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Financial Aid

The College 411 Presented by Tyler Junior College. Financial Aid. Why attend college?. Types of Financial Aid. Scholarships Grants Loans Employment opportunities. Grants. Loans. False. False. False. False. How Do I Apply?.

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Financial Aid

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  1. The College 411 Presented by Tyler Junior College Financial Aid

  2. Why attend college?

  3. Types of Financial Aid Scholarships Grants Loans Employment opportunities Grants Loans

  4. False False False False

  5. How Do I Apply? Submit the Free Application for Federal Student Aid (FAFSA) prior to your school’s deadline at www.fafsa.ed.gov Online Easy as 1 2 3

  6. Get a check list of documents that you will need What will I need to complete it?

  7. Don't have internet access? New Filing Option FAFSA on the PHONE 1-800-4-FED-AID (1-800-433-3243)

  8. What? Reservations are required. Call (903) 510-2385 FAFSA Workshops: February 24 March 26 6:30p.m. When? Where? Pirtle Technology Bldg (follow the signs) 5th St.

  9. 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

  10. How does it work?Definition of Need COA Defined- direct= tuition, fees, books, on campus room/board indirect=personal, transportation, off campus room/board Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need Examples: $13,838 – 1,000 (EFC) = $ 12,838 $13,838 – 14,215 (EFC) = $ 0

  11. Need Varies Based on Cost Baylor UTT TJC Financial aid is capped at annual limits

  12. TJCScholarships Application Deadline March 1st • General Scholarships with various eligibility criteria: academic, need-based, community leadership, residency etc • Performance Grantsin 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

  13. 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

  14. 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

  15. 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

  16. Scholarship Searches • The College Boardwww.collegeboard.com • Scholarships.comwww.scholarships.com • ScholarshipHunter www.scholarshiphunter.com • College for Texans www.collegefortexans.com • FastWebwww.fastweb.com

  17. 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

  18. 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 • 1st year and 2nd year award • Max $750 and $1,300 • Other Federal Grants • Depends on institutional participation/eligibility

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

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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 Current fee 1%

  26. 1 2 Are you an indpendent student? 3 NEW

  27. 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 Current fee 1%

  28. Avoid 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! Errors!

  29. Frequent FAFSA Error • Must have a valid (and correct) Social Security Number Lastname, DOB, & SSN must match SSA

  30. 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

  31. Frequent FAFSA ErrorsContinued • Missing appropriate signatures Best to Sign with PIN NOW best to apply here Student Parent

  32. Send your information to ten schools You can search for school codes. • School code for sending FAFSA data • Housing plans for each school 003648 Tyler Junior College

  33. Check your status online!

  34. 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/index.html • Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.html

  35. 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

  36. 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.)

  37. 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.)

  38. 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.)

  39. Complete this first!

  40. 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 registrationstatus

  41. 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

  42. 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

  43. 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

  44. 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)

  45. 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

  46. 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

  47. 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

  48. 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?

  49. FOTW Worksheet: Step 6 List up to 10 colleges to receive FAFSA data: Federal School Code for each college Housing plans for each college

  50. 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)

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