Quick Guide to College Financial Aid

8/13/2019 Quick Guide to College Financial Aid

1/14

PARENTS (duhlovethem!)

Government Financial Aid (andgrants)

Student Loans [lower interest

rates]

Work-Study

Scholarships [need-based and

merit]


2/14


3/14

WWW.FAFSA.ED.GOV


4/14

WHAT IS FAFSA USED FOR AND WHY IS IT SO

IMPORTANT FOR GETTING MONEY?

First step toward getting federal aid

Formula sheet for government

Determines if you qualify for money!

States and colleges will use FAFSA to determine eligibility for

state and school aid

Expected Family Contribution (EFC) What you have to pay from out of pocket

EVERYONE should fill out! No excuses!


5/14

WHAT YOU NEED TO FILL OUT IN THE FAFSA

Social Security numbers of parents and yourself

Most recent income tax forms and miscellaneous assets(investments, etc.)

Tell your parents ahead of time so they can get all thesedocuments ready!

IRS Data Retrieval Tool allows applicants who have already filed

their federal income tax returns to prefill answers to somequestions


6/14


7/14

DEADLINES:

FAFSA database opens up JANUARY 1st

University deadline for FAFSA: MARCH

1ST

FAFSA deadline (Texas): JUNE 30TH

GET IT DONE AHEAD OF TIME!!!!


8/14

UNIVERSITY NEED-BASED FINANCIAL AID

Many universities (like Rice) guarantee that they will meet

100% of your demonstrated financial need! Honor the Expected Family Contribution (EFC)

File the CSS/Financial Aid Profile on College Board and

IDOC

Just like FAFSA, but makes you pay small fee

Required to complete at Rice

Physical copies of tax forms and other documentation getssent to them


9/14

3 MAJOR TYPES OF FEDERAL STUDENT AID:

1.Work-study

2.Grants

3.Loans

ALL REQUIRE THE FAFSA!!

Make sure you take time to explore all the possible

opportunities for financial aid ahead of time!


10/14

WORK-STUDY PROGRAM:

Depends on two factors:1. Funding levels of the school (how much $$$ they got)

2. Your level of financial aid need (how much $$$ you need)

NOTE: You must consent to work-study consideration on

FAFSA application prior to eligibility.


11/14

WORK-STUDY PROGRAM WHAT IS IT?

Federally funded program

Allows students to gain some income in order

to pay towards college related expenses

Also lets you gain real-work experience at

different levels

Opens connections with faculty and staff


12/14

GENERAL REQUIREMENTS FOR WORK-STUDY

PROGRAM:

U.S. citizen or resident

High school diploma or equivalent

Must maintain particular GPA throughout allfour years to keep job (usually pretty low)


13/14

GRANTS:

Another form of need-based scholarships

You dont have to pay back! Free moneyyay! Several common Federal Grants offered by government

are Federal Pell Grant, SMART Grant, Academic

Competitiveness Grant (ACG), and many others

JUST FILE FAFSA AND WAIT


14/14

LOANS:

TuitionScholarshipsGrantsparents = LOANS!

Borrow sums of money with or without interest rate

Subsidized and unsubsidized

Through federal government, universities, or private

corporations

Paired with university representative to assist you inapplying for loans

Know what youre getting into, and ask lots of

questions!!!

DONT BORROW MORE THAN YOU NEED

Documents

Quick Guide to College Financial Aid