Financial Aid Overview - TASFAA

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Financial Aid Overview - TASFAA Powered By Docstoc
					Financial Aid Overview
        ABC Workshop
What is Financial Aid?
Financial Aid: Funds provided for students to
 assist in funding their college education
 Funds are meant to supplement, not replace,
   family financial resources
 Not all financial aid is need-based
Financial Aid consists of
the following:
Grants
Scholarships
Loans
Employment Opportunities
    Estimated Financial Assistance

 A school must examine all federal, state, institutional, private,
  and other sources of educational assistance in determining
  eligibility for most Title IV Federal Student Aid (FSA). The aid is
  known as estimated financial assistance (EFA). If other aid will
  cover a student’s cost of attendance (COA), than the student will
  not be eligible for most forms of FSA.
    How do students qualify?

 Need-Based Aid
   All Estimated Financial Assistance(EFA) will need to fit within the
    student’s calculated NEED

                        Federal Need Formula

                    COA(Cost of Attendance)
               -EFC(Estimated Family Contribution)_
                             =Need
Types of Financial Aid
Gift Aid
 Funds that may not have to be repaid to source
   If conditions set by source are not met, funds must
    be repaid
   Includes:
    Grants: Require completion of the FAFSA
    Scholarships: Sought by Student
Types of Financial Aid
Self-Help Aid
 Funds that are either earned or repaid by student
  Work-Study: Earned by working
  Loans: Funds that will have to be repaid
Types of Financial Aid
Merit –Based Aid
 Awarded to students in recognition of special skills,
  talent, and/or academic achievement
 Counted in calculation for need-based Aid
   Scholarships (sought by student)
    Institutional
    Private
   Some grants
Types of Financial Aid
 Other Resources


  Also included as EFA:

     AmeriCorps Vouchers
     State Exemptions
     Graduate Stipends/Fellowships
     Employment Tuition Assistance
     …and many more
Types of Financial Aid
 Non-Need Based Aid
  Given to students regardless of financial need however must fit
   in the students COA; may replace the EFC
                                  COA
                    -All need based aid & EFA(if any)
                          =Non-Need-Based Aid

                                Teach Grant
                         Unsubsidized Stafford Loans
                                PLUS Loans
                              Grad Plus Loans
                               Private Loans
How do students begin the Financial
Aid Process?
How does the Department of Education
(DOE) and/or accredited institution determine
eligibility?
Contact Information
  Valerie Bustillos
  Tarrant County College
  Financial Aid Specialist
    valerie.bustillos@tccd.edu
    817-515-1795
  Denise Welch
  Panola College
  Director of Financial Aid
    dwelch@panola.edu

				
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