Financial Aid Overview ABC Workshop 2012
What is Financial Aid? • Financial Aid: Funds provided for students to assist in funding their college education • Funds are meant to supplement, not replace, family financial resources • Not all financial aid is need-based
Financial Aid consists of the following: • Grants • Scholarships • Loans • Employment Opportunities
Estimated Financial Assistance • A school must examine all federal, state, institutional, private, and other sources of educational assistance in determining eligibility for most Title IV Federal Student Aid (FSA). The aid is known as estimated financial assistance (EFA). If other aid will cover a student’s cost of attendance (COA), then the student will not be eligible for most forms of FSA.
How do students qualify? • Need-Based Aid • All Estimated Financial Assistance(EFA) will need to fit within the student’s calculated NEED Federal Need Formula COA(Cost of Attendance) -EFC(Estimated Family Contribution)_ =Need
Types of Financial Aid • Gift Aid • Funds that may not have to be repaid to source • If conditions set by source are not met, funds must be repaid • Includes: • Grants: Require completion of the FAFSA • Scholarships: Sought by Student
Types of Financial Aid • Self-Help Aid • Funds that are either earned or repaid by student • Work-Study: Earned by working • Loans: Funds that will have to be repaid
Types of Financial Aid • Merit –Based Aid • Awarded to students in recognition of special skills, talent, and/or academic achievement • Counted in calculation for need-based Aid • Scholarships (sought by student) • Institutional • Private • Some grants
Types of Financial Aid • Other Resources • Also included as Estimated Financial Assistance: • AmeriCorps Vouchers • State Exemptions • Graduate Stipends/Fellowships • Employment Tuition Assistance • …and many more
Types of Financial Aid • Non-Need Based Aid • Given to students regardless of financial need however must fit in the students COA; may replace the EFC COA -All need based aid & EFA(if any) =Non-Need-Based Aid • Teach Grant • Unsubsidized Stafford Loans • PLUS Loans • Grad Plus Loans • Private Loans
How do students begin the Financial Aid Process? • How does the Department of Education (DOE) and/or accredited institution determine eligibility?
Contact Information Marcos Mendez Texas A&M University Athletics Financial Aid Coordinator Marcos04@tamu.edu 979-458-5364