financial aid overview
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Financial Aid Overview. ABC Workshop. What is Financial Aid?. Financial Aid: Funds provided for students to assist in funding their college education Funds are meant to supplement, not replace, family financial resources Not all financial aid is need-based. - PowerPoint PPT PresentationTRANSCRIPT
ABC Workshop
Financial Aid Overview
What is Financial Aid?Financial Aid: Funds provided for
students to assist in funding their college educationFunds are meant to supplement, not replace, family financial resources
Not all financial aid is need-based
Financial Aid consists of the following:Grants ScholarshipsLoansEmployment Opportunities
Estimated Financial Assistance
A school must examine all federal, state, institutional, private, and other sources of educational assistance in determining eligibility for most Title IV Federal Student Aid (FSA). The aid is known as estimated financial assistance (EFA). If other aid will cover a student’s cost of attendance (COA), than the student will not be eligible for most forms of FSA.
How do students qualify?Need-Based Aid
All Estimated Financial Assistance(EFA) will need to fit within the student’s calculated NEED
Federal Need Formula
COA(Cost of Attendance)-EFC(Estimated Family Contribution)_
=Need
Types of Financial AidGift Aid
Funds that may not have to be repaid to sourceIf conditions set by source are not met, funds must be repaid
Includes:Grants: Require completion of the FAFSA
Scholarships: Sought by Student
Types of Financial AidSelf-Help Aid
Funds that are either earned or repaid by studentWork-Study: Earned by workingLoans: Funds that will have to be repaid
Types of Financial AidMerit –Based Aid
Awarded to students in recognition of special skills, talent, and/or academic achievement
Counted in calculation for need-based AidScholarships (sought by student)
InstitutionalPrivate
Some grants
Types of Financial AidOther Resources
Also included as EFA:
AmeriCorps Vouchers State Exemptions Graduate Stipends/Fellowships Employment Tuition Assistance …and many more
Types of Financial AidNon-Need Based Aid
Given to students regardless of financial need however must fit in the students COA; may replace the EFC
COA-All need based aid & EFA(if any)
=Non-Need-Based Aid
Teach Grant Unsubsidized Stafford Loans
PLUS Loans Grad Plus Loans
Private Loans
How do students begin the Financial Aid Process?How does the Department of Education (DOE) and/or accredited institution determine eligibility?
Contact InformationValerie BustillosTarrant County College Financial Aid Specialist
Denise WelchPanola CollegeDirector of Financial Aid