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					The College 411

    Presented by

 Tyler Junior College
Why attend college?
      Types of Financial Aid

• Scholarships

• Grants

• Loans

• Employment opportunities
            How Do I Apply?
Submit the Free Application for Federal Student Aid (FAFSA)
              prior to your school’s deadline at
           www.fafsa.ed.gov
What will I need to complete it?
                    Reservations are
                       required.
FAFSA Workshops:
                   Call (903) 510-2385



  February 24
   March 26
    6:30p.m.
               How does it work?
              Federal Methodology
  Federal Methodology is
   the formula created by
   Congress to determine
    the Expected Family
    Contribution (EFC).
  Calculated by filling out
         the FAFSA

EFC is used to:
•Determine eligibility for the Pell Grant
•Determine eligibility for ALL Need Based Aid programs
                   How does it work?
                   Definition of Need
                                                  COA Defined-
    Cost of Attendance (COA)
                                         direct= tuition, fees, books, on campus
                                                       room/board
–   Expected Family Contribution (EFC)
                                         indirect=personal, transportation, off
                                                 campus room/board
= Financial Need


    Examples:

        $13,838                $13,838

    –     1,000 (EFC)     –     14,215 (EFC)

    = $ 12,838            = $ 0
     Need Varies Based on Cost
 1                                   X

         2                                    Y


               3                                      Z


                         EFC                EFC


  Cost of          Expected Family        Need
Attendance          Contribution         (Variable)
  (Variable)          (Constant)
                                                           TJC
                                                        Scholarships


• General Scholarships with various eligibility criteria:
    academic, need-based, community leadership,
    residency etc

• Performance Grants in performing arts and athletics
    which requires a separate application and tryouts


• Presidential
    Minimum score = SAT (1070) or ACT (23)
    $2000 per year for 2 years
    Requires full-time enrollment and 3.3 GPA


• Deans
    SAT or ACT required (no minimum score)
    $1000 per year for 2 years
    Requires full-time enrollment and 3.0 GPA
 How to Apply for TJC Scholarships

• Complete TJC Scholarship Application
       www.tjc.edu/scholarship
• March 1st (priority deadline)
• Complete FAFSA (need-based scholarships)
• Incomplete applications will not be
  considered
      Scholarship Contacts
Shelby Brown, Scholarship Coordinator
 903-510-2386
 sbro@tjc.edu
Beverly Richmond, Staff Technician
 903-510-3234
 bric@tjc.edu
White Administrative Bldg, 2nd Floor
   Outside Funding Sources
• Local organizations (Kiwanis clubs, booster
  clubs, churches, etc.)
• Parent’s place of employment
• State funded scholarships (THECB)
• Americorps
• Bureau of Indian Affairs
      Scholarship Searches
• The College Board www.collegeboard.com
• Scholarships.com www.scholarships.com
• ScholarshipHunter www.scholarshiphunter.com
• College for Texans www.collegefortexans.com
• FastWeb www.fastweb.com
            New Scholarship
• Top 10 Percent Scholarship from THECB
  – Texas Resident
  – Demonstrate financial need (FAFSA must be received by
    the college by April 1st)
  – Recommend or Distinguished Achievement HS curriculum
  – Rank in top 10% of HS class as of 7th semester (3rd 6 weeks
    of Senior year)
  – Fulltime enrollment in Texas Public college/university Fall
    semester immediately following HS graduation
                                Federal Grants
Pell
       –   Awarded by EFC
       –   Enrollment status
       –   Max award 08-09 $4731/yr 09-10 ???
SEOG
       –   Need-Based
       –   Awarded by Institutional Policy
ACG
       –   Pell Eligible
       –   Completed Recommended or
              Distinguished Achievement High
              School Program
       –   1 st year and 2nd year award

       –   Max $750 and $1,300

Other Federal Grants
 – Depends on institutional participation/eligibility
                                       State Grants
  TEXAS Grant                                                               TEOG
    – Need- Based                                           – Need- Based
    – Recommended or Distinguished Achievement
                                                            – Not eligible after Associate Degree earned
           High School
                                                            – Enrollment status
    – Enrollment status
                                                            – 08-09 Award Amount @         2Year $1,730/yr
    – 08-09 Award Amount @           2Year $1,730/yr
                                                            – 09-10 ???                    4Year $5,170/yr
    – 09-10 ???                      4Year $5,170/yr
                                                                              Technical Colleges $2,650/yr
                       Technical Colleges $2,650/yr
                                                                          Independent Colleges/Univ.$3,331/yr
              Independent Colleges/Univ. $3,331/yr
                                                                           for renewal only – no initial awards
                for renewal only – no initial



           LEAP, TPEG, Other
           State Grants
• Need-Based
     • Awarded according to institutional policy
     • Depends on institutional participation/eligibility
      Work-Study
Federal and State
    Work Study Programs
  – Employment on or off campus
  –   Work less than 18 hours per week
  –   Minimum wage
  –   Need-based award
                  Stafford Loans
• Available under:
   – Federal Family Education Loan Program (FFEL
     Program) with funds provided by lender (e.g., bank or
     credit union)
   – William D. Ford Federal Direct Loan Program (Direct
     Loan Program) with funds provided directly by the
     federal government
• School determines loan eligibility
  and delivers loan proceeds to
  the student
               Stafford Loans
       (Subsidized and Unsubsidized)
• Subsidized Stafford: Must demonstrate “need”
• Unsubsidized Stafford: Need is not a consideration
• Difference between Subsidized and Unsubsidized
   SSL-Government pays the interest for in-school period
   USL-Student responsible for all interest
• Base annual loan limits (combined subsidized
  and unsubsidized)
   –    $3,500 for 1st year undergraduates
   –    $4,500 for 2nd year undergraduates
   –    $5,500 for each remaining undergraduate year
   –    $7,500 for each year of graduate/professional study
           Eligibility for
     Unsubsidized Stafford Loan
• Dependent students
   – $2,000 per year
• Additional unsubsidized loan eligibility for
  independent undergraduates, graduate students, and
  dependent students whose parents are unable to
  borrow under the PLUS Program:
   – $4,000 per year for first and second years of
     undergraduate study
   – $5,000 per year for remaining years of undergraduate
     study
   – $10,000 per year for graduate and professional students
  Repayment of Stafford Loans
• Six-month grace period
• Maximum repayment period between
  10 and 20 years depending on
  repayment plan chosen
• Deferment, forbearance, and
  cancellation provisions available
    Costs of Borrowing Stafford
               Loans
• Fixed interest rate – but changes annually for new
  loans
   – Subsidized interest rate
     7/1/08 - 6/30/09 is 6.00%
     7/1/09 - 6/30/10 is 5.60%
   – Unsubsidized interest rate is fixed at 6.80%

• Loan fees based on principal amount of each loan:
   – FFEL: Up to 1.5% origination fee and 1% default fee
   – Direct Loan: Up to 2.5% loan fee
            Federal PLUS Loans
                  (Parent)
•Parent, Adoptive parent, or Step-parent may borrow
•Repayment begins 60 days
  after loan is fully disbursed
   -deferment provisions available
   -only principal deferred, interest
    may be capitalized
• Interest Rate: Fixed
         7/1/08-6/30/09=8.5%
•Cost of Borrowing: Loan fees
         FFEL: Up to 3% origination fee
         and 1% insurance premium (not in TX)
         Direct Loan: Fixed 4% loan fee
Errors made in completing the
FAFSA and/or supplemental
forms may delay application
processing and result in the
loss of financial aid funds.
Please complete all forms
carefully!



Avoid
          Frequent FAFSA Error

•Must have a valid (and
correct) Social Security
Number
        Frequent FAFSA Errors
• Divorced/remarried parent information
• Income earned by parents/stepparents and
  left blank
• U.S. Taxes Paid (parent)
• U.S. Taxes Paid (student)
• Student/Parent/Spouse Wage information
  left blank
• Untaxed income (SSI not reported now)
• Household size
• Number attending college
• Real estate and investment net worth
• Asset information left blank
        Frequent FAFSA Errors
                       Continued

•Missing appropriate
signatures
  Send your information to ten schools




• School code for
  sending FAFSA
  data
• Housing plans
  for each school
         Avoid Being Scammed
To check the legitimacy of scholarship search
 organizations or individuals or for
 information about financial aid scams and
 tips to avoid being scammed check:

 •Better Business Bureau: http://www.bbb.com
 •U.S. Department of Education:
 http://studentaid.ed.gov/students/publications/lsa/ind
 ex.html
 •Federal Trade Commission:
 www.ftc.gov/bcp/conline/publs/alerts/ouchart.html
How Do You Know Which Offers Are
 “Scams” That Should Be Avoided?
• Organizations that say they can help you locate
  more aid and then charge you a fee
• Anyone who charges you a fee for information
  about financial aid
• If they charge you a fee to complete the Free
  Application for Federal Student Aid (FAFSA)
• If they charge a fee to receive financial aid
     Misleading Offers to Watch
     Out for to Avoid “Scams”
• “The scholarship is guaranteed or your money
  back.”
  (No one can guarantee your scholarship before it is
  awarded.)

• “You can’t get this information anywhere
  else.”
  (Everyone has access to the same information.)
        Other Misleading Offers
• “You are a finalist” for an award you never
  applied for.
  (If you did not apply, it is not a legitimate offer.)

• “Come to our seminar and we’ll show you
  how to get more financial aid. You only have
  to pay a small fee.”
  (This is a sales pitch. Don’t pay for information that
  you can get elsewhere for free.)
       Other Misleading Offers
• “We need your credit card information to hold
  your scholarship.”
  (You should never have to give this information to
  legitimate providers.)

• “The scholarship requires a small fee.”
  (Never pay a fee to get a scholarship.)
       FOTW Worksheet: Step 1
General student information:

•Name/Address/Telephone Number
•Social Security Number
•Date of Birth
•Driver’s license number
•Email Address
•Citizenship
•Marital status
•State and Date of legal residence
•Male or Female/Selective Service registration
status
      FOTW Worksheet: Step 1 cont’d
General student information:
 •Drug conviction status
 •Parents’ educational background
 •Student’s educational background
 •Receipt of first bachelor’s degree
 •Student’s college background and
        goals
 •Financial Aid Preferences
           FOTW Worksheet: Step 2
Financial data for student (and spouse):
• Tax filing status and return type
• If student (and spouse) filed or will file a 1040, was he or she eligible
  to file a 1040A or 1040EZ?
• Adjusted gross income (AGI) for 2008
• Income tax paid for 2008
• Exemptions claimed for 2008
• Income earned from work
• Information about student’s veteran’s benefits
   – Number of months benefits will be received during the 2009-10
      academic year
   – Monthly amount
• Asset information for the student (and spouse):
   – Cash, savings, and checking
   – Net worth of investments
   – Net worth of business and investment farms
    FOTW Worksheet: Step 2 Cont’d
Student’s 2008 Additional Financial data (and
  spouse):
•   Education credit
•   Child support paid
•   Taxable earnings need-based employment programs
•   Student grant and scholarship aid reported to the IRS
•   Combat pay or special combat pay

Student’s 2008 Untaxed Income (and spouse):
•   Payments to tax deferred pension and savings
•   IRA deductions
•   Child support received
•   Tax exempt interest income
•   Untaxed portions of IRA distributions
•   Untaxed portions of pensions
•   Housing, food, and other living allowances
•   Other untaxed income not reported elsewhere
•   Money received or paid on behalf of student/spouse
        FOTW Worksheet: Step 3
                   Student status determination
• Born before Jan. 1, 1986
• Married?
• Working on Master’s or Doctorate?
• Serving on active duty?
• Veteran?
• Have children that will receive more than ½ support?
• Have dependents that will receive more than ½ support?
• Since 13, both parents deceased or in foster care or dependent or ward
  of the court?
• Court emancipated minor or in legal guardianship
• Unaccompanied youth who was homeless? (school district or
  emergency shelter or transitional housing program funded by govt.
  must determine)
• Youth who was self supporting and at risk of being homeless.
  (determined by director or a runaway or homeless youth basic center or
  transitional living program)
          FOTW Worksheet: Step 4
Data for parents of dependent students:
•Parents’ marital status
•Date of parents’ marital status
•Social Security Number
•Last name
•Date of birth
•E-mail address (optional)
•State and date of legal residence
•Household size
•Number in college
   FOTW Worksheet: Step 4 Cont’d
Financial data for parents of dependent students:
•Did anyone in the parents’ household receive benefits from any of the
federal programs listed?
•Tax filing status and return type
•If parents filed or will file a 1040,
  were they eligible to file
        a 1040A or 1040EZ?
•Dislocated worker?
•Adjusted Gross Income (AGI) for 2007
•Income tax paid for 2007
•Exemptions claimed for 2007
•Income earned from work
•Asset data for parents of dependent students:
    –Cash, savings, and checking
    –Net worth of investments
    –Net worth of business and investment farms
    FOTW Worksheet: Step 4 Cont’d
Parent’s 2008 Additional Financial data:
•   Education credit
•   Child support paid
•   Taxable earnings need-based employment programs
•   Student grant and scholarship aid reported to the IRS
•   Combat pay or special combat pay

Parent’s 2008 Untaxed Income data:
•   Payments to tax deferred pension and savings
•   IRA deductions
•   Child support received
•   Tax exempt interest income
•   Untaxed portions of IRA distributions
•   Untaxed portions of pensions
•   Housing, food, and other living allowances
•   Veteran’s non education benefits
•   Other untaxed income not reported elsewhere
    FOTW Worksheet: Step 5

Back to student data for
independent student’s only:

•Household size
•Number in college
•Did student or spouse or anyone
in household receive benefits from
any of the federal programs listed?
•Dislocated worker?
        FOTW Worksheet: Step 6


List up to 10 colleges to receive FAFSA data:

Federal School Code for each college
Housing plans for each college
                 Stay on Track
• Use the following timeline
  to keep on track during the
  college planning process
(The following information
  is from FSA High School
  Counselors website at
  http://www.fsa4counselors
  .ed.gov/clcf/main.html)
                Prior to Senior Year
• Maintain the best grades that you possibly can.
        You should be doing 2 hours of homework each night and
  participating in study groups if available.

• Participate in extracurricular activities

Junior Year

• In October-take the PSAT

• Make a list of all colleges that you are interested in attending.

• In the Spring semester-begin taking campus tours of the colleges on
  your list and take the SAT (March) or ACT (April)

• Summer between Junior and Senior year-write an essay to use for
  scholarship and admissions applications.
               Senior Year Timeline
September

•   Check your high school transcript to make sure you have all the credits you
    need to get into your college(s) of choice.

•   Register for October/November SAT and ACT tests.

•   Take another look at your list of colleges, and make sure that they still satisfy
    your requirements. Add and/or remove colleges as necessary.

•   Make sure you meet the requirements (including any transcript requirements)
    for all the colleges to which you want to apply. Double-check the deadlines

•   Give any recommendation forms to the appropriate teachers or counselors with
    stamped, college-addressed, envelopes making certain that your portion of the
    forms are filled out completely and accurately.

•   Most early decision applications are due between October 1 and November 1.
    Remember to request that your high school send your official transcripts to the
    college to which you are applying to meet this timeframe.
             Senior Year Timeline
October:

• Make a final list of schools that interest you and keep a file of
  deadlines and required admission items for each school.

• Take SAT and/or ACT tests. Have the official scores sent by the
  testing agency to the colleges/universities that have made your final
  list of schools. Register for December or January SAT Reasoning Test
  and/or SAT Subject Test, if necessary.

• Continue thinking about and beginning writing (if you have not
  already started) any essays to be included with your applications.

November

• Submit your college at https://studentaid2.ed.gov/apply/ or in Texas at
  www.applytexas.org
              Senior Year Timeline
December

• Early decision replies usually arrive between December 1st and
  December 31st.

• If you haven't already done so, make sure your official test scores are
  being sent to the colleges to which you are applying.

• Schedule any remaining required interviews.
             Senior Year Timeline
January

• Submit the Free Application for Federal Student Aid (FAFSA) on or
  soon as possible after January 1st. Contact the Financial Aid Office or
  check their website to see if you need to complete additional financial
  aid forms and check into other financial aid options. In order to be
  considered for financial aid, you'll need to submit these forms even if
  you haven't yet been notified of your acceptance to the college(s) to
  which you applied.
  Complete the form at www.fafsa.ed.gov . Or complete a paper
  FAFSA.
         Make sure your parents have completed their income tax forms in
  anticipation of the financial aid applications. If they haven't completed
  their taxes, providing estimated figures is acceptable

• Request that your high school send your official transcripts to the
  colleges to which you are applying.

• Contact the admissions office of the college(s) to which you have
  applied to make sure that your information has been received, and that
  they have everything they need from you.
             Senior Year Timeline
February

• If you completed the FAFSA, you should receive your Student Aid
  Report (SAR) within four weeks if you applied via paper. If you
  applied on-line, you can receive results via e-mail within 3 to 5 days
  after electronic submission. If corrections are needed, correct and
  return it to the FAFSA processor promptly

• Complete your scholarship applications

• Contact the financial aid office of the college(s) to which you have
  applied to make sure that your information has been received, and that
  they have everything they need from you.
              Senior Year Timeline
March/April

• If you haven't received an acceptance letter from the college (s) to
  which you applied, contact the admissions office

• Compare your acceptance letters, financial aid and scholarship offers
  and choose your college.
        When you choose a college that has accepted you, you may be
  required to pay a nonrefundable deposit for freshman tuition (this
  should ensure your place in the entering freshman class).
             Senior Year Timeline
May

• Take Advanced Placement (AP) exams for any AP subjects you
  studied in high school.

• You should make a decision by May 1st as to which college you will
  be attending and notify the school by mailing your commitment
  deposit check. Many schools require that your notification letter be
  postmarked by this date.
        If you were placed on a waiting list for a particular college, and
        have decided to wait for an opening, contact that college and let
        them know you are still very interested.
             Senior Year Timeline
June

• Have your school send your final transcripts to the college which you
  will be attending

• Contact your college to determine when fees for tuition, room and
  board are due and how much they will be.

Summer After Senior Year

• Participate in any summer orientation programs for incoming
  freshmen.

• Now that you know you will be attending college in the fall, it is a
  good idea to evaluate whether to get student health insurance in case of
  any unforeseen emergencies or whether your family's insurance
  coverage is sufficient.

• Save money from your summer job and set up a checking or savings
  account for school. (Buy the things you will need for college
  gradually.)
Thanks for your attention!
     Good Luck!




     Any questions?
   The Financial Aid Office Staff:
            Rosa Bradford
            Cindy Dorries
           Kimberly Cathey
           Tammy Minton
            Molly Williams
            Laura Stevens
             Casey Wells
            Devon Wiggins
           Sara Wilkerson

         Contact Information
    Financial Aid Office: 510-2385
Web:finaid.tjc.edu Email: faid@tjc.edu

				
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