FROM HERE, IT S POSSIBLE.

Transcription

1 FROM HERE, IT S POSSIBLE. Scholarships & Financial Aid

2 FINANCIAL AID Education Financing FOUR OPPORTUNITIES Opportunity 1: SCHOLARSHIPS Free aid based on student achievement (I.e. grades, activities, service, work, etc.) Examples: University/College, community, corporate, etc. Opportunity 2: GRANTS Free aid based on a student s need by filling out the FAFSA application Examples: Federal Pell Grant, Federal Supplemental Opportunity Grant, TEXAS Grant, etc. Opportunity 3: WORK STUDY Provides employment for undergraduate and graduate students with financial need Funds through this program are to assist the student with educational costs Opportunity 4: LOANS Money that is typically paid back after a student finishes school. Most loans will have a 6-9 month grace period after graduation before payments begin Subsidized Loans vs. Unsubsidized Loans

3 SCHOLARSHIPS Merit-Based Based on Class Ranking (top 10%) and qualifying ACT or SAT scores No application required University Administered by Student Financial Aid Application through Apply Texas application Watch for Deadlines College/Departments Available on department websites Application through Apply Texas application

4 FINANCIAL AID Definitions FAFSA UNDERSTANDING THE LANGUAGE An application for students seeking federal and state financial assistance. The application collects household and income information to determine a family s financial strength to assist in the payment of costs associated with postsecondary education. Free Application for Federal Student Aid Cost of Attendance (COA) An average estimation of the costs a student may incur while attending a postsecondary institution. Costs include Tuition/fees, room/board, books/supplies, transportation, and other miscellaneous expenses Estimated Family Contribution (EFC) The calculated outcome of the information provided on the Free Application for Federal Student Aid (FAFSA). The calculation is approved by Congress Takes into Account: Income, Assets, Employment Benefits, Family Size, Number of Family Members in College Financial Need = (COA EFC) The difference between the Cost of Attendance (COA) and the student s Expected Family Contribution (EFC)

5 FINANCIAL AID AND COST OF ATTENDANCE Texas Tech University Texas Tech University Texas Resident Cost of Attendance Loan fees Study abroad costs Tuition/Fees $7083 Dependent care expenses Room and Board $7210 Books $ 845 Transportation $1436 Personal Expenses $1890 TOTAL $18,464 Expenses related to a disability Expenses for cooperative education program

6 FINANCIAL AID Qualifications FINANCIAL AID GUARANTEE Entering Freshmen Students starting Fall 2011 Texas Residents Students must apply and be accepted for admission to Texas Tech and complete the financial aid application process by May 1 for consideration Must be enrolled full-time each semester Have a family AGI of $40,000 or below

7 FINANCIAL AID Things to Remember Things to Remember FAFSA Each school has a school code: (TTU ) FAFSA must be renewed each year Two forms of application: Paper Applications Electronic Application (preferred) You must register for a pin at Student and One parent Activate pin once received

8 FROM HERE, IT S POSSIBLE. Financial Aid After Completion

9 FINANCIAL AID STUDENT AID REPORT SAR Your SAR contains the information that you reported on the completed FAFSA. It usually includes your EFC (expected family contribution) The EFC on the SAR is located on the 1 st page Upper left hand or right hand corner Review your SAR information and make corrections and/or changes, if necessary. Universities selected by the student will be listed on the FAFSA. Each school will receive an electronic copy of your SAR. Each school will review your SAR and determine your eligibility.

10 FINANCIAL AID Student Name: Red Last Name: Raider Cost of Attendance (COA) $18,464 Expected Family Contribution (EFC) - 3,800 Financial Need $14,664 SAMPLE ONLY

11 FINANCIAL AID SAMPLE PACKAGE Federal Pell Grant $5,500 Merit Based Scholarship $1,500 TEXAS Grant $6,080 Federal Work Study Federal Stafford Loan (subsidized) $500 $284 Federal Stafford Loan (unsubsidized) Total Aid Offered $474 $14,664 Unmet Need $0 SAMPLE ONLY Sample package is ONLY an example. It does not prove that if students meet the conditions outlined above, their package will be the same. Each student s file is reviewed to meet their needs as defined by the federal government.

12 ADDITIONAL SCHOLARSHIP INFORMATION Private Scholarship Searches:

13 FINANCIAL AID OTHER HELPFUL RESOURCES FAFSA Forecaster: FAFSA4caster CollegeforAllTexans.com University Scholarships and Financial Aid Websites Your University Representative Collegeboard.com

14 CONTACT US Texas Tech University Regional Center 8588 Katy Freeway, Suite 350 Houston, Texas