robert vela high school t he l egacy of e xcellence c ontinues. provided by: robert vela high school...
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Financial Aid: 2014
Robert Vela High SchoolTHE LEGACY OF EXCELLENCE
CONTINUES.
Provided by:Robert Vela High School
Financial Aid Office
Applying for Financial Aid – Getting Started!
January 30, 2014
Presented by:
The University of Texas Pan AmericanSouth Texas College
RVHS PARENT FAFSA ORIENTATION
What is the FAFSA? Free Application for Federal Student Aid
• Free online government application can be used for universities and colleges nation wide.
• Used to apply for Grants, Work Study and Loans
• Funds are awarded to HS graduates upon registration of courses
• Seniors 2013 will complete FAFSA on Monday, February 18th, FAFSA Night at the RVHS Library & Computer Labs
www.fafsa.gov
Log onto www.pin.ed.gov
Your Pin # will serve as your SIGNATURE on the FAFSA Application.
PARENTS & STUDENTS WILL BOTH NEED A SIGNATURE PIN # TO SIGN THE FAFSA
Before we begin, have you applied for your FEDERAL PIN Number#?
Step 1: Complete the FAFSA
By appointment (please call K. De La Garza at 289-2650 Ext. 6448 or 6481).
FAFSA Night 2013 (Tuesday, February 18, 2014) Income Tax forms and W-2s are required, unless you do NOT file income taxes.
Step 2: Student Aid Report
Step 3: Verification Form or Award Letter
FAFSA PROCESS – Part 1
You want to complete the Free Application for Federal Student Aid (FAFSA) by visiting www.fafsa.gov
You must complete a new application for each academic year.
1 Academic Year = Fall, Spring & Summer I or Summer II semesters.
To complete this, you will need your income tax returns for 2013.
FAFSA PROCESS #1: Beginning the Application Process
2013 Federal Income Tax Forms IRS Data Retrieval System tool in the FAFSA If not using IRS DRS, you will need to request IRS Tax Return Transcript at
www.irs.gov 2013 W-2 FormsChild Support paid or receivedSocial Security/Alien Registration NumbersDates of Birth for parentsMarital Status Dates (Divorced, Widowed, etc.) Balance of cash, checking, and savings accountsOther financial documents
DOCUMENTS NEEDED on Feb. 18th to complete FAFSA at RVHS:
INDEPENDENT status only and if: You are 24 years of age, or You are working on a master’s or doctorate program You’re are married, or You have children whom you provide more than
50% support for, or You have dependents other than your children or
spouse, or Both parents are deceased or you are a
ward/dependent of the court, or You are currently serving on active duty for purposes
other than training in the U.S. Armed Forces, or You are a Veteran of the U.S. Armed Forces.
Dependency Status
IF your filing status is...AND at the end of 2012 you were...*
THEN file a return if your gross income was at least...**
SINGLEunder 65 $9,750
65 or older $11,200
HEAD OF HOUSEHOLDunder 65 $12,500
65 or older $13,950
MARRIED, FILING JOINTLY under 65 (both spouses) $19,500
65 or older (one spouse) $20,650
65 or older (both spouses) $21,800
MARRIED, FILING SEPERATELY any age $3,800
WIDOW(ER) WITH DEPENDENT under 65 $15,700
65 or older $16,850
Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). Do not include any social security benefits unless (a) you are married filing a separate return and you lived with your spouse at any time during 2012 or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly). If (a) or (b) applies, see the Form 1040 instructions to figure the taxable part of social security benefits you must include in gross income. Gross income includes gains, but not losses, reported on Form 8949 or Schedule D. Gross income from a business means, for example, the amount on Schedule C, line 7, or Schedule F, line 9. But in figuring gross income, do not reduce your income by any losses, including any loss on Schedule C, line 7, or Schedule F, line 9.
*** If you did not live with your spouse at the end of 2012 (or on the date your spouse died) and your gross income was at least $3,800, you must file a return regardless of your age.
Who Must File an Income Tax? Info. available at www.irs.gov
FAFSA for students beginning college Summer 2014◦ Available now!◦ What do you need?
Your and your parent’s 2012 W-2 forms Your and your parent’s 2012 income tax returns
◦ Deadline: As soon as possible FAFSA for students beginning college Fall
2014◦ Available January 1, 2014◦ What do you need?
Your and your parent’s 2013 W-2 forms Your and your parent’s 2013 income tax returns
◦Priority Deadline - February 28, 2014
DOCUMENTS NEEDED:
LINKING YOUR INCOME TAX TO THE IRS is part of the FAFSA process
• Order your Tax Return
Transcript online at
www.irs.gov
•Or print form 4506-T under
“Forms and Pubs”
• Available two weeks after
your income tax forms have
been submitted to IRS
Linking to the IRS (cont.)• This is located on the FAFSA Application!!!!!!
• You can LINK to the IRS to have them directly transfer your information 2-3 weeks after you filed your income taxes by going back to your FAFSA to make corrections and click on “link to IRS” electronically.
• You must have EXACT matching information.
Step 2: Student Aid Report This is a Summary of information submitted on
FAFSA. SAVE THIS ! Review this to make sure that all information is
correct! If not, go back to FAFSA & make your corrections at www.fafsa.gov
You will receive this in your e-mail 3-4 days after submitting FAFSA.
All information should be submitted electronically. (Avoid Mail to expedite the process,
unless a non-resident of the U.S.)
Step #2: Student Aid Report (SAR)
Universities may require a verification form. Requirements differ between universities. (bring letter to the Financial Aid Office).
Award letter sent to student ONLY if you have been accepted by that university!
Step 3: Verification Form or Award Letter
Financial Aid EFC Code = 0 (Qualifies for Pell Grant)Financial Aid EFC Code = 9999 (Eliminated from Grants)Asterisk next to the EFC = Selected for Verification
Cost of Education – Estimated Contribution = Financial Aid Needed
$16,000 - $6,500 = $9,500
Financial Aid Award may consist of:Grants
Work/StudyLoans
Financial Aid EFC
Types of Financial Aid
When Applying with FAFSA:A. Grants
FREE Money
B. Work/Study ProgramPart-time job
C. LoansMoney you have to pay back
Federal Grants:◦ Pell Grant = EFC = 0◦ Federal Supplemental Educational Opportunity Grant
(FSEOG)◦ Federal Work-Study◦ Hazelwood for Veterans or dependents.
State Grants:◦ Towards Excellence, Access and Success Grant (Texas
Grant) – Must graduate Distinguished / Recommended◦ Texas Educational Opportunity Grant (TEOG)◦ Texas Public Education Grant (TPEG)
◦ Students who are non-residents are eligible for state aid**This is a legislative year, so amounts are yet
undetermined.
Types of GRANTS: Based on need
Work Study Program
Work-study program is a part-time job to help student make extra money
Jobs on and off-campus
Earn money and gain experience
Flexible work schedules
If your student qualifies for the Work/Study program, please encourage them to take advantage of the opportunity!
Statistics show that college students who work 10-14 hours a week have better GPAs.
“Be a student worker – not a working student”
Types of Student Loans /Federal & Institutional Loans
Loans can be borrowed for college BUT must be paid back
Federal Direct Stafford Loan – Rates 3.4% currently◦ Student Loans: No credit check because of new credit
Subsidized – No Interest while in school Unsubsidized – Interest accruing while in school
Perkins Loan – Institution loans◦ Student Loan
Direct Parent Plus Loans – Rates 7.9% currently Need credit check on parent’s information
B-On-Time Loan program – hhloans.com – Contingent upon funding.
A STUDENT IS NEVER OBLIGATED TO TAKE THE ENTIRE AMOUNT!
Scholarships Top 10% Scholarship - Eligible for $2,000 if
legislature votes on this because it is a legislative year
Institutional Scholarships – Will begin awarding
Valedictorian Scholarship – 100% Tuition Pd.
Private scholarships – VAMOS , STARS, Housing Scholarship
Lists are available monthly at our office & RVHS Financial Aid Website
DON’T FORGET ABOUT SCHOLARSHIPS!!!!!!
BEWARE OF SCAMSDo NOT attend meeting or give them credit card number or money!
Reviewing the Financial Aid Process
1. Family completes FAFSA2. FAFSA sent to processor3. Processor sends data to up to ten schools as reported on
the FAFSA4. Each school evaluates application and creates an award
package5. Award letter sent to student6. Student returns award letter to school7. School concludes award processing8. University financial aid office pays bills and produces
checks
PRIORITY FAFSA FILING: FEB. 28, 2014
RSVP FOR THE RVHS FAFSA EVENT
Tuesday, February 18, 2014 Robert Vela H.S. LIBRARY & Computer Labs 6:00-8:00pm Bring all necessary documents.
FAFSA Days8:00 a.m.- 4:00 p.m.
Available in the Financial Aid Office*By appointment
Thank you!
Questions?
Kristy De La GarzaFinancial Aid Officer
[email protected] ext. 6448
Robert Vela High School
956-289-2650
Erica AlvarezFinancial Aid [email protected]