The intent of financial aid is to provide access and college choice for students with financial need. Funding is considered as part of a college’s total financial resources and as a goal for the college.
WBIE reviews information that goes into a student’s financial aid package each year, and based on the current financial aid package, determines the appropriate amount of aid for a specific program of study. The amount of the assistance is usually based on the state guidelines, or the amount of the debt each student is taking on.
Most students who complete the FAFSA receive a FAFSA for free from the IRS. However, the Education Department provides some free “applications” to help FAFSA form applicants provide accurate information.
State Maximum grant State Maximum scholarships State Maximum student loan Current Full-time undergraduate students $6,744 Yes, up to $3,340 (not per year) $18,243 $3,340 $23,921 $12,072
For high school dropouts, state maximum grants are available to students who fail to earn a high school diploma before the end of their sophomore year of high school.
Undergraduate students must complete at least 16 credit hours in order to receive state grant aid. High school students may pursue a college course of study using financial aid available to them to purchase a 4-year degree if they meet the minimum high school grade point average requirements.
New for 2017-18: The state’s maximum grant and scholarships will increase to $7,236 for undergraduate students, $2,250 for undergraduate students who have at least a 3.3 GPA, and $2,452 for undergraduate students who have at least a 3.4 GPA.
Postsecondary Grant Aid for Student-Athletes
Students who have completed at least two years of college or the equivalent in their state of residence are eligible for state grant aid, whether they are in football or men’s and women’s basketball. Non-athletic students, including those interested in graduate school, must complete at least 20 credit hours of study in order to qualify for state aid.
University of Texas students and their spouses are eligible to receive financial aid for their spouse as well as their child. This includes up to $4,250 a year for undergraduate students. No more than $2,000 may be awarded per student.
The Austin Scholarship allows parents who have income that is equal to or below Texas income limits, to use that money towards their children’s education as well. The higher your income, the larger the aid package available to you.
Some people qualify for the scholarship just for being present as an undergraduate. Other scholarships might include your first child or graduate student, so talk to your financial aid counselor to find out if the opportunity may apply to you.
How Does a State-Funded Student Financial Aid Package Compare with Federal Aid?
State grants can vary depending on your eligibility, which also depends on your eligibility for federal aid. Visit https://www.sofi.com/private-student-loans/graduate-loans/ and learn everything about them!