ABC WORKSHOP 2012 Financial Aid Overview. What is Financial Aid? Financial Aid: Funds provided for...
-
Upload
christopher-lucas -
Category
Documents
-
view
212 -
download
0
Transcript of ABC WORKSHOP 2012 Financial Aid Overview. What is Financial Aid? Financial Aid: Funds provided for...
ABC WORKSHOP 2012
Financial Aid Overview
What is Financial Aid?
Financial Aid: Funds provided for students to assist in funding their college educationFunds are meant to supplement, not
replace, family financial resourcesNot all financial aid is need-based
Financial Aid consists of the following:
Grants ScholarshipsLoansEmployment Opportunities
Estimated Financial Assistance
A school must examine all federal, state, institutional, private, and other sources of educational assistance in determining eligibility for most Title IV Federal Student Aid (FSA). The aid is known as estimated financial assistance (EFA). If other aid will cover a student’s cost of attendance (COA), then the student will not be eligible for most forms of FSA.
How do students qualify?
Need-Based Aid All Estimated Financial Assistance(EFA) will need to
fit within the student’s calculated NEED
Federal Need Formula
COA(Cost of Attendance)-EFC(Estimated Family Contribution)_
=Need
Types of Financial Aid
Gift Aid Funds that may not have to be repaid
to sourceIf conditions set by source are not met, funds must be repaid
Includes:Grants: Require completion of the FAFSA
Scholarships: Sought by Student
Types of Financial Aid
Self-Help AidFunds that are either earned or
repaid by studentWork-Study: Earned by workingLoans: Funds that will have to be
repaid
Types of Financial Aid
Merit –Based Aid Awarded to students in recognition of
special skills, talent, and/or academic achievement
Counted in calculation for need-based AidScholarships (sought by student)
InstitutionalPrivate
Some grants
Types of Financial Aid
Other Resources
Also included as Estimated Financial Assistance:
AmeriCorps Vouchers State Exemptions Graduate Stipends/Fellowships Employment Tuition Assistance …and many more
Types of Financial Aid
Non-Need Based Aid Given to students regardless of financial
need however must fit in the students COA; may replace the EFC
COA -All need based aid & EFA(if any)=Non-Need-Based Aid
Teach Grant Unsubsidized Stafford Loans
PLUS Loans Grad Plus Loans
Private Loans
How do students begin the Financial Aid Process?
How does the Department of Education (DOE) and/or accredited institution determine eligibility?
Contact Information
Marcos MendezTexas A&M UniversityAthletics Financial Aid [email protected]