How to Pay for College

1. How to Pay for College FAFSA

2. Financial Aid Information • “Financial Aid” is a term that covers a wide variety of programs that help students and families pay for college or graduate school. Do not put off a college education because of financial reasons! • There are different sources of financial aid available. They include:

3. Federal Pell Grants 1. Federal Pell Grants - If your Expected Family Contribution (EFC) is below a certain amount you are eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements. Grants are financial aid that you don’t have to pay back.

4. Cal Grants 2. Cal Grant A, B, and C - Financial aid that you don’t have to pay back A. Cal Grant A - Helps low and middle income students pay tuition and fees at CSU and UC campuses, Independent colleges, and some Private Vocational Schools in California. B. Cal Grant B - Helps high potential students from disadvantaged or low-income families who otherwise would not be able to get a post-secondary education. C. Cal Grant C - Helps vocationally-oriented students interested in attending vocational or technical programs at all California Community Colleges, Hospital Schools, selected courses at several Independent Colleges, and a variety of specialized courses at eligible Proprietary Schools.

5. Work Study 3. Work Study Program - Assigns a job that will allow you to earn money to help pay for school

6. Loans 4. Loans - Borrowed money that you must repay. There are different types on loans. They include: 1. Federal Stafford Loans are Subsidized or Unsubsidized Loans Subsidized Loans - Awarded on the basis of financial need. The federal government pays the interest on the loan until you begin repayment of the loan 6 months after you graduate. Unsubsidized Loans - Not awarded on the basis of need. You’ll then be charged interest from the time the loan is disbursed until it is paid in full. 2. Federal Plus Loans - Enables parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. 3. Federal Perkins Loan - A low interest loan

7. 5. Scholarship Money - Money for which you must compete either nationally, regionally, or locally. • Local scholarships are your best chance of winning because you are only competing within the Corona-Norco area.

8. Local Scholarship Prep Camp February 7th & 8th • Look for the kiosk in front of the Career Center. • Bring your scholarship copies during your lunch period and get it ready.

10. Financial Aid Application Process: Steps 1-2 Step 1: Seniors are responsible for completing a GPA Verification form. All forms are to be turned in to the Career Center. This form will be given later, or can be picked up in Career Center. Simply fill in your name, address, and social security number. Your counselor will fill in your GPA and send in your personal information via electronic submission. Step 2: When you have returned the GPA verification form to the Career Center, you will receive the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) direction sheet so you can apply online. Please review this information carefully.

11. Financial Aid Application Process: Steps 3-4 Step 3: You may access and send the FAFSA application between January 1st through March 2nd. The online address is www.fafsa.ed.gov • This is quite a lengthy application to complete. The date for the FAFSA application workshop is Thursday, January 19, 2012, where you may ask questions in order to properly complete the application. It is well worth your time and you should bring a parent. • You may not send your application in before January 1st. • This application will require that you list up to 4 colleges of your choice. • You should list your first choice or most expensive college first! • Keep a copy of your application. This way you have proof that it was sent and you will not be penalized if it does not get processed. Step 4: Upon completion of the FAFSA you will receive a Student Aid Report (SAR). The SAR will report information from your application and, if there are no questions or problems with your application, your SAR will report your Expected Family Contribution (EFC), the number used in determining your eligibility for federal student aid. The results will be sent to you and the schools that you list on your application.

12. Financial Aid Application Process: Steps 5-6 Step 5: If it has been more than 4 weeks since you submitted your application and you have not received any info, call the Federal Student Aid Information Center at 1-800-433-3243. You can check also the status of your application through FAFSA on the web. Step 6: Remember that you can accept or decline student loans or decrease the amount you want to receive.

13. 2011-2012 Deadlines • Federal Deadline • Online applications must be submitted by midnight Central Daylight Time, June 30, 2012.Any corrections or updates must be submitted by midnight Central Daylight Time, September 15, 2012. • State Deadline • California - For initial awards - March 2, 2011. Applicants encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA. Additional form may be required. Contact your financial aid administrator or your state agency. For additional community college awards - September 2, 2011 - date postmarked. Applicants encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA. Additional form may be required. Contact your financial aid administrator or your state agency. • College DeadlineEach college may have a different deadline. Check with the college(s) you are interested in attending. You may also want to ask your college about their definition of an application deadline - whether it is the date they receive your FAFSA, or the date your FAFSA is processed.

14. FAFSA Filing Options • You may choose any of these three methods to file a Free Application for Federal Student Aid (FAFSA): • Login to apply online (Recommended) or Complete a PDF FAFSA (Note: PDF FAFSAs must be mailed for processing) or • Request a paper FAFSA by calling us at 1-800-4-FED-AID (1-800-433-3243) or 319-337-5665. If you are hearing impaired, please contact the TTY line at 1-800-730-8913. • Complete a PDF FAFSA • The PDF FAFSA is available for you to print and fill out manually or is screen-fillable. Screen-fillable means you can enter your data on the screen before printing. Please note that if you choose this option you will not be able to save your data to your PC.

15. What documents do I need to fill out a FAFSA? You will need records of income earned in the year prior to when you will start school. You may also need records of your parents’ income information if you are a dependent student. • For the 2011-2012 school year you will need financial information from 2010. You may need to refer to: • Your Social Security card. It is important that you enter your Social Security Number correctly! • Your driver’s license (if any) • Your 2010 W-2 forms and other records of money earned • Your (and your spouse’s, if you are married) 2010 Federal Income Tax Return. • IRS 1040, 1040A, 1040 EZ • Foreign Tax Return, or • Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau • Your Parents’ 2010 Federal Income Tax Return (if you are a dependent student) • Your 2010 untaxed income records • Your current bank statements • Your current business and investment mortgage information, business and farm records, stock, bond and other investment records • Your alien registration or permanent resident card (if you are not a U.S. citizen) • www.fafsa.ed.gov

16. After You Submit the FAFSA After You Submit the FAFSA • We process your FAFSA and the results are sent electronically to the schools you listed on your application, and we send you a Student Aid Report (SAR). The Student Aid Report (SAR) • Your SAR summarizes all the information you provided on your FAFSA. It must be correct before you can receive federal aid. Read the information below to find out how and when you will receive your SAR, and what to do with it once you receive it. How and when you will receive your SAR • Generally, it takes less time to process and send the SAR to you when you submit the FAFSA online and provide a valid e-mail address. If we have your valid e-mail address, you'll get your SAR e-mail in three to five days. This e-mail contains a secure link to your SAR online. If you don't provide a valid e-mail address, it takes about seven to 10 days before you'll receive your SAR by postal mail. • If you submit a paper FAFSA, you'll receive your SAR by e-mail within 2 weeks, or 3 weeks if you do not provide an e-mail address. • Note: If you have a PIN and your FAFSA has been processed, you can login at www.fafsa.gov to view SAR information regardless of whether you filed the online or paper FAFSA or provided an e-mail address or not. What to do with your SAR • When you get your SAR, review it for accuracy. • A complete, correct SAR will contain your • Expected Family Contribution (EFC), the index number used to determine your federal student aid eligibility, and • Data Release Number (DRN), a four-digit number assigned to your application by the U.S. Department of Education.

17. Sample Award Package Sample Award Package • If your application for admission has been accepted, and you have taken all the steps to apply for financial aid, and your family demonstrates financial need, you are likely to receive a financial aid award. • Now what? • Below is a sample of an award package that students may receive once their admission application is accepted. Interpreting the award letter can take time, and this sample may help you and your family interpret your aid award letter once you receive it. Be sure to ask all questions you have and get the answers before the acceptance deadline. • Sample Financial Aid Award Package Total Cost of Attendance $20,000 • Expected Family Contribution $1,823 • Outside Scholarship $1,000 • Financial Need $17,177Federal Pell Grant $3,700 • State Scholarship Grant $1,500 • Institutional Grant $7,500 • Federal Perkins Loan $1,000 • Federal Direct Loan $1,477 • Federal Work-Study $2,000 • Total Award $17,177

18. Borrowing Responsibly • Your financial aid package may include federal student loans. In the case of loans, keep in mind that whatever amount you borrow must be paid back with interest. While loans can be a good investment in your future, taking out a federal student loan is a serious obligation. • Receiving the Money • Schools must pay you at least once per term (semester, trimester, or quarter). If your school doesn't use formally defined, traditional terms, then they must pay you at least twice per academic year. • Your school will credit your grant funds to your school account, pay you directly (usually by check), combine these methods, or with your permission, credit your bank account.