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The Financial Aid Office
Presents…
Financing Education Beyond
High School
What You Need to Know
• What is financial aid– Types, and sources of financial aid
• General Eligibility Requirements• How to Apply for Financial Aid
– Free Application for Federal Student Aid (FAFSA)
• Special circumstances
Types of Financial Aid
• Grants – Usually “gift” aid that does not need to be paid back
• Loans – DO need to be paid back
• Federal Work Study – Only paid for hours worked.
• Scholarships – Private and Institutional. Some are “gift” aid; others require obligations be fulfilled in order to be eligible for the money (e.g. athletic scholarships).
Financial Aid: Grants• Pell Grant
– Need based. – Given to those student’s determined to have
the highest need (i.e., lowest EFCs)• Supplemental Grants
– Federal grants (FSEOG)– State grants (i.e., TPEG/TEXAS/TEOG)– Typically need based– Often linked to priority deadlines
Financial Aid: Loans
• Subsidized Stafford loans– Must demonstrate “financial need”– Government pays interest while in school
• Unsubsidized Stafford loans– Need is not a consideration– Interest capitalizes and accrues while the
student is in school
• Parent PLUS loan– For dependent student’s only
Sources of Financial Aid
• Federal government
• States
• Private sources
State Aid
• Residency requirements
• Most aid awarded on the basis of both merit and need
• Uses information from the FAFSA
• Deadlines vary by state; check paper FAFSA or FAFSA on the Web site
Private Sources• Foundations, businesses (including
employers), charitable organizations
• Civic Organizations and churches
• Deadlines and application procedures vary widely
• Begin researching private aid sources early (NLT spring senior year)
• Do not overlook low $ scholarships. They add up!!!
General Eligibility Requirements
• Must be enrolled and pursuing an eligible degree or certificate at your college (check with FA Advisor)
• Must be a U.S. citizen or eligible noncitizen• Must be registered with Selective Service
(if male and required to be)• May not have a recent drug-related
conviction
General Eligibility Requirements, cont.
• Must have a valid Social Security Number*• May not be in default on a federal student
loan or owe repayment of a federal grant• Must have a HS Diploma or GED• Must be making satisfactory academic
progress as defined by the school
*Some funds available for SB 1528 students
How do I apply?
• Electronic FAFSA application on the web
- website is www.fafsa.ed.gov• Both student and one parent apply for PIN
- PIN used to “sign” the FAFSA• Include (up to 6) school code(s) (Collin=016792)• Submit• Follow up with school!!!
When can I fill out a FAFSA?
• May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid
• For the 2015-16 academic year, the FAFSA may be filed beginning January 1, 2015
• Colleges may (and usually do!) set FAFSA filing deadlines
Personal Identification Number (PIN)
• Web site: www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before January 1, 2015
• Not required, but speeds
processing• May be used by students and parents throughout aid process, including subsequent school years
FAFSA on the Web Worksheet
• Web site: www.fafsa.ed.gov - click on “Student Aid on the Web” on the top menu bar - click on “Tools and Resources” on left menu - scroll down and click on “FAFSA on the Web Worksheet”
• FAFSA on the Web Worksheet:- Used as “pre-application” worksheet- Questions follow order of FAFSA on the Web.- Can help reduce stress and confusion for first-timers
2012-20132013 2014
Frequent FAFSA Errors
• Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
FAFSA Processing ResultsCentral Processing System (CPS) notifies student of FAFSA results via a Student Aid Report (SAR) by:• E-mail notification in 3 – 5 days containing a direct link to student’s on-line SAR if e-mail was provided
• Paper Student Aid Report (SAR) mailed in 7 – 10 days if FAFSA was filed and no e-mail address was provided
• Student with PIN may view SAR on-line at www.fafsa.ed.gov
The SAR summarizes all the information you provided onyour FAFSA. Will usually show your EFC if enough infowas provided.
FAFSA Processing Results – cont.
• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approx. 7 to 14 days after FAFSA submitted
• College reviews ISIR– May request additional documentation, such
as copies of federal tax returns– Most additional docs flagged by FAFSA.
May also be for institutional aid
After the FAFSA: Follow up with School
• FAFSA information takes 7 to 14 days to electronically arrive at the school.
• Each school may have their own in-house paperwork you have to complete.
• Processing takes 4 to 6 weeks under normal circumstances (longer during peak times).
• You do not have financial aid until you receive an award letter from the school and accept it online.
Special Circumstances
• Cannot report on FAFSA
• Send explanation to financial aid office at each college
• College will review special circumstances
– May request additional documentation– Decisions are final and cannot be
appealed to U.S. Department of Education
Special Circumstances (cont)
Special Circumstances may include:
• Change in employment status
• Medical expenses not covered by insurance (and above the income protection allowance – 11%)
• Change in parent marital status
• Unusual dependent care expenses
• Other catastrophic events
If It Sounds Too Good To Be True….
• If you are considering hiring a scholarship or financial aid consultant, do your research first!– The Department of Education’s finaid.org
website has a lot of great information on scholarship scams and questionable consultant tactics. Before you hire anyone, go to:
www.finaid.org/scholarships/scams.phtml
Free Resources• Nerdwallet.com collegeboard.com• Fastweb.com finaid.org• Scholarships.com collegetoolkit.com• Wiredscholar.com collegenet.com• Studentaid.org freschinfo.com
• Be cautious about entering scholarship contests that require a fee.
* DON’T MISS DEADLINES!!
www.collin.edu/gettingstarted/financialaid/scholarships.htmlwww.finaid.org/otheraid/
Contact Us• Spring Creek Campus
– Monday through Thursday: 8 am - 8pm, Friday: 8 am - 5 pm
– P: 972.881.5760– F: 972.881.5118
– Address2800 E. Spring Creek Pkwy.Plano, TX 75074-3388
Contact Us• Preston Ridge Campus
– Monday and Tuesday: 8 am - 8 pm, Wednesday through Friday: 8 am - 5 pm
– P: 972.377.1760– F: 972.377.1611
– AddressFounder’s Hall9700 Wade Blvd.Frisco, TX 75035
Contact Us
• Central Park Campus– Monday, Tuesday, Thursday and Friday: 8 am
- 5 pm, Wednesday: 8 am - 8 pm– P: 972.548.6760– F: 972.548.6703
– Address2200 W. University Dr.McKinney, TX 75070-8001
Good Luck!