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Financial Aid Basics

Financial Aid Basics. What do I need to know? Handouts will be available on LASa website in a few days. What is financial aid? . Money to offset the cost of college and related expenses Funding can be federal, state-issued, institutional, or through private organizations Types of aid

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Financial Aid Basics

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  1. Financial Aid Basics What do I need to know? Handouts will be available on LASa website in a few days

  2. What is financial aid? • Money to offset the cost of college and related expenses • Funding can be federal, state-issued, institutional, or through private organizations • Types of aid • Gift money • Earned money • Borrowed money

  3. GIFT aid • Money you don’t have to pay back • Yay, free money! • Scholarships – based on merit • Grants – based on financial need • Federal • State • Institutional

  4. EARNED money • Work study – employment • Usually on-campus (bookstore, dining hall, library, office, etc.) • Work study/on campus jobs are ideal because they are flexible with the student’s course schedule. • This money is earned in the form of a paycheck (usually every two weeks). • Not typically used to pay off student account balance; instead, used for miscellaneous costs, e.g. movie or dinner out with friends

  5. BORROWED money • Loans – must pay back • If taking out loans, always look at student loan options first – Federal Direct Loans • Lowest interest rates • Best repayment terms (after graduation) • Limits to how much student can borrow each year • Other types of loans • Parent PLUS loan • Private loans • Check college’s financial aid page for list of recommended lenders

  6. Back to Scholarships…the good stuff • Do your research! • Determine whether colleges of interest offer merit aid • If so, how does a student apply? • Pay attention to deadlines and requirements • Free Scholarship Searches – fastweb.com, scholarships.com, meritaid.com • Beware of scholarship scams • Check out our handout: The Scholarship Schools • Ms. Kocian sends frequent scholarship emails in the senior year

  7. Your Financial Need Cost of Attendance (COA) minus Expected Family Contribution (EFC) = Your Financial Need Cost of Attendance is much more than just tuition. Includes: Tuition, Fees, Room and Board, Books, Transportation, Personal Expenses How do you find out your EFC?

  8. Applying for Financial Aid • Apply for need-based financial aid in the senior year • Must re-apply every year • Check college websites for deadlines and requirements • Apply early! • Types of applications • Free Application for Federal Student Aid (FAFSA) • CSS/PROFILE • Texas Application for Student Financial Aid (TASFA)

  9. FAFSA • Free Application for Federal Student Aid– fafsa.gov • Determines Expected Family Contribution (EFC) • FREE! Don’t ever pay to file the FAFSA • Available January 1 of senior year • Apply for PIN • Serves as electronic signature • Both student and parent need a PIN • Not a senior? Complete the FAFSA4caster (fafsa4caster.ed.gov) for an early estimate of your financial aid eligibility

  10. CSS/PROFILE • Available through College Board - https://profileonline.collegeboard.com • More selective schools use PROFILE to determine need for institutional funds (grants) • Costs $25 for initial app and first college; $16 for each additional college • Available October 1 of the senior year • Check college websites for deadlines and requirements

  11. Differences between FAFSA and PROFILE

  12. TASFA Application for undocumented students Students can receive state grants Available early January of the senior year Paper application-must mail to each college

  13. A few things to consider • Important to understand that your EFC is not necessarily what you will pay for college • Some colleges meet 100 percent of students’ financial need, while others meet only a portion. • Not a senior? Use net price calculators on each college’s website to estimate net price to attend that school. • Not all net price calculators are created equal; some are better than others

  14. Questions? Jamie Kocian, LASA College Counselor • jamie.kocian@austinisd.org

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