Fund Your Future Topics We Will Discuss Types of Aid and Sources - - PowerPoint PPT Presentation

Fund Your Future

Cost of Attendance and Financial Need What is financial aid? Types of Aid and Sources

Topics We Will Discuss

FAFSA Expected Family Contribution (EFC) Scholarships

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

Tuition and fees Housing and food Books and supplies Transportation Miscellaneous personal expenses

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.

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.

What is Financial Need?

COST OF ATTENDANCE

• EXPECTED FAMILY CONTRIBUTION

= FINANCIAL NEED

Collin College

T&F: $1,520 Bks/Sup: 1,500 R&B 9,956 Trans: 2,741 Misc.: 1,983 Total COA: $17,700

• EFC

8,500 Financial Need: $9,200

Typical University

T&F: $13,488 Bks/Sup: 1,500 R&B: 11,532 Trans: 1,480 Misc.: 2,040 Total COA: $30,040

• EFC

8,500 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.

Example*

Scholarships

Grants Work-Study Employment Loans Gift Aid Self-Help Aid

Types of Financial Aid

Scholarships

Scholarships

Grants Work-Study Employment Loans Gift Aid Self-Help Aid

Grants

Scholarships

Grants Work-Study Employment Loans Gift Aid Self-Help Aid

Work Study Employment

Scholarships

Grants Work-Study Employment Loans Gift Aid Self-Help Aid

Loans

Scholarships

Grants Work-Study Employment Loans Gift Aid Self-Help Aid

Sources of Financial Aid

Federal Government States College and Universities Private Sources

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

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

States

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

• 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 1st 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)

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)

• Mobile ability

to begin, complete, save, and submit the FAFSA

• Information

protected the same as the FOTW

myStudentAid Mobile App

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
• ffice

Social Security Number U.S. citizen or eligible noncitizen Graduate High School / G.E.D. Selective Service (Males) No drug related conviction

General Eligibility

Enrolled in an eligible program at an eligible school

Not Married Not 24 years old Do not provide more than 50%

• f the expenses for a

dependent Not an orphan, ward of the court or in foster care Not under legal guardianship

Do I use my Parent’s Information on the FAFSA

Not a Veteran Not serving on active duty

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 school tuition Unusual uncovered medical/dental expenses Parent or spouse death Extraordinary dependent care Loss of employment Divorce Student cannot obtain parental 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

• U.S. Citizen
• Permanent Resident with an Alien

Registration Card (I-1551)

• Conditional Permanent Resident

with Visa type (I-1551C)

• Eligible non-citizen with an

Arrival/Departure Record (I-94) showing one of the following:

• Refugee
• Asylum granted
• Parolee (for minimum 1 year)
• Cuban-Haitian entrant
• Graduated or will graduate from a

Texas high school or received GED certificate in Texas

• Lived in Texas for three (3) years

leading up to graduation from high school or receiving GED

• Lived or will have lived in Texas

for 12 months prior to starting college

• Signed affidavit stating student

has filed or will file an application to become a permanent resident 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

Collin College Financial Aid and Veterans Services Office 972-881-5760 FinancialAid@Collin.edu www.collin.edu/gettingstarted/financialaid/index.html

GOOD LUCK!