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Financial Aid 101

Financial aid is essential for helping students fund their college education. Offered by federal and state governments, colleges, and other sources, it includes grants, loans, scholarships, and work-study programs. Eligibility typically requires a high school diploma or GED, U.S. citizenship, and enrollment in an approved program. The application process starts with the FAFSA, which is available every January. Financial aid calculations consider the cost of attendance and the expected family contribution. For detailed guidance, contact the Financial Aid Office at Tarrant County College Northwest.

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Financial Aid 101

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  1. Financial Aid 101 Trina Smith-Patterson Director, Financial Aid Tarrant County College Northwest fahelp@tccd.edu

  2. What is Financial Aid? • Financial aid is money provided by the federal government, states, institutions and other sources to help students pay for college • This can consists of different programs • Grants • Loans • Scholarships • Work-Study Programs

  3. Who’s eligible??? • General Eligibility Requirements: • Have a H.S. Diploma or GED • U.S. Citizen or Eligible Non-Citizen • Enroll for an eligible degree or certificate program • Enroll at least 6 hours for most programs • General Eligibility Requirements: • Not be convicted of an offense involving a controlled substance • Register for Selective Service (Male Students) • Not owe a refund on federal grant or be in default on a loan • Maintain Satisfactory Academic Progress

  4. Application Process • Every Financial Aid Program begins with the FAFSA • Free Application for • Federal Student Aid • Do not pay to process this free application • The student completes the • FAFSA at • www.fafsa.gov • Annual Process • FAFSA available in January each year for the Fall semester

  5. Senate Bill 1528 Students • Undocumented Students • Eligible for State Grant Programs Only • Different Application Process • Complete Paper TASFA or FAFSA • Submit to Financial Aid Office • Submit tax returns and IVF as well • Submit copy of Affidavit that was admitted as Senate Bill 1528 • Receives this documentation from the Registrar’s Office

  6. How the Aid is calculated… • The Financial Aid Office uses the following formula to determine eligibility: • Calculate the Need: • Cost of Attendance • Estimated Family Contribution (from SAR) • Financial Need • The EFC is figured by the federal processor from the information provided on the FAFSA

  7. Examples of Cost vs. EFC • TCC • Dependent Student living at home Cost $9153 EFC 1300 Total Need 7853 • SMU • Undergraduate Student living in dorm Cost $ 50005 EFC 1300 Total Need 48705

  8. Financial Aid Program • Gift Aid: • Funds that do not have to be repaid • Federal Pell Grant(EFC 0 -- 4995) • Over 74.5 Million disbursed 11-12 • Over 118.3 Million awarded 12-13 • Federal SEOG(EFC 0 -- 4995) • TEXAS Grant(EFC 0 – 4000) • Must be in Recommended or Advance High School Program • Other (TPEG, TEOG, Book Scholarship, Book Cards) • Stars of Tomorrow (TCC Only) • Scholarships

  9. Financial Aid Programs Cont. • Self-Help: • Must be repaid or must work for funds • Federal and State College Work-study • Allows students to work on or off-campus • Federal Subsidized Stafford and Unsubsidized Loans • Subsidized loans have deferred interest while in school • Unsubsidized loans no deferred interest • Be On Time Loan • Be a Texas resident • Recommended or Distinguished Achievement HS curriculum • Be enrolled Fulltime • Not eligible to receive TEXAS grant • Will not have to repay if student graduates “on time”

  10. New Regulations • Affects All Students receiving Title IV Aid • Must have a High School Diploma or GED • Pell Grant is limited to the equivalent of 12 Fulltime semesters • 6 years of study only • Reduction from 18 Fulltime semesters • All students who receive a loan between July 1, 2012 through July1, 2014 will not be eligible for deferred interest during the 6 months grace period after graduation • Pay interest or allow interest to capitalize • Can only pay for a previously passed class once • Passing grades A,B,C,D

  11. Satisfactory Academic Progress • New Federal Regulation: • All Students: • Must have a 67% completion rate of all hours attempted • Completed hours/Attempted hours • Must be at least 67% • Must have a cumulative GPA of 2.0 • Maximum Timeframe a student is • eligible for financial aid • Cannot exceed 150% of publish program • Appeal process for students who do not meet standard depends on school’s policy Effective July 1, 2011

  12. For More Information • Contact Financial Aid • (817) 515-4243 • Website • www.tccd.edu • Collegeforalltexans.com • Collegeboard.com • Fastweb.com • Send email • fahelp@tccd.edu

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