Student Financial Aid
Applying for Financial Aid
Presented by the
Texas Association of Developing Colleges
East Texas Educational Opportunity Center
A Federal TRIO Program funded by the US Department of Education
How Will You Pay for College?
What is Financial Aid?
Money/Resources to pay for college
oGrants and Scholarships
oWork Study employment – work for a
paycheck
oLoans – repay with interest
oTax Credits and Deductions
Federal Financial Aid Programs
• Need based
– Pell Grant
– Supplemental Educational Opportunity
Grant (SEOG)
– Academic Competiveness Grant (ACG)
– Science/Math Access to Retain Talent
Grant (SMART)
– Work Study
– Subsidized Direct Loan
– Perkins Loan
• Non-need based
– Unsubsidized Direct Loan/Parent Loan
State Financial Aid Programs
• Towards Excellence, Access and Success
(TEXAS Grant)
• Texas Educational Opportunity Grant
(TEOG)
• Texas Public Education Grant (TPEG)
• Texas Equalization Grant (TEG)
• Texas Work Study
• State Tuition Waivers/Exemptions
• Various State Scholarships
• Texas B-on-Time Loan
• College Access Loan (CAL)
• Health Education Loan Program (HELP)
2007 – 2008 Financial Aid Distribution
Undergraduate Students
(Latest Data Available)
Source: Institute of Education Sciences
US Department of Education – NCES 2009
Scholarships
Financial Academic
Need Excellence
Artistic
Talents Athletic
Talents
Scholarship Scams
• Victims of scholarship scams lose more than
$100 million annually
• Paying money to get money is generally
a scam
• Duplicates what you can find out for free
• Beware of:
– Scholarships with application fee
– Scholarship services who guarantee success
– Sales pitches disguised as financial aid
―seminars‖
• Website: www.finaid.org/finaid/scams.html
Start Scholarship Search Early
Cost of Attendance
• Tuition and fees
• Room and board
• Books, supplies, equipment, transportation,
and miscellaneous personal expenses
Expected Family Contribution
Parent’s contribution from income/ assets
Student’s contribution from income/assets
Expected Family Contribution (EFC)
Comparing Need
1 X
2 Y
3 Z
EFC EFC
Cost of Expected Family Need
Attendance Contribution (Variable)
(Variable) (Constant)
FREE Application
for
Federal Student Aid
(FAFSA)
FAFSA on the Web (FOTW)
www.fafsa.ed.gov
To Complete the
2012 – 2013 FAFSA
Social Security Number
Driver’s License Number
Selective Service Registration
Date of Parents’ Marriage, Remarriage,
Separation, Di-vorce, Widow Status, if
applicable
Date of Birth/Social Security Number for
Parents, if applicable
Number in Parents’ Household, if
applicable
2011 Tax Form (1040, 1040A or 1040
EZ) along with W-2s and Schedules for
both Student and Parents
Records of Child Support, Veterans
Benefits, Workers Comp, etc. received
or paid in 2011
Value of stocks, bonds, CDs, real
estate, businesses, etc.
Cash on hand and in Checking and
Saving accounts.
Name/Address/SSN/DOB
Citizenship/Marital Status/Residency/Gender/Selective Service
First Generation and High School Graduation Status
High School/College Enrollment Information
Student’s Income and Tax Information
Student’s Asset Information
Dependent students will not report INVESTMENT amounts on line #41 but
will add their INVESTMENTS with parents’ INVESTMENTS on line #89
Student’s Income Reduction Information
Student’s Additional Income Information
Questions to Determine Student’s Dependency Status
PARENTS are birth or adoptive mother and father/
stepmother and stepfather, if applicable. Grand-
parents, siblings, guardians, other relatives or
friends cannot be reported in this section.
More about ―Parents‖ in Completing the FAFSA
58-59
Parent’s Household Information
Parent’s Tax Status and ―Dislocated Worker‖ Status
Parent’s Income and Asset Information
Dependent students will not report INVESTMENT amounts on line #41 but
will add their INVESTMENTS with parents’ INVESTMENTS on line #89
Parent’s Income Reduction Information
Parent’s Additional Income Information
This section is for INDEPENDENT STUDENTS only!
(When Parent Information Is Not Required on FAFSA)
List of Colleges to Receive FAFSA Information
(Up to 10 Colleges Can Be Listed Online)
LIST SCHOOLS IN ORDER OF PREFERENCE
The College Financial Aid Office (FA0) has the
discretion to provide a ―Dependency Override‖
(D/O) if a student proves that he/she should not
be required to report parent information or is a
Homeless Youth.
WHAT’S NEXT?
You will receive a SAR (Student Aid Report)—either postal
or electronic delivery.
The Financial Aid Office of the college(s) you listed will
receive an Electronic SAR (ISIR).
If required to verify the information you reported on the
FAFSA (the process is called ―VERIFICATION‖), you will be
asked to forward copies of signed Tax Returns, printouts of
Child Support, Workers Comp, Veterans Benefits, etc. to show
that the FAFSA was properly completed.
The Financial Aid Office will provide an ―Award Letter‖ either
by mail or through their on-line services to specify the
source(s) and the amount(s) of financial aid you will receive.
BE SURE TO RESPOND QUICKLY TO REQUESTS FOR
ADDITIONAL INFORMATION OR FORMS COMPLETION.
KNOW HOW TO ACCESS INFORMATION
Once you’re accepted for admission, you’ll receive
information about accessing student information. This
allows you to:
• Check your admission status for missing
documentation
• Sign up for Testing/Orientation, if applicable
• Check your financial aid status for missing
documentation
• Accept or Decline your Financial Aid Offers
CONTACT OUR OFFICE
2009-C South Mobberly
( Located between Manly’s Furniture Store & Tex-Mex Restaurant
and across the street from LeTourneau University)
Longview, Texas 75602
Phone: 903.757.9660 Fax: 903.757.9663
www.txadc.org