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Financial Aid . Prospect High School Guidance Department Fall 2010. Agenda. What is Financial Aid? Financial Aid Myths Application Process Calculating Eligibility Awarding and Packaging What Next?. What is Financial Aid?.

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Financial aid l.jpg

Financial Aid

Prospect High School

Guidance Department

Fall 2010


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Agenda

  • What is Financial Aid?

  • Financial Aid Myths

  • Application Process

  • Calculating Eligibility

  • Awarding and Packaging

  • What Next?


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What is Financial Aid?

  • Financial Aid is any money given, paid or loaned to help pay for education

  • Federal Student Aid

  • California State Aid


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What does it pay for?

  • Tuition and fees

  • Room and board

  • Books and supplies

  • Transportation

  • May also include allowance for:

    • Child care

    • Costs associated with a disability

    • Rental or purchase of computer


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FAFSA & CalGrant

  • Free Application for Federal Student Aid (FAFSA)

  • CalGrant


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Basic Equation of Need

Cost of Attendance (COA)

  • Expected Family Contribution (EFC)

  • Student’s Financial Need (eligibility)


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Santa Clara

COA $50,604

- EFC 1,000

= Need $49,604

San Jose State

COA $19,888

- EFC 1,000

= Need $18,888

West Valley

COA $10,667

- EFC 1,000

= Need $ 9,667

Examples only: contact college directly for 2010 – 11 costs.


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Financial Aid Myths

  • Myth #1:

    You can’t afford college

  • Myth #2:

    You have to be very poor, very smart or very talented to qualify

  • Myth #3:

    You can get more scholarships by paying someone to search for you

  • Myth #4:

    If you pay for college, your parents’ salaries don’t matter

  • Myth #5:

    You can wait until you get accepted to a college before worrying about financial aid


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Types of Financial Aid

  • Need-Based

  • Based on family’s financial situation

  • Non Need-Based (Scholarships/Loans)

  • Based on grades, test scores, hobbies, special talents, affiliations, heritage, etc.


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Types of Financial Aid

  • Gift Aid

  • Grants

    • Federal Pell Grants

    • Cal Grants

  • Scholarships

  • Self Help

  • Work Study

  • Loans


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Types of Financial Aid – GIFT Federal Pell Grant

  • First source of aid

  • Undergraduate students only

  • Amount based on

    • Cost of Attendance (COA)

    • Expected Family Contribution (EFC)

    • Enrollment status

  • 2010-2011 maximum = $5,800


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Types of Financial Aid – GIFT Cal Grants

  • Cal Grant A

    For students with a Grade Point Average (GPA) of at least 3.0, family income

    and assets below the state ceilings, and who demonstrate financial need

  • Cal Grant B

    For students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need

  • Cal Grant C

    For students from low income families pursuing career programs of study


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Types of Financial Aid – GIFT College Grants

  • Community CollegeBoard of Governor’s Fee Waiver (BOG)

    • Waives enrollment fees, FAFSA may be required

  • CSU State University Grant (SUG)

    • Amounts vary, FAFSA is required

  • UC Grant

    • Amounts and application process vary

  • Independent College Grants

    • Amounts and application process vary


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Creating a “WebGrants 4 Students” Account

  • For the first time, students can now create a WGS account with a submitted GPA to the Commission.

  • To establish a WGS account, go to www.webgrants4students.org and follow the instructions!


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Types of Financial Aid – SELF-HELP Federal Work Study

  • Campus-based aid

  • Must be earned through work

    • Job may be on or off campus

  • May have annual maximum

    • funding levels vary at each institution

  • Need-based


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Types of Financial Aid – SELF-HELP Loans

  • Subsidized- Need based

  • Unsubsidized- Not need based

  • PLUS - Not need based

  • Perkins - Need based


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Step 1: Filing the FAFSA

Apply For A PIN

Students need a PIN. Parents need a PIN.

The PIN Application Process consists of 3 steps:Step 1: Enter Personal InformationStep 2: Submit Your PIN Application Step 3: Receive Your PIN

www.pin.ed.gov


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Information Needed to Register for a PIN

  • Social Security Number

  • Last name, First name, Middle initial

  • Date of Birth

  • Address

  • E-mail


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Step 2: Apply Online

File a FAFSA online

1-800-4-FED-AID

(1-800-433-3243)

www.fafsa.ed.gov


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What’s the deadline?

The 2011-12 deadline

for FAFSA and GPA submission is

Wednesday, March 2, 2011


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What is a name?

  • Must use legal name as it appears on social security card

MARGARET

Margo

Jen

JENNIFER


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Are you a U.S. citizen?

U.S. Citizen, Eligible non-citizen, or Neither

  • Must have a Social Security Number to continue online application

    • 800.772.1213 or www.ssa.gov

  • Matched with name and date of birth registered with SSA


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Who is eligible for federal aid?

Eligible non-citizen

  • If checked ‘eligible non-citizen’, must provide the Alien Registration Number (ARN)

    • US permanent resident with alien registration card

    • Conditional permanent resident

    • Refugee, asylum granted

  • The ARN will be matched with records at Department of Homeland Security (DHS)


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Selective Service/ Inactive Draft

  • Males between 18 and 25 must register

  • Check “Yes” and you will be automatically registered

  • Not yet 18, check yes and SSS will register you on birth date

  • May also register using Web site

    • www.sss.gov


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Degree/Grade Level

Student’s Grade Level

  • Check “1st year/never attended college before”, whether or not a concurrent enrollment student

    Degree

  • Check “1st bachelor’s degree”

    Student’s expected enrollment status

  • Always check “full time”

  • Does not commit you to attending full time


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Loans or Work Study

  • Check “Both work-study and student loans”

    • does not obligate student

    • can decline once aid is awarded

  • Checking “neither” may restrict some of your options


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Dependency Status

  • Dependent = parent info required

  • Independent = parent info not required

    • Independent students are one or more of the following:

      • 24 years of age or older

      • Completed first BA/BS degree

      • Married

      • Parent of a child for whom you are providing 50% or more of your financial support

      • On Active Duty / A Veteran

      • At age 13 or older were a ward of the court, an orphan (both parents deceased), or in foster care

      • Emancipated minor

      • In legal guardianship

      • Unaccompanied youth, homeless, or self-supporting and at risk of being homeless


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Parents’ Household Size

  • Include student and parents

  • Siblings/ other people (regardless of age)

    • If they live with parents and provide 50% or more of their financial support from July 1, 2010- June 30, 2011


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Real Estate

Trust Funds

Money Market Funds

Mutual Funds

Certificates of Deposit

Stocks

Stock Options

Are not…

Home you live in

Retirement Plans

Checking or Savings Accounts

Investments


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What Happens After Applying?

Students and colleges receive Student Aid Report (SAR) from federal processor

ê

Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR)

ê

Colleges match admission records with financial aid applications and determine aid eligibility

ê

Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms


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Comparing Awards

Gather Information

  • Award letters from all colleges

    • Circle or highlight aid types and amounts

  • Every college may have a different awarding policy

  • College cost of attendance information

    • Award Letters

    • Handbooks, application materials


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Application Process CSS Financial Aid PROFILE

www.profileonline.collegeboard.com/index.jsp

  • 2 step process

    • $25 online registration

    • $16 per school

  • Not used for awarding federal financial aid

  • Filed earlier than the FAFSA

  • Not all schools require

  • Application is customized for each student

  • Assistance is available:

    • Phone (305) 829-9793

    • E-mail: help@cssprofile.org


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Application Process CSS Financial Aid PROFILE (cont.)

The undergraduate colleges in California that require the CSS/Profile are:

  • California Institute of Technology

  • Claremont McKenna College

  • Harvey Mudd College

  • Occidental College

  • Patten University

  • Pitzer College

  • Pomona College

  • Santa Clara University

  • Scripps College

  • Stanford University

  • University of Southern California


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Questions?

Financial Aid Night

at West Valley College Theater

Thursday, January 20th

6:30 – 8:30 PM

Workshops are presented in English, Spanish and Vietnamese


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Your To-Do List

  • Complete GPA Release Form and return to the Guidance office

  • Complete the FAFSA online beginning January 1st

  • Attend the Financial Aid workshop at the West Valley College Theater on Thursday, January 20th

  • Attend Scholarship Workshops at PHS on January 19th and January 20th

  • Watch for your Student Aid Report (SAR)


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PIN Workshop

  • Information Needed to Register for a PIN

    • Social Security Number

    • Last name, First name, Middle Initial

    • Date of Birth

    • Address

    • Email address and be able to log in remotely (id/password, if needed)


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Thank you

Apply!