PARENTS (duhlove them!

!) Government Financial Aid (and grants) Student Loans [lower interest rates] Work-Study Scholarships [need-based and merit]

WWW.FAFSA.ED.GOV

WHAT IS FAFSA USED FOR AND WHY IS IT SO IMPORTANT FOR GETTING MONEY?
First step toward getting federal aid Formula sheet for government Determines if you qualify for money!

States and colleges will use FAFSA to determine eligibility for state and school aid
Expected Family Contribution (EFC) What you have to pay from out of pocket

EVERYONE should fill out! No excuses!

WHAT YOU NEED TO FILL OUT IN THE FAFSA

Social Security numbers of parents and yourself Most recent income tax forms and miscellaneous assets (investments, etc.) Tell your parents ahead of time so they can get all these documents ready! IRS Data Retrieval Tool allows applicants who have already filed their federal income tax returns to prefill answers to some questions

DEADLINES:
FAFSA database opens up JANUARY 1st University deadline for FAFSA: MARCH 1ST FAFSA deadline (Texas): JUNE 30TH

GET IT DONE AHEAD OF TIME!!!!

UNIVERSITY NEED-BASED FINANCIAL AID

Many universities (like Rice) guarantee that they will meet 100% of your demonstrated financial need! Honor the Expected Family Contribution (EFC)

File the CSS/Financial Aid Profile on College Board and IDOC Just like FAFSA, but makes you pay small fee Required to complete at Rice Physical copies of tax forms and other documentation gets sent to them

3 MAJOR TYPES OF FEDERAL STUDENT AID:

1. Work-study 2. Grants 3. Loans
ALL REQUIRE THE FAFSA!!
Make sure you take time to explore all the possible opportunities for financial aid ahead of time!

WORK-STUDY PROGRAM:
Depends on two factors: 1. Funding levels of the school (how much $$$ they got) 2. Your level of financial aid need (how much $$$ you need)

NOTE: You must consent to work-study consideration on FAFSA application prior to eligibility.

WORK-STUDY PROGRAM WHAT IS IT?

Federally funded program Allows students to gain some income in order to pay towards college related expenses

Also lets you gain real-work experience at different levels

Opens connections with faculty and staff

GENERAL REQUIREMENTS FOR WORK-STUDY PROGRAM:

U.S. citizen or resident

High school diploma or equivalent

Must maintain particular GPA throughout all four years to keep job (usually pretty low)

GRANTS:
Another form of need-based scholarships You dont have to pay back! Free moneyyay! Several common Federal Grants offered by government are Federal Pell Grant, SMART Grant, Academic Competitiveness Grant (ACG), and many others JUST FILE FAFSA AND WAIT

LOANS:
Tuition Scholarships Grants parents = LOANS! Borrow sums of money with or without interest rate Subsidized and unsubsidized Through federal government, universities, or private corporations Paired with university representative to assist you in applying for loans Know what youre getting into, and ask lots of questions!!! DONT BORROW MORE THAN YOU NEED