College: Funding Your Future Financial Aid & FAFSA Basics January 2016 The Value of a Degree Agenda What is financial aid? What are the types of financial aid? How do I apply for financial aid? Where can I get more information? Money from a source other than the family to assist with the cost of attending college or career school. What is Financial Aid? Sources of Financial Aid Family Federal Government States Colleges Private sources: companies, organizations Financial Aid Myths College is too expensive Only the smartest students receive financial aid Only students with high financial need receive aid My parents make too much money The form is too hard to fill out The FAFSA is only for grants & scholarships I only have to complete the FAFSA one time The estimated family contribution number is the amount I will have to pay Types of Financial Aid Scholarships: FREE MONEY Usually awarded based on: Academic achievements Interests & career plans Ethnicity, family background And/or financial need Grants: FREE money awarded based on need Work-Study Part time jobs for students with financial need Maybe on campus or off campus Loans -MUST BE PAID BACK Borrowed $ Low interest/no interest loans May need credit worthy cosigner How can I get other kinds of financial aid? RESEARCH! States, colleges & private scholarship have their own eligibility criteria Know what you need to do to qualify Find & apply for as many scholarship as you can! Research & meet deadlines Scholarship searches Local library Local organizations/companies/churches Avoid Financial Aid Scams Organizations/companies that: Locate more aid & then charge you a fee Guarantee you will receive a scholarship or aid Anyone who charges you a fee: For information about financial aid To complete the FAFSA To apply/receive a scholarship What is federal student aid? Office of Federal Student Aid provides more than $150 billion in grants, loans and work- study funds. Overview of the Financial Aid Process https://youtu.be/kbJ55UWMEFE Who can get federal student aid? Basic criteria: U.S. citizen or permanent resident High school graduate Eligible degree or certificate program Valid social security number Males registered for selective service Satisfactory academic progress while in college/career school How much student aid can I get? Depends on your financial need Financial need determined by: EFC (Estimated Family Contribution): comes from FAFSA COA (Cost of Attendance): tuition, fees, room, board, transportation for that particular college COA-EFC=FINANCIAL NEED Federal Student Aid Maximums for Maximum amounts for : Federal Pell Grant: $5,915 Direct Loans: $5,500 Federal Work-Study: depends on funds available at school & students need Federal Direct PLUS loan: (for parents) COA minus other aid received Estimate Your Federal Aid For an early estimate, use the FAFSA4casterEnter basic financial information Receive an estimate How much state, school & private scholarship $ can I get? Depends on the program RESEARCH! Texas Aid:Your college websites Scholarship Search: What is the FAFSA? Free Application for Federal Student Aid Standard form that collects demographic and financial information about the student & family Used to determine financial need (EFC=Estimated Financial Contribution) Used to apply for federal & state student grants, work- student & loans STEP 1: Create a FSA ID What is the FSA ID? Username & password that you must use to log into certain U.S. Department of Education (ED) websites Create one for you AND one for at least one of your parent(s) What do you need to create your FSA ID? Your social security # Your full name Your date of birth STEP 2: Gather the documents you need & estimate Your drivers license # (if you have one) Tax records from prior year Records of any untaxed income Your FSA ID (to sign your application electronically) List of colleges you are interested in attending Your FAFSA information will be sent to these colleges The college will work to put together a financial aid package for you based on your FAFSA information (EFC) and the COA Optional: Use FAFSA on the Web Worksheet to prepare your answers FAFSA Worksheet FAFSA Worksheet STEP 3:Fill it out! Apply on or as soon after January 1 Use prior tax year information if you know your parents will be filing their taxes late After taxes are filed, be sure to use the IRS data retrieval tool in the FAFSA Need help? FED.AID Live chat in fafsa.gov Dont forget: WATCH FOR THE CONFIRMATION PAGE that says your FAFSA has been submitted, THEN log out Available in Spanish Tips for completing the FAFSA Apply early & meet all deadlines Use estimates if tax returns are not completed If parents are divorced, use parent with whom the student lives with the most Step parent must be included If a student thinks he/she can answer yes to a dependency status question, check with the financial aid administrator STEP 4:Confirmation Check yourfor your FAFSA confirmation Double check your information: make sure it is correct! If you used estimated numbers, and have completed your tax return, complete the IRS data retrieval in the FAFSA Correct any mistakes & resubmit the FAFSA Meet all deadlines or your could miss out on aid! After the FAFSA What happens next? After the FAFSA: What Happens Next What happens next? Each college you are admitted to will notify you of how much $ you will receive from them You must accept/decline each type of aid offered Once you decide which school to attend: Keep in touch with the financial aid office Find out when & how you will receive your aid Comparison Shop: College Cost CenterResources on this website are also available in Spanish. FAFSA CHANGES You will complete the FAFSA this October 1, 2016 using your 2015 tax information (this is for your 2 nd year in college) This is 3 months earlier you will be able to file! Your tax information will already be in the FAFSA! Where can I get more info/help?Information about aid programs Links to free scholarship & college searches FED.AID Info about aid programs Help with FAFSA Publications The Dept. of Education provides publications, fact sheets, online tools & other resources Resources | Federal Student Aid Social Media Federal Student Aid | Twitter Federal Student Aid You Tube ChannelFederal Student Aid Facebook page Klein ISD E-Scholarships USA E-Scholarships USA! Klein ISD Enter username & password Dont have a username/password? Contact the counseling office! List is sorted by due date Search for specific types Titles directly link to scholarship site Important Resources ApplyTexas Apply for admission to Texas colleges, community colleges & universities at: College For All Texans: HomeCollege For All Texans: Home Compare Texas CollegesEvery Chance, Every Texan: Texas Scholarships & Financial Aid Financial Aid TV Everything you need to know about financial aid in short, easy to understand videos! Provided by The University of St Thomas, Houston Upcoming Events Check with the counseling office to learn about college preparation and planning events! Houston National College Fair February 9 from 6 to 8 pm NRG Center Parents and students can meet one-on-one with representatives from colleges and universities to discuss admission and financial aid opportunities at their respective institutions. KLEIN FAFSA Workshop February 16 th, 6-8 pm Klein Multipurpose Center COMPLETE your FAFSA! Get hands on assistance with completing your FAFSA College administrators & representatives will be available to assist Thank you for your participation! Thank you for your participation!