What is Financial Aid?
Financial aid is money from a source
other than the family to assist with the
cost of attending college.
How to apply
www.fafsa.gov
• Apply every year using the Free Application for Federal Student
Aid (FAFSA). Application available Jan. 1
• The FAFSA is a standard form that collects demographic and
financial information about the student and their family
• If you are applying for Summer aid, you will need to complete
both the prior year’s FAFSA and upcoming year’s FAFSA. (e.g.
2011-2012 AND 2012-2013)
• Our priority date for receiving the FAFSA results is March 1 of
each year to ensure you receive your maximum eligibility. Some
aid programs have limited funding.
Apply for a PIN
Used to electronically sign the FAFSA and federal loan
applications
• Web Site: www.Pin.ed.gov
•
Can request a PIN before
January 1
•
Will be used by students
and parents throughout
the aid process including
subsequent years.
What happens after I file the
Fafsa?
• The Central Processing System will notify you by
email when the FAFSA is processed and will send
you a Student Aid Report (SAR)
• Results are sent electronically to the colleges you
list on the FAFSA
• Baylor will begin mailing award notifications by
March 1
Gift Aid
• Academic Scholarships (based on ACT/SAT test scores and
high school class rank)
• Need-based Scholarships (based on FAFSA results)
• Federal Grants (based on FAFSA results)
www.students.gov
US Department of Health and Human Services
US Armed Forces
• Outside Scholarships
Self-Help Aid
• Federal Work Study (based on FAFSA results)
Eligibility to pursue a campus job
A job is not guaranteed
Campus jobs are limited so apply as soon as you arrive on campus
• Federal Loans (must file FAFSA)
Direct Subsidized– current rate 3.4%
Direct Unsubsidized– current rate 6.8%*
Direct Parent Loans (PLUS) – current rate 7.9%*
• Alternative Loans (FAFSA not required)*
Variable interest rates
*need based eligibility not required
Direct Costs
Items approved by the Baylor Board of
Regents that are billed directly by Baylor
University.
• i.e. Tuition, Fees, Room, Board
Indirect Costs
Costs students would incur at any school and
are not billed by Baylor.
• i.e. personal expenses, health care costs, laundry, books,
supplies
2012-2013 Direct Costs billed by Baylor
Approved by the Baylor Board of Regents
Tuition
$30,586
*Fees
$3,330
**Room
$5,652
**Board
$5,420
Total
$44,988
*Based on standard fees
** Average room cost - your cost will
be based on your housing assignment and the
meal plan you select Fall portion billed in early July
2012-2013 Indirect Costs
Not Billed by Baylor University
These are costs you will incur at any university. We establish these average costs
each year through a survey of currently enrolled students. Your costs may vary
depending on course requirements and personal choices.
Books
$1,094
Supplies
$270
Transportation
$1,534
*Personal Expenses
$3,328
Total
$6,226
*Personal expenses include things like health
care, laundry, entertainment, clothing, etc.
• Don’t let the Cost of Attendance stop you
from considering Baylor!
• You have not yet filed the FAFSA and received
your academic and need-based award offer
from Baylor.
• Your out of pocket cost changes with the
amount of financial aid you receive!
Financial Aid Tools
Scholarship Calculator
• You can retest as many times as you wish, we will accept
retests up until the first day of class.
• If your school doesn’t rank, we will use a combination of
test score and HS Grade Point Average.
www.Baylor.edu/Finaid/Calculator
Financial Aid Tools
Financial Aid Estimator
•
We estimate your eligibility for scholarships and other types
of financial aid at Baylor to help you plan financially for your
first year at Baylor.
•
Financial need is estimated following the guidelines of the
federal government aid eligibility formula. We then provide
an estimate of the financial aid package you will be eligible
to receive for 2012-2013 if we receive the results of your
FAFSA by the March 1 priority deadline.
www.Baylor.edu/Finaid/Estimator
Other Scholarships
Other Baylor Scholarships
• Carr P. Collins (freshmen only)
• Denominational scholarships
• Baptist national merit scholarship (freshmen only)
• Athletic scholarships
• Music scholarships
Outside Scholarships
• www.fastweb.com
• www.scholarships.com
• www.collegesoup.com
• www.brokescholar.com
Special Circumstances
Financial situations not reported on the FAFSA?
Contact Baylor at
Scholarships@Baylor.edu
We will request further documentation of your specific
situation.
Will be reviewed on a case by case basis
Important Dates
• January 1 – First date to file the FAFSA
• March 1 – Priority date to receive the FAFSA results
• May 1 – date to receive requested documents if
elected for the verification process
• June 1 – apply for alternative loans to allow time
for processing before the bill is due for Fall
Semester
• July 31 – Bill due date for the Fall Semester.
Installment Plan
• Baylor offers an Installment Plan
that allows you to pay your
remaining balance in 5 equal
payments over each fall and spring
semester.