Morton Ranch HS College & Career Advising
Financial Aid
College costs money, but there are many ways to help make the investment in your education affordable. Explore the information on this page for guidance about paying for college.
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Is College Worth the Investment?
College is expensive, and many people question whether it is worth the cost. While earnings depend on the career you choose, on average, the higher your education, the more earning potential and job security you have.
(Federal Student Aid, 2018)
Types of Financial Aid
There are many types of financial aid available to help make college more affordable. The primary types of financial aid are explained in the chart below. ​
(Iowa Student Loan, 2015)
Financial Aid Requirement & Process
Applying for financial aid is now a graduation requirement in Texas. If you are eligible, complete the FAFSA. If you are not, complete the TASFA. If you have no intention of pursuing an education after high school (including college, trade school, certification, etc.), you may request an opt-out form. Completing ONE of the three forms (FAFSA, TASFA, or the opt-out form) is required to graduate. More info about FAFSA and TASFA is listed below.
Many people cannot afford college without some sort of financial aid. To be eligible for financial aid, including grants, scholarships, work study, and loans, students are required to submit an application. U.S. citizens complete the Free Application for Federal Student Aid (FAFSA) while non-citizens who are Texas residents complete the Texas Application for State Financial Aid (TASFA).
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These applications open on October 1st of your senior year of high school. (*Exception: Class of 2024, the 2024-2025 FAFSA will not open until December 2023 because it is being updated. Click here or watchin this video for more about the updates.). Because completion of a financial aid application is required for many scholarships, even those students who believe they may not be eligible for need-based aid are strongly encouraged to complete the financial aid application. Any amount of money is helpful!
The resources below provide helpful information to prepare for the financial aid application process. Parents, please make sure you file your taxes on time each year and keep all tax filing documents in an easily accessible location. We will host Financial Aid Nights each year to help with the financial aid process, but one thing students must have is parent tax information for two years before their first year in college. For example, Class of 2024 seniors will begin college in Fall of 2024; they will need parent tax documents for 2022 for their freshman year and each subsequent year they enroll in college.
FAFSA is changing in this year (class of 2024), so please wait for updated information. We will post as we receive it.
Financial Aid Night Presentation - 9/28/2022
FSA ID Instructions
FAFSA Eligibility
FAFSA Checklist & Timeline
Additional Resources
Both the student and a parent are required to create an FSAID account to complete the FAFSA. Click this link to create your FSAID accounts. *You can only create one account per person and per email.
Use this guide to help you prepare for and complete the FAFSA.
If you'd like to predict your Estimated Family Contribution, EFC, prior to October 1st of your senior year, you can complete the FAFSA Forecaster and start saving money! This is highly recommended prior to senior year so you can start planning for college financing!
This is another great resource for helpful FAFSA videos.
Use this resource to help you identify who you are required to list as your parent when completing the FAFSA.
This guide breaks down how FAFSA calculates a student's EFC.
TAFSA
For students who are not U.S. citizens, there is still an opportunity to receive funding for college! Instead of completing the FAFSA for federal funding, non-citizens can complete the TASFA to receive state funding. There are many colleges and universities who are supportive of undocumented students. Work with your counseling team to explore your best options and complete the TASFA to receive financial aid.
Documents Needed:
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Tax Documents - 1040 or I099 & W2
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Student and Parent(s)​
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Tax Return Transcript or Non-Filer
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Student and Parent(s)​
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Affidavit of Residency
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Student only​
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Selective Service Registration (Males)
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Student only ​
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CSS Profile
Some colleges require students to complete the CSS Profile, which is another financial aid application schools may require in addition to the FAFSA or TASFA. The CSS Profile is a much more rigorous application that provides schools with an in-depth understanding of your financial situation. Schools use this to try to better meet a student's financial need.
The Cost of Attendance of college is like the sticker price. It includes tuition and fees, room and board, books and supplies, transportation, and personal expenses. Tuition and Fees and Room and Board (housing/meal plan) are direct expenses because students will be billed directly from the college for those expenses. You can find those costs on each college's website.
Books and supplies, transportation, and personal expenses are indirect expenses because those are costs students will incur as a college student but are not typically paid directly to the college. For example, students can purchase textbooks from any supplier, not just the college, and they may have to buy a plane ticket to get to and from college, which would be purchased from an airline.
To be eligible for financial aid, students must complete the FAFSA or TASFA and send it to the college(s) to which they apply. The college(s) will then use that information along with the student's application to determine how much and what types of financial aid they will offer. This may include grants, scholarships, work study, and/or loans.
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As you start your college search, pay attention to
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the estimated cost of attendance for each college, including the specific expenses,
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how much financial aid students typically receive from that college, and
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what types of funding they offer for low-income families, if applicable.
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Check out the links below for some colleges that offer great financial aid depending on your family's income/financial need.
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Read through this resource to better understand your financial aid award offer sent by colleges. How do you know what they've offered? Check the Financial Aid section of your college portal.
Use this spreadsheet to compare financial aid offers from the colleges to which you've been accepted.
Some college websites are easier to navigate than others, which can make doing research challenging. One thing every college website should have, though, is a Net Price Calculator. This is a tool to help families understand the cost of that college so they can begin planning for college expenses. In addition to finding this on each school's website, the Texas Higher Ed Coordinating Board (THECB) also has a Net Price Calculator tool you can use to research different colleges. Click on the link below to start researching!
