Must have a valid Social Security Number*• May not be in default on a federal student

loan or owe repayment of a federal grant• Must have a HS Diploma or GED• Must be making satisfactory academic

progress as defined by the school

*Some funds available for SB 1528 students

How do I apply?

• Electronic FAFSA application on the web

- website is www.fafsa.ed.gov• Both student and one parent apply for PIN

- PIN used to “sign” the FAFSA• Include (up to 6) school code(s) (Collin=016792)• Submit• Follow up with school!!!

When can I fill out a FAFSA?

• May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid

• For the 2015-16 academic year, the FAFSA may be filed beginning January 1, 2015

• Colleges may (and usually do!) set FAFSA filing deadlines

Personal Identification Number (PIN)

• Web site: www.pin.ed.gov

• Sign FAFSA electronically

• Can request PIN before January 1, 2015

• Not required, but speeds

processing• May be used by students and parents throughout aid process, including subsequent school years

FAFSA on the Web Worksheet

• Web site: www.fafsa.ed.gov - click on “Student Aid on the Web” on the top menu bar - click on “Tools and Resources” on left menu - scroll down and click on “FAFSA on the Web Worksheet”

• FAFSA on the Web Worksheet:- Used as “pre-application” worksheet- Questions follow order of FAFSA on the Web.- Can help reduce stress and confusion for first-timers

2012-20132013 2014

Frequent FAFSA Errors

• Social Security Numbers

• Divorced/remarried parental information

• Income earned by parents/stepparents

• Untaxed income

• U.S. income taxes paid

• Household size

• Number of household members in college

FAFSA Processing ResultsCentral Processing System (CPS) notifies student of FAFSA results via a Student Aid Report (SAR) by:• E-mail notification in 3 – 5 days containing a direct link to student’s on-line SAR if e-mail was provided

• Paper Student Aid Report (SAR) mailed in 7 – 10 days if FAFSA was filed and no e-mail address was provided

• Student with PIN may view SAR on-line at www.fafsa.ed.gov

The SAR summarizes all the information you provided onyour FAFSA. Will usually show your EFC if enough infowas provided.

FAFSA Processing Results – cont.

• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approx. 7 to 14 days after FAFSA submitted

• College reviews ISIR– May request additional documentation, such

as copies of federal tax returns– Most additional docs flagged by FAFSA.

May also be for institutional aid

After the FAFSA: Follow up with School

• FAFSA information takes 7 to 14 days to electronically arrive at the school.

• Each school may have their own in-house paperwork you have to complete.

• Processing takes 4 to 6 weeks under normal circumstances (longer during peak times).

• You do not have financial aid until you receive an award letter from the school and accept it online.

Special Circumstances

• Cannot report on FAFSA

• Send explanation to financial aid office at each college

• College will review special circumstances

– May request additional documentation– Decisions are final and cannot be

appealed to U.S. Department of Education

Special Circumstances (cont)

Special Circumstances may include:

• Change in employment status

• Medical expenses not covered by insurance (and above the income protection allowance – 11%)

• Change in parent marital status

• Unusual dependent care expenses

• Other catastrophic events

If It Sounds Too Good To Be True….

• If you are considering hiring a scholarship or financial aid consultant, do your research first!– The Department of Education’s finaid.org

website has a lot of great information on scholarship scams and questionable consultant tactics. Before you hire anyone, go to:

www.finaid.org/scholarships/scams.phtml

Free Resources• Nerdwallet.com collegeboard.com• Fastweb.com finaid.org• Scholarships.com collegetoolkit.com• Wiredscholar.com collegenet.com• Studentaid.org freschinfo.com

• Be cautious about entering scholarship contests that require a fee.

* DON’T MISS DEADLINES!!

www.collin.edu/gettingstarted/financialaid/scholarships.htmlwww.finaid.org/otheraid/

Contact Us• Spring Creek Campus

– Monday through Thursday: 8 am - 8pm, Friday:  8 am - 5 pm

– P: 972.881.5760– F: 972.881.5118

– Address2800 E. Spring Creek Pkwy.Plano, TX 75074-3388

Contact Us• Preston Ridge Campus

–  Monday and Tuesday:  8 am - 8 pm, Wednesday through Friday: 8 am -  5 pm

– P: 972.377.1760– F: 972.377.1611

– AddressFounder’s Hall9700 Wade Blvd.Frisco, TX 75035

Contact Us

• Central Park Campus– Monday, Tuesday, Thursday and Friday: 8 am

- 5 pm, Wednesday: 8 am - 8 pm– P: 972.548.6760– F: 972.548.6703

– Address2200 W. University Dr.McKinney, TX 75070-8001

Good Luck!