Presentation Transcript

1. Financial Aid: 2014

   Provided by: Kristy De La Garza-Wardell College & Financial Aid Officer Robert Vela High School The Legacy of Excellence Continues.
2. RVHS PARENT FAFSA ORIENTATION How to Apply for Financial Aid Let’s Get Started! January 21, 2014 Presented by: Kristy De La Garza-Wardell Financial Aid Officer
3. What is the FAFSA?Free Application for Federal Student Aid www.fafsa.gov Free online government application can be used for universities and colleges nation wide. Used to apply for Grants, Work Study andLoans Funds are awarded to HS graduates upon registration of courses Seniors 2014 will complete FAFSA on Monday, February 18th, FAFSA Night at the RVHS Library & Computer Labs
4. Closing the Gap:Need-Based Financial Aid Financial aid is money from any source other than the student’s family that is used to fill in the gap between the cost of attendance &what the student’s family can contribute which is used to help pay college expenses. Financial aid awards are based on the principle that the primary responsibility for paying for college rests with the student and his or her family. .
5. Financial Aid EFC Financial Aid EFC Code = 0 (Qualifies for Pell Grant)Financial Aid EFC Code = 9999 (Eliminated from Grants)Asterisk next to the EFC = Selected for Verification Cost of Education $16,000 Estimated Family Contribution - $6,500 Financial Aid Needed = $9,500 Financial Aid Award may consist of: Grants Work/Study Loans
6. Part 1:Before we begin, have you applied for your FEDERAL PIN Number? Log onto www.pin.ed.gov Your Pin # will serve as your ELECTRONIC SIGNATURE on the FAFSA Application. PARENTS & STUDENTS WILL BOTH NEED A SIGNATURE PIN # TO SIGN THE FAFSA Parents may already have a PIN for themselves or another child (simply retrieve it).
7. FAFSA PROCESS – Part 2 Step 2: Complete the FAFSA By appointment Tuesdays & Thursdays (Please call K. De La Garza at 289-2650 Ext. 6448 or 6481). FAFSA Night 2014 (Tuesday, February 18, 2014) Income Tax forms and W-2s are required, unless you do NOT file income taxes. Step 3: Student Aid Report Step 4: Verification Form or Award Letter
8. Part 2: Beginning the FAFSAApplication Process You want to complete the Free Application for Federal Student Aid (FAFSA) by visiting www.fafsa.ed.gov You must complete a new application for each academic year. 1 Academic Year = Fall, Spring & Summer I or Summer II semesters. To complete this, you will need your INCOME TAX RETURNS for 2013! (If possible by 2/5/14)
9. Step #3: Student Aid Report (SAR) Step 2: Student Aid Report This is a Summary of information submitted on FAFSA. Review this to make sure that all information is correct! If not, go back to FAFSA & make your corrections at www.fafsa.gov You will receive this in your e-mail 3-4 days after submitting FAFSA. All information should be submitted electronically. (Avoid Mail to expedite the process, unless a non-resident of the U.S.)
10. Step 4:Verification Form or Award Letter Universities may require a verification form. Requirements differ between universities. (bring letter to the Financial Aid Office…do NOT ignore it). Award letter sent to student ONLYif you have been accepted by that university!
11. DOCUMENTS NEEDED on Feb. 18thto complete FAFSA at RVHS: 2013 Federal Income Tax Forms IRS Data Retrieval System tool in the FAFSA If not using IRS DRS, you will need to request IRS Tax Return Transcript at www.irs.gov 2013 W-2 Forms Child Support paid or received Social Security/Alien Registration Numbers Dates of Birth for parents Marital Status Dates (Divorced, Widowed, etc.) & Dates Balance of cash, checking, and savings accounts Other financial documents
12. DOCUMENTS NEEDED: FAFSA for students beginning college Summer 2014 Available now! What do you need? Your and your parent’s 2012 W-2 forms Your and your parent’s 2012income tax returns Deadline: As soon as possible FAFSA for students beginning college Fall 2014 Available January 1, 2014 What do you need? Your and your parent’s 2013 W-2 forms Your and your parent’s 2013 income tax returns Priority Deadline – March 1, 2014
13. MODIFICATIONS TO THE FAFSA: Information will be collected from both of a dependent student’s (under 24, not married nor a veteran) legal parents-without regard to the marital status or gender of those parents if the parents live together. If parents of the student are: (a) Not married but are living together (b) Same sex parents Will be unable to use the IRS Data Transfer option. Tax form 1040A / 1040 EZ accts. For parent’s income only as opposed to parent & student. (Great for working student).
14. Dependency Status INDEPENDENT status only and if: Student is 24 years of age, or Student is working on a master’s or doctorate program Student is married, or Student has children whom they provide more than 50% support for, or Student has dependents other than their children or spouse, or Both parents are deceased and they are a ward/dependent of the court, or Student is currently serving on active duty for purposes other than training in the U.S. Armed Forces, or Student is a Veteran of the U.S. Armed Forces.
15. Dependency Status (cont.) INDEPENDENT status if and only if: Student is homeless or at risk of being homeless Student has been an orphan, foster care, dependent/ward of the court. Student has been declared an Emancipated Minor (An emancipated minor is a child who has been granted the status of adulthood by a court order or other formal arrangement). You are under legal guardianship (as determined by the court). **The university receiving your FAFSA information will determine your dependency status and gather supporting documents.
16. Who Must File an Income Tax?Info. available at www.irs.gov
17. LINKING YOUR INCOME TAX TO THE IRS is part of the FAFSA process Order your Tax Return Transcript online at www.irs.gov Or print form 4506-T under “Forms and Pubs” Available two weeks after your income tax forms have been submitted to IRS
18. Linking to the IRS (cont.) This is located on the FAFSA Application!!!!!! You can LINK to the IRS to have them directly transfer your information 2-3 weeks after you filed your income taxes by going back to your FAFSA to make corrections and click on “link to IRS” electronically. You must have EXACTmatching information.
19. What happens now? The FAFSA application gets sent to the processor. Processor sends data to up to ten schools as reported on the FAFSA Each school evaluates application and creates an award package Award letter sent to student (bring copy by the Financial Aid Office). Student returns award letter to school School concludes award processing University financial aid office pays bills and produces checks
20. Types of Financial Aid When Applying with FAFSA: A. Grants FREE Money B. Work/Study Program Part-time job C. Loans Money borrowed and to be repaid
21. Types of GRANTS: Based on need Federal Grants: Pell Grant = EFC = 0 Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work-Study Hazelwood for Veterans or dependents. State Grants: Towards Excellence, Access and Success Grant (Texas Grant) – Must graduate Distinguished / Recommended Texas Educational Opportunity Grant (TEOG) Texas Public Education Grant (TPEG) Students who are non-residents of the U.S. are eligible for state aid
22. Work Study Program Work-study program is a part-time job to help student earn extra money Jobs on and off-campus Earn money and gain experience Flexible work schedules If your student qualifies for the Work/Study program, please encourage them to take advantage of the opportunity! Statistics show that college students who work 10-14 hours a week have better GPAs. “Be a student worker – not a working student”
23. Types of Student Loans /Federal & Institutional Loans Loans can be borrowed for college BUT must be paid back Federal Direct Stafford Loan – Rates 3.4% currently Student Loans: No credit check because of new credit Subsidized – No Interest while in school Unsubsidized – Interest accruing while in school Perkins Loan – Institution loans Student Loan Direct Parent Plus Loans – Rates 7.9% currently Need credit check on parent’s information B-On-TimeLoan program – hhloans.com – Contingent upon funding. A STUDENT IS NEVER OBLIGATED TO TAKE THE ENTIRE AMOUNT!
24. DON’T FORGET ABOUT SCHOLARSHIPS!!!!!! Scholarships Top 10% Scholarship - Eligible for $1,500 Institutional Scholarships – Selected by individual college/university and ONLY FOR THAT school (Ex: UTPA University Scholars) Valedictorian Scholarship – 100% Tuition Pd. Private scholarships – VAMOS , STARS, Housing Scholarship Lists are available monthly at our office
25. BEWARE OF SCAMS Do NOT attend meeting or give them credit card number or money!
26. Reviewing the Financial Aid Process Family completes FAFSA FAFSA sent to processor Processor sends data to up to ten schools as reported on the FAFSA Each school evaluates application and creates an award package Award letter sent to student Student returns award letter to school School concludes award processing University financial aid office pays bills and produces checks PRIORITY FAFSA FILING: March 1, 2014
27. RSVP FOR THE RVHSFAFSAEVENT Tuesday, February 18, 2014 Robert Vela H.S. LIBRARY & Computer Labs 5:30-8:30pm Bring all necessary documents. FAFSA Tuesdays & Thursday Evenings Available by Appointment Only! 4:30 p.m.- 6:00 p.m. Available in the Financial Aid Office *By appointment Thank you!
28. Questions?
29. Robert Vela High School 956-289-2650 Erica Alvarez Financial Aid Asst. e.alvarez@ecisd.us Kristy De La Garza Financial Aid Officer k.delagarza@ecisd.us 956-289-2650 ext. 6448
30. DOCUMENTS NEEDED on Feb. 18thto complete FAFSA at RVHS: 2013 Federal Income Tax Forms IRS Data Retrieval System tool in the FAFSA If not using IRS DRS, you will need to request IRS Tax Return Transcript at www.irs.gov 2013 W-2 Forms Child Support paid or received Social Security/Alien Registration Numbers Dates of Birth for parents Marital Status Dates (Divorced, Widowed, etc.) & Dates Balance of cash, checking, and savings accounts Other financial documents http://edinburg.vela.schooldesk.net DOCUMENTS NEEDED on Feb. 18thto complete FAFSA at RVHS: 2013 Federal Income Tax Forms IRS Data Retrieval System tool in the FAFSA If not using IRS DRS, you will need to request IRS Tax Return Transcript at www.irs.gov 2013 W-2 Forms Child Support paid or received Social Security/Alien Registration Numbers Dates of Birth for parents Marital Status Dates (Divorced, Widowed, etc.) & Dates Balance of cash, checking, and savings accounts Other financial documents http://edinburg.vela.schooldesk.net DOCUMENTS NEEDED on Feb. 18thto complete FAFSA at RVHS: 2013 Federal Income Tax Forms IRS Data Retrieval System tool in the FAFSA If not using IRS DRS, you will need to request IRS Tax Return Transcript at www.irs.gov 2013 W-2 Forms Child Support paid or received Social Security/Alien Registration Numbers Dates of Birth for parents Marital Status Dates (Divorced, Widowed, etc.) & Dates Balance of cash, checking, and savings accounts Other financial documents http://edinburg.vela.schooldesk.net DOCUMENTS NEEDED on Feb. 18thto complete FAFSA at RVHS: 2013 Federal Income Tax Forms IRS Data Retrieval System tool in the FAFSA If not using IRS DRS, you will need to request IRS Tax Return Transcript at www.irs.gov 2013 W-2 Forms Child Support paid or received Social Security/Alien Registration Numbers Dates of Birth for parents Marital Status Dates (Divorced, Widowed, etc.) & Dates Balance of cash, checking, and savings accounts Other financial documents http://edinburg.vela.schooldesk.net