Preparing to Pay for College

…or more appropriately, where do we start, what do we do and when???

Just enough information to generate more questions

College Planning• It’s not too early!• Families should begin dialog about ‘life after high school’;

college, trade school, etc.• Parent AND student should review expected costs and begin

forming plan to finance educational goals• Begin scholarship searches• Review high school education plan: are there any funding

programs dependent upon high school curriculum? what courses have been taken? what is remaining?

• What courses are needed for college goals? (it’s not too early to look at college catalogs)

• Discuss plans with family and high school counselor-make certain you have a back up plan

FREE Scholarship Search: www.fastweb.com

Senior Year

• Check deadlines for schools of interest-both admission and financial aid

• Complete the FAFSA as soon after January 1, as possible

• Submit all documents requested by the school as soon as possible

Information on planning…Adventures in Education: WWW.AIE.ORG

What is Financial Aid?

• Financial Aid is a means to assist students in obtaining higher education and consists of:– Grants-Federal or State (Pell, SEOG,

TPEG/TEG, ACG/SMART)– Loans (Federal and Private)– Work Study (on or off campus)– Scholarships (Merit and Need Based)– State Exemptions

General Eligibility

• Enroll as a regular student in a degree or certificate program

• Not be enrolled simultaneously in high school

• Have a high school diploma or equivalent • Provide a valid social security number• Be a citizen, national or permanent resident

of the U.S. or other eligible non-citizen• Register with Selective Service if required• Maintain satisfactory academic progress• Undocumented students are not eligible for

federal aid

The Application (FAFSA)(Free Application for Federal Student Aid)

• Available January 1-FAFSA on the Web (FOTW)-paper FAFSAs no longer supplied to schools 2008-2009 (student may request paper form from Dept. of Education)

• Requires prior year income (i.e. 2008-2009 based on 2007 income-student and parent)

• Available in English and Spanish• Used to determine eligibility for state and federal

aid• Personal Identification Number needed to

electronically sign form (student and one parent)-request at www.pin.ed.gov

How the Process Works

• Student and family complete the FAFSA• Student and school receives Student Aid Report

(SAR-response from FAFSA) with Expected Family Contribution number (EFC)

• School contacts student regarding missing/needed information

• School reviews student’s file to determine eligibility (based on federal guidelines)

• School notifies student of eligibility/offer

Factors in determining eligibility

• Parent and student income

• Family size

• Age of older parent

• Number of family members attending college

• Parent and student assets

FAFSA4caster: www.fafsa4caster.ed.gov

www.collegefortexans.com

Texas Financial Aid Information Center 1-888-311-8881

What are your questions?