Presenters: Chris Fant, Canyon High Keith Brown, Opportunity Plan Traci Shields, Amarillo Area Foundation 1
FAFSA: The Free Application for Federal Student Aid ALL Federal Aid (and much State and College aid) is based on the FAFSA The basis for creating the total financial aid package Myth: We make too much money Reality: Everyone can get loans if needed Everyone should complete the FAFSA Most school scholarships require the FAFSA Opened Oct 1- some aid is 1 st come, 1 st serve 2
Go to FAFSA.ed.gov, not FAFSA.com Make both student and parent FSA ID You will need ◦ Both student and parent 2015 tax return (or use IRS Data Retrieval tool) ◦ Social Security numbers for parents and students ◦ Drivers license numbers ◦ List of schools interested in attending ◦ Records of untaxed income, that is, checking and savings balances, investments, and other assets 3
Have problems? Both AC and WT Financial Aid offices are available to help Circumstances change - Notify financial aid office If significant change in income If unusual financial circumstances such as high medical bills FAFSA Completion Night Oct 17 6:00 – 7:30 come and go in 1304 AC experts will be here See studentaid.ed.gov/sa/fafsa/filling-out 4
Next you will receive your SAR with your Expected Family Contribution (EFC) – the amount the student and family are expected to pay At least 1/3 of all applicants are selected for some sort of verification. This requires more documentation to the financial aid office. Be as careful and accurate as possible when filling out the FAFSA to avoid this. Keep a copy of everything. 5
Co Cost of At Attenda ndanc nce e (COA) Resident Budget: Tuition/Fees, Books/Supplies; Room/Board; Personal/Transportation Min inus us the Expected Family Contribution (EFC) — and and other financial aid Eq Equals ls Financial Need 6
You will receive notification from the college of the financial aid awarded. You respond indicating which and how much of the aid you will accept. When you enroll, the aid will be credited to your account. See www.consumerfinance.gov/paying-for- college to “compare financial aid offers” or bigfuture.collegeboard.org “compare your aid awards” 7
SCHO HOLA LARSH RSHIPS IPS – “Gift Aid”— No Repayment GRANTS – “Gift Aid”— No Repayment. Colleges distribute these funds, no other applications needed. WO WORK STUDY- Self Help — Hourly Paid Employment LOANS NS- Self Help — Must Be Repaid 8
Apply early for financial aid. Re-apply each year. Complete all forms neatly and accurately. If forms are incomplete, and not legible they could be discarded and not reviewed. Keep copies of everything you send. Read carefully everything you receive from the college, state, or Federal government. 9
It Starts With You! M. Keith Brown Executive Director 10
College- any educational level attained (university, community college, technical school) following graduation from high school 11
Average Annual Salaries* High School Drop Out $25,376 High School Graduate $34,376 Bachelor’s Degree $57,252 Advanced Degree $83,980 According to the U.S. Census Bureau, college graduates will earn approximately $2,422,000 over their lifetime while high school graduates will earn $1,371,000 over their lifetime. That’s a more than $1 million difference. *compiled from Bureau of Labor Statistics website 12
Investment - “the act of putting (money) to use, by purchases or expenditures, in something offering potential returns, as interest, income, or appreciation in value” Look at reasonable debt for college as an investment 13
Average cost in 2011 $87,804 Average cost in 2015 $101,139 Approximate 15%increase over five years Average cost in 2020 $121,366 * Annual expenditures for tuition, fees, room, board, books and miscellaneous expenses averaged between a variety of institutions chosen by OPI over a four-year period. Institutions included represent community colleges, state institutions, private institutions and technical academies. 14
Estimated College Costs 2016-2017 Academic Year (AVERAGE COST $26,453) Amarillo College Abilene Christian University Angelo State University Baylor University Deadline: March 1 Deadline: March 15 Tuition/Fees $ 2,512.00 $ 32,070.00 $ 8,038.00 $ 42,206.00 Books/Supplies $ 1,656.00 $ 1,250.00 $ 1,200.00 $ 1,444.00 $ 6,450.00 $ 9,730.00 $ 7,666.00 $ 10,576.00 Room/Board Transportation $ 2,410.00 $ 1,450.00 $ 1,900.00 $ 1,876.00 Personal $ 1,514.00 $ 1,830.00 $ 1,580.00 $ 2,554.00 Total $ 14,542.00 $ 46,330.00 $ 20,384.00 $ 58,656.00 Clarendon College Frank Phillips College Lubbock Christian University Midwestern State University Deadline: April 1 Deadline: April 15 Deadline: June 1 Tuition/Fees $ 3,030.00 $ 2,800.00 $ 21,166.00 $ 8,620.00 Books/Supplies $ 1,600.00 $ 1,050.00 $ 1,100.00 $ 1,350.00 $ 6,297.00 $ 6,753.00 $ 7,260.00 $ 8,012.00 Room/Board Transportation $ 1,982.00 $ 1,916.00 $ 2,198.00 $ 1,986.00 $ 2,400.00 $ 1,393.00 $ 2,460.00 $ 1,830.00 Personal Total $ 15,309.00 $ 13,912.00 $ 34,184.00 $ 21,798.00 South Plains College Texas A&M University Texas Tech University University of North Texas Deadline: February 1 Deadline: February 1 Deadline: December 1 Tuition/Fees $ 2,918.00 $ 9,707.00 $ 10,622.00 $ 10,910.00 Books/Supplies $ 1,350.00 $ 1,054.00 $ 1,200.00 $ 1,000.00 Room/Board $ 6,450.00 $ 10,368.00 $ 9,384.00 $ 7,960.00 $ 4,309.00 $ 2,282.00 $ 2,300.00 $ 2,260.00 Transportation Personal $ 2,181.00 $ 3,474.00 $ 2,120.00 $ 2,116.00 Total $ 17,208.00 $ 26,885.00 $ 25,626.00 $ 24,246.00 University of Texas Wayland Baptist University West Texas A&M University FAFSA Deadline: December 1 Deadline: March 1 Deadline: February 1 (Free Application for Federal Student Aid) Tuition/Fees $ 9,810.00 $ 18,510.00 $ 7,666.00 October 1 availability Books/Supplies $ 662.00 $ 1,000.00 $ 1,000.00 Use 2015 income as reported to IRS Room/Board $ 10,070.00 $ 11,000.00 $ 7,196.00 www.fafsa.ed.gov $ 1,490.00 $ 2,000.00 $ 2,392.00 Transportation Personal $ 2,820.00 $ 2,256.00 $ 2,150.00 15 Total $ 24,852.00 $ 34,766.00 $ 20,404.00 09/28/2016
Complete FAFSA (grants, loans, work study at www.fafsa.ed.gov) Apply for Admission (www.applytexas.org) Apply for SCHOLARSHIPS (local, private, institutional) Know DEADLINES 16
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