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WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID

Sara Metz

Assistant Director of Financial Aid Counseling

University of Texas at Dallas

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OVERVIEW

What is financial aid?

Cost of attendance (COA)

Student Aid Index (SAI)

Financial need

Categories, types, and sources of financial aid

Free Application for Federal Student Aid (FAFSA^®)

Texas Application for State Financial Aid (TASFA)

Unusual circumstances

FINANCIAL AID

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What Is Financial Aid?

Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses.

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What Is Cost of Attendance (COA)?

Tuition and fees

Housing and food

Books and supplies

Transportation

Miscellaneous and personal expenses

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Number resulting from the evaluation of a student’s (and family’s) approximate financial resources for a student’s postsecondary education

What Is Student Aid Index (SAI)

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Cost of attendance (COA) – Student Aid Index (SAI) = Financial need

What Is Financial Need?

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TYPES OF FINANCIAL AID

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Sources of Financial Aid

Federal Government

States

College and Universities

Private Sources

Employers

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Federal Government

Largest source of financial aid

Aid provided primarily based on financial need

Must apply each year using the FAFSA

Eligibility requirements must be met

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Federal Student Aid Programs

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Teacher Education Assistance for College and Higher Education (TEACH) Grant

Federal Work-Study (FWS)

Federal Direct Student Loans (Direct Loans)

Federal PLUS Loans

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Texas State Aid

Residency requirements apply

Award aid on the basis of need

Use information from the FAFSA or the Texas Application for State Financial Aid (TASFA)

Priority deadline is March 15, 2024 – for this year only

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TASFA

Usually accepted by public colleges in Texas
Students are not eligible to complete the FAFSA, but are considered to be a resident of TEXAS.
Not in addition to the FAFSA, but instead of the FAFSA
Documentation of income is required (a copy of a federal income tax return transcript from the IRS)
Paper application is available at www.collegeforalltexans.com
Online application is available at https://www.highered.texas.gov/our-work/empowering-our-students/tasfa/

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Towards EXcellence, Access and Success Grant (TEXAS Grant)

Public four-year colleges and universities in Texas
Residents of Texas
Based on need
Pays tuition and mandatory fees using a combination of federal, institutional and state grants
Does not have to be repaid
Is valid for four years of college, so long as eligibility criteria are met.

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Colleges and Universities

Aid provided on the basis of both merit and need

Aid may be gift aid or self-help aid

Use information from the FAFSA/TASFA and/or institutional applications

Deadlines and application requirements vary by institution

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Private Sources

Foundations, businesses, churches, civic, and charitable organizations

Deadlines and applications procedures vary

Begin researching private sources early

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Employers

May have scholarships available to the

children of employees

May have educational benefits for their employees

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Free Application for Federal Student Aid (FAFSA^®)

Collects demographic and financial information
Information used to calculate the Student Aid Index (SAI)
May be filed at any time during an academic year
For the 2024-25 academic year, the FAFSA will open in December, October 1^st going forward.
Colleges may set FAFSA priority dates, Texas priority deadline is March 15^th this year, January 15^th going forward

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Online FAFSA

Note: Online FAFSA screenshots from U.S. Department of Education’s 2024-25 FAFSA Form Preview Presentation, July 2023

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Online FAFSA

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FAFSA Contributors

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FUTURE Act Direct Data Exchange (FA-DDX)

Allows for an individual’s federal tax information (FTI) to be directly transferred from the IRS to the FAFSA
Consent is required by all contributors on FAFSA
IRS transfers information to populate FAFSA income questions for most tax filers
Eliminates manual entry of tax and income information

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Student Dependency Status

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Unusual Circumstances

Conditions that justify an institution making an adjustment to a student’s dependency status
Student does not provide parental data on FAFSA

Considered provisionally independent

Student follows institution’s process for dependency override determination

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Student Invites Parents to FAFSA

Student provides personal information about parents to invite them to complete parent portion of the FAFSA

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Student Information

Demographic information
Citizenship status
Parents’ education status
Parent killed in line of duty
High school information

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Student Financial Information

Tax return information

Minimal questions if FTI transferred from IRS

Asset information

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Student Section Completion

College selection
Review of information
Signature

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Parent Invitation

Email invitation to complete parent portion of student’s FAFSA
Parents must use FSA ID to access FAFSA

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TIPS!

Complete the application in one sitting.

Have all documentation ready to go and do not close out of the application until you are complete.

What do you need?

2022 tax returns

Student will need parent’s email, and social security number

Parent will need spouse’s email and social security number

Double check school’s priority deadline

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Special Circumstances

Different than unusual circumstances (dependency overrides)
Unique conditions exist that cannot be documented with the FAFSA, or circumstances have changed since filing
Student should contact institution’s financial aid office for more information
Decisions are final and cannot be appealed to U.S. Department of Education

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