Financial aid and the FAFSAHow do I get money for college

and where do I start?

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The College AdvantageWeathering the College Storm

Georgetown University, Anthony P. Carnevale

About a third of all of those "some college but no degree" people have more than 60 credits (the equivalent of an associate degree) – Lumina Foundation

Maximize your Financial Aid!

• Apply for Local scholarships and sign up for a free online scholarship search. (FastWeb.com or Cappex.com are two).• Check Application, Scholarship and Financial Aid Deadlines.• Information on Texas Colleges: www.collegeforalltexans.com• Apply to all the colleges you are considering.• Apply for scholarships at the colleges by the deadline even if you have not

yet been accepted.• Complete the FAFSA (listing all your colleges) and any other paperwork your

colleges require as soon after Jan 1st as possible or by your college priority deadline.

• Compare award letters from your colleges and make your decision. • Visit with a financial aid representative at your college and inquire about

other funding available including State funding.

What will be included in my Financial Aid Package?

Types of Financial Aid:

Free

• Grants (Usually Federal or State)• Scholarships (Academics, Sports or Need)

Loans

• Student (Subsidized or Unsubsidized)• Parent

Work

• Work Study (Job on Campus)• Internships (Usually for Juniors or Seniors)

Financial Aid Reality CheckCollege costs are up and financial aid is down:• Maximum Pell Grant is the same but due to changes students are

receiving less.• Most states have eliminated or downsized state grant funding

Federal funding available for the lowest income dependent students:

Pell Grant (Maximum) $ 5,550Maximum Direct Loans *Independent Students

Freshman year $ 5,500 $ 9,500Total $11,050 $15,050

You may also receive work-study that is usually around $3,000 as determined by the college.Reality Check: Without other funds what colleges can you afford?

How do I make sure I receive as much FREE money as possible?

• Make sure scholarship applications are neat and on time!• Complete your FAFSA as soon after January 1st as possible.

o If parent tax return is not completed before March 1st you can use estimates for your FAFSA but you must correct your FAFSA when the tax return is completed

• Complete any other paperwork required by your college financial aid department.

• Inquire about state grant and loan programs.• The earlier financial aid receives your FAFSA and other

paperwork, the more FREE money you may be awarded!! Time means money!!

• Apply for the MAC Program.

Apply online yourself or make an appointment for help:

www.FAFSA.ed.gov

Important Tip: Complete your FAFSA as early as possible, preferably by April 1st (March 1st is better for most 4 year colleges). Your college may request it even sooner.

FAFSA SAR efc Financial Aid

FAFSA: Free Application for Federal Student AidSAR: Student Aid Report

efc: Expected Family Contribution

Note Links

“Student aid on the Web” is a great source of the most current information on financial aid.

Estimate?

Try the FAFSA 4Caster to get an estimate of your efc and possible financial aid.

Log in with Student Information

Not a citizen?If you have an Alien Registration Number, you are still able to complete the FAFSA. If not, you must complete the TAFSA to

apply for state aid.

Section 2 of the FAFSA: If you can check any of the following boxes, you will not need to provide parental information.

If you can’t check any of the following boxes, you will be asked to provide parental information.

❑ I was born before January 1, 1990 ❑ I am married ❑ I will be working on a master’s or doctorate program (e.g., MA,

MBA, MD, JD, PhD, EdD, graduate certificate) ❑ I am serving on active duty in the U.S. Armed Forces ❑ I am a veteran of the U.S. Armed Forces ❑ I have children and I provide more than half of their support ❑ Since I turned age 13, both of my parents were deceased ❑ I have dependents (other than children or my spouse) who live

with me and I provide more than half of their support ❑ I was in foster care since turning age 13 ❑ I was a dependent or ward of the court since turning age 13 ❑ I am currently or I was in legal guardianship ❑ I am currently or I was an emancipated minor ❑ I am homeless or I am at risk of being homeless

*“Who is considered a parent?”

Who is considered a parent? “Parent” refers to a biological or adoptive parent. Grandparents, foster parents, legal guardians, older siblings, and uncles or aunts are not considered parents on this form unless they have legally adopted you. In case of divorce or separation, give information about the parent you lived with most in the last 12 months. If you did not live with one parent more than the other, give information about the parent who provided you the most financial support during the last 12 months or during the most recent year you received support. If your divorced or widowed parent has remarried, also provide information about your stepparent.

*If you live with a parent or parents they are who you use (Even if one is a step-parent). It does not matter who claims you on their tax return or pays child support for you.

You must also report your own earnings. So save all your W-2 forms and a copy of your tax return.

Important Tip!!You may be asked to report any money that you have in the bank in your name. Remember: Any money reported in your name counts against you more than money reported in parents name. Since the FAFSA asks “As of today, how much money do you have in cash, savings or checking?”, you and your parents may want to change your bank account.

Cost of Attenda

nce*efc Student

Need

Financial Aid at your College helps you by providing $ to fill Student Need

*Total cost including tuition, fees, books and living expenses

•Once your FAFSA is processed, check your Financial Aid online at your college website. Read your Student Aid Report!!!

•Be sure your college has a good email address so they can inform you about your financial aid.

•If verification paperwork and copies of tax returns are requested, turn those in immediately.

•If you cannot find information on your financial aid, contact your college financial aid department by phone or email no later that May 1st. Earlier is better.

•If you have a change in your family financial situation, at any time, such as Parent loss of income or serious illness in the family, complete a “Special Circumstance” form and turn in to Financial Aid.

*Always Check on your Financial Aid*Never Assume Financial Aid has All the Paperwork They Need from You

Financial Aid and Admissions

are two separate

departments

Changes to VerificationStudents that are picked for verification can no longer use a copy of the parent and student tax return. They must use one of the following:• IRS Data Retrieval – IRS put in place to simplify the process by

populating the FAFSA with accurate income tax information.• IRS income tax transcript – must be requested from the IRSThe tax return must be processed by the IRS not just completed to do either of the above.

Using the Data retrieval is recommended. However, since colleges give priority to early FAFSA filers, students usually need to file the FAFSA with estimates or possibly actual figures from the unfiled tax return. This requires students to make corrections later using IRS Data Retrieval.

Read your Student Aid Report!

• EFC – Expected Family Contribution• * - Picked for verification – extra paperwork

will be needed by your college• C - Needs a correction – read comments

for instructions• DRN – Can be used by Colleges to retrieve

your information

This is a sample SAR. Yours can be found on the FAFSA website once your FAFSA is processed.

Student Loans:

• Go into repayment 6 months after you stop attending college• Student is responsible – no credit check• Low Interest Rate – usually lower than anywhere else• Federal Subsidized Loans: Interest Free while you attend college.• Federal Unsubsidized Loans: Interest accrues while in college and can be paid or

left to add to the loan• Texas B on time Loan – Student graduates on time with a B average and the loan

becomes a Grant. Students must request these to be offered them!• Federal TEACH grant becomes a loan if you decide not to teach.• CAL loan – State loan that usually requires a cosigner

Advantages to Work Study Jobs• Restricted to around 15-20 hours per week which allows you plenty of study time• Helps give you some spending money• Convenient – right there on campus• Works around your college schedule• Can give you some good on campus contacts• Good experience for your resume• Usually simple jobs that often allow you some time to study • Understand if you need off to study for a test, etc.• Does not count against you as income on next years FAFSA

*You will be asked if you are interested in Work Study on the FAFSA

Apply for MAC online at:

www.wacofoundation.org Important Tip: Every McLennan County High

School Senior should apply for the MAC Program.

Your Senior year until May 1st is your only chance!

Information about the program:MAC Scholarship Program eligibility:

• Graduation from a McLennan County High School or GED Program.• A family income of under $50,000 or have special circumstances.• Completion of the MAC Application by May 1st of their Senior year in High

School with a copy of the FAFSA or TAFSA attached.• Applications may be mailed, emailed or submitted online at

www.wacofoundation.org .

Once accepted, the student can receive one or both of the following:

MAC Grant: The Grant provides help with tuition at MCC or TSTC up to $1,000 per semester for two years. This is awarded to cover any tuition that is not covered by other scholarships or grants. If the student does not attend MCC or TSTC they are not eligible for MAC Grant but are eligible to request a MAC Scholarship.

MAC Scholarship :These scholarships are provided to help successful students continue their education after two years. They are usually $5,000, but Baylor provides three full tuition scholarships for transfer students with the highest GPA. MAC Scholarship Program students are eligible for these scholarships if they meet the following requirements regardless of the college they are attending or plan to attend.

MAC Scholarships for the last two years of college are competitive and the requirements are as follows:• Be accepted into the MAC Program as a high school senior or after

reconsideration due to a change in financial circumstances, if originally declined.

• Must request the scholarship by Dec 1st for funding the following year.• Must have at least a 3.0 GPA and 60 credit hours by June 1st after

applying. Consideration is also given to students in special programs such as Nursing.

• University Center Programs at MCC do qualify.

Why should I apply for the MAC Scholarship Program?

• All we require to apply is the FAFSA and all students must complete that anyway. So why not?

• Even if your family income is above our guidelines you should apply. If in the next 3 years your income situation changes you can be reconsidered for funding.

• We consider special circumstances such as # in household or # in college so you may be approved even if you are over our income guidelines.

• Even if you don’t plan to attend MCC or TSTC you should apply. Applying now will make you eligible to apply for the MAC Scholarships to attend the college of your choice.

• We are a good resource and can be of assistance through your whole financial aid process. Our help is free!

Our goal is for you to receive the most money possible for college.

Apply before May 1st!!!!

Tips for a Happy Experience

• Turn in any application (FAFSA or Scholarship) well before the deadline. This allows you time to follow up and verify that it was received and complete.

• Check the financial aid page on your college website for any additional forms you may be required to complete.

• Inquire at financial aid about your eligibility for TEXAS Grant, B-on-Time Loan, or other state funds. You must request state loans to receive them!

• If you are eligible for a work study job, apply early for the best jobs.

• If you need Student or Parent Loans, complete the Loan paperwork online as soon as possible after your FAFSA is processed. Financial Aid will give you instructions.

• If you need Parent Loans to help pay for your college and your parent is turned down take the decline letter to financial aid and you may be able to receive additional Student Loan money.

• If your present income situation is different now than last years income reported on your FAFSA, complete a “Special Circumstances” form and turn it in to Financial Aid at your college.

• It never hurts to make an appointment with someone in Financial Aid to go over your award and other options. You may be able to negotiate for more funds.

• Complete all paperwork and dealings with Financial Aid at your college before May 1st unless you like long lines or being on hold for hours.

Apply Early!

Contact the MAC Scholarship Program with questions or for help completing your FAFSA

• Robbie Stabeno, Director of Scholarships• rstabeno@wacofoundation.org• Eric Wyatt, Coordinator of the MAC Scholarship

Program• ewyatt@wacofoundation.org

• Waco Foundation• 1105 Wooded Acres Suite 701• Waco, TX 76710• Phone: 254 752-9457 Fax: 254 753-2887• www.wacofoundation.org

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