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Financial Aid 101: Understanding Financial Aid
Transcript of Financial Aid 101: Understanding Financial Aid
Advise TX College Adviser
Upward Bound; Room 123
What types of financial aid are there?
Steps to filling out TASFA
Steps to filling out FAFSA
our Time Line
What Types of Financial Aid are There?
What you will need to complete your FAFSA
2013 Tax Return Form
Parent and Student Financial Records
Student and Parent PINs and SSNs
(Parents without SSN can still file)
Expected Family Contribution
How FAFSA works...
Considers many things...
Number of family members in college
Age of parents
Size of Household
Business loans and mortgages on second homes
Remember, this is the federal government you are reporting to.
Just remember to...
How Aid is Calculated
Cost of Attendance:
Expected Family Contribution:
Your financial aid eligibility
Need Based Aid (EFC based)
Varies from 0 to $5,550
EFC limits are rumored to be around $4,500
There are many different kinds of scholarships
Where to find scholarships
Golden Rules When Applying for Scholarships
Apply for the well-known and "less-known".
Application should be typed.
review the required docs.
Take the time to complete more difficult scholarships.
Yes, you may have to write essays.
Scholarships can be given by a school, a foundation, a donor, a company...pretty much by anyone. Amounts and renewals vary.
Qualifications/requirements vary as well.
$500/yr for 4 years
One time award of $2,000
$750/semester for two years.
Must have a 3.5 GPA or above and be active in tennis.
Must have older siblings in college or the military and 40 hours of community service.
Must write a 5 paragraph essay, have a 3.5 or higher, be left handed, and play an instrument.
Local businesses or
Your college/university financial aid office
Federal Direct Loans
Interest is paid so long as you are enrolled in college or a university at least part time.
Interest accumulates while student is still enrolled in college or a university.
Low and Controlled Interest Rates
Do not have to repay until 6 months after graduation
Can defer payments due to hardship or public service
Both Types of Loans
& other district websites
Say No to
Your Time Line
Like, right now.
Go online to www.FAFSA.gov to begin your application.
Apply for a PIN.
Submit your application.
Suggested deadline to complete
Expect a financial aid award letter in the mail outlining your financial aid package from each school that sent an acceptance letter.
The CSS Profile
Some private schools require students to
complete the CSS profile as well as a FAFSA.
This gives a school a more complete picture of your family assets.
While you will provide the CSS profile with a lot of information, schools may only be interested in a fraction of what you are reporting.
For this reason, there is no "EFC" type number attached to the CSS.
While this is not the FAFSA, it is still in your best interest to be honest.
You can send your FAFSA application to
If you applied to more than 10 schools, there is a trick you need to know!
To send your FAFSA to more than 10 schools:
Include your top 10 schools or schools with early deadlines FIRST
Submit your FAFSA
Wait two weeks and make sure those schools have received your financial aid information from FAFSA.
Log in to "Make Corrections", remove as many schools as needed and insert the schools that still need your FAFSA information.
When you update your FAFSA information and resubmit, your information is only sent to the schools listed on your FAFSA at that instant.
If you are sending reports to more than 10 colleges, you need to repeat the process of adding and deleting schools EVERY TIME YOU UPDATE YOUR INFORMATION!!!
Why You Should Fill Out the FAFSA...
Scholarship and Grant opportunities
Even if your parents "make too much money", you can still qualify for financial aid
MOST, if not all, universities require it
The Texas Legislature established the TEXAS (Towards Excellence, Access and Success) Grant to make sure that well-prepared high school graduates with financial need could go to college.
Who can apply? Students who...
Are Texas residents
Have not been convicted of a felony or crime involving a controlled substance
Show financial need
Have an EFC less than or equal to $4000
Register for the Selective Service or are exempt from this requirement
Financial Aid 101:
Understanding Financial Aid
Allows students to qualify for In State Tuition and State Financial Aid.
For students who are TX residents
Have lived in TX for 36
months leading up to HS graduation
the year prior to enrollment in college.
Requires a residency Affidavit
Cannot be submitted online.
Must be mailed to each university applied to.
Texas Application for State Financial Aid (TASFA)
March 15 = Financial Aid DEADLINE
Many schools want your Financial Aid application by March 15th!
Others may want them earlier!!
It is your responsibility to take note of these dates and making them priority deadlines!
@ Eisenhower - Feb 18 - 6:30p
@ Carver/Victory - Feb 19 - 6:30p
@ Nimits - Feb 20 - 6:30p
@ Aldine - Feb 25 - 6:30p
@ MacArthur - Feb. 27 - 6:00 p
No matter what may be the case, always keep your college's financial aid office updated.
They are there to assist you with whatever may prevent you from paying your tuition to other personal things.
Steps to Filling Out TASFA
1. Go to aie.org
2. Click on Paying for College
3. Download TASFA 2014-2015 School Year
Available in English and Spanish, as well as the Instructions to assist you fill it out.
4. Type in responses to the questions in the PDF
Selective Service – Males Only
Grab a form from Ms. Velasquez and mail it to register
5. Print FIRST, then sign
Print a copy for every school you applied to
Signature must be original! NOT A COPY!
6. Mail a copy of your TASFA to each school you applied to
If the school doesn’t accept TASFA, mail in paper FAFSA
Am I Independent?
Do I have to list both of my parents? Or nah?
Do's and Dont's On College Loans and Refund Checks
A Heart to Heart with Ms. Velasquez
Do read all the terms and agreements
Do NOT accept more than you actually need.
Do accept subsidized loans first, if needed.
Do NOT ball out when you receive a $1,000+ refund check
Do spend your refund wisely ... make it last!