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Transcript of Financial Aid: What is It? Mosadi Porter Assistant Center Director Houston Regional Prospective...
Financial Aid: What is It?
Mosadi Porter
Assistant Center Director
Houston Regional Prospective Student Center
Texas A&M University
Types of Aid
• Grants• Loans• Work Study• Scholarships• School-specific Programs
Need Based Programs
• Grant Programs– Federal Pell Grant
• Academic Competitiveness Grant (Freshman & Sophomore)
• SMART Grant (Junior & Senior)
– TEXAS Grant
– Supplemental Opportunity Grant (SEOG)
– Texas Public Education Grant (TPEG)
Loan and Employment Programs
Perkins Loan
Stafford Loan (subsidized)
College Work Study
Non-Need Based Programs
Stafford Loan (unsubsidized)
Parent PLUS Loan
College Access Loan (CAL)
Alternative Private Loans
ScholarshipsMay be awarded on the basis of:
Academic Merit
Financial Need
Talent
Member of a particular group or organization
Leadership and participation
All or any combination of the above
School-specific Programs• Texas A&M University • Aggie Assurance
• University of Texas • UT Grant
• Texas Tech • Red Raider Guarantee
What is the FAFSA?
The key element for
receiving most federal
and state programs.
When is the FAFSA available?
January 1 (must complete every year)
Based on previous year’s taxes
How to Apply
• Get Student and Parent PIN: www.pin.ed.gov
• Complete FAFSA: www.fafsa.ed.gov
NOTE: The FAFSA is not a scholarship application; however some scholarships require FAFSA information to
determine financial need
The U.S. Department of Education uses the FAFSA to determine the estimated family contribution (EFC).
Parent and Student income and assets
Number of household members
Number in college (do NOT include parents in number in college on the FAFSA)
What kinds of questions will it ask?
Let’s take a look…
How do I fill out the questions about my income?
2 options
IRS Data Retrieval Toolallows applicants who have already filed their federal income tax returns to prefill the answers to some questions by transferring data from their federal income tax returns. This can save the family some time in completing the FAFSA. It may also reduce the likelihood that your FAFSA will be selected for verification.
Tax Return
How is my info used?
You can list up to 10 schools.
They will receive a Student Aid Report (SAR).
Schools use the information
on the SAR to
prepare a financial aid package
to help meet your financial need.
Need Calculation
Cost of Attendance
- Expected Family Contribution_____________________________________________________________________________________________________________________________________________
= Financial Need
EXAMPLETuition & Fees $7,844Loan Fees 55Room & Board 8,000Books & Supplies 1,200Travel 664Miscellaneous 2,187___________________________________________________________________________________________
Cost of Attendance $19,950
- Expected Family Contribution 5,000_________________________________________
Need $14,950
What if I don’t have the EFC?
Due to:
• Loss or reduction of income
• Death or illness in family
• Medical or dental expenses not covered by insurance
• Any other circumstance that results in a change in the family’s financial status
What if I am not a U.S. Citizen or permanent resident?
TASFA
An application used by financial aid administrators at most
Texas colleges and universities to determine an
undocumented student’s eligibility for state financial aid
Eligibility requirements• Graduated or will graduate from a Texas high school or
received GED certificate in Texas
• Lived in Texas for three years leading up to graduation from high school or receiving GED
• Lived or will have lived in Texas for the 12 months prior to starting college
• Signed affidavit stating student has filed or will file an• application to become a permanent resident at the earliest
opportunity
What aid can I get?TEXAS Grant
• Texas Educational Opportunity Grant (TEOG)
• Texas Public Education Grant (TPEG)
• Texas Equalization Grant (TEG)
• Top 10% Scholarship Program
• State exemption programs (e.g., class valedictorian)
• College Access Loan– Must have cosigner that is a U.S. citizen or permanent resident
Let’s look at the application
TASFA
Common mistakes• Make sure the college accepts the TASFA
• File taxes and order a copy of the TAX TRANSCRIPT
• Sign EVERYTHING!
• Be thorough!
Useful Websites• www.CollegeforTexans.com
– Information on Exemptions and Waivers
• www.AdventuresinEducation.org– College and Career Planning– Student Loan Inquiry
• www.FinAid.org– “SmartStudent” Guide to Financial Aid– Calculate your Expected Family Contribution
(EFC)