paying for college name: farcett patrick email: [email protected] date: december 8, 2015
TRANSCRIPT
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
