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General Financial Aid Information How to Apply for Financial Aid Types of Aid Available Application Deadlines Who Should Apply Independent Student Definition No Parental Support TEXAS GRANT Information Hope Scholarship Information Lifetime Learning Tax Credit Information TTU/TTUHSC Rural Health Education Stipend Information Additional Information How to Apply for Financial Aid To apply for federal, state, and Texas Tech University institutional aid, you must use the Free Application for Federal Student Aid (FAFSA) or the Renewal Free Application for Federal Student Aid. FAFSA forms can be completed online at the FAFSA Website. Yearly renewals can also be completed online at the FAFSA Website. If the student is attending the 2007 Summer session, the Summer Application for Financial Aid will be available in January of 2007 Return to Top of Page Types of Aid Available By completing the application process, undergraduate students are considered for the following aid programs: Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Federal Work-Study (FWS) Federal Perkins/Stafford Student Loan Short-Term Loan (Please see Student Business Services for information about this loan) Texas Public Education Grant (TPEG) TEXAS Grant B-on-Time Loan Special Leveraging Educational Assistance Partnership (SLEAP) Leveraging Educational Assistance Partnership (LEAP) Some TTU grants and unrestricted scholarships Graduate students are considered for the following aid programs: Federal Work-Study Texas Public Education Grant (TPEG) Federal Perkins/Stafford Student Loan Short-Term Loan (Please see Student Business Services for information about this loan) Information about each of these aid programs can be found in the Student Guide. Return to Top of Page Application Deadlines Prospective students who apply for financial aid must also apply for admissions and be accepted into a regular degree program at TTU before any consideration or decision on financial aid can be made. However, do not wait for formal acceptance to TTU to apply for financial aid. You should apply early for both financial aid and admission. To ensure priority consideration for financial aid for Fall 2006, Spring 2007, and/or Summer 2007, you (and your parents if you are a dependent) must complete and sign the FAFSA form no later than April 15, 2006. Files completed after that date will be processed and awarded provided funding is available. You may complete the FAFSA on-line by clicking here. Many scholarships are available to qualified applicants, and some of these require completing an additional application. Return to Top of Page Who Should Apply We encourage all students who need financial aid for college to apply. Financial aid packaging techniques are used at TTU in order to award aid to as many eligible students as possible. Unfortunately, the office of financial aid is unable to meet the full eligibility of all students. Therefore, you should find as many sources of assistance as possible, including student employment, scholarships, and alternative loans. Applying for financial aid may require you to provide your parents' information if you are considered to be a dependent student. You will not have to provide parents' information if you are independent. Return to Top of Page Independent Student Definition For 2006-2007, you will be considered independent for financial aid purposes if you meet one or more of the following criteria: 1) You were born before January 1, 1983. 2) You are a veteran of the U.S. Armed Forces. 3) You are considered a veteran if you: - have engaged in active service in the U.S. Army, Navy, Air Force, Marines, or Coast Guard - are not a veteran now but will be one by June 30, 2006 - were a cadet or midshipman at one of the service academies and were released under a condition other than dishonorable You are not considered a veteran if you: - were never in the U.S. Armed Forces - were only an ROTC student - are currently a cadet or midshipman at a service academy - were only a National Guard or Reserves enlistee and were not activated for duty - are currently serving in the U.S. Armed Forces, and will continue to serve through June 30, 2006 4) You are a graduate or professional student. 5) You are married by the date you are applying for financial aid. 6) You are currently a ward of the court, were a ward of the court until age 18, or both parents are deceased and you don't have an adoptive parent or legal guardian. 7) You have legal dependents that fit the following definition: - children who receive more than half of their support from you - other people living with you who receive more than half of their support from you and will continue to receive that support during the 06-07 school year. Do not include your spouse. If you fit one or more of the criteria above, you will be considered independent for financial aid purposes. If you do not fit any of the definitions above, then you are considered dependent and must report your parents' information on the aid application. Return to Top of Page No Parental Support See the Independent Student Definition section to help you understand this section. Unless there are some exceptional circumstances, you will be considered a dependent student for financial aid purposes. Exceptional circumstances include but are not limited to: 1) Your last surviving parent died after you first applied for financial aid. 2) You and your parents are separated and you have been granted refugee status by the U.S. Immigration Service. 3) Abusive behavior or other family disturbances that can be documented by an objective third party such as a counselor, a minister, a social worker, etc. 4) You have been abandoned and are dependent upon yourself or foster parents for support. Any of these circumstances can be considered, but do not automatically give you independent status. All circumstances must be documented. If you consider your circumstances to be exceptional, please make an appointment to see a financial aid counselor. You should be aware that you are not automatically independent for financial aid purposes simply because your parents stop claiming you as a tax exemption or refuse to give you support for your college education. Unwillingness, inability, or reluctance of parents to help pay for your educational costs do not make you independent. Becoming emancipated and/or qualifying for in-state tuition do not mean that you are independent for federal financial aid purposes. In cases where you do not qualify as an independent student and you receive no parental support, counselors in the financial aid office can provide you with information about alternative financing and employment opportunities to help you pay for your college expenses. Return to Top of Page TEXAS GRANT Information Who is eligible for a TEXAS Grant? - Texas residents who graduated from a public or accredited private high school and are within 16 months of their high school graduation when beginning college. - Completed the "recommended" or "advanced" high school curriculum. These programs require additional or advanced courses in higher-level math, science, social studies, as well as courses in a foreign language as approved by the Texas Education Association (TEA). - Show financial need based on a completed application for financial aid (which includes the FAFSA and all supporting documents required by the respective university). - Demonstrate Satisfactory Academic Progress (SAP) to continue to receive the grant. Students must meet the respective institutions SAP during the first year on the program. Beginning the 2nd year, student must meet the states guidelines of a 2.5 adjusted gpa and completing 75% of course work at awarding university. - Student must be attending 12 or more hours to receive grant award. - Student cannot be convicted of a felony or a crime involving a controlled substance. Beginning fall 2001, student’s who graduated with an Associate’s degree in May 2001 or later may also be eligible for TEXAS Grant funds. They must also meet the following eligibility: - Texas residents who graduated from a public or accredited private high school. - Show financial need based on a completed application for financial aid (which includes the FAFSA and all supporting documents required by the respective university). - Demonstrate Satisfactory Academic Progress (SAP) to continue to receive the grant. Students must meet the respective institutions SAP during the first year on the program. Beginning the 2nd year, student must meet the states guidelines of a 2.5 adjusted gpa and completing 70% of course work at awarding university. - Student must be attending 12 or more hours to receive grant award. - Student cannot be convicted of a felony or a crime involving a controlled substance. Is there an application form for TEXAS Grant? No. Eligibility for the program is determined from a completed financial aid application and the final high school transcript data supplied by The Office of Admissions and School Relations. How long may I receive TEXAS Grant Funds? The student may continue to receive TEXAS Grant funds for up to 150 semester credit hours or six years, whichever comes first, as long as they continue to meet the eligibility requirements. Return to Top of Page Is the TEXAS Grant available for the Summer? Based on current funding levels, Texas Grant will not be available for Summer 2007. Hope Scholarship Information From the National Association of Student Financial Aid Administrators: (For Students and Families) What Is It? The Hope Scholarship is a tax credit, not a scholarship. Tax credits are subtracted from the tax your family owes, instead of subtracting them from taxable income like a tax deduction. Your family must file a federal tax return and owe taxes to get this tax credit. You can't get a refund for the Hope credit if your family doesn't pay taxes. If your family owes less in taxes than the maximum amount of the Hope tax credit for which your family is eligible, you can only take the credit for the amount you owe in taxes. Your family may claim a tax credit up to $1,500 for each eligible dependent for up to two tax years. In other words, your family may claim up to 100% of the first $1,000 of eligible expenses and 50% of the next $1,000 for a maximum credit of $1,500. The exact amount of the Hope credit depends on your family's income, the amount of qualified tuition and fees paid, and the amount of certain scholarships and allowances subtracted from tuition. The total credit is also based on how many eligible dependents are in your family, rather than a maximum dollar amount for the family, like the Lifetime Learning tax credit. Who Qualifies? The Taxpayer: An eligible taxpayer must file a federal tax return and owe taxes to claim the Hope credit. In addition, the taxpayer must claim an eligible student as a dependent on the tax return, unless the credit is for the taxpayer or the taxpayer' spouse. (This means the eligible taxpayer may also be the eligible student.) Taxpayers may be eligible for the largest credit with an Adjusted Gross Income (AGI) of up to $40,000 for a single taxpayer, or $80,000 for married taxpayers. The credit amount is gradually reduced for families with incomes between $40,000 and $50,000 if single, or $80,000 and $100,000 if married. The Student: The tax law says an eligible student must be enrolled at least half-time in an eligible program leading to a degree or certificate at an eligible school during the calendar year AND must not have completed the first two years of undergraduate study. The college you attend can help you figure out whether you meet this requirement. You may claim the credit yourself if you are not claimed as a dependent by another taxpayer. (Once again, this means that the eligible student may also be the eligible taxpayer.) Also, you may not have been convicted of a Federal or State felony drug offense before the end of the tax year in which you are enrolled. How Do You Get It? To apply for the credit, the taxpayer must report the amount of tuition and fees paid as well as the amount of certain scholarships, grants, and untaxed income used to pay the tuition and fees. The law says that schools must send this information in the form of a statement to each taxpayer and to the IRS. For the 2003 tax year, this statement will include: (1) the name, address, and taxpayer ID number of the school; (2) the name, address, and taxpayer ID of the student for whom tuition was paid; (3) whether the student was enrolled at least half-time; and (4) whether the student was enrolled only in a graduate-level program. Your school will mail this to you by January 31, 2004, for the 2003 tax year. This statement from the school will also include the phone number of a person you can call at the school if you have questions. You will use this information and your own records about tuition and fee amounts you paid to fill out the IRS Form 8863 to claim the tax credit. You may wish to talk to a tax advisor for help in calculating the amount of your credit. When Is It Available? The taxpayer may claim the Hope credit for qualified expenses paid in tax years beginning January 1, 1998, and after, for education furnished in academic periods beginning on or after this date. Taxpayers may pay educational expenses in a tax year for an academic period that begins following the tax year (e.g., paying in December 2000 for an academic period beginning in the first three months of 2001). Because the law did not take effect until January 1, 1998, you were not allowed to prepay for the first year of the credit. Can A Family Claim Multiple Benefits? A family may claim a Hope credit, a Lifetime Learning credit and an exclusion from gross income for certain distributions from qualified State tuition programs or education IRAs as long as the same student is not used as the basis for each credit or exclusion AND the family does not exceed the Lifetime Learning maximum per family. Return to Top of Page Lifetime Learning Tax Credit Information From the National Association of Student Financial Aid Administrators: (For Students and Families) What Is It? The Lifetime Learning credit is a tax credit available to individuals who file a tax return and owe taxes. This means the amount of the credit is subtracted from the taxes your family owes, rather reducing taxable income like a tax deduction does. You can't get a refund for the Lifetime Learning credit if your family doesn't pay taxes. If your family owes less in taxes than the maximum amount of the Lifetime Learning tax credit for which your family is eligible, you can only take the credit for the amount you owe in taxes. Your family may claim a tax credit up to $1,000 per tax year (until January 1, 2004) and up to $2,000 (after that date) for the taxpayer, taxpayer's spouse, or any eligible dependents for an unlimited number of tax years. A family may claim up to 20% of $5,000 of eligible expenses for expenses paid after June 30, 1998, and prior to January 1, 2004, and up to 20% of $10,000 of eligible expenses (for expenses paid after January 1, 2004, and after). The actual amount of the credit depends on your family's income, the amount of qualified tuition and fees paid, and the amount of certain scholarships and allowances subtracted from tuition. This credit is family-based (e.g., $1,000 per family) rather than based on the number of dependents in your family like the Hope credit. Who Qualifies? The Taxpayer: An eligible taxpayer must file a tax return and owe taxes to claim the credit. The taxpayer must also claim the eligible student as a dependent unless the credit is for the taxpayer or the taxpayer's spouse. (This means the eligible taxpayer may also be the eligible student.) The taxpayer may be eligible for the maximum benefit with an Adjusted Gross Income (AGI) of up to $40,000 for a single taxpayer or $80,000 for married taxpayers. The credit amount is gradually reduced for families with incomes between $40,000 and $50,000 if single or between $80,000 and $100,000 if married. The Student: An eligible student may be enrolled at least one-half time in an eligible program leading to an undergraduate or graduate degree at an eligible school during the calendar year OR may be enrolled at any enrollment level in any course of instruction at an eligible school to acquire/improve the student's job skills during the calendar year. You may claim the credit yourself if you are not claimed as a dependent by another taxpayer. (Once again, this means that the eligible student may also be the eligible taxpayer.) How Do You Get It? To apply for the credit, the taxpayer must report the amount of tuition and fees paid as well as the amount of certain scholarships, grants, and untaxed income used to pay the tuition and fees. The law specifies that schools will send this information in the form of a statement to individual taxpayers and to the IRS. For the 2003 tax year, this statement will include: 1) the name, address, and taxpayer ID number of the school; 2) the name, address, and taxpayer ID of the student for whom tuition was paid; 3) whether the student was enrolled at least half-time; and 4) whether the student was enrolled only in a graduate-level program. Your school will mail this to you by January 31, 2004 for the 2003 tax year. This statement from the school will also include the phone number of a person you can call at the school if you have questions. You will use this information and your own records about tuition and fee amounts you paid to fill out the IRS Form 8863 to claim the tax credit. You may wish to talk to a tax advisor for help in calculating the amount of your credit. When Is It Available? The taxpayer may claim the Lifetime Learning credit for qualified expenses paid in tax years beginning July 1, 1998, and after. Can A Family Claim Multiple Benefits? A family may claim a Lifetime Learning credit, a Hope credit, and an exclusion from gross income for certain distributions from qualified State tuition programs or education IRAs as long as the same student isn't used as the basis for each credit or exclusion AND the family doesn't exceed the Lifetime Learning maximum per family. Return to Top of Page TTU/TTUHSC Rural Health Education Stipend Information Information about this program can be found at Texas Tech Rural Health Education Stipend Program Application. Return to Top of Page Additional Information For more information, visit the Student Financial Center, email us at finaid.advisor@ttu.edu or call us at (806) 742-3681. Texas Tech University has a strong institutional commitment to the principles of diversity and takes affirmative action to achieve that end. The University does not discriminate in its educational and employment programs and activities on the basis of race, color, national origin, sex, age, disability, creed, religion, or veteran status. Return to Top of Page |
