paying for college name: farcett patrick email: farcett.patrick@review.com date: december 8, 2015

Paying for College

Name: Farcett PatrickEmail: Farcett.Patrick@Review.comDate: December 8, 2015

How necessary will financial aid (education loans, scholarships and grants) be to pay for your (child’s) college education?

College Hopes and Worries

Extremely or Very

88%

Somewhat11%

Not at all1%

Ex-tremely or Very

82%

Somewhat14%

Not at all4%

Students ParentsSource: The Princeton Review, College Hopes and Worries Survey, 2011

80 % (4 out of every 5) receive some form of financial aid

17 million students

attend college each year

How many people receive aid?

Where does aid come from?

Sources of Financial Aid

(In billions)

Source: Trends in Student Aid 2010, The College Board

Federal Gov-ernment

Institutional Grants

State Grants Private Grants$0

$20

$40

$60

$80

$100

$120

Federal Gov’t

If you are accepted to a college,

enroll, and do nothing else,

You will not receive any financial assistance.

Applying for Federal Aid

When you apply for admission, you are not applying for federal aid. 

These are two distinct processes.

The Goal of Federal Aid…

How much college costs

How much your family can afford

The Gap- =Cost of

Attendance

Expected Family

ContributionNeed- =

To bridge the gap between

how much college costs

And how much your family can afford.

Cost of Attendance

Tuition and Fees

+ Student Activity Fee

+ Room and Board

+ Books and Supplies*

+ Travel

+ Miscellaneous Living Expenses*

= $ Cost of Attendance (per year vs. per semester)

*Keep in mind that schools may include some or most of these in their

publications. You will most likely have to pay for ALL the above expenses either on your bill or out of pocket.

What is EFC?

EFC is the Expected Family Contribution

EFC will determine Pell Grant eligibility & any need-based financial aid eligibilityFactors include:

• Household income (parent and student)

• Assets (parent and student)

• Household size

• Number of students enrolled in college

* “need-based” by federal guidelines, not a personal “need” perspective*

EFC

Cost of Attendance

Expected Family

ContributionNeed- =

You?

The college?

The government?

Who decides

how much a family

can afford?

EFC

You?

The college?

The government.

Who decides

how much a family

can afford?

Cost of Attendance

Expected Family

ContributionNeed- =

TAFSA

FAFSA

• Roughly 100 questions» Online Application

» http://www.fafsa.ed.gov/» Student and family’s income and assets» Size of household» Student lists up to 10

schools(colleges/universities)

• Submitted: After January 1st of Senior Year of HS• And submitted every year for each year of college the

student attends.

More about FAFSA• Federal Grants

-Federal Pell Grant

-Federal Supplemental Education Opportunity Grant

-Federal TEACH Grant

*funds are allocated to schools each academic year

*once funds are committed, no new funds will be available until the next academic year

What is a FSA ID?• The FSA ID, which replaced the Federal Student Aid PIN in May 2015, is the

username and password you use when you visit certain U.S. Department of Education websites and it’s used to electronically sign and submit the FAFSA application.

• How do I get an FSA ID?

- your Social Security number (you must have an SSN to get an FSA ID)

- your full name (must match your Social Security card)

-your date of birth

Tips: Although you’re not required to provide your e-mail address when you set up your FSA ID, it’ll make retrieving your username and password easier if you forget them. Just make sure you don’t use the same e-mail address as someone else (your parent, for instance). Each e-mail address can be associated with only one FSA ID.

More about FAFSA

IRS Data Retrieval Tool• Available early February 2016• Will allow for financial figures to be pulled

directly from the IRS system• IRS data available within 2-3 weeks for

electronic filers or 8-11 weeks if filed by paper

16

17

18

19

TASFA

• 16 Page Application - 41 Questions» Online application at:

» www.aie.org» www.collegeforalltexans.com

» Student and family’s income and assets» Size of household» MUST be printed and mailed to the colleges

• Submitted: After January 1st of Senior Year of HS• And submitted every year for each year of college the

student attends.

More about TAFSA

• Financial aid for our undocumented and/or deferred action students

• Eligible for state funds in TX such as:

-Texas Grant

-Texas Public Education Opportunity Grant(TPEOG)

-Texas Equalization Opportunity Grant (TEOG)

Meeting your need

Colleges create award packagesfrom a single pool of federal funds.

If you have unmet need, who makes up the difference?

Answer: You and your family.

They decide how much a family receives.

They decide what types of aid they will receive.

Only when a student is decidingwhich school to attend,should they consider the cost.

When cost (is / is not) a factor

When a student is decidingto which schools they will apply,cost can take a back-seat (for now).

Other Types of Aid

Work-Study program

Federal Student Loan program

-Federal Subsidized Loan

-Federal Unsubsidized Loan

Federal Perkins Loan

Federal Parent Loan for Undergraduate Students (PLUS Loan)

Scholarships may be awarded on the basis of:

Academic Merit

GPA

Rank

Rigor of coursework

Financial Need

Talent/Performance

Athletics

Art

Dance

Band, orchestra, choir

Member of a particular group or organization

Leadership and participation

Writing sample (essay)

All or any combination of the above

Scholarships

FAFSA/TASFA Completion HelpDallas County is hosting multiple events designed to help you complete your FAFSA/TASFA this Winter:• Feb. 2nd:

» Financial Aid application assistance for HSHP & ESSM, 6 p.m.-8 p.m.

• Feb. 9th:» Financial Aid application assistance for Townview, 6 p.m.-8 p.m.

• Feb. 20th:» Lake Highlands HS, Molina HS

• Feb. 27th: » Bryan Adams HS

• Mar. 5th: » Carter HS

www.fafsa.ed.gov - FAFSA

www.aie.org – TASFA

www.collegeforalltexans.com- TAFSA

www.scholarships.com – Scholarships

www.fastweb.com- Scholarships

https://bigfuture.collegeboard.org –College search

Important Websites

a

Questions?

Farcett PatrickHigher Education AdvisorTownview ESSM and HSHPFarcett.Patrick@Review.com