Paying for
College
Name: Farcett Patrick
Email: Farcett.Patrick@Review.com
Date: December 8, 2015
College Hopes and Worries
How necessary will financial aid (education
loans, scholarships and grants) be to pay for
your (child’s) college education?
Somewhat
11%
Not at all
1%
Extremely
or Very
88%
Students
Somewhat
14%
Not at all
4%
Extremely
or Very
82%
Parents
Source: The Princeton Review, College Hopes and Worries Survey, 2011
How many people receive aid?
17 million students
attend college each year
80 % (4 out of every 5) receive
some form of financial aid
Where does aid come from?
Sources of Financial Aid
$120
Federal Gov’t
$100
$80
(In billions)
$60
$40
$20
$0
Federal
Government
Institutional
Grants
State Grants
Private Grants
Source: Trends in Student Aid 2010, The College Board
Applying for Federal Aid
When you apply for admission, you are
not applying for federal aid.
These are two distinct processes.
If you are accepted to a college,
enroll, and do nothing else,
You will not receive any financial assistance.
The Goal of Federal Aid …
To bridge the gap between
how much college costs
And how much your family can afford.
How much
college
costs
Cost of
Attendance
-
How much
your family
can afford
=
The Gap
Expected
Family
Contribution
=
Need
Cost of Attendance
Tuition and Fees
+ Student Activity Fee
+ Room and Board
+ Books and Supplies*
+ Travel
+ Miscellaneous Living Expenses*
= $ Cost of Attendance
(per year vs. per semester)
*Keep in mind that schools may include
some or most of these in their
publications. You will most likely have
to pay for ALL the above expenses
either on your bill or out of pocket.
What is EFC?
EFC is the Expected Family Contribution
EFC will determine Pell Grant eligibility & any need-based financial aid
eligibility
Factors include:
•
•
•
•
Household income (parent and student)
Assets (parent and student)
Household size
Number of students enrolled in college
* “need-based” by federal guidelines, not a
personal “need” perspective*
EFC
Cost of
Attendance
-
Expected
Family
Contribution
Who decides
how much a family
can afford?
=
Need
You?
The college?
The government?
EFC
Cost of
Attendance
-
Expected
Family
Contribution
Who decides
how much a family
can afford?
=
Need
You?
The college?
The government.
TAFSA
FAFSA
• Roughly 100 questions
» Online Application
» http://www.fafsa.ed.gov/
» Student and family’s income and assets
» Size of household
» Student lists up to 10
schools(colleges/universities)
• Submitted: After January 1st of Senior Year of HS
• And submitted every year for each year of college the
student attends.
More about FAFSA
• Federal Grants
-Federal Pell Grant
-Federal Supplemental Education Opportunity
Grant
-Federal TEACH Grant
*funds are allocated to schools each academic
year
*once funds are committed, no new funds will be
available until the next academic year
What is a FSA ID?
•
The FSA ID, which replaced the Federal Student Aid PIN in May 2015, is
the username and password you use when you visit certain U.S.
Department of Education websites and it’s used to electronically sign and
submit the FAFSA application.
•
How do I get an FSA ID?
- your Social Security number (you must have an SSN to get an FSA ID)
- your full name (must match your Social Security card)
-your date of birth
Tips: Although you’re not required to provide your e-mail address when you set
up your FSA ID, it’ll make retrieving your username and password easier if you
forget them. Just make sure you don’t use the same e-mail address as
someone else (your parent, for instance). Each e-mail address can be
associated with only one FSA ID.
More about FAFSA
IRS Data Retrieval Tool
• Available early February 2016
• Will allow for financial figures to be pulled
directly from the IRS system
• IRS data available within 2-3 weeks for
electronic filers or 8-11 weeks if filed by
paper
16
17
18
19
TASFA
• 16 Page Application - 41 Questions
» Online application at:
» www.aie.org
» www.collegeforalltexans.com
» Student and family’s income and assets
» Size of household
» MUST be printed and mailed to the colleges
• Submitted: After January 1st of Senior Year of HS
• And submitted every year for each year of college the
student attends.
More about TAFSA
• Financial aid for our undocumented and/or
deferred action students
• Eligible for state funds in TX such as:
-Texas Grant
-Texas Public Education Opportunity
Grant(TPEOG)
-Texas Equalization Opportunity Grant
(TEOG)
Meeting your need
Colleges create award packages
from a single pool of federal funds.
They decide how much a family receives.
They decide what types of aid they will receive.
If you have unmet need, who makes up the difference?
Answer: You and your family.
When cost (is / is not) a factor
When a student is deciding
to which schools they will apply,
cost can take a back-seat (for now).
Only when a student is deciding
which school to attend,
should they consider the cost.
Other Types of Aid
Work-Study program
Federal Student Loan program
-Federal Subsidized Loan
-Federal Unsubsidized Loan
Federal Perkins Loan
Federal Parent Loan for Undergraduate
Students (PLUS Loan)
Scholarships
Scholarships may be awarded on the basis of:
Academic Merit
GPA
Rank
Rigor of coursework
Financial Need
Talent/Performance
Athletics
Art
Dance
Band, orchestra, choir
Member of a particular group or organization
Leadership and participation
Writing sample (essay)
All or any combination of the above
FAFSA/TASFA Completion Help
Dallas County is hosting multiple events designed to help you complete
your FAFSA/TASFA this Winter:
• Feb. 2nd:
» Financial Aid application assistance for HSHP & ESSM, 6 p.m.-8
p.m.
• Feb. 9th:
» Financial Aid application assistance for Townview, 6 p.m.-8 p.m.
• Feb. 20th:
» Lake Highlands HS, Molina HS
• Feb. 27th:
» Bryan Adams HS
• Mar. 5th:
» Carter HS
Important Websites
www.fafsa.ed.gov - FAFSA
www.aie.org – TASFA
www.collegeforalltexans.com- TAFSA
www.scholarships.com – Scholarships
www.fastweb.com- Scholarships
https://bigfuture.collegeboard.org –College search
Farcett Patrick
Higher Education Advisor
Townview ESSM and HSHP
Farcett.Patrick@Review.com
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