Transcript Slide 1

Panhandle-Plains
Management & Servicing Corp.
www.ppslc.com
Presenter:
Jodi Gatewood
Recruiter for University of South Alabama
T&F
Angelo State Univ.
Texas A&M Univ.
Texas Tech Univ.
UT Austin
Midwestern University
West Texas A&M Univ.
Baylor Univ.
Abilene Christian Univ.
Hardin-Simmons Univ.
Howard Payne Univ.
McMurray Univ.
Wayland Baptist Univ.
Vernon College*
$ 7,642
$ 9,242
$ 9,608
$ 9,798
$ 8,088
$ 7,361
$38,320
$29,450
$22,350
$24,600
$25,019
$15,930
$ 2,940
Resident Budget
$19,924
$22,470
$24,612
$26,314
$20,392
$20,099
$54,160
$43,100
$33,886
$33,589
$35,726
$31,430
$13,768
*University of South Alabama out of state cost of attendance is $25,420-$26,920
(Tuition and fees only are $17,220)
Source: www.collegeforalltexans.com
The Student and Family—Income and Savings
 Financial Aid
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Where Does Financial Aid Come
From?
The Federal and State Government
 Colleges and Universities
 The Community
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Cost of Attendance (COA) Resident Budget:
Tuition/Fees, Books/Supplies; Room/Board;
Personal/Transportation
Minus the Expected Family Contribution (EFC)—
(Determined when FAFSA is processed—
amount the student and family are expected
to pay) and other financial aid
Equals Financial Need
COA*
Private
$37,436
Public/State
$21,978
-$3,000
-$3,000
Minus EFC
State 2 year
$15,116
Equals “Financial Need”
$34,436
$18,978
-$3,000
$12,116
*Cost figures are the average cost by sector for Texas
colleges/universities in 2014-15.
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GRANTS– “Gift Aid”—No Repayment
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SCHOLARSHIPS– “Gift Aid”—No Repayment
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WORK-STUDY—Self Help—Hourly Paid
Employment
LOANS—Self Help—Must Be Repaid
 For
PELL GRANTS
students with most exceptional financial
need
 “Foundation” of the financial aid package
 Maximum annual award for 2014-15 is
$5,730. The maximum EFC is 5,157
 Paid,
WORK-STUDY
part-time work, usually 12—20 hours
per week—either on- or off-campus
 Pay comes in the form of a pay check
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PERKINS LOAN
Campus-based, limited funds
Qualifications based on exceptional need
Subsidized; Interest rate—5%
Maximum amount for undergraduates-- $5,500 per
year. Aggregate limit is $60,000, including
graduate level loans.
Some cancellations benefits:
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Full-time teacher in a low income elementary school and other teaching fields
Nurse or medical technician
Full-time law enforcement/corrections officer, or firefighter
Military service in a hostile fire/imminent danger area
And several more areas.
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The largest loan program—Available to all students
Subsidized (need-based) or Unsubsidized (non-needbased)
Range $5,500 ($3,500 Sub. + $2,000 Unsub.) for
dependent students. Up to $9,500 ($3,500 Sub. +
$2,000 Unsub. + an additional $4,000 Unsub.) for
independent students.
Interest rate—Subsidized: 0% while in school; In
repayment, interest will be 4.66% for loans made July 1,
2014 or after. Unsubsidized: 4.66% fixed while in
school and in repayment. Graduate unsubsidized
interest rate is 6.21%.
Repayment—10 years; some cancellation options
Additional repayment options may be available.
 Available
to parents of undergraduate
students; unsubsidized; Interest rate:
7.21% fixed
 May borrow up to cost of attendance, minus
other financial aid
 Repayment begins either 60 days after
second disbursement, or may be deferred
and begin 6 months after student ceases to
be enrolled at least half time.
 Up to 10 years to repay
GRANTS
TEXAS Grant
Texas Public Educational Grant
Tuition Equalization Grant
Texas Educational Opportunity Grant
(Also see “Types of Financial Aid,” “Exemptions” and
“Waivers”)
Adopted students formerly in foster or other
residential care
 Blind/Deaf Student exemption
 Exemption for child of Deployed Member of
the Armed Forces
 Exemption for Highest Ranking High School
Graduate
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Foster Care Students
 Early High School Graduate exemption was
discontinued in the last Legislative session.
 More information is available at:
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www.collegeforalltexans.com
LOANS
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College Access Loans
No demonstrated need
May borrow amount up to cost of attendance, less any other
financial aid
Interest 5.25 fixed for 2014-15
 Must have an acceptable credit score or have a cosigner with
an acceptable score. Acceptable is a minimum of 650
Experian VantageScore will result in a loan with a 5%
origination fee. A score of 651 to 710 is a 3% fee and a score
of 711 qualifies for a 0% fee.
 Texas B-on-Time Student Loan
No demonstrated need; borrow up to $8,000 per year at four
year public and private non-profit institutions; $2,700 at two
year institutions and for public technical institutions $4,700.
May be forgiven if certain requirements are met—GPA, Time,
Credit Hours. (Understand thoroughly “Satisfactory Progress.”)
Awarded
both.
based on need, merit, or
Sources—Businesses,
clubs, civic
groups, high school counselor,
college financial aid office, college
departments, unique programs,
state programs, and the Internet.
Apply for admission to all schools interested
in attending.
 Request Financial Aid Packets from each.
Complete carefully and return.
 Complete and submit the FAFSA.
 Be thorough and accurate; pay attention to
details.
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ALL Federal Aid (and much State and College aid)
based on the FAFSA
 The basis for creating the total financial aid
package
 Can be submitted in via the Web
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Must not be submitted before January 1, 2015
 See www.fafsa4caster.ed.gov
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Provides an early estimate of the amount of federal
student aid; also records data that will be transferred to
the FAFSA when that document is prepared.
The PIN is changing to a new FSA ID
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Serves as your electronic signature and provides access to your
records.
The FSA ID will give access to all federal student/borrower
based websites
The FSA ID will be a user-selected user name and password.
The ID will eliminate the need to enter name, SSN, and DOB to
access most federal student/borrower websites.
Existing PIN users will be able to link their PIN information to
the new ID.
Prepare a Draft
 Web—print a copy of the “FAFSA On The Web Worksheet.”
 If you completed the fafsa4caster, you can import data. All of
your data, except financial data, will import to the FAFSA and
populate those fields for you.
Divorced / Remarried Parent Information
 Parents’ / Stepparents’ Earned Income
 Untaxed Income
 Income Taxes Paid
 Household Size
 Real Estate and Investments
 Net Worth
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Special Circumstances—Elementary /secondary
school tuition fees, unusual medical/dental,
 Expenses—not covered by insurance, job loss
or reduced salary, divorce, death of a parent,
etc.
 Professional Judgment—Administrators can use
discretion when there are unique
circumstances.
Can correct, update and/or make adjustments
to the FAFSA and Student Aid Report.
The student will be asked to provide
documentation.
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If you have questions, contact your counselor or the
financial aid office at the institution you are considering.
It is important to get the answers to your questions
related to the FAFSA and about the aid application
process. Don’t delay, timely completion is important.
Review, Transfer, Send
 Use the IRS Data Transfer to the FAFSA, if possible.
 Sign and submit the FAFSA electronically using your FSA
ID.
 Print and keep copies of your FAFSA. Be sure to complete
all steps. Your submission is not complete until you
receive the confirmation number.
 Remember, never pay for financial aid advice.
Document what the Federal Processor sends
after analyzing the FAFSA (Keep a copy.)
 Paper—Receive in 4—6 weeks; Web: 2—6 days
 Students are strongly urged to complete the
electronic FAFSA
 Can be seen and corrected online with your PIN
 Check carefully for errors
 School(s) you have selected also will receive and
also can make corrections electronically
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At least 1/3 of all applicants are selected. If you are
selected, you will receive instructions from your school
about the additional documents you will need to
provide.
Contact the financial aid office and ask for direction.
Notification of Award
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You will receive notification from the college, advising
of the action to be taken.
You will respond by indicating which and how much of
the aid you will accept. For many schools this is an
electronic notification.
When you enroll, the aid will be credited to your
account.
Beware of financial aid services or scholarship
search services that charge a fee. Never pay
for financial aid advice.
 For help in recognizing and avoiding scams
visit these websites:
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http://www.ftc.gov/bcp/edu/microsites/scholarship/index.shtml
www.finaid.org/scholarships/scams.phtml
www.collegescholarships.org/scam.htm
https://bigfuture.collegeboard.org/pay-for-college/grants-andscholarships/how-to-avoid-financial-aid-scams
https://bigfuture.collegeboard.org/pay-for-college/grants-andscholarships/how-to-spot-scholarship-scams
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www.AIE.org - Adventures in Education has college
planning and financial aid info for counselors,
students, parents, educators. Includes information
on the FAFSA.
www.collegeforalltexans.com - state-specific
information about higher education, financial aid.
Also includes information on federal aid.
www.studentaid.ed.gov/ - federal site on student
financial aid
http://comparecollegetx.com - site is a Texas
Higher Education Coordinating Board site. Includes
comparison information for Texas colleges and
universities.
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www.everychanceeverytexan.org
◦ The site is maintained by the State of Texas Comptroller’s
Office. The site contains a wealth of information related to
higher education, jobs, tuition savings plans, information
on Texas colleges, and much more.
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www.everychanceeverytexan.org/about/scholars/
◦ Minnie Stevens Piper Foundation Compendium of Texas
Colleges and Financial Aid Calendar. This information is
furnished by the Minnie Stevens Piper Foundation for Texas
students. It includes information about admission
requirements for Texas Colleges & Universities,
scholarships, and financial aid.
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Scholarship Experts:
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College Board:
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College Net (Mach25):
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Adventures in Education:
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CareerInfoNet:
http://www.scholarshipexperts.com/
http://apps.collegeboard.org/cbsearch_ss/welcome.jsp
http://www.collegenet.com/mach25/app
http://www.aie.org/Scholarships/index.cfm
http://www.careerinfonet.org/scholarshipsearch/Scholarship
Category.asp?searchtype=category&nodeid=22
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Texas Financial Aid Information Center
 (888) 311-8881
Texas Higher Education Coordinating Board
 (800) 242-3062
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Department of Education
 (800) 433-3243
Apply early for financial aid.
 Re-apply each year.
 Complete all forms neatly and accurately.
 Keep copies of everything you send.
 Read carefully everything you receive from
the college, state, or Federal government.
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Never be hesitant to call the financial aid office
for information or advice.
 If possible, respond early to all deadlines.
 Respond to all requirements of all
applications.
 Understand thoroughly the terms and
responsibilities of all agreements.
 Questions? Call, e-mail, or visit the financial
aid office.
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Main Office: Panhandle-Plains
Management & Servicing Corp;
P.O. Box 839; Canyon, TX 79015
Toll Free: 877-629-3669
Web: www.ppslc.com
Presenter:
Courtney Adams
806-674-2736
[email protected]
Questions?