Financial Aid Night 2018

1. Financial Aid Night 2018

2. Financial aid flow chart Schools will send you specific award packages Accept Aid on their school portal Applying for Financial Aid October 1st-March 2nd* You apply, then you get notification that your application was processed * March 2nd is typical California deadline, but could vary by state and for university scholarships Pay Attention to financial aid deadlines!

3. Financial aid 2019-2020 timeline • 2017Taxes • Applying for Financial Aid • Oct 1st – March 2nd* (Priority Deadline – again make sure you check deadlines with out-of-state and for university scholarhips) Cal Grant Deadline • March 2nd • Students who applied in early October received their Cal Grant notification in November (from the state but ultimately university determines). Thus, the sooner you apply, the sooner you will get notified (from the state).

4. Financial aid • Financial Aid makes going to college more attainable. • Cost is the number one reason people do not go to college. • The majority of students do receive financial aid. • Submit an application to generate your EFC.

5. EFC (Expected family contribution) • Amount family can reasonably be expected to contribute. • Two components • Parent contribution • Student contribution • Calculated using data from the FAFSA or DREAM ACT. • Stays the same regardless of college.

6. Understanding the cost Cost of Attendance “Ticket Price” – Expected Family Contribution = Financial Need

7. Cost of attendance

8. Cost breakdown • Tuition and Fees; these costs typically do not change • Books and Supplies; this can vary depending on where book is purchased and the major • Room and Board; this can vary based on your accommodation choice • Other expenses can include personal costs, hygiene, transportation, food, clothing, etc.

9. Cost saving tips • Books and Supplies; renting vs. buying (Amazon, Chegg, book on reserve) • Room and Board; there is a variety of options such as dorming (quad vs. single), off campus (living at home vs. apartment) • Other expense; coffee maker instead of Starbucks, cooking at home instead of eating out, transportation (driving vs. public transportation)

10. Understanding the cost Cost of Attendance “Ticket Price” – Expected Family Contribution = Financial Need

11. What is financial need? • The difference between cost and contribution as determined by the financial aid application. • It is the amount of money the institution will try to offer through your financial aid package.

12. Efcstays the same regardless of where you go

13. Apply for financial aid

14. STUDENT Free Application for Federal Student Aid (FAFSA) California Dream Act (CDAA) *Some other states also offer aid for students who do not qualify to apply using FAFSA, check with state for application possibilities FEDERAL AND STATE AID STATE* AID ONLY = =

15. Which application do I use? • FAFSA • US Citizen or Eligible Non Citizen • Legal permanent resident • With Social Security Number • (an ITIN number is not a SSN) • https://fafsa.ed.gov/ • Dream Application • AB540 Eligible Students • DACAmented individuals • No Social Security Number • https://dream.csac.ca.gov/ NEVER COMPLETE BOTH APPLICATIONS

16. UNDERSTAND WHAT IS BEING OFFERED • There are four types of financial aid and the order in which they are offered: • Scholarships • Grants • Work Study • Loans for the student • Loans for the parent

17. Scholarships • Money that does not have to be paid back • Start locally (high school, district, city, etc.) • Then begin to branch out (regional, state, etc.) • Keep a list of scholarship deadlines and requirements • Awarded on the base of merit, skill, or unique characteristic • May or may not have income and/or GPA requirements • There are scholarships for literally everything!

18. Grants • Money that does not have to be paid back • Usually awarded through federal or state government • Usually do have income and GPA requirements

19. Cal Grant (State Grant) • Cal Grant A, B • Pays state fees at UC & CSU • Awards up to $10,000 for California Private Colleges • Cal Grant A • GPA = 3.0 • $12,570 at UC, $5,742 at CSU $8,056 for profit, $9,084 non-profit • $4000 for other • May be “deferred” if attending a community college Cal Grant B • GPA = 2.0 • Includes $1,672 living stipend* • Cal Grant C • No GPA Requirement • For Occupational/Technical/Vocational and non-transferring associate degree programs • Certificate and Associate degree programs of at least 4 months in length • Offers an award amount to assist with tuition and fees, also includes an additional book and supplies amount

20. Cal Grant on reserve • If you are a Cal Grant A recipient and attending a California Community College (CC), you will not receive Cal Grant payments while attending the CC. • To keep your eligibility for this award while attending a CC, you must be enrolled at least half-time for the fall term. Your award will be held in reserve for up to 3 years for you to use when you transfer to a 4 year, baccalaureate degree granting and tuition/fee-charging institution (BDGI). • When you transfer to a BDGI, it will be your responsibility to submit a school change request to CSAC.

21. Pell grant (Federal) • Awards up to $5,920 • For low income undergraduate students • Can be used at many schools throughout the USA • Awarded based on financial need • Apply using the FAFSA

22. Work study • Job on campus which allows students to earn money to help pay for educational costs. • Usually has an income requirement. • Must put “Yes, I am interested” on either application to be considered.

23. Work study benefits • This is a great opportunity because: • Flexibility • It’s on campus • Not during class time

24. Loans • Money students and parents borrow to help pay college expenses. • Repayment usually begins after education is finished. • No income requirements • GPA may affect eligibility

25. Student loans • Subsidized = government pays interest while you are in school • Unsubsidized = interest accrues • Both loans begin payback after graduation • Low interest rates & very flexible payback plans. • Beware of PRIVATE PERSONAL LOANS!

26. Parent loans • Must pass credit check • May borrow up to total cost of attendance • Unsubsidized = interest accrues • Payback begins immediately or after graduation • Low interest rates & very flexible payback plans. • Beware of PRIVATE PERSONAL LOANS!

27. 4 types of financial aid Scholarships GIFT AID Grants Work Study SELF-HELP AID Loans Note: This is how Aid is Packaged.

28. Documents needed to apply • Social security card, alien registration or permanent resident card. • Driver’s license (If you don’t have one, it’s okay! This is optional). • Your 2017 W-2 forms and other records of income • Your 2017 Federal Income Tax Return (if you filed taxes in 2017) • Your parents’ 2017 Federal Income Tax Return • Yours and your parents’ current bank statements • Yours and your parents’ current business and investment mortgage information, business and farm, stock, bond, and other investment records.

29. IRS data retrieval tool • Allows students and parents to access the IRS tax return information needed to complete the FAFSA • It transfers directly into FAFSA from the IRS Website. • Why use the IRS Data Retrieval Tool?: • It’s the easiest way to provide your tax data. • It’s the best way of ensuring that your FAFSA has accurate tax information • You won’t need to provide a copy of you or your parents’ tax transcript to your college.

30. Two common issues on either application • Dependency Status • Is parent information required? • Who are considered the parents? Parent vs Student information • Pay attention

31. Dependent or independent? • Were you born before January 1, 1996? • As of today are you married? • At the beginning of the 2019-2020 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)? • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? • Are you a veteran of the U.S. Armed Forces? • Do you now have or will you have children who will receive more than half of their support from you between July 1, 2019 and June 30, 2020? • Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2020? • At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? • As determined by a court in your state of legal residence, are you or were you an emancipated minor? • As determined by a court in your state of legal residence, are you or were you in legal guardianship? • At any time on or after July 1, 2018, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? • At any time on or after July 1, 2018, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? • At any time on or after July 1, 2018, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? You must answer Yes to at least one question to be considered an Independent student.

32. Who is considered the Parent? • Biological or Adoptive Parent/step-parent • Not Grandma • Not Sister • Not Uncle

33. “But my uncle claims me as a dependent on his tax return.” • Biological or Adoptive Parent • It doesn’t matter who claims the student on tax return!

34. Divorce or legal separation

35. Filing the fafsa w/out parent information • Student can knowingly file w/out parent information. • Approved Special Circumstance • Parents incarcerated • Abusive Situation • Unable to locate parents • Unapproved Special Circumstance • Parent refuses to participate • Student will be informed that they will be approved for Student Loans only. • Will need to follow up with college financial aid office.

36. FSA ID • Both the Student and parent need their own FSA ID • Do NOT share your password! • https://fsaid.ed.gov

37. Listing colleges • Make sure to include at least ONE California College/University • Order does NOT matter • Can go back and change or add other colleges at any time.

38. CAL GRANT • After completing the FAFSA or Dream Act- • https://mygrantinfo.csac.ca.gov • - Verify high school graduation • -select college of attendance

39. How to keep your aid • Make sure you meet all the necessary requirements. • Requirements may include: • GPA • Pass Rate • Income • Number of Units • Etc.

41. Other info… • Make sure student name matches on ALL documents • FAFSA (SS Card)/Dream Act • High school records • College applications