UNDERSTANDING COLLEGE COSTS

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2 UNDERSTANDING COLLEGE COSTS 2 YEAR COLLEGE TUITION FEES HOUSING AND MEALS BOOKS AND SUPPLIES PERSONAL EXPENSES 4 YEAR UNIVERSITY TUITION INCREASES FROM HIGHER COST PER CREDIT HOUR INCREASE IN FEES ON CAMPUS HOUSING OPTIONS AND MEAL PLANS

3 BOOKS AND SUPPLIES PERSONAL EXPENSES FIGURING OUT THE RIGHT PLAN WHERE THE MONEY GOES?

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5 COLLEGE COSTS CONTINUED

6 CHOOSING THE RIGHT SCHOOL WHAT S FINANCIAL AID? MONEY USED TO HELP YOU PAY FOR COLLEGE COMES IN THE FORM OF GRANTS, WORK PROGRAMS, STUDENT LOANS AND SCHOLARSHIPS

7 ALL STUDENTS ARE ELIGIBLE FOR SOME TYPE OF FINANCIAL ASSISTANCE FOR COLLEGE APPLY FOR THIS MONEY EVERY YEAR YOU NEED FINANCIAL AID FOR EDUCATIONAL EXPENSES COMPLETING THE FAFSA IS YOUR FIRST STEP TO APPLYING FOR FINANCIAL AID FAFSA

8 NEW REGULATIONS FOR THE FAFSA STARTING IN THE ACADEMIC YEAR: THE FAFSA WILL BECOME AVAILABLE FOR COMPLETION IN OCTOBER, RATHER THAN JANUARY GOING FORWARD. STUDENTS AND PARENTS WILL BE ABLE TO COMPLETE THE FAFSA USING TAX INFORMATION FROM TWO YEARS PRIOR VERSUS THE PRIOR YEAR. THE CHANGES WILL ALLOW STUDENTS TO APPLY FOR AID MUCH EARLIER AND MAY RECEIVE NOTIFICATION FROM SCHOOLS SOONER ON THE FINANCIAL ASSISTANCE THEY COULD RECEIVE.

9 FINANCIAL AID: HOW TO APPLY FREE APPLICATION FOR STUDENT AID WHAT S NEEDED? YOU AND YOUR PARENTS SOCIAL SECURITY NUMBER OR ALIEN REGISTRATION NUMBER *IF YOU ARE DEPENDENT* YOU AND YOUR PARENTS MOST RECENT TAX INFORMATION *IF YOU ARE DEPENDENT* A FSA ID CREATED BY YOU AND YOUR PARENT *IF YOU ARE A DEPENDENT STUDENT*

10 CREATING FSA ID

11 LOGIN

12 STUDENT DEMOGRAPHICS USE YOUR FULL NAME AS SHOWN ON YOUR SOCIAL SECURITY CARD ENTER YOUR MARITAL STATUS AS OF THE DAY YOU SUBMIT YOUR FAFSA HELP AND HINTS SUGGESTION BOXES ARE PROVIDED FOR ASSISTANCE

13 SELECTIVE SERVICE EIGHTEEN YEAR OLD MALES MUST REGISTER WITH SELECTIVE SERVICE IN ORDER TO RECEIVE FINANCIAL AID YOU CAN ELECT TO REGISTER HERE ON YOUR FAFSA

14 STUDENT ELIGIBILITY Search for high school by name, city or state If you have a high school diploma, you must include the school from which you graduated

15 SCHOOL SELECTION You can send your FAFSA to 10 different colleges

16 You can search for colleges by name, city or state or the Federal School Code HOUSING

17 Provide Housing Plans for each school you ve chosen to receive your FAFSA results Your options: o On campus o Off campus o With parents DEPENDENT OR INDEPENDENT?

18 Your answers to these questions will determine your dependency status If you re unable to answer YES to one of these questions, you ll be considered a Dependent Student

19 DEPENDENT VS INDEPENDENT BORN BEFORE JAN. 1, 1994 FOSTER CARE PAST AGE 13 VETERAN DEPENDENT/WARD OF COURT ACTIVE DUTY - MILITARY PAST AGE 13 MARRIED EMANCIPATED MINOR CHILDREN OR OTHER DEPENDENTS HOMELESS OR AT RISK OF BOTH PARENTS DECEASED HOMELESSNESS

20 GRADUATE STUDENT If the answer to all is NO they re Dependent If the answer to ANY is YES they re Independent

21 RESULTS Please note: If you re a dependent student and unable to provide parental information, indicate that here. It s highly recommended that you speak to the Financial Aid office at the college(s) you ll attend however. Most schools have specific procedures they follow to handle this question.

22 SPECIAL CIRCUMSTANCES (CONTINUED)

23 SPECIAL CIRCUMSTANCES STUDENTS THAT DO NOT HAVE A SPECIAL CIRCUMSTANCE AND ARE UNABLE TO PROVIDE PARENTAL INFORMATION TYPICALLY QUALIFY FOR THE UNSUBSIDIZED STUDENT LOAN ONLY.

24 PARENTAL INFORMATION WHO S THE PARENT? STUDENT S BIOLOGICAL AND/OR ADOPTIVE PARENTS, OR A PERSON THAT THE STATE HAS DETERMINED TO BE A STUDENT S PARENT, ARE CONSIDERED HIS OR HER LEGAL PARENTS. GRANDPARENTS, FOSTER PARENTS, LEGAL GUARDIANS, OLDER BROTHERS OR SISTERS, AND AUNTS AND UNCLES ARE NOT CONSIDERED PARENTS UNLESS THEY HAVE LEGALLY ADOPTED THE STUDENT. REPORTING PARENT If your parents (biological and/or adoptive) are legally separated or divorced Use information about the parent you lived with most during the last 12 months If you lived with both parents equally Use information for the parent who provided you the most financial support in the last 12 months If your divorced parent is remarried Use information for your parent and step-parent Students must report information for both biological or adoptive parents if they are unmarried, but living together

25 PARENT DEMOGRAPHICS Parent will enter first initial and last name as shown on their Social Security card Name and date of birth will be verified with the Social Security Administration

26 Click the Household Size link to learn who can be included DEFINING THE HOUSEHOLD INCLUDE: STUDENT S PARENTS, OR PARENT AND STEPPARENT, BASED ON THEIR MARITAL STATUS STUDENT, EVEN IF HE OR SHE DOES NOT LIVE WITH PARENTS PARENTS OTHER CHILDREN IF: PARENTS WILL PROVIDE MORE THAN HALF OF THEIR SUPPORT FROM JULY 1, 2016 THROUGH JUNE 30, 2017 OR THESE CHILDREN CAN ANSWER NO TO EVERY DEPENDENCY STATUS QUESTION ON THE FAFSA OTHER PEOPLE: IF THEY NOW LIVE WITH THE PARENTS

27 PARENTS PROVIDE MORE THAN HALF OF THEIR SUPPORT, AND PARENTS WILL CONTINUE TO PROVIDE MORE THAN HALF OF THEIR SUPPORT FROM JULY 1, 2016 THROUGH JUNE 30, 2017

28 PARENT INCOME

29 Parent can choose a tax filing status: o Already completed o Will file o Not going to file If parent Already completed the taxes, they re given the option to manually enter the tax figures or download the info from the IRS.

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31 IRS DATA RETRIEVAL TOOL IRS can send tax data online directly to your FAFSA Participation is voluntary

32 Reduces documents requested by financial aid office

33 PARENT INCOME

34 Adjusted Gross Income Income Earned from Work Federal Benefits Programs Income Tax Exemptions Education credits Child support paid Combat pay Untaxed Income o Child Support Received o Housing, food, living allowances o Tax exempt interest o Payments to tax-deferred pension and retirement savings plans o Veterans non-education benefits

35 STUDENT INCOME

36 Students are also asked to provide the

37 type of tax return they filed as well as their income earned and taxes paid SIGN AND SUBMIT Review or print a copy of your FAFSA answers here

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39 necessary changes now before submitting your application Student and Parent enter their FSA ID to electronically sign the FAFSA CONFIRMATION PAGE

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41 Confirmation page provides an estimate of your eligibility for the Pell Grant and student loans It also provides your Expected Family Contribution (EFC) DETERMINING FINANCIAL NEED COST OF ATTENDANCE ( COA) AN ESTIMATE OF THE TOTAL EDUCATIONAL EXPENSES FOR A SPECIFIC ENROLLMENT PERIOD COA INCLUDES: TUITION & FEES

42 ROOM & BOARD BOOKS & SUPPLIES TRANSPORTATION PERSONAL EXPENSES COA VARIES WIDELY FROM COLLEGE TO COLLEGE EXPECTED FAMILY CONTRIBUTION AMOUNT FAMILY CAN REASONABLY BE EXPECTED TO CONTRIBUTE STAYS THE SAME REGARDLESS OF COLLEGE TWO COMPONENTS PARENT CONTRIBUTION STUDENT CONTRIBUTION CALCULATED USING DATA FROM A FEDERAL APPLICATION FORM AND A FEDERAL FORMULA

43 Cost of Attendance Expected Family Contribution= Financial Need AFTER FAFSA SUBMISSION YOU WILL BE NOTIFIED WHEN YOUR FAFSA IS PROCESSED YOUR FAFSA INFORMATION WILL BE MADE AVAILABLE TO YOUR SCHOOL(S), AND THEY WILL USE IT TO DETERMINE THE AID YOU MAY BE ELIGIBLE TO RECEIVE YOUR SCHOOL(S) WILL CONTACT YOU IF THEY NEED MORE INFORMATION OR WHEN THEY ARE READY TO DISCUSS YOUR FINANCIAL AID AWARD IF YOU HAVE QUESTIONS ABOUT YOUR FINANCIAL AID AWARD, CONTACT

44 YOUR SCHOOL(S) MAKING CORRECTIONS IF NECESSARY, CORRECTIONS TO THE FAFSA MAY BE MADE BY: ACCESSING YOUR FAFSA INFORMATION AT IF STUDENT HAS AN FSA ID; SUBMITTING DOCUMENTATION TO THE COLLEGE S FINANCIAL AID OFFICE

45 TASFA AN APPLICATION USED BY FINANCIAL AID ADMINISTRATORS AT MOST TEXAS COLLEGES AND UNIVERSITIES TO DETERMINE AN UNDOCUMENTED STUDENT S ELIGIBILITY FOR STATE OR INSTITUTIONAL FINANCIAL AID. Graduated or will graduate from a Texas high school or received GED certificate in Texas Lived in Texas for three years leading up to graduation from high school or receiving GED Lived or will have lived in Texas for the 12 months prior to starting college Student who will Sign affidavit stating student has filed or will file an application to become a permanent resident at the earliest opportunity (School will provide Paper Application

46 ADDITIONAL RESOURCES STUDENTAID.ED.GOV COLLEGEFORALLTEXANS.COM STARTWITHFAFSA.ORG

47 THANK YOU! DANA WILLIAMS FINANCIAL COACH DOMINIQUE BROWN FINANCIAL COACH