Your Guide to Financial Aid Types of Financial Aid. Financial Aid - - PowerPoint PPT Presentation

Your Guide to Financial Aid

Financial Aid Timeline Types of Financial Aid. MAC College Money Program

Types of Financial Aid $ GRANTS $ SCHOLARSHIPS $ WORK STUDY $ LOANS

Types of Financial Aid

GRANTS are free money awarded based on a

family’s financial need Examples: Federal Pell Grant Texas Grants MAC Grant

Types of Financial Aid

SCHOLARSHIPS are free money awarded based on

a student’s merit (i.e. grades/extracurricular)

• Some scholarships are awarded based on both merit and need
• Apply even if you haven’t been accepted for admissions yet
• Apply throughout your senior year and even while in college

Types of Financial Aid

WORK STUDY provides funding through part-time

jobs for students with financial need

• Students can earn money to help pay educational costs while gaining

work experience

• Students are responsible for finding their own

jobs on or off campus.

Types of Financial Aid

LOANS are borrowed money that must be paid

back with interest

• Federal Student Loans have lower interest rates
• Subsidized v. Unsubsidized
• Loans should be considered as LAST resort
• Separate parent loans, state loans or private loans are also

available, but at a much higher interest rate

August - June

Apply for scholarships throughout your senior year

RESOURCES:

• Sign up for a free scholarship search engine (Cappex, Fastweb,

Scholarships.com, etc.) to find national or state scholarships

• Contact your counselor, local church, organizations and businesses for

local scholarships

• Visit your high school’s website
• Follow the MAC Program on social media for scholarship updates and
• pportunities!

Facebook.com/WacoMAC @WacoMAC

September

Create your Federal Student Aid ID

Both STUDENT and PARENT need to create a Federal Student Aid ID (FSA ID) at FSAID.ED.GOV

• Log in information to access student’s FAFSA
• If you have a sibling in college and your parent has already made

an FSA ID, your parent does not need to create a new one!

• Allows access to student/parent tax information
• Electronic Signature for student and parent

}

October

Complete your FAFSA and TASFA

FAFSA & TASFA becomes available on OCTOBER 1st

October

Complete your FAFSA

FAFSA EFC

Additional Financial Aid

Free Application for Federal Student Aid (FAFSA) is an

• nline application that uses your family’s financial and

household information to determine your Expected Family Contribution (EFC) The EFC is a number generated by FAFSA, which is used to determine financial need and your eligibility for the free PELL GRANT and federal student loans Once a college receives a student’s FAFSA, they will then determine eligibility for state grants or other scholarships from their institution

Be sure you go to the correct website! FAFSA.GOV

October

Complete your FAFSA

You can now complete your FASFA on your mobile device!

October

Complete your FAFSA

myStudentAid

October

Complete your FAFSA

• Financial and Tax Information
• 2018 TAX RETURN, W2s, Account Balances

(for student & parent)

• Use the IRS DATA RETRIEVAL TOOL (DRT)
• Automatically imports your tax information into

your FAFSA from the IRS

October

Complete your FAFSA

DEPENDENT OR INDEPENDENT?

Can I just use my own income? Probably not…

Most students are dependent, even if you don’t live with parents until you are 24 or have other extenuating circumstances.

October

Complete your FAFSA - DEPENDENT

Who is considered your parent? }

• Biological parent(s)
• Adoptive parent(s)
• Biological parent and stepparent (if remarried)
• NO ONE ELSE can be reported as a parent.
• If your parents are divorced, choose the parent you are living with or

stayed with the most over the last year.

• If you don’t live with a parent, report the information on the last parent

you lived with.

• It does NOT matter who claims you
• n their tax return!

October

Complete your FAFSA - INDEPENDENT

Who is considered an independent student}

• 24 or older
• Married
• Financially supporting children or dependent
• In Foster Care
• Under a legal guardianship with someone other than

parent

• Homeless or at-risk
• Emancipated
• Other special circumstances
• Independent students are often required to provide

documentation to the financial aid office

October

Complete your FAFSA

Reality Check:

Financial Aid awarded through FAFSA may not be enough…

Outside scholarships are awarded on top of the Pell Grant and scholarships the college offers you!

October

Complete your FAFSA

Apply for FAFSA, regardless your family income!

Loans and most scholarships, even academic or merit-based, will require a FAFSA on file with the college before they can be awarded.

• Even if the student was not eligible for

need-based aid.

Texas Application for State Financial Aid (TASFA)

• For non-U.S. Citizens only
• Paper Application to determine eligibility for need

based state grants

• Collegeforalltexans.com
• Required Documents:
• 2018 Tax Return and all W2s

for student and parent

Financial Aid Priority Deadlines

• Funds can run out, so it is recommended that you submit your

FAFSA ASAP

• Texas Financial Aid Priority Deadline = JANUARY 15

– Each state has their priority deadline

• College Financial Aid Priority Deadline

– Contact your college’s financial aid office

February - March

Colleges begin processing financial aid

• Colleges will not start processing FAFSAs until early spring

semester and ONLY if the student was accepted for admission

• EMAIL will be the colleges’ main form of communication to

the student AND parent

– Use EMAIL ADDRESSES where you will have continued access – Do not use high school emails for college or financial aid applications

March - April Verification

• Submitting a FAFSA DOES NOT mean you have completed the

financial aid process!

• Verification: Student is required to submit additional

paperwork to the college to verify tax or household information before financial aid can be awarded

• Colleges will contact the student and parent via EMAIL and

through their student portal (i.e. WebAdvisor)

April - May Review Financial Aid Offer

• Students receive the financial aid offer online in the

STUDENT PORTAL (WebAdvisor for MCC)

• Lists ALL financial aid you are eligible to receive at that college

– Federal Pell Grant, Federal Subsidized and Unsubsidized loans, Federal Work Study, Texas Grants and other grants and scholarships offered through the college – Compare with other colleges

May Make your final college choice

• Completing the financial aid and admission process for multiple

colleges allows you to have options

• Don’t wait until the last minute
• Following the financial aid timeline during your senior year

allows you to make the best informed college decision

June - July Orientation

• Use the summer to complete orientation, meet with your

academic adviser and register for classes

• Contact the financial aid office early summer to confirm your

financial aid is in place well BEFORE the bill deadline

August Start College

• Remember to apply for scholarships even while in college
• Renew your FAFSA every year after October 1st for the

following school year

• 1. Financial Aid

Assistance

for anyone in the community

• 2. MAC Grant

for high school seniors

• 3. MAC Scholarship

for MAC eligible students continuing into their third and fourth year

• MAC Grant: “Last Dollar” grant up to $1,000/semester for McLennan County

seniors to be used at MCC or TSTC to cover the gap between your other financial aid and cost of tuition.

• All seniors should apply regardless of college choice or income
• Requirements:
• Graduate from a McLennan County high school
• Family income of $50,000
• Submit a MAC Grant application by MAY 1ST
• Your only opportunity to apply is during your senior

year of high school!

MAC Program: MAC Grant

MAC Program: MAC Scholarship

• The third and fourth year MAC Scholarship is $5,000 and can

be used at any institution.

• Requirements:
• Student must have been accepted into the MAC Program as a senior in high

school even if he/she did not use the MAC Grant.

• 60 credit hours and at least a 3.0 GPA
• Submit an application in the semester you expect to receive 60 credit hours

Three students transferring from MCC to Baylor University with the highest GPAs, receive a FULL-TUITION SCHOLARSHIP for their last two years!

Need more help? Contact us and make an appointment!

MAC Program Coordinators: Rolando Rodriguez Maria Arevalo mac@wacofoundation.org 254.752.9457TEXT US

Kahoot: Pop Quiz

On your phone, tablet or laptop go to:

KAHOOT.IT

and type the Game PIN that will appear shortly. ONLY use your FIRST NAME and LAST INITIAL

https://play.kahoot.it/#/k/1b5fea93-4a12-416c-9027-01529f221ee0

Let’s start your FAFSA!

Go to

fsaid.ed.gov

To create your username and password for FAFSA