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The University of Texas at Arlington

“What You Need to Know about Financial Aid”

by

Rex Johnson

Financial Aid Counselor

How Do I Apply For Financial Aid?

Financial Aid consists of funds provided to students and families to help pay for postsecondary educational expenses

Fill out a Free Application for Federal Student Aid (FAFSA) electronically

WWW.FAFSA.GOV

Application is FREE to fill out

Don’t get fooled by paid websites!

When Should I Apply?

You may fill out FAFSA starting January 1st of the year you will attend college

You must apply each year

The earlier you apply, the better

Some grants are limited

– first come, first served

UT Arlington’s priority deadline is April 1st

What Will I Need to Fill Out FAFSA?

A FAFSA PIN Number

– You and your parents will apply for one on the FAFSA website (www.pin.ed.gov)

– Also needed to access info on student loans

Your parent’s tax return

Your tax return (if you filed)

School Codes (UTA – 003656)

Expected Family Contribution (EFC)

Amount family can reasonably be expected to contribute to student’s education

EFC is calculated by using data from the FAFSA and a federal formula

Stays the same regardless of college

The lower that number is, the more likely student will receive grants; the higher, the more likely student will receive loans

Verification

1 out of every 3 students are selected for a random audit

Request free IRS tax return transcript either online at www.irs.gov or at 1.800.908.9946

Compare information reported on FAFSA with your tax return transcript

We make corrections to FAFSA if needed

IRS Data Retrieval

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Cost of Attendance (COA)

Consists of direct and indirect costs

Varies widely from college to college

Student cannot be awarded above the COA

2013-2014 COA for full time student living on-campus: Tuition & Fees $ 9,152

Books $ 1,160

Room & Board $ 7,864

Transportation $ 2,732

Personal & Misc. $ 1,600

Total $22,508

What Does FAFSA Apply Me For?

Federal Grants

State Grants

Federal Work-study

Federal Direct Loans

– Subsidized Loans

– Unsubsidized Loans

Financial Need

Cost of Attendance

- Expected Family Contribution (EFC)

---------------------------------------------------------

= Financial Need

Need based aid: grants, work study and subsidized loans

Non-need based aid: unsubsidized loans and private loans

Grants

Money that does not have to be paid back

Federal Pell Grant ($605 - $5,645)

Federal Supplemental Educational Opportunity Grant (FSEOG)

Texas Public Education Grant (TPEG)

Mav Grant

Maverick Promise

Texas Grant

Federal Work-study

Allows a student to find a job on campus

Employment is not guaranteed

May work up to 19 hours a week

Student is paid twice a month

– workstudy does not credit balances at UTA

May earn up to the amount awarded

Apply for jobs online: www.uta.edu, search SNAP Jobs

Federal Direct Loans

The Department of Education is your lender

Repayment begins 6 months after graduation or dropping below half time in school

Student must complete the Entrance Counseling and sign a Master Promissory Note online at www.studentloans.gov after accepting the loan

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Direct Loan Interest Rates for 2013-2014 school year

(undergraduate students)

Federal Subsidized Loans

– Need based

– 3.86% APR (fixed)

– Begins collecting interest when student graduates

Federal Unsubsidized Loans

– 3.86% APR (fixed)

– Begins collecting interest when disbursed

Federal Parent PLUS Loan

Parent borrows money from Dept. of Education to pay for child’s expenses

Credit Based

6.41% APR

May apply at: www.studentloans.gov

What if my parent is denied for the PLUS Loan?

Student may request an additional Direct Unsubsidized

– If 1st or 2nd year student, then $4000 ($2000 per semester)

– If 3rd or above year student, then $5000 ($2500 per semester)

College Access Loan

Student borrows money from the State of Texas

Must be a Texas Resident

Credit-worthy co-signer required

5.25% interest rate (2013-2014)

Repayment begins after graduation or after dropping below halftime

Interest accrues while student is in school

www.hhloans.com

Scholarships

Money that does not have to be paid back

Awarded on the basis of merit, skill or unique characteristic

Deadlines and application procedures vary widely (year round)

Research with schools (high schools and colleges), foundations, businesses, charitable organizations, communities and employers

TASFA

For students that do not qualify for the FAFSA and are considered Texas residents

Contact each school for information

UT Arlington has TASFA applications available in our office and you must submit to our office with IRS tax return transcripts

Funds are very limited; submit application EARLY (March 15th)

www.collegeforalltexans.com

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Review of Special Circumstances

Loss of Income in 2014

– Loss of Job

– Death/Divorce of parent or spouse

– Extenuating Medical Expenses

Form may be found in our office or on our website (www.uta.edu/aao/fao)

When Will My Aid Pay Towards My Balance?

10 days prior to each semester starting

Fall 2013 Disbursement – August 12th

Spring 2014 Disbursement – January 3rd

Financial Aid will be credited to student’s balances

– Tuition

– On campus housing/meal plan

– Parking Decal

What Happens After My Balance Is Paid?

The Bursar’s Office will send the student a refund check for any excess financial aid

Sign up for direct deposit on your MyMav

Student may use this money for books, supplies and/or living expenses

Satisfactory Academic Progress

To continue to receive financial aid, students must meet certain academic standards

– GPA

– Course completion percentage

SAP reviewed after Spring semester

If not met, student would have to submit an appeal

May find appeal and SAP requirements online: www.uta.edu/aao/fao

UTA Financial Aid Department

hours: Monday – Friday 8:00 am – 5:00 pm phone: 817-272-3561 fax: 817-272-3555 email: www.uta.edu/askfao website: www.uta.edu/aao/fao location: Rm# 252 in E.E. Davis Hall