Fund Your Future
Topics We Will Discuss Types of Aid and Sources What is financial aid? Cost of Attendance and FAFSA Financial Need Expected Family Scholarships Contribution (EFC)
What is Financial Aid? Financial Aid is any grant , scholarship , loan , or paid employment offered to help a student meet college expenses..
What is Cost of Attendance (COA)? Estimation of expected costs Transportation Tuition and fees Miscellaneous Housing and food personal expenses Books and supplies
What is the Expected Family Contributions (EFC)? The Expected Family Contribution ( EFC ) is a measure of your family's financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or rental property) are all considered in the formula.
What is Financial Need? COST OF ATTENDANCE - EXPECTED FAMILY CONTRIBUTION = FINANCIAL NEED The EFC and the Financial Need amounts dictate the specific types of aid a student is eligible to receive. The COA limits how much aid a student can receive overall.
Example* Collin College Typical University T&F: $1,520 T&F: $13,488 Bks/Sup: 1,500 Bks/Sup: 1,500 R&B 9,956 R&B: 11,532 Trans: 2,741 Trans: 1,480 Misc.: 1,983 Misc.: 2,040 Total COA: $17,700 Total COA: $30,040 -EFC 8,500 -EFC 8,500 Financial Need: $9,200 Financial Need: $21,540 * Based on in-county residence; living off-campus, 12 hours each semester (Fall/Spring). Estimates only. Does not necessarily reflect actual COA at either school.
Types of Financial Aid Loans Scholarships Self-Help Gift Aid Aid Work-Study Grants Employment
Scholarships Scholarships Loans Self-Help Gift Aid Aid Work-Study Grants Employment
Grants Loans Scholarships Self-Help Gift Aid Aid Work-Study Employment Grants
Work Study Employment Loans Scholarships Self-Help Gift Aid Aid Grants Work-Study Employment
Loans Loans Scholarships Self-Help Gift Aid Aid Work-Study Grants Employment
Sources of Financial Aid Federal States Government Private College and Sources Universities
Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply each year using the FAFSA Eligibility requirements must be met
States Residency requirements usually apply Award aid on the basis of both merit and need Use information from the FAFSA and/or state aid applications Deadlines vary by state
College and Universities Award aid on the basis of both merit and need Aid may be gift aid or self-help aid Use information from the FAFSA and/or institutional applications Deadlines and application requirements vary by institution
Private Sources Foundations, businesses, churches, civic, and charitable organizations Deadlines and applications procedures vary Begin researching private sources early
WWW.FAFSA.GOV To apply for federal and state financial aid, you must complete the: Free Application for Federal Student Aid (FAFSA) Collin College’s school code is 016792
Free Application for Federal Student Aid (FAFSA) • Collects demographic and financial information • Information used to calculate the expected family contribution (EFC) • Colleges use EFC to award financial aid • Available in English and Spanish
Free Application for Federal Student Aid (FAFSA) • May be filed at any time during an academic year, but no earlier than October 1 st prior to the academic year for which the student requests aid • For the 2020-21 academic year, the FAFSA may be filed beginning October 1, 2019 • Most colleges set FAFSA filing deadlines
Free Application for Federal Student Aid (FAFSA) FAFSA on the Web (FOTW) myStudentAid mobile app
FAFSA on the Web (FOTW)
FAFSA on the Web (FOTW)
myStudentAid Mobile App • Mobile ability to begin, complete, save, and submit the FAFSA • Information protected the same as the FOTW
IRS Data Retrieval Tool • Allows for certain tax return information to be transferred from the IRS database • Participation is voluntary and student chooses whether or not to transfer data to FOTW • IRS will authenticate taxpayer’s identity • If tax record is found, IRS transfers information to populate the FAFSA • Reduces documents requested by financial aid office
General Eligibility U.S. citizen or eligible Selective Service (Males) noncitizen Social Security Number No drug related conviction Enrolled in an eligible Graduate High School / G.E.D. program at an eligible school
Do I use my Parent’s Information on the FAFSA Not an orphan, ward of the Not 24 years old court or in foster care Not Married Not under legal guardianship Do not provide more than 50% Not a Veteran of the expenses for a Not serving on active duty dependent
Signatures • Required – Student – One parent (dependent students only) • Format for submitting signatures – Electronic using FSA ID* – Signature page – Paper FAFSA
FSA ID • Used for FAFSA completion and allows access to certain U.S. Department of Education websites • May be used by students and parents throughout financial aid process, including subsequent school years • Only the owner should create a FSA ID • Apply at fsaid.ed.gov
Frequent FAFSA Errors • Social Security Numbers • Divorced/widowed/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth
Making Corrections If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web, if student has a FSA ID; • Updating paper SAR (Student Aid Report); or • Submitting documentation to college’s financial aid office
Special Circumstances • Conditions exist that cannot be documented with the FAFSA • Send written explanation and documentation to your college’s financial aid office • College will review and request additional information if necessary • Decisions are final and cannot be appealed to U.S. Department of Education
Special Circumstances Secondary Unusual uncovered school tuition medical/dental Extraordinary expenses dependent care Student Parent or cannot obtain Loss of Divorce spouse parental employment death information
TASFA (Texas Application for State Financial Aid) • English and Spanish applications and instructions can be found at http://www.collegeforalltexans.com/index.cfm?objectid=A3119543 -CBF8-C202-F1B0EEFD5F4B9805 TASFA It’s easier than you think!
FAFSA OR TASFA? FAFSA TASFA • • Graduated or will graduate from a U.S. Citizen Texas high school or received • Permanent Resident with an Alien GED certificate in Texas Registration Card (I-1551) • Lived in Texas for three (3) years • Conditional Permanent Resident leading up to graduation from high with Visa type (I-1551C) school or receiving GED • Eligible non-citizen with an • Lived or will have lived in Texas Arrival/Departure Record (I-94) for 12 months prior to starting showing one of the following: college • Refugee • Signed affidavit stating student • Asylum granted has filed or will file an application • Parolee (for minimum 1 year) to become a permanent resident • Cuban-Haitian entrant at the earliest opportunity
Scholarships • At Collin, scholarships are awarded through the Foundation Office in Fall and Spring. Kim Dalfonso Special Projects Coordinator www.collin.edu/foundation Foundation office - ( 972) 599-3145 scholarshipcoordinator@Collin.edu • Find more scholarship information at: http://www.collin.edu/gettingstarted/financialaid/scholarships.html
Follow up with your school
GOOD LUCK! Collin College Financial Aid and Veterans Services Office 972-881-5760 FinancialAid@Collin.edu www.collin.edu/gettingstarted/financialaid/index.html
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