1	How to Apply for Financial Aid 2007-2008
2	Is it Worth the Trouble? Yes! More than $4.76 billion was awarded to students attending college in Texas in 2005-2006. 76% was from the federal government. 24% was from the state or institutions or private sources. 61% was in the form of loans.
3	Types of Aid Free Money – not to be paid back Grants – based on financial need Scholarships -- based on talent, merit Part-time Jobs – money earned College Work-Study Loans – to be paid back with interest.
4	1. Pick Your Colleges Do research and talk to teachers, parents, friends, other people you trust, to find out where they went to college and what college was like. Try to narrow your selection down to 1-6 schools.
5	2. Send 3 Letters Ask: The financial aid office to send you a financial aid application packet The admissions office to send you a packet for admissions to the college The Dean of Housing to send you an application for campus housing (a dorm), if you want to live on campus
6	3. Financial Aid Packets Will include The Free Application for Federal Student Aid (FAFSA) or TX App for State Financial Aid (TASFA). The PRIORITY DEADLINE for getting your application processed and results sent to the college. Other instructions and required forms.
7	4a. Complete the FAFSA Complete the Free Application for Federal Student Aid (FAFSA), as soon as you get the information you need to complete your tax return Complete the paper form or file it electronically at www.fafsa.ed.gov. list the 1-6 colleges you like, so they can receive the results when your FAFSA is processed.
8	4b. Submit the FAFSA The paper application takes 4-6 weeks to process; the electronic application takes 2-3 weeks. You want the results from the FAFSA to reach your colleges by their PRIORITY DEADLINES, so you want to complete the form as early as possible in the spring before you enroll.
9	4c. The FAFSA is Processed The information you provide on the FAFSA about your income, family size and number in college is used to calculate the amount your family can afford to spend on college – your Expected Family Contribution, or EFC.
10	4d. You get Feedback The Student Aid Report (SAR): Summarizes FAFSA information so you can check to see it’s correct and make corrections, if necessary; States Expected Family Contribution, (EFC); and Indicates Pell eligibility.
11	5a. TASFA or FAFSA? TASFA = Texas Application for State Financial Aid. Is for students who are not eligible to complete the FAFSA because of citizenship. Is processed locally by the institution (not through a central processor).
12	5b. TASFA, con’t. Cannot be used to apply for federal financial aid. Is accepted by some but not all institutions (Download form and list of schools from: http://www.collegefortexans.com/residency/TASFA.doc). Check with the college to find out if it will accept TASFA instead of FAFSA.
13	6a. College Calculates Need The financial aid office of each college you listed calculates your need using the following formula: Cost of Attendance at that College -Expected Family Contribution (EFC) Financial Need
14	6b. Cost of Attendance Tuition and fees Books and supplies (including computers, if required by the institution) Room and Board Transportation Personal Expenses Child Care (if needed)
15	7. Your Aid Package The aid office compares you to the eligibility requirements of all their aid programs, and identifies the programs for you. It then tries to put together a package of different awards that will equal your NEED.
16	8. Your Award Letter In June the aid office sends you an Award Letter, listing the types of aid and amounts of aid the college can offer you. You can accept or decline any part of the award, but need to tell the college your decision by signing and returning the award letter.
17	9. Registration At some point in time (usually in August), you are expected to pay for your fall classes. FIND OUT FROM THE COLLEGE AID OFFICE which of the aid awards will be available at the time you register. Make sure you know how you will pay your bill BEFORE you go to registration.
18	10. Funds are Disbursed The college business office disburses financial aid funds to students, either directly to the students, or as deposits against the students’ accounts at the college. Many colleges require their tuition and fees to be paid before they will release money to you for other expenses.
19	11. Other Options Installment plans for paying tuition, fees and books at public schools. Emergency loan programs to provide short-term loans to help families through registration. Exemptions and waivers reduce tuition and fee charges for special groups of students. Check with the college.
20	For More Information Surf www.collegefortexans.com Contact college financial aid offices Call toll free 1-888-311-8881, the Financial Aid Information Center, open 7-7 M-Th; 7-5 on Friday. Bilingual operators available.