Transcript Document

The College 411
Presented by
Tyler Junior College
Why attend college?
Types of Financial Aid
• Scholarships
• Grants
• Loans
• Employment opportunities
How Do I Apply?
Submit the Free Application for Federal Student Aid (FAFSA)
prior to your school’s deadline at
www.fafsa.ed.gov
What will I need to complete it?
Reservations are
required.
FAFSA Workshops:
February 24
March 26
6:30p.m.
Call (903) 510-2385
How does it work?
Federal Methodology
Federal Methodology is
the formula created by
Congress to determine
the Expected Family
Contribution (EFC).
Calculated by filling out
the FAFSA
EFC is used to:
•Determine eligibility for the Pell Grant
•Determine eligibility for ALL Need Based Aid programs
How does it work?
Definition of Need
COA Defined-
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
direct= tuition, fees, books, on campus
room/board
indirect=personal, transportation, off
campus room/board
= Financial Need
Examples:
$13,838
–
1,000 (EFC)
= $ 12,838
$13,838
–
= $
14,215 (EFC)
0
Need Varies Based on Cost
1
X
2
Y
3
Cost of
Attendance
(Variable)
Z
EFC
EFC
Expected Family
Contribution
Need
(Constant)
(Variable)
TJC
Scholarships
• General Scholarships with various eligibility criteria:
academic, need-based, community leadership,
residency etc
• Performance Grants in performing arts and athletics
which requires a separate application and tryouts
• Presidential
Minimum score = SAT (1070) or ACT (23)
$2000 per year for 2 years
Requires full-time enrollment and 3.3 GPA
• Deans
SAT or ACT required (no minimum score)
$1000 per year for 2 years
Requires full-time enrollment and 3.0 GPA
How to Apply for TJC Scholarships
• Complete TJC Scholarship Application
www.tjc.edu/scholarship
• March 1st (priority deadline)
• Complete FAFSA (need-based scholarships)
• Incomplete applications will not be
considered
Scholarship Contacts
Shelby Brown, Scholarship Coordinator
903-510-2386
[email protected]
Beverly Richmond, Staff Technician
903-510-3234
[email protected]
White Administrative Bldg, 2nd Floor
Outside Funding Sources
• Local organizations (Kiwanis clubs, booster
clubs, churches, etc.)
• Parent’s place of employment
• State funded scholarships (THECB)
• Americorps
• Bureau of Indian Affairs
Scholarship Searches
• The College Board www.collegeboard.com
• Scholarships.com www.scholarships.com
• ScholarshipHunter www.scholarshiphunter.com
• College for Texans www.collegefortexans.com
• FastWeb www.fastweb.com
New Scholarship
• Top 10 Percent Scholarship from THECB
– Texas Resident
– Demonstrate financial need (FAFSA must be received by
the college by April 1st)
– Recommend or Distinguished Achievement HS curriculum
– Rank in top 10% of HS class as of 7th semester (3rd 6 weeks
of Senior year)
– Fulltime enrollment in Texas Public college/university Fall
semester immediately following HS graduation
Federal Grants
Pell
–
–
–
Awarded by EFC
Enrollment status
Max award 08-09 $4731/yr 09-10 ???
SEOG
–
–
Need-Based
Awarded by Institutional Policy
ACG
–
–
–
–
Pell Eligible
Completed Recommended or
Distinguished Achievement High
School Program
st
1 year and 2nd year award
Max $750 and $1,300
Other Federal Grants
– Depends on institutional participation/eligibility
State Grants
TEXAS Grant
TEOG
– Need- Based
– Need- Based
– Recommended or Distinguished Achievement
High School
– Not eligible after Associate Degree earned
– Enrollment status
– Enrollment status
– 08-09 Award Amount @
2Year $1,730/yr
– 09-10 ???
4Year $5,170/yr
Technical Colleges $2,650/yr
Independent Colleges/Univ. $3,331/yr
for renewal only – no initial
LEAP, TPEG, Other
State Grants
• Need-Based
• Awarded according to institutional policy
• Depends on institutional participation/eligibility
– 08-09 Award Amount @
2Year $1,730/yr
– 09-10 ???
4Year $5,170/yr
Technical Colleges $2,650/yr
Independent Colleges/Univ.$3,331/yr
for renewal only – no initial awards
Work-Study
Federal and State
Work Study Programs
– Employment on or off campus
–
–
–
Work less than 18 hours per week
Minimum wage
Need-based award
Stafford Loans
• Available under:
– Federal Family Education Loan Program (FFEL
Program) with funds provided by lender (e.g., bank or
credit union)
– William D. Ford Federal Direct Loan Program (Direct
Loan Program) with funds provided directly by the
federal government
• School determines loan eligibility
and delivers loan proceeds to
the student
Stafford Loans
(Subsidized and Unsubsidized)
• Subsidized Stafford: Must demonstrate “need”
• Unsubsidized Stafford: Need is not a consideration
• Difference between Subsidized and Unsubsidized
SSL-Government pays the interest for in-school period
USL-Student responsible for all interest
• Base annual loan limits (combined subsidized
and unsubsidized)
–
$3,500 for 1st year undergraduates
–
$4,500 for 2nd year undergraduates
–
$5,500 for each remaining undergraduate year
–
$7,500 for each year of graduate/professional study
Eligibility for
Unsubsidized Stafford Loan
• Dependent students
– $2,000 per year
• Additional unsubsidized loan eligibility for
independent undergraduates, graduate students, and
dependent students whose parents are unable to
borrow under the PLUS Program:
– $4,000 per year for first and second years of
undergraduate study
– $5,000 per year for remaining years of undergraduate
study
– $10,000 per year for graduate and professional students
Repayment of Stafford Loans
• Six-month grace period
• Maximum repayment period between
10 and 20 years depending on
repayment plan chosen
• Deferment, forbearance, and
cancellation provisions available
Costs of Borrowing Stafford
Loans
• Fixed interest rate – but changes annually for new
loans
– Subsidized interest rate
7/1/08 - 6/30/09 is 6.00%
7/1/09 - 6/30/10 is 5.60%
– Unsubsidized interest rate is fixed at 6.80%
• Loan fees based on principal amount of each loan:
– FFEL: Up to 1.5% origination fee and 1% default fee
– Direct Loan: Up to 2.5% loan fee
Federal PLUS Loans
(Parent)
•Parent, Adoptive parent, or Step-parent may borrow
•Repayment begins 60 days
after loan is fully disbursed
-deferment provisions available
-only principal deferred, interest
may be capitalized
• Interest Rate: Fixed
7/1/08-6/30/09=8.5%
•Cost of Borrowing: Loan fees
FFEL: Up to 3% origination fee
and 1% insurance premium (not in TX)
Direct Loan: Fixed 4% loan fee
Errors made in completing the
FAFSA and/or supplemental
forms may delay application
processing and result in the
loss of financial aid funds.
Please complete all forms
carefully!
Avoid
Frequent FAFSA Error
•Must have a valid (and
correct) Social Security
Number
Frequent FAFSA Errors
• Divorced/remarried parent information
• Income earned by parents/stepparents and
left blank
• U.S. Taxes Paid (parent)
• U.S. Taxes Paid (student)
• Student/Parent/Spouse Wage information
left blank
• Untaxed income (SSI not reported now)
• Household size
• Number attending college
• Real estate and investment net worth
• Asset information left blank
Frequent FAFSA Errors
Continued
•Missing appropriate
signatures
Send your information to ten schools
• School code for
sending FAFSA
data
• Housing plans
for each school
Avoid Being Scammed
To check the legitimacy of scholarship search
organizations or individuals or for
information about financial aid scams and
tips to avoid being scammed check:
•Better Business Bureau: http://www.bbb.com
•U.S. Department of Education:
http://studentaid.ed.gov/students/publications/lsa/ind
ex.html
•Federal Trade Commission:
www.ftc.gov/bcp/conline/publs/alerts/ouchart.html
How Do You Know Which Offers Are
“Scams” That Should Be Avoided?
• Organizations that say they can help you locate
more aid and then charge you a fee
• Anyone who charges you a fee for information
about financial aid
• If they charge you a fee to complete the Free
Application for Federal Student Aid (FAFSA)
• If they charge a fee to receive financial aid
Misleading Offers to Watch
Out for to Avoid “Scams”
• “The scholarship is guaranteed or your money
back.”
(No one can guarantee your scholarship before it is
awarded.)
• “You can’t get this information anywhere
else.”
(Everyone has access to the same information.)
Other Misleading Offers
• “You are a finalist” for an award you never
applied for.
(If you did not apply, it is not a legitimate offer.)
• “Come to our seminar and we’ll show you
how to get more financial aid. You only have
to pay a small fee.”
(This is a sales pitch. Don’t pay for information that
you can get elsewhere for free.)
Other Misleading Offers
• “We need your credit card information to hold
your scholarship.”
(You should never have to give this information to
legitimate providers.)
• “The scholarship requires a small fee.”
(Never pay a fee to get a scholarship.)
FOTW Worksheet: Step 1
General student information:
•Name/Address/Telephone Number
•Social Security Number
•Date of Birth
•Driver’s license number
•Email Address
•Citizenship
•Marital status
•State and Date of legal residence
•Male or Female/Selective Service registration
status
FOTW Worksheet: Step 1 cont’d
General student information:
•Drug conviction status
•Parents’ educational background
•Student’s educational background
•Receipt of first bachelor’s degree
•Student’s college background and
goals
•Financial Aid Preferences
FOTW Worksheet: Step 2
Financial data for student (and spouse):
• Tax filing status and return type
• If student (and spouse) filed or will file a 1040, was he or she eligible
to file a 1040A or 1040EZ?
• Adjusted gross income (AGI) for 2008
• Income tax paid for 2008
• Exemptions claimed for 2008
• Income earned from work
• Information about student’s veteran’s benefits
– Number of months benefits will be received during the 2009-10
academic year
– Monthly amount
• Asset information for the student (and spouse):
– Cash, savings, and checking
– Net worth of investments
– Net worth of business and investment farms
FOTW Worksheet: Step 2 Cont’d
Student’s 2008 Additional Financial data (and
spouse):
•
•
•
•
•
Education credit
Child support paid
Taxable earnings need-based employment programs
Student grant and scholarship aid reported to the IRS
Combat pay or special combat pay
Student’s 2008 Untaxed Income (and spouse):
•
•
•
•
•
•
•
•
•
Payments to tax deferred pension and savings
IRA deductions
Child support received
Tax exempt interest income
Untaxed portions of IRA distributions
Untaxed portions of pensions
Housing, food, and other living allowances
Other untaxed income not reported elsewhere
Money received or paid on behalf of student/spouse
FOTW Worksheet: Step 3
Student status determination
•
•
•
•
•
•
•
•
Born before Jan. 1, 1986
Married?
Working on Master’s or Doctorate?
Serving on active duty?
Veteran?
Have children that will receive more than ½ support?
Have dependents that will receive more than ½ support?
Since 13, both parents deceased or in foster care or dependent or ward
of the court?
• Court emancipated minor or in legal guardianship
• Unaccompanied youth who was homeless? (school district or
emergency shelter or transitional housing program funded by govt.
must determine)
• Youth who was self supporting and at risk of being homeless.
(determined by director or a runaway or homeless youth basic center or
transitional living program)
FOTW Worksheet: Step 4
Data for parents of dependent students:
•Parents’ marital status
•Date of parents’ marital status
•Social Security Number
•Last name
•Date of birth
•E-mail address (optional)
•State and date of legal residence
•Household size
•Number in college
FOTW Worksheet: Step 4 Cont’d
Financial data for parents of dependent students:
•Did anyone in the parents’ household receive benefits from any of the
federal programs listed?
•Tax filing status and return type
•If parents filed or will file a 1040,
were they eligible to file
a 1040A or 1040EZ?
•Dislocated worker?
•Adjusted Gross Income (AGI) for 2007
•Income tax paid for 2007
•Exemptions claimed for 2007
•Income earned from work
•Asset data for parents of dependent students:
–Cash, savings, and checking
–Net worth of investments
–Net worth of business and investment farms
FOTW Worksheet: Step 4 Cont’d
Parent’s 2008 Additional Financial data:
•
•
•
•
•
Education credit
Child support paid
Taxable earnings need-based employment programs
Student grant and scholarship aid reported to the IRS
Combat pay or special combat pay
Parent’s 2008 Untaxed Income data:
•
•
•
•
•
•
•
•
•
Payments to tax deferred pension and savings
IRA deductions
Child support received
Tax exempt interest income
Untaxed portions of IRA distributions
Untaxed portions of pensions
Housing, food, and other living allowances
Veteran’s non education benefits
Other untaxed income not reported elsewhere
FOTW Worksheet: Step 5
Back to student data for
independent student’s only:
•Household size
•Number in college
•Did student or spouse or anyone
in household receive benefits from
any of the federal programs listed?
•Dislocated worker?
FOTW Worksheet: Step 6
List up to 10 colleges to receive FAFSA data:
Federal School Code for each college
Housing plans for each college
Stay on Track
• Use the following timeline
to keep on track during the
college planning process
(The following information
is from FSA High School
Counselors website at
http://www.fsa4counselors
.ed.gov/clcf/main.html)
Prior to Senior Year
• Maintain the best grades that you possibly can.
You should be doing 2 hours of homework each night and
participating in study groups if available.
• Participate in extracurricular activities
Junior Year
• In October-take the PSAT
• Make a list of all colleges that you are interested in attending.
• In the Spring semester-begin taking campus tours of the colleges on
your list and take the SAT (March) or ACT (April)
• Summer between Junior and Senior year-write an essay to use for
scholarship and admissions applications.
Senior Year Timeline
September
•
Check your high school transcript to make sure you have all the credits you
need to get into your college(s) of choice.
•
Register for October/November SAT and ACT tests.
•
Take another look at your list of colleges, and make sure that they still satisfy
your requirements. Add and/or remove colleges as necessary.
•
Make sure you meet the requirements (including any transcript requirements)
for all the colleges to which you want to apply. Double-check the deadlines
•
Give any recommendation forms to the appropriate teachers or counselors with
stamped, college-addressed, envelopes making certain that your portion of the
forms are filled out completely and accurately.
•
Most early decision applications are due between October 1 and November 1.
Remember to request that your high school send your official transcripts to the
college to which you are applying to meet this timeframe.
Senior Year Timeline
October:
• Make a final list of schools that interest you and keep a file of
deadlines and required admission items for each school.
• Take SAT and/or ACT tests. Have the official scores sent by the testing
agency to the colleges/universities that have made your final list of
schools. Register for December or January SAT Reasoning Test and/or
SAT Subject Test, if necessary.
• Continue thinking about and beginning writing (if you have not
already started) any essays to be included with your applications.
November
• Submit your college at https://studentaid2.ed.gov/apply/ or in Texas at
www.applytexas.org
Senior Year Timeline
December
• Early decision replies usually arrive between December 1st and
December 31st.
• If you haven't already done so, make sure your official test scores are
being sent to the colleges to which you are applying.
• Schedule any remaining required interviews.
Senior Year Timeline
January
• Submit the Free Application for Federal Student Aid (FAFSA) on or
soon as possible after January 1st. Contact the Financial Aid Office or
check their website to see if you need to complete additional financial
aid forms and check into other financial aid options. In order to be
considered for financial aid, you'll need to submit these forms even if
you haven't yet been notified of your acceptance to the college(s) to
which you applied.
Complete the form at www.fafsa.ed.gov . Or complete a paper FAFSA.
Make sure your parents have completed their income tax forms in
anticipation of the financial aid applications. If they haven't completed
their taxes, providing estimated figures is acceptable
• Request that your high school send your official transcripts to the
colleges to which you are applying.
• Contact the admissions office of the college(s) to which you have
applied to make sure that your information has been received, and that
they have everything they need from you.
Senior Year Timeline
February
• If you completed the FAFSA, you should receive your Student Aid
Report (SAR) within four weeks if you applied via paper. If you
applied on-line, you can receive results via e-mail within 3 to 5 days
after electronic submission. If corrections are needed, correct and
return it to the FAFSA processor promptly
• Complete your scholarship applications
• Contact the financial aid office of the college(s) to which you have
applied to make sure that your information has been received, and that
they have everything they need from you.
Senior Year Timeline
March/April
• If you haven't received an acceptance letter from the college (s) to
which you applied, contact the admissions office
• Compare your acceptance letters, financial aid and scholarship offers
and choose your college.
When you choose a college that has accepted you, you may be
required to pay a nonrefundable deposit for freshman tuition (this
should ensure your place in the entering freshman class).
Senior Year Timeline
May
• Take Advanced Placement (AP) exams for any AP subjects you studied
in high school.
• You should make a decision by May 1st as to which college you will
be attending and notify the school by mailing your commitment
deposit check. Many schools require that your notification letter be
postmarked by this date.
If you were placed on a waiting list for a particular college, and
have decided to wait for an opening, contact that college and let
them know you are still very interested.
Senior Year Timeline
June
• Have your school send your final transcripts to the college which you
will be attending
• Contact your college to determine when fees for tuition, room and
board are due and how much they will be.
Summer After Senior Year
• Participate in any summer orientation programs for incoming
freshmen.
• Now that you know you will be attending college in the fall, it is a
good idea to evaluate whether to get student health insurance in case of
any unforeseen emergencies or whether your family's insurance
coverage is sufficient.
• Save money from your summer job and set up a checking or savings
account for school. (Buy the things you will need for college
gradually.)
Thanks for your attention!
Good Luck!
Any questions?
The Financial Aid Office Staff:
Rosa Bradford
Cindy Dorries
Kimberly Cathey
Tammy Minton
Molly Williams
Laura Stevens
Casey Wells
Devon Wiggins
Sara Wilkerson
Contact Information
Financial Aid Office: 510-2385
Web:finaid.tjc.edu Email: [email protected]