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FINANCIAL AID 2010-2011
1
Your education will pay dividends, forever.
Your education at Texas Tech will shape the rest of
your life. It’s an exciting time and one that requires
a significant financial commitment. The Office of
Student Financial Aid is here to help with a variety of
financial assistance options. Our goal is to make your
academic journey affordable by helping you secure the
financial aid you need, so you can focus on making
the most of your future at Texas Tech.
contents
2 Understanding costs
3 Timeline
4 Award process
5 Qualifications
6 Aid options
12 Graduate-On-Time & Red Raider Guarantee
14 Contacts and resources
15 Glossary
2
Financial aid starts here.
START TODAY. It’s true that a college education is a major
financial investment – but it may be the best investment you
ever make. And we’re here to help. Every year, Texas Tech
awards over $140 million in financial aid.
This handbook is your guide to the financial aid process. It provides a checklist to help you start on
When you earn your college
the right track and details for all types of financial aid. Take time to explore your options and
degree, you are investing
you’ll discover that a Texas Tech degree is definitely within reach.
your time, energy and
finances in an asset that
will last your entire life. On
UNDERSTANDING COSTS. We provide realistic cost estimates that allow you to plan ahead for
average, a college graduate
financial obligations from the beginning of your college search. Student surveys are conducted
earns $23,000 per year
annually to determine real costs for rent, transportation, books and other living expenses. All of
more than someone with a
these costs are considered when we award financial aid.
high school diploma –
which adds up to over
The following estimated costs are for the 2009-2010 academic year and represent enrollment in
$1 million more in earnings
15 hours per semester. Expenses will vary based on a number of factors including lifestyle,
over a lifetime.*
residence hall, meal plan and area of study.
ESTIMATED COSTS. Residents of Texas and counties Residents of New Mexico and Other non-residents
bordering Texas in New Mexico Oklahoma counties not
and Oklahoma bordering Texas
Tuition (30 hrs) $4,875 $5,775 $13,185
Fees $2,910 $2,910 $2,910
Room and Board* $7,688 $7,688 $7,688
Books and Supplies $1000 $1000 $1000
Personal Expenses $3390 $3,390 $3,390
TOTAL per year $19,863 $20,763 $28,173
*Students with fewer than 30 hours credit are required to live on campus.
*Sources: http://usgovinfo.about.com/od/censusandstatistics/a/collegepays.htm
3
FINANCIAL AID CHECKLIST AND TIMELINE.
Action Key Dates
Step 1 Review this brochure. (check out FAFSA 4 caster) Start now!
www.fafsa4caster.ed.gov
Step 2 Obtain PIN at www.pin.ed.gov. December 1
You’ll need a PIN to sign your FAFSA during the application process.
Step 3 Submit scholarship application before the deadline. February 1
See details on page 6.
Step 4 Apply for aid by submitting a Free Application for Federal Student Aid (FAFSA) Beginning January 1
found at www.fafsa.ed.gov. each year
As requested on the FAFSA, Texas Tech’s Title IV school code is 003644.
Meet priority deadlines. Files submitted after these dates may receive
reduced awards.
• Fall semester — March 1
• Spring semester — October 15
• Summer sessions — March 1
For summer session financial aid, submit the Summer Application for February 15
Financial Aid available at www.financialaid.ttu.edu.
Step 5 Submit verification (if requested). May 1
Thirty percent of FAFSA forms are randomly selected for FAFSA verification
each year. If your FAFSA requires verification, you will be asked to submit the
worksheet(s) available at www.financialaid.ttu.edu along with a signed copy
of the previous year’s income tax return. Check MyTech (www.raiderlink.ttu.edu)
to make sure everything is complete.
Step 6 Receive award notification. Beginning in March
First-time Texas Tech students will receive a paper award notification. All
subsequent award notifications will be sent to the student’s official Texas
Tech email address. Award information will also be posted on MyTech.
Step 7 Complete loan counseling. Must complete
Counseling is required for students who take out loans. Instructions available before loan check
at www.financialaid.ttu.edu. can be disbursed.
Step 8 Receive financial aid.
Financial aid normally disburses five to seven days prior to the first day of
class. Athletic awards and the Employee’s Dependent Scholarship will
disburse after the 12th class day.
4
How we award aid.
ACCESS AND OPPORTUNITY. The Office of Student Financial
Aid strives to meet student need by finding the best
combination of aid including federal, state, institutional and
other dollars. We follow an “equity packaging” philosophy,
which ensures that we give equal treatment to all students
Financial aid is awarded
on a first-come, first-served who qualify for need-based aid.
basis. Start the process early
and you will secure aid Financial need is determined using the following formula:
before classes start.
Use RaiderAid to check your Cost of Attendance(COA) – Expected Family Contribution (EFC) = Financial Need
status regularly along the way.
Cost of Attendance is the total estimated cost of tuition, fees, room, board, books and
personal expenses.
Expected Family Contribution is the amount of money that a student’s family can pay toward
the cost of college expenses. EFC is determined using the FAFSA, and depends on the student’s
dependency status, family size, number of family members in school, taxable and nontaxable
income and assets. If you have unusual financial circumstances that may affect your ability to
pay for your education (such as high medical expenses, loss of employment or death of a
parent) tell your financial aid administrator. He or she can adjust the cost of attendance or the
estimated family contribution to compensate.
Here’s an example of how financial need is determined:
Cost of Attendance at Texas Tech: $19,863
Expected Family Contribution from Family A: - $5,000
Estimated Financial Need: $14,863
Using the formula above, we determine that this student has $14,863 in financial need. We
then help the student create a plan to cover that cost. The student in the example would
probably receive a combination of several types of aid, including scholarships, grants, work-
study or loans.
5
Make sure you qualify.
ELIGIBILITY. Before you pursue financial aid, make sure you meet the following criteria. If you
have questions, just give us a call.
• Have a high school diploma or a GED certificate
• Are working toward a degree or certificate
• Have registered with Selective Service (if required)
• Are not in default of an educational loan
• Do not owe a refund or repayment on any education university funds
The Free Application for Federal
• Are maintaining satisfactory academic progress (see www.financialaid.ttu.edu for details)
Student Aid (FAFSA) is the first
• Are a U.S. citizen or eligible non-citizen (as defined on the FAFSA)
step to securing aid. Almost all
• Have a valid Social Security Number (exceptions are Texas HB 1403/SB 1528,
need-based aid is awarded using
non-U.S. residents)
information from the FAFSA.
You’ll need to set up a Personal
Identification Number at DEFINING ENROLLMENT STATUS. Aid is based on full-time enrollment. Texas Tech locks enrollment
www.pin.ed.gov to start the status on the census date, which is usually the 12th day of the fall and spring semesters. Your
process; then, complete your enrolled hours as of this date determine your enrollment status for the semester, and financial aid
application at www.fafsa.ed.gov is disbursed accordingly. Attending less than full-time could mean a reduction in aid.
after January 1.
Credit Hours Per Semester Enrollment
1-5 less than half-time
6-8 half-time
9-11 three-quarter time
12+ full-time (University standard is 15 hours.)
CHANGING ENROLLMENT STATUS. Contact the Office of Student Financial Aid before reducing
enrollment hours as it can affect scholarship and aid eligibility, award package and satisfactory
academic progress. If you have loans and drop below half-time enrollment, your lender will be
notified and the grace period for the loan will begin. Unpaid charges due to enrollment changes
and subsequent adjustments to financial aid are the student’s responsibility.
APPLY EACH YEAR. Students must re-apply for financial aid each academic year. In order to receive
funds, students must be pursuing a degree or certificate that can be obtained at Texas Tech.
Texas Tech University is an Equal Opportunity institution. Texas Tech will not discriminate on the basis of
race, gender, national origin or religion. Race and sex designations on the FAFSA are requested to complete
federal and state reports.
6
6
6
6 Scholarships.
Scholarships.
Scholarships.
GENERAL UNIVERSITY SCHOLARSHIPS. Scholarships are free money with consideration based on
UNIVERSITY SCHOLARSHIPS. Scholarships are free money with consideration based on
GENERAL UNIVERSITY SCHOLARSHIPS. Scholarships are free money with consideration based on
GENERAL UNIVERSITY SCHOLARSHIPS. Scholarships are free money with consideration based on
academic interest and achievement, financial need and community involvement. Use our online
financial
academic interest and achievement, financial need and community involvement. Use our online
academic interest and achievement, financial need and community involvement. Use our online
scholarship calculator at www.financialaid.ttu.edu
GENERAL UNIVERSITY SCHOLARSHIPS. Scholarships are free money with consideration based on
Candidates: Students enrolled full-time. Those awarded scholarships but not planning online
academic interest and achievement, financial need and community involvement. Use ourto
Candidates: Students enrolled full-time. Those awarded scholarships but not planning to
Candidates: Students enrolled full-time. Those awarded scholarships but not planning to
enroll full-time must consult with the department or college awarding the scholarship and
enroll full-time must consult with the department or college awarding the scholarship and
enroll full-time must consult with the department or college awarding the scholarship and
the Texas Tech Scholarship office.
the Texas Students enrolled full-time. Those awarded scholarships but not planning to
the Texas Tech Scholarship office.
Candidates: Tech Scholarship office.
To Apply: Complete a General Scholarship application online at www.applytexas.org
Apply: Complete a General Scholarship application online at www.applytexas.org
To Apply: Complete a General Scholarship application online at www.applytexas.org
Toenroll full-time must consult with the department or college awarding the scholarship and
“To me your [scholarship] gift when applying for admission.
“To me your [scholarship] gift
“To me your [scholarship] gift when applying for admission.
the Texas Tech Scholarship office.
when applying for admission.
represents much more than just Entering Freshmen Deadline: February 1, each year.
represents much more than just
represents much more than just Entering Complete a General Scholarship application
To Apply:Freshmen Deadline: February 1, each year. online at www.applytexas.org
Entering Freshmen Deadline: February 1, each year.
a monetary gift; it represents a Entering Transfer Deadline: March 1, each year.
a monetary gift; it represents a
monetary gift; it represents a
a “To me your [scholarship] gift when Transfer Deadline: March
Enteringapplying for admission. 1, each year.
Entering Transfer Deadline: March 1, each year.
belief in the promise of equal
belief in the promise of equal
represents the promise than just
belief in much more of equal Entering Freshmen Deadline: February 1, each year.
opportunity. By providing NATIONAL MERIT FINALISTS.
NATIONAL MERIT FINALISTS.
Entering Transfer Deadline:
NATIONAL MERIT FINALISTS. March 1, each year.Award Amount
opportunity. By providing
opportunity. represents a
a monetary gift; it By providing
resources to students who NATIONAL MERIT FINALISTS.
Scholarship Name Academic Requirements Renewal Requirements
resources to students who
belief in the promise of equal
resources to students who
need and deserve it most, National Merit Finalist Named a National Merit $60,000 ($12,000 per 3.5 GPA and 15 earned
need and deserve it most,
opportunity. By providing
need and deserve it most,
you are helping to ensure that NATIONAL MERIT FINALISTS. with TTU as first
Finalist year/ 5 years) hours per full term
you are helping to ensure who
are helping students that
youresources toto ensure that choice w/ National Merit semester
one’s economic situation Corp
one’s economic situation
need and deserve it most,
one’s economic situation
is not a barrier to their University Student Same as above plus $39,000 ($7,800 per Same as above plus
is not a barrier to their
helping to ensure that
you areis not a barrier to their Housing and Hospitality reside on campus year/ 5 years for campus campus residence
intellectual growth”
economic growth”
intellectual growth”
one’s intellectualsituation Services National Merit residents
–W.H. Harris, Jr. Scholars Scholarships
–W.H. Harris, Jr.
is not a–W.H. Harris, Jr.
barrier to their
intellectual growth” Scholarships awarded for five years include one year of graduate study at Texas Tech University. Awards and criteria are
subject to change.
–W.H. Harris, Jr.
MERIT-BASED SCHOLARSHIPS. First-time freshmen who show exceptional academic ability
MERIT-BASED SCHOLARSHIPS. First-time freshmen who show exceptional academic ability
MERIT-BASED SCHOLARSHIPS. First-time freshmen who show exceptional academic ability
through superior test scores and high school class ranking. www.scholarships.ttu.edu
through superior test scores and high school class ranking.
through superior test scores and high school class ranking. www.scholarships.ttu.edu
www.scholarships.ttu.edu
MERIT-BASED SCHOLARSHIPS. First-time freshmen who show exceptional academic ability
through superior test scores and high school class ranking. www.scholarships.ttu.edu
Scholarship Name Academic Requirements Award Amount Renewal Requirements
President’s Platinum 1400* or 32 & top 10%
†
$30,000 ($6,000 yr/5 yrs) 3.5 GPA and 15 earned
hours/full term semester
President’s Gold 1300* or 29† & top 10% $20,000 ($4,000 yr/5 yrs) 3.25 GPA and 15 earned
hours/full term semester
President’s Silver 1250* or 28† & top 10% $10,000 ($2,500 yr/5 yrs) 3.0 GPA and 15 earned
hours/full term semester
ACT composite score; *SAT sum of Texas Tech awards more than $500,000 annually in year of graduate
TRANSFER SCHOLARSHIPS.critical reading and math. Scholarships awarded for five years include one scholarships for
†
TRANSFER SCHOLARSHIPS. Texas Tech awards change.
study at Texas Tech University. Awards and criteria are subject more than $500,000 annually in scholarships for
TRANSFER SCHOLARSHIPS. Texas Tech awardstomore than $500,000 annually in scholarships for
transfer students. Scholarships are competitively awarded based on completion of the General
transfer students. Scholarships are competitively awarded based on completion of the General
transfer students. Scholarships are competitively awarded based on completion of the General
Scholarship Application due March 1 for fall transfer students or November 15 for spring transfer
ScholarshipSCHOLARSHIPS. Texas Tech awards more than $500,000 annually in scholarships for
TRANSFER Application due March 1 for fall transfer students or November 15 for spring transfer
Scholarship Application due March 1 for fall transfer students or November 15 for spring transfer
students. www.applytexas.org
transfer www.applytexas.org
students.students. Scholarships are competitively awarded based on completion of the General
students. www.applytexas.org
Scholarship Application due March 1 for fall transfer students or November 15 for spring transfer
students. www.applytexas.org
need and deserve it most,
you are helping to ensure that
one’s economic situation 7
is not a barrier to their
intellectual growth”
–W.H. Harris, Jr.
Scholarships (continued).
INSTITUTIONAL COMPETITIVE SCHOLARSHIPS. First time freshmen, who are not receiving a
merit-based scholarship, may First-time freshmen who show exceptional academic
MERIT-BASED SCHOLARSHIPS. compete for a limited number of these scholarships: ability
through superior test scores and high school class ranking.
Scholarship Name Academic Requirements
www.scholarships.ttu.edu
Award Amount Renewal Requirements
President’s Freshman 1400 SAT or 32 ACT $15,000 ($3,000 yr/5 yrs) 3.5 GPA and 15 earned
Diamond hours per semester
President’s Freshman 1300 SAT or Top 25% $1,000 yr 1, $2,000 yr 2, 3.0 GPA and 15 earned
Ruby 3&4 hours per semester
ACT composite score; SAT sum of critical reading and math. Scholarships awarded for five years include one year of graduate
study. Awards and criteria are subject to change.
TRANSFER SCHOLARSHIPS. Texas Tech awards more than $500,000 annually in scholarships for
transfer students. Scholarships are competitively awarded based on completion of the General
Scholarship Application due March 1 for fall transfer students or November 15 for spring transfer
students. www.applytexas.org
Scholarship Name Academic Requirements Award Amount Renewal Requirements
President’s Transfer PTK leadership $9,000 ($3,000 yr/3 yrs) 3.0 GPA and 12 earned
Diamond hours per semester
President’s Transfer 30 transferable hours $5,000 ($2,500 yr/2 yrs) 3.0 GPA and 12 earned
Scholarship + 3.0 GPA hours per semester
Awards and criteria are subject to change.
of
Types aid. Aid.
tyPes oF
• Gift-Aid includes scholarships and grants, which require no repayment or work obligation.
• Work-study enables students to work on campus, often in positions related to their field
of study. Employment on campus or in the surrounding community is available through
the Red Raider Student Employment Center.
• Loans are awarded to students with eligibility and are deferred until graduation or
enrollment ceases.
We encourage everyone to complete a FAFSA to receive maximum consideration for all types of
aid. www.fafsa.ed.gov
grants. Grants are a source of free money. All are need-based with individual requirements and award ran
It is very important to complete and submit your financial aid file, including your FAFSA and supporting doc
by the priority deadline on March 1. The chart below details the grants available to Texas Tech students.
aVailaBle grants.
Grant Name Funding Candidates Award Range
PELL Grant Federal Students working on first undergraduate $609 – 5,350 per year, pend
degree or teacher certification. hours enrolled per semester
SEOG Federal Students working on first undergraduate $200 – 4,000 per year, pendi
Supplemental Educational degree enrolled at least half-time. hours enrolled per semester
Opportunity Grant
LEAP & SLEAP Federal & State Undergraduate students enrolled $100 – 2,500 per year, pendi
Leveraging Education Assistance at least half-time. hours enrolled per semester
Partnerships & Special Leveraging
of study. Employment on campus or in the surrounding community is available through
the Red Raider Student Employment Center.
8 • Loans are awarded to students with eligibility and are deferred until graduation or
enrollment ceases.
We encourage everyone to complete a FAFSA to receive maximum consideration for all types of
aid. www.fafsa.ed.gov
GRANTS. Grants are a source of free money. All are need-based with individual requirements and award ranges.
It is very important to complete and submit your financial aid file, including your FAFSA and supporting documents,
by the priority deadline on March 1. The chart below details the grants available to Texas Tech students.
AVAILABLE GRANTS.
Grant Name Funding Candidates Award Range
PELL Grant Federal Students working on first undergraduate $609 – 5,350 per year, pending
degree or teacher certification. hours enrolled per semester
SEOG Federal Students working on first undergraduate $200 – 4,000 per year, pending
Supplemental Educational degree enrolled at least half-time. hours enrolled per semester
Opportunity Grant
LEAP & SLEAP Federal & State Undergraduate students enrolled $100 – 2,500 per year, pending
Leveraging Education Assistance at least half-time. hours enrolled per semester
Partnerships & Special Leveraging
Education Assistance Partnerships
TPEG State Resident and non-resident, undergraduate $100-3,500 per year, pending
Texas Public and graduate students enrolled at least hours enrolled per semester
Education Grant half-time.
TEXAS Grant State Texas residents, first-time undergraduates Find more information at
who graduated from an accredited Texas www.collegeforalltexans.com
public or private high school with the
Recommended or Distinguished curriculum,
enrolled in at least 12 hours in the
award semester.
TTU Grant Institutional Resident and non-resident students Amounts vary based on availability
enrolled at least three-quarter time. of funds.
ACG Federal Undergraduate students enrolled full time. First year students may receive up
Academic Must be eligible for a PELL Grant and have to $750. Second year students may
Competitiveness Grant completed a rigorous high school academic receive up to $1,300 and must have a
program as determined by the Department cumulative GPA of 3.0 or higher on 30
of Education. earned credit hours.
SMART Federal Undergraduate students enrolled full-time. Up to $4,000 per year.
National Science and Must be eligible for a PELL Grant, have a Award amounts are determined
Mathematics Access to minimum 3.0 cumulative GPA on 60 earned by the Office of Student Financial
Retain Talent Grant credit hours and be enrolled in an approved Aid. Maximum award period is two
academic program as determined by the academic years.
Department of Education.
Insignia License State Undergraduate students who are Texas $200 – 2,000 per
Plate Scholarship residents and enrolled full-time. academic year
(awarded by the Office of
Student Financial Aid, not the
Scholarship Office)
Teach Grant Federal Students in an eligible teacher $4,000-pending approval
education program. by College of Education
9
RED RAIDER STUDENT EMPLOYMENT CENTER (RRSEC). Our goal is to connect students
searching for part-time jobs with employers who need to fill positions. Any student can use
our free services regardless of financial need. Online job listings are available 24 hours-a-day,
7 days-a-week.
Federal Work-Study (FWS). A completed FAFSA is required to determine eligibility for this
need-based, on-campus work program.
One out of every three Awards/Hours: Awards are usually based on an academic year with a maximum earnings
students at Texas Tech amount per semester. This amount determines the number of hours per week you can work,
receives a Pell Grant. In usually 5-20 hours.
2007-2008, we awarded Work: Review FWS job postings on www.rrsec.ttu.edu or contact a department directly. Once
approximately $14 million in hired, you and your hiring department submit an authorization form to the FWS office
Pell Grants. Students who before employment begins.
have no financial help
from their families usually Part-Time Employment (PTE). Free job placement assistance is available to all full-time Texas
receive a full Pell Grant, Tech students. A wide variety of jobs are available at any given time. While most are
which covers 97% of the cost off-campus, some on-campus openings are also listed. You must notify the RRSEC if you are
of tuition at Texas Tech. hired for a job listed with the RRSEC.
www.rrsec.ttu.edu
LOANS. There are a variety of educational loan opportunities for you to explore. (more
information available on www.financialaid.ttu.edu)
Federal Perkins Loan. Priority is given to students showing exceptional need based on their
FAFSA. Actual award amounts vary based on unmet need and available funds.
Candidates: Undergraduate students enrolled at least half-time who are
making satisfactory academic progress.
Interest Rate: The 5% fixed interest rate is deferred while the recipient is enrolled at
least half-time.
Repayment: A nine-month grace period occurs between the last date of half-time
enrollment (as determined by Texas Tech) and the date repayment begins. The maximum
repayment period is ten years.
Deferments and Cancellation: Provisions may be available during the repayment
period. Refer to the Perkins Loan promissory note for details.
10
Stafford Loan. Students are awarded a subsidized and/or an unsubsidized Stafford Loan based
on the difference between the Estimated Family Contribution (EFC) on the FAFSA and the cost
of education for the enrollment period.
• Subsidized Stafford loans are need-based with deferred interest while enrolled.
• Unsubsidized Stafford loans are not need-based and interest accrues while enrolled.
Annual Aggregate
Aggregate
Loan Type Loan Limit Loan Limit
Educational loans are a great Loan Limit (Graduate)
(Undergraduate) (Undergraduate)
option to cover some of the cost
of college. Often, these loans Subsidized $5,500 freshman $31,000 $65,500 including loans from
have very low interest rates, and and/or (0-29 hrs.) undergraduate degree(s)
repayment can be deferred Unsubsidized $6,500 sophomore
until after graduation. Stafford Loan (30-59 hrs.)
$7,500 juniors and
seniors (60+ hrs.)
Additional $4,000 freshman $26,500 $73,000 including loans from
Unsubsidized and sophomores undergraduate undergraduate degree(s)
Stafford Loan $5,000 juniors and $57,500 total $138,500 total subsidized
seniors subsidized and and unsubsidized limit
unsubsidized limit
Candidates: Undergraduate students enrolled at least half-time who are making satisfactory
academic progress.
Additional Unsubsidized Stafford Loan Eligibility: Independent undergraduates students and
dependent undergraduate students whose parents are denied eligibility for a Parent
PLUS loan.
To Apply: Upon receipt of award notification from the Office of Student Financial Aid,
complete the loan application process on MyTech (www.raiderlink.ttu.edu).
Interest Rate and Fees: A fixed interest rate is set each July 1 and runs for a 12-month
period ending June 30. A loan origination fee up to 1% may be charged by the loan guarantee
agency and deducted from the loan prior to disbursement.
Disbursement: At the beginning and at the midpoint of the loan period.
Repayment and Deferment: Stafford Loan payments are deferred while a student is enrolled
at least half-time. Repayment starts six months after half-time enrollment is discontinued.
The maximum repayment period is ten years. Refer to the promissory note for details.
11
Parent PLUS Loan. A FAFSA is not required for this federal loan, however we recommend
completing a FAFSA to receive maximum consideration for all types of aid. www.parentplusloan.com
Candidates: Parents borrowing funds for undergraduate students enrolled at least
half-time and making satisfactory academic progress.
To Apply: Please refer to www.financialaid.ttu.edu for application procedures.
Loan Limits: The maximum loan amount is determined by subtracting the amount of aid a student
receives from the total cost of education for the enrollment period. The Office of Student
Financial Aid may certify a lesser amount based on pre-approval. If a FAFSA is submitted for
“I have dreamed of going to Texas
consideration, the PLUS Loan will not be certified until all other aid has been awarded.
Tech since before my brother
Interest Rates and Fees: The interest rate is set each July 1 and runs for a 12-month period
started attending school there …
ending June 30. Program guidelines set an interest rate cap of 9%, currently fixed at 8.5%.
This scholarship will allow me to
Interest begins to accrue on each disbursement when the lender issues the check. A loan
work fewer hours at a part time
origination fee up to 3% may be charged by the loan guarantee agency and deducted from
job so I will have more time to
the loan prior to disbursement.
study and participate in Red
Disbursement: At the beginning and at the midpoint of the loan period.
Raider traditions. You will never
Repayment and Deferment: Loan payments will begin approximately 45 days after the
realize how much this scholarship
lender sends the second disbursement. Some lenders will defer PLUS payments while the
means to me and my future.”
student is enrolled though interest will continue to accrue.
Joshua Riggins
College Access Loan (CAL). Funded through the Hinson-Hazelwood Loan program, eligibility is
based on information from the FAFSA and award amounts vary for this loan.
Candidates: Undergraduate students enrolled at least half-time and making satisfactory academic
progress who are Texas residents or out-of-state students eligible for resident tuition.
To Apply: Complete and submit an application at www.hhloans.com.
Loan Limits: The maximum loan amount is determined by subtracting all other financial aid
from the cost of education for the enrollment period.
Interest Rates and Fees: The interest rate is an annual fixed rate of 6% or a variable rate that is
reset annually and will never be higher than 4 points above the rate at which the loan was
made. Currently that rate is 6.92%. See www.financialaid.ttu.edu for details on loan
origination fees.
Alternative Loans. Many lenders offer alternative loans and although we recommend
completing a FAFSA to receive maximum consideration for all types of aid, a FAFSA is not
required. If your lender does not offer an alternative loan, view available programs
at www.financialaid.ttu.edu.
Candidates: Generally, undergraduate students enrolled at least half-time and making
satisfactory academic progress. Some programs will process applications for students who
do not meet these requirements. Check with your lender for details.
To Apply: Applications require most students to obtain a credit worthy co-signer for
We reserve over $10 million in
loan approval.
grant funding for students who
demonstrate the greatest
financial need. It is our goal to
make a college education
accessible to every student who
has passion and potential.
12
Paying for college just got easier.
innoVatiVe Programs. We continually seek new ways to
help our current and future students. In addition to
traditional financial aid opportunities, unique programs
and specialized services make the dream of a college
education become a reality.
Texas Tech awards an estimated
9,500 academic scholarships graduate- on -time. When you think about how much school will cost, consider this: a student
each year, totaling over $16 who takes 5.5 years to get a four-year degree is not only spending thousands on extra semesters,
million. We award scholarships but also losing the $45,000 they could have earned had they graduated in four years and landed a
based on academic merit, $30,000 a year job—not to mention the interest they’ll pay on the loan taken to cover the extra
leadership experience, semesters.
extracurricular activities and
major. The scholarship Texas Tech’s Graduate-On-Time (GOT) contract allows students to commit to a degree plan while
application is due February 1 academic departments agree to prevent graduation delays when courses may not be available.
each year for the fall semester. It’s a great way to ensure your college investment is used as efficiently
as possible. www.depts.ttu.edu/graduateontime
red raider guarantee. New, first-time freshman could qualify for
free tuition and mandatory fees if family adjusted gross income does
not exceed $40,000. You must be a Texas resident and enroll
full-time. Red Raider Guarantee is available to students for up to eight
semesters. You must apply and be accepted for admission to
Texas Tech and complete the financial aid application
process by May 1 for consideration.
www.redraiderguarantee.ttu.edu
13
transFers. We have plenty of resources to help transfer students make a successful financial
transition. It’s important to remember that in most cases financial aid does not automatically
transfer from one institution to another. New transfer students may be eligible for the same type
of aid they received at their previous school but need to apply again at Texas Tech. Advisors in the
Office of Student Financial Aid are ready to help with this process.
student-athlete resources. In accordance with the NCAA, each sport at Texas Tech is provided
Put important financial aid with a specific limit of grants-in-aid that can be awarded each year. An athletic grant-in-aid is
deadlines on your calendar so you limited to education expenses that may include tuition, fees, room, board and course-related
don’t miss a single opportunity to books. The NCAA requires full disclosure of all outside resources (scholarships or other gift aid).
take advantage of financial In some cases, certain forms of financial assistance may not be accepted by the student. Additional
assistance programs. information regarding eligibility for financial aid in addition to athletic scholarships, outside
resources and general information pertaining to financial aid for student-athletes may be found at
www.financialaid.ttu.edu/AthStudents.aspx. The Office of Student Financial Aid, in conjunction with the
Registrar and Athletic Compliance Office, strives to meet the needs of our athletes while remaining
compliant with all institutional, conference and NCAA regulations.
Veterans assistance. If you plan to receive assistance through the Veteran’s
Administration (VA), notify the VA and obtain a Certificate of Eligibility prior to enrollment. At
Texas Tech, veterans benefits are handled in the Registrar’s Office. Changes in course load or
attendance should be reported to the veteran coordinator. www.depts.ttu.edu/registrar/veterans
14
Contacts and resources.
STUDENT FINANCIAL CENTER. You may still have questions
about financing your education at Texas Tech.
The three departments of the Student Financial Center –
the Office of Student Financial Aid, Student Business
Services and the Red Raider Student Employment Center are
“I have been solely responsible for
my educational expenses and
conveniently located in 301 West Hall, with office hours from
without the generosity of 8:00 am – 4:30 pm, Monday through Friday. Stop by, call or
scholarships such as the TTU
Traditions Scholarship, I would email us anytime. We look forward to talking to you!
not be able to continue my
education. Through your donation OFFICE OF STUDENT FINANCIAL AID
I am able to finish my degree and Box 45011 | Lubbock, TX 79409-5011
for that, I am very grateful.” P. 806.742.3681
Jennifer Todd F. 806.742.0880
www.financialaid.ttu.edu
STUDENT BUSINESS SERVICES
Box 41099 | Lubbock, TX 79409-1099
P. 806.742.3272
P. 866.774.9477 (toll free)
F. 806.742.0445
sbs@ttu.edu
www.sbs.ttu.edu
RED RAIDER STUDENT EMPLOYMENT CENTER
Box 45011 | Lubbock TX 79409-5011
P. 806.742.0454
ext. 241 - Federal Work-Study/Part-Time Employment
student.employment@ttu.edu
www.rrsec.ttu.edu
OTHER HELPFUL WEBSITES
techsis.tosm.ttu.edu/student Texas Tech Student Information System
www.pin.ed.gov To obtain a PIN number to access your FAFSA application
www.fafsa.ed.gov FAFSA Application
www.fafsa4caster.ed.gov FAFSA 4 Caster
https://lbw.tgslc.org Loans by Web
www.thecb.state.tx.us Texas Higher Education Coordinating Board
www.studentaid.ed.gov U.S. Department of Education
www.collegefortexans.org College for Texans
15
Glossary.
ADJUSTED GROSS INCOME. Total income as noted on IRS Form 1040, 1040A or 1040 EZ.
AWARD LETTER. An official letter or electronic notification from the Office of Student Financial Aid that
lists all of the aid awarded to a student. The letter includes an analysis of the student’s financial need and a
detailed breakdown of the financial aid package according to amount, source and type of aid, and terms
and conditions of the financial aid award.
COST OF ATTENDANCE. (COA) The total estimated amount used to package student aid including tuition,
fees, room, board, books, supplies, transportation, and personal expenses. See page 2 for details.
DEPENDENT. To be considered dependent, a student must live with their parent or legal guardian, who
provides them with more than half of their support. Spouses do not count as dependents. A husband and
wife cannot both claim the same child as a dependent.
ELIGIBLE NON-CITIZEN. A student who is not a US citizen but is still eligible for federal student aid. Eligible
non-citizens include US permanent residents who are holders of valid green cards, U.S. nationals, holders
of form I-94 who have been granted refugee or asylum status and certain other non-citizens. Non-citizens
who hold a student visa or an exchange visitor visa are not eligible for federal student aid.
ENROLLMENT STATUS. Enrollment status is determined by the number of hours for which you are enrolled
during a semester. Enrollment status can be full-time (at least 12 hours per semester), three-quarter time
(9 hours per semester), half-time (6 credit hours per semester) or less than half-time (1-5 credit hours per
semester). Generally, you must be enrolled at least half-time (and in some cases full-time) to qualify for
financial aid.
EXPECTED FAMILY CONTRIBUTION (EFC). The amount of money that the family (parents and/or students)
expects to contribute toward the cost of college expenses. EFC is determined using the FAFSA (see page 4
for more information).
FINANCIAL AID PACKAGE. The complete collection of grants, scholarships, work-study and loans from all
sources (federal, state, institutional and private) offered to a student to enable them to attend college.
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). Form used to apply for finaical aid, including most
grants, scholarships, loans and work-study programs. The federal government administers the FAFSA,
which can be completed online at www.fafsa.ed.gov.
GENERAL SCHOLARSHIP APPLICATION. The General Scholarship Application is available at www.applytexas.org
and is used for most scholarships at Texas Tech (excluding merit-based scholarships and some
departmental scholarships). Due by February 1, each year, for the following fall semester.
GIFT AID. Financial aid that does not need to be repaid (such as grant aid or scholarships).
16
Glossary (continued).
INDEPENDENT. An independent student is at least 24 years old as of January 1 of the academic year in which a FAFSA
application is being completed; is married; is a graduate or professional student; has a legal dependent other than
a spouse; is a veteran of the US Armed Forces; or is an orphan or ward of the court (or was a ward of the court until
age 18). A parent refusing to provide support for their child’s education is not sufficient for the child to be
declared independent.
MERIT-BASED AWARDS. Merit-based awards do not depend on the existence of financial need. Criteria for merit-based
awards include grades, test scores, hobbies and special talents
NEED. The difference between the COA and the EFC is the student’s financial need -- the gap between the cost of
attending the school and the student’s resources. The financial aid package is based on the amount of financial need.
PRIVATE LOANS. Education loan programs established by private lenders (bank, credit union or savings and loan
association) to supplement the education loan programs available from federal and state governments.
PROFESSIONAL JUDGMENT. For need-based federal aid programs, the financial aid administrator can adjust the EFC,
COA, or change the dependency status (with documentation) when extenuating circumstances exist in order to help a
student receive the maximum possible financial aid package. This delegation of authority from the federal
government to the financial aid administrator is called professional judgment.
PROMISSORY NOTE. A contract detailing the terms to pay an obligation of a loan including important rights
and responsibilities.
SATISFACTORY ACADEMIC PROGRESS (SAP). The minimum acdademic progress that a student must maintain in order
to continue receiving federal financial aid. Progress is measured both by cumulative GPA, as well as the credit hours
successfully earned. Please visit www.financialaid.ttu.edu for details.
VERIFICATION. Verification is a process that ensures the accuracy of information provided on the FAFSA. Each year, at
least thirty percent of FAFSA forms are randomly selected for verification by the federal processor. During this
process the student and parent may be required to submit additional documentation including signed copies of the
most recent federal and state income tax returns, proof of citizenship, proof of registration with Selective Service,
copies of Social Security benefit statements, or W2 and 1099 forms, among other things.
20
Texas Tech University | Office of Student Financial Aid | Box 45011 | Lubbock, Texas 79409-5011 | www.financialaid.ttu.edu
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