Deer Park High School Financial Aid 101 AGENDA

Deer Park High School Financial Aid 101

AGENDA • What is financial aid? • What are the types of financial aid? • How do I apply for financial aid? • Where can I get more information? Scholarships and Financial uh. edu/finaid

WHAT IS FINANCIAL AID? • Money from a source other than the family to assist with the cost of attending college or career school • • • Family Federal Government States Colleges Private sources: companies, organizations Scholarships and Financial uh. edu/finaid

FINANCIAL AID MYTHS • College is too expensive • Only the smartest students receive financial aid • Only students with high financial need receive aid • My parents make too much money • The form is too hard to fill out • The FAFSA is only for grants & scholarships • I only have to complete the FAFSA one time • The estimated family contribution number is the amount I will have to pay Scholarships and Financial uh. edu/finaid

TYPES OF FINANCIAL AID • Scholarships: FREE MONEY • Usually awarded based on: • Academic achievements • Interests & career plans • Ethnicity, family background • And/or financial need • Grants: FREE money awarded based on need • Work-Study • Part time jobs for students with financial need • Maybe on campus or off campus • Do not use towards tuition & immediate University payment • Loans-MUST BE PAID BACK • Borrowed $ • Low interest/no interest loans • May need credit worthy cosigner Scholarships and Financial uh. edu/finaid

FSA ID: FSAID. ED. GOV • What is the FSA ID? • Username & password that you must use to log into certain U. S. Department of Education (ED) websites Scholarships and Financial uh. edu/finaid

WHAT IS THE FAFSA? • Free Application for Federal Student Aid • Standard form that collects demographic and financial information about the student & family • Used to determine financial need (EFC=Estimated Financial Contribution) • Used to apply for federal & state student grants, work-student & loans • fafsa. gov Scholarships and Financial uh. edu/finaid

GATHER THE DOCUMENTS YOU NEED • Your driver’s license # (if you have one) • 2018 Tax records • Records of any untaxed income from 2018 • Your FSA ID (to sign your application electronically) • List of colleges you are interested in attending • Your FAFSA information will be sent to these colleges • The college will work to put together a financial aid package for you based on your FAFSA information Optional: Use FAFSA on the Web Worksheet to prepare your answers and get organized Scholarships and Financial uh. edu/finaid

FAFSA. GOV • • Fill it out! Apply on or as soon after October 1 Use 2018 tax information! After taxes are filed, be sure to use the IRS data retrieval tool in the FAFSA • Need help? • 1. 800. 4. FED. AID • Live chat in fafsa. gov • Don’t forget: WATCH FOR THE CONFIRMATION PAGE that says your FAFSA has been submitted, THEN log out Scholarships and Financial uh. edu/finaid

OR MYSTUDENTAID APP Scholarships and Financial uh. edu/finaid

USE THE IRS DATA RETRIEVAL TOOL Scholarships and Financial uh. edu/finaid

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EMAIL CONFIRMATION • Check your email for your FAFSA confirmation • SAR (Student Aid Report) • Double check your information: make sure it is correct! • If you used estimated numbers, and have completed your tax return, complete the IRS data retrieval in the FAFSA • Correct any mistakes & resubmit the FAFSA • Meet all deadlines or your could miss out on aid! Scholarships and Financial uh. edu/finaid

• Instructions to assist Scholarships and Financial uh. edu/finaid

• Some schools will have this electronic! Scholarships and Financial uh. edu/finaid

WHAT HAPPENS NEXT? • Receive an email stating additional information is needed OR your award has been posted • Should see this in early spring 2020 • Schools will always try and give you the best, FREE $ first • Federal & State Grants • Work Study • Federal Loans (student & parent loans) • You must accept/decline each type of aid offered • Set up refund process if you have not already! Scholarships and Financial uh. edu/finaid

FEDERAL STUDENT AID MAXIMUMS FOR 2019 -2020 • Maximum amounts for 2019 -2020: • Federal Pell Grant: $6195 • Direct Loans: $5, 500 • • Subsidized Student loans: zero interest while in school & during periods of deferment Unsubsidized Student loans: interest throughout life of loan No credit check on either loan/no payments while in school Special repayment plans • Federal Work-Study: depends on funds available at school & student’s need • Federal Direct PLUS loan: (for parents) COA minus other aid received • Parents borrow for their student, basic credit check is conducted • Parents may defer payment while student is enrolled in college • Private Education Loans • In student’s name, but would need a credit worthy cosigner • Cosigner release options/anyone can be a cosigner • Rates based on credit Scholarships and Financial uh. edu/finaid

TEXAS AID • $ amounts for these grants will vary per student • • TEXAS Grant (public colleges) TPEG (public colleges) TEOG (community colleges) TEG (private colleges) • ‘Guarantee or Promise’ programs • State exemptions • www. collegeforalltexans. com Scholarships and Financial uh. edu/finaid

PROFESSIONAL JUDGMENT/SPECIAL CIRCUMSTANCES • Is something from your 2018 taxes different from your current situation? • The college financial aid office has paperwork you may submit (with documentation) to request to have these changes made to better reflect your current situation • • • Lost wages/income changes One time lump sums/IRA rollovers Extreme medical bills/payments, not covered by insurance Nursing home expenses not covered by insurance Unusually high child care costs • NOT AN OPTION: • Credit card balances • Vacations • Large mortgage/large car payments Scholarships and Financial uh. edu/finaid

WHERE CAN I GET MORE INFO/HELP? • www. studentaid. gov • Information about aid programs • Links to free scholarship & college searches • 1. 800. 4. FED. AID • Info about aid programs • Help with FAFSA Scholarships and Financial uh. edu/finaid

SOCIAL MEDIA Scholarships and Financial uh. edu/finaid

IMPORTANT RESOURCES • • • www. everychanceeverytexan. org www. finaid. org www. studentaid. gov www. fastweb. com www. mappingyourfuture. org www. collegeboard. org www. planforcollege. com www. nasfaa. org www. projectgradhouston. org www. cafecollegehouston. org www. houstonfafsa. org Scholarships and Financial uh. edu/finaid

QUESTIONS? Chandra Gonzalez Assistant Director, Scholarships & Financial Aid cngonzalez 4@uh. edu Scholarships and Financial uh. edu/finaid