Traditional Savings Account
A basic savings account is intended for individuals to deposit money in a safe location while earning interest with the ability to withdraw funds if necessary. Most FDIC insured banks, credit unions, and other financial institutions offer savings accounts with a range of interest rates and requirements.
Education Savings Plan (529 Account)
Education savings plans are investment accounts for qualified higher education expenses, specifically including tuition, mandatory fees, and room and board, for an assigned beneficiary. Savings withdrawals from these accounts can be used at most U.S. colleges and universities and some institutions outside of the U.S. Plan withdrawals of up to $10,000 per year per beneficiary are also permitted for tuition costs at public, private or religious elementary or secondary schools.
Part-Time Job
Paid positions that require fewer than 30 hours each week are generally considered part-time employment, but many hourly schedules are available from employers that might be feasible for students.
Work Study
Federal Work-Study is a program that connects college students with financial need to part-time jobs. The program primarily focuses on community service work and work related to the student’s course of study if possible while providing the opportunity to earn money to contribute to uncovered educational expenses. Check with each school's financial aid office to find out if they participate.
Hazelwood Act
The Hazelwood Act is a tuition exemption benefit in the State of Texas for qualified Veterans and their dependent children who meet specific eligibility requirements. The benefit covers tuition and certain fees up to 150 hours at public colleges and universities. It does not cover living expenses or textbooks and supplies.
Homeless/Foster Youth Tuition Assistance
Young people living in foster care or experiencing homelessness may assume that college is out of reach due to financial constraints or lack of parental support. There is a specific status on the Free Application for Federal Student Aid (FAFSA) that allows these students to apply for aid on their own as an independent student. They may apply for financial aid without a parent’s signature or financial information.
After the FAFSA is processed, the college financial aid office may ask for documentation regarding homeless determination. Students should contact the high school district homeless liaison or their school counselor for a copy of this documentation. If a student becomes homeless following high school graduation, then a college financial aid administrator can review and make a determination.
State law in Texas exempts or waives tuition and fees at both state public colleges and universities for youth currently or previously in foster care.
Scholarships
A scholarship is financial aid that is considered “gift” aid, or monies that do not have to be repaid. Nationally, students are awarded millions of dollars annually for college. Scholarship dollars come from a variety of funding sources such as schools, corporations, private industry, nonprofits, charitable foundations, and community and religious organizations.
There are many trusted, well known search engines available to students to assist in finding scholarships. Because scholarship search can be overwhelming, it is important to allow time to search, read, and review which scholarships are worth the time investment before applying.
TIP: Students should never have to pay to use a search engine or apply for a scholarship. Pay sites are scams. Reputable sites will be free to search and apply.
Scholarship Search Engines
The following is a list of leading websites for free scholarship searches, application information and deadlines.
- Fastweb: A free, comprehensive online resource for scholarships and other financial aid information. Search by targeted filters: major, state, ethnicity, etc.
- Schoarships.com: A free, comprehensive online resource for scholarships and other financial aid information. Search by targeted filters: major, state, ethnicity, etc.
- FinAid: A free, comprehensive online resource for scholarships and other financial aid information. Search by targeted filters: major, state, ethnicity, etc.
- Big Future: College Board site providing detailed college information, including scholarship search by filter.
- StudentAid.gov: US Dept. of Education site providing detailed college information, including thorough financial aid explanations, government assistance for college, student loans and scholarship search.
National Scholarships
The following is a list of some popular, well-respected national scholarships from corporate or philanthropic foundations. Each scholarship has specific eligibility and application criteria. It is important to observe all requirements and deadlines when applying.
Local Scholarships
Local scholarships are primarily funded through local community business partners, charitable organizations, churches, and school PTA’s. Seniors should regularly check with their counselors and counseling offices for up-to-date scholarship information. The following are examples of local scholarships available to students in CFBISD schools.
Grants
Grants are a form of financial aid that do not have to be repaid (gift aid). While some grants come from state, corporate, or private funds, the majority of grants are awarded from the U.S. Federal Government and are largely need-based. Students must meet strict federal requirements in order to be eligible for grant monies. The most familiar federal grants are the Pell Grant and The FSEOG Grant (Federal Supplemental Educational Opportunities Grant). Other grants are available for specific student populations such as veterans, foster care youth, and students with disabilities.
The Pell Grant is the largest federal grant program. Students receive the Pell Grant by meeting a requisite level of financial need as determined by filling out FAFSA. The FAFSA process determines a student’s Expected Family Contribution (EFC) based on the financial information provided. The amount of the Pell Grant award depends on the student’s EFC, the college’s Cost of Attendance (COA), and whether the student will attend full or part time. In 2019, the maximum Pell award was $6195. This amount varies annually based on federal budgets and the economy at large. The Pell Grant program provides funds for all eligible applicants.
The Federal Supplemental Educational Opportunities Grant (FSEOG grant) program works differently than Pell. The federal government awards a certain amount of FSEOG funds directly to participating college financial aid offices, which then use the student’s FAFSA information to determine financial need. Funds are distributed to students with the greatest need on a first come, first served basis. FSEOG funds are limited and once distributed, are finished for the year. Students are therefore encouraged to fill out FAFSA early.
In Texas, several grants are funded by The Texas State Legislature and administered by the school’s financial aid office. Each individual institution may set its own priorities in making award determinations and distributing funds. Eligibility for these grants is determined by the financial aid office at participating colleges and universities using the student’s completed FAFSA or TASFA. Contact your college’s financial aid office for additional information on eligibility or availability of funds. Funding is limited, so students need to apply to colleges and submit FAFSA early.
Dallas County Promise
The Dallas County Promise is a last-dollar tuition scholarship program available to students at participating high schools, which are currently Early College High School at Brookhaven, Turner High School, and Smith High School.
Regardless of high school GPA or family income, Promise scholars have the opportunity to earn a last-dollar scholarship that will cover the gap between what a student’s state and federal financial aid covers and the cost of tuition at a Promise Partner college. Promise scholars also have access to a Success Coach and exclusive transfer scholarships at Promise partner colleges and universities.
The Promise is in the process of adding new college partners, and students may refer to the Dallas County Promise website for updates.
To be eligible, the student must be enrolled and attending a participating high school by the state attendance snapshot date, which is mid- to late-October of the student’s senior year, must graduate from a participating high school, and must complete all required steps by the deadlines identified for the student’s senior year.
Advisory teachers, school counselors and CCMR deans assist students with a pledge (sign-up process), college admissions application, and a financial aid application so that students have the help they need to complete all steps of eligibility.
In addition to Dallas County Promise, the Rising Star Scholarship covers the cost of textbooks for eligible Promise students attending a Dallas College campus based on income and high school GPA requirements. Promise + Rising Star scholars will also be matched with an in-person Rising Star advisor.
Financial Aid Overview
Cost of attendance (COA) is the financial amount required to attend a college or university. Most institutions will determine COA for the entire academic year. Programs that do not use a traditional calendar (e.g. an 18-month certificate program) often provide COA information that is based on their specific time period. It is important to review the specific period of time (semester, academic year, full program) of any COA information received.
For students attending at least half-time, COA is the estimate of
- tuition and fees;
- the cost of room and board (or living expenses for students who do not contract with the school for room and board);
- the cost of books, supplies, transportation, loan fees, and miscellaneous expenses (including a reasonable amount for the documented cost of a personal computer);
- an allowance for child care or other dependent care;
- costs related to a disability; and/or
- reasonable costs for eligible study-abroad programs.
There are two categories of COA: direct cost and indirect cost. While direct costs are the same for all students based on enrolled hours and housing, indirect costs listed on institution websites are often estimates of what an average student might spend.
Direct Costs are expenses that must be paid by every student and are paid directly to the university. They include:
Indirect Costs are expenses that might not be paid directly to the university. Indirect costs usually differ from student to student. Some examples of indirect costs are:
- Textbooks and Supplies
- Transportation and Parking
- Travel
Each institution will have their COA listed on their website. The College for All Texans website list of cost of attendance for colleges in the state of Texas.
Because the Cost of Attendance will vary between institutions, the financial aid awarded will be different as well. A financial aid award could consist of a combination of:
- Scholarships
- Grants
- Work Study
- Loans (if necessary)
Expected Family Contribution (EFC) is an index used to determine how much financial aid a student might be eligible to receive if they attend a postsecondary institution. EFC is not the same as COA and is not the amount of financial aid award a student will receive. The amount is calculated by a formula established by law using student information from their financial aid application (FAFSA/TASFA). The calculations take into account taxed and untaxed income, assets, and benefits (such as unemployment or Social Security. Also considered are family size and the number of family members who will attend college or career school during the year.
These values (COA and EFC) are used to determine financial need. Need based aid is calculated as the cost of attendance minus the estimated family contribution (COA-EFC = Financial Need). If this calculation determines that a student has financial need, the student still must meet eligibility criteria.
Students cannot receive more need-based aid than the total amount of financial need. The following example is provided by FAFSA:
If COA is $16,000 and EFC is $12,000, financial need is $4,000; so the student is not eligible for more than $4,000 in need-based aid.
Non-need-based aid is financial aid that is not based on EFC. After determining need-based aid, each institution will determine how much non-need-based aid that can be received by subtracting the amount of aid that has already been received. Financial aid awarded combines aid from all sources, including awards from the institution and from other scholarship providers. Students need to notify their postsecondary institution about any financial awards they receive to ensure that they are not over-awarded.
There are many sources of non-federal financial aid available for students who do not apply for federal aid. State aid is calculated in a similar way based on the cost of attendance and the estimated family contribution.
Selective Service
All US males between the ages of 18-26 are required by law to register with the Selective Service. The Selective Service Act of 1917 was passed to allow Congress to rapidly assemble a military force in times of national crisis. The “draft” has not been used since 1973. Registration is the law, but does not mean a male is being inducted into the military.
Why Register? It’s the law. Males who do not register are in violation of the law and will not be eligible for federal financial aid, state financial aid, and most state and federal employment. Immigrant students will also need to register before filing for citizenship. In Texas, males under the age of 26 are automatically registered when they apply for a state driver’s license or renewal, learner’s permit or state ID.
How to Register?
Online. Males with a social security number may register online at www.sss.gov. Males with no social security number can still register by filling out the form and mailing it in.
Post Office. The post office provides mail-back forms that can be filled out, signed and mailed in.
FAFSA. When filling out the FAFSA for financial aid, males can check “Register Me” on item 22 and the Department of Education will provide this information to the Selective Service.
Free Application for Federal Student Aid (FAFSA)
Students apply for financial aid in one of two ways. For students who are Citizens or Permanent Residents of the United States, the Free Application for Federal Student Aid (FAFSA) is completed. For students without a social security number (undocumented students), the Texas Application for State Financial Aid (TASFA) is completed. Both applications are available beginning October 1st of senior year. The FAFSA is completed online and the TASFA is completed by downloading a PDF file and completing the paper copy. There is no fee for either application.
Both the FAFSA and TASFA allow students to access four types of financial aid:
- Scholarships: awarded money that is based on need, merit or achievement that does NOT have to be repaid
- Grants: awarded money often based on monetary need that does NOT have to be repaid as long as students meet the minimum requirements for enrollment, credit and GPA
- Work Study: Students who demonstrate financial need may eligible to work jobs generally on campus for limited hours
- Loans: Money is borrowed and must repaid with interest
For easy to follow, step by step instructions and help with filling out the FAFSA in both English and Spanish, please see the FAFSA instructions videos created for CFB students.
Before beginning the FAFSA, both the student and parent must create an FSA ID, which is the online signature for the FAFSA form.
Key things to remember:
- It is important that the student and parent use separate email addresses and separate phone numbers when creating the FSA ID. It needs to be an email account that is used frequently because important and time sensitive information will be sent.
- One parent and the student will each create an ID and password following the listed guidelines. Be sure to write it down or store it in a safe place.
- Pro tip: Create a google sheet with usernames and passwords for FAFSA, college applications and other college related accounts.
- If the parent does not have a social security number, they will not be eligible to create an FSA ID, and will have to submit a signature page upon completion of the FAFSA. The student will still need to complete an FSA ID and the FAFSA form.
Gathering the Documents Needed to Apply
FAFSA requires specific personal identification and financial information. Depending on citizenship, dependency, and tax filing status, students will be required some or all of the following documents:
- Social Security number
- Parents’ Social Security numbers (if dependent student)
- Driver’s license number (if applicable)
- Alien Registration Number if not a U.S. citizen
- Federal tax information or tax returns including IRS W-2 information for student (if applicable) and parents (if dependent student)
- IRS 1040
- Foreign tax return, IRS 1040NR, or IRS 1040NR-EZ
- Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
- Records of untaxed income, such as child support received, interest income, and veteran’s non-education benefits, for student (if applicable) and parents (if dependent student)
- Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (excluding the current residence); and business and farm assets for student (if applicable) and parents (if dependent student)
After FAFSA submission, application status can be checked online. The following information defines process and status indicators:
- Go to fafsa.ed.gov or the myStudentAid mobile app and log in using FSA ID username and password.
- Status indicator
- Processing: The application is still processing. It typically takes three to five days, plus one additional business day to be made available to the schools listed on the application.
- Processed Successfully: The application was processed and no further action is needed.
- Missing Signatures: The application is missing the required student and/or parent signature(s). If the signature page was mailed, processing time will likely be extended.
- Action Required: The application requires further action or documentation. Contact the institution(s) listed to determine what is necessary to resolve the issue.
- Some students will be selected for verification; this might be indicated on the Student Aid Report (SAR) or in information directly from the school(s) listed on the application. Verification is the process used to confirm that the information in FAFSA is accurate and will require additional documentation to support the information that was reported.
- Selection for verification is not punitive and does not mean that a student made a mistake. Students can be randomly selected for verification, and some schools verify all students' FAFSA forms. Students should provide the requested documentation to the school by the established deadline to receive financial aid.
- CFB offers multiple opportunities throughout the year for students and parents to receive assistance in completing financial aid applications. Dates for these events can be found on the CFBISD CCMR website.
Texas Application for State Financial Aid (TASFA)
Students without social security numbers will complete the TASFA instead of the FAFSA. To access the application, go to College for All Texans and select either the English or Spanish version of the TASFA. The TASFA is submitted directly to the Financial Aid Office for each university applied.
The following documents are also necessary:
- TAX Transcript. Students have the option to submit a signed copy of the 1040 IRS TAX form instead of the tax transcript if completed
- Selective Service Card (males only) – 18 years or older
- Submit online or paper application mailed
- In 4 to 6 weeks, males will receive a letter from the Selective Service with their selective service number.
- A copy of this letter should be submitted to the college’s Financial Aid Office.
- If the student is not 18 yet, he should send the application when he turns 18
- Residency Affidavit:
- Complete the affidavit and have it notarized
- Banks will usually notarize the document
- If students do not have a bank for notary services, they can call CFBISD Educational Services at 972-968-6500 to ask for help locating a notary
- Submit to the Admissions Office of each of the schools with application
- Make copies of each of the items above and save them.
- Students may ask school personnel to make a copy of the paperwork for them. Try to prepare the document (remove staples, have papers organized) before asking school staff to make the copy.
College Scholarship Service (CSS) Profile
The College Scholarship Service (CSS) Profile is an online application that allows students to apply for non-federal financial aid from approximately 400 colleges, universities, professional schools, and scholarship programs. The CSS Profile is primarily used by private institutions to give a more complete picture of a families’ finances in order to distribute aid strategically. This application is completed in addition to the FAFSA application.
The colleges and universities requiring the profile are listed on the College Board website. Since many institutions don’t require the profile, students should check with the college to determine if it is necessary. A $25 fee covers the application and one college report. Additional colleges can be added for $16 each. Fee waivers are available to eligible students to cover the cost of the profile application and college reports. Please consult your school counselor with questions about fee waivers.
- Documents– Most recently completed tax returns, W-2 forms and other records of current year income, records of untaxed income for the current and previous tax years, current bank statements, records of savings, stocks, bonds, trusts etc.
- User Account – Students should sign in to their College Board account to verify and apply eligible fee waivers to the CSS Profile application.
- Deadlines – To make sure the application will be considered, check deadlines specific to the college where it will be sent.
- Submit- Review the application for completeness and accuracy. Complete the application certification. After submission, additional colleges or programs can be added to the application. Save a copy of the application for reference.
Loans
After applying for financial aid, students may be offered loans as part of the school’s financial aid offer. A loan is money that is borrowed and must be paid back with interest.
If students decide to take out a loan, they should review the source lender and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans.
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is the lender. There are four types of Direct Loans available:
- Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
- Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
- Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
- Direct Consolidation Loans allow students to combine all eligible federal student loans into a single loan with a single loan servicer.
Even though students usually do not have to begin repaying their student loans immediately, they should not wait to review and understand their legal responsibilities as a borrower. When students sign promissory notes, they are agreeing to repay the loan according to the terms of the note even if they don’t complete their education, can’t get a job after completing the program, or didn’t like the education they received.
Students should focus on fiscal responsibility by tracking how much is being borrowed and thinking about how the amount of the loans will affect future finances. They should also review how much is feasible for repayment by researching starting salaries in the projected careers.
Students should understand the terms of their loans and maintain copies of loan documents. Payment schedules should be reviewed and verified in the event that reminders are not immediately received from the lender and contact should be maintained with the loan servicer. Students should notify the loan servicer when they graduate; withdraw from school; drop below half-time status; transfer to another school; or change their name, address, or Social Security number. If a student has difficulty or needs clarification, there may be options available to help keep the loan in good standing.
Colleges that Strive to Meet 100% Financial Need
A college or university that provides the total of an accepted student’s demonstrated financial need through grants, work-study, and scholarships, without student loans is considered a 100% meet need college. This does not necessarily mean college attendance will cost zero dollars. Most no-loan colleges aim to cover each family’s demonstrated financial need, which is the difference between the cost of attendance and the expected family contribution (EFC). The schools that offer these programs can vary from one year to the next due to availability of funds. Eligibility is determined by the information provided on the student’s Free Application for Federal Student Aid (FAFSA) and College Scholarship Service (CSS) Profile.
Colleges that have a long-standing history of offering such opportunities to a large portion of their eligible students include:
- Amherst College
- Bowdoin College
- Brown University
- Columbia University
- Davidson College
- Harvard University
- Princeton University
- Stanford University
- Swarthmore College
- University of Chicago
- University of Pennsylvania
- US Air Force Academy
- US Military Academy
- US Naval Academy
- Vanderbilt University
- Washington and Lee University
- Yale University
In some cases, no-loan options are only available to first-year and transfer students. Others may focus on specific majors or programs, or limit it to only the first four years a student attends college. Ultimately, applicants will need to review details about the school’s financial aid program to see what may be available, as each school can handle the situation differently and the options may vary from one year to the next.
Many other colleges meet 100% financial need with a combination of scholarships, grants, work-study, and student loans. Students should check the financial aid office for university specific programs and deadlines of colleges in which they are interested in attending.
Excessive Undergraduate Hours
If a student has 30 or more semester credit hours (at any institution) over the number of semester credit hours required for a degree program, an institution of higher education may charge a resident undergraduate student tuition at a higher rate than the rate charged to other resident undergraduate students up to the cost of out of state tuition per credit hour.
Exceptions *
- Credit earned before graduation from high school and used to satisfy high school graduation requirements
- Credit earned by examination including AP Exams, CLEP, or SAT II
- Credit earned for remedial and developmental courses
- Credit earned at a private institution or out of state institution
Each university will determine the additional cost of tuition if a student is charged for excessive hours.
*Additional exceptions exist that may not be applicable to high school students.
Ref: Texas Education Code 54.014 and Texas Education Code 61.0595