SCHOLARSHIPS & FINANCIAL AID - NBISD Aid.pdf · What is Financial Aid? Scholarships: Money that can...
Transcript of SCHOLARSHIPS & FINANCIAL AID - NBISD Aid.pdf · What is Financial Aid? Scholarships: Money that can...
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)