Financial Aid Presentation PCS December 2011 - PowerPoint PPT Presentation

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Financial Aid Presentation PCS December 2011
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Financial Aid Presentation PCS December 2011

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  1. Financial Aid PresentationPCS December 2011 Liz Martin-Garcia 831.459.4391 work 831.334.1416 cell

  2. Purpose of Financial Aid • Everyone has the access to attend college or a trade school • You have the choice of which school to attend

  3. Role of Financial Aid • Financial aid pays the cost of attending college • Cost to attend is different for different schools • Financial aid offered may be different at different schools

  4. What is Cost of Attendance (COA) Tuition $14,877 Housing and Food 14,727 Books 1,401 Transportation 678 Personal Expenses 1,350 Total $33,033

  5. FAFSA determines family contribution Student contribution from income & assets +Parent contribution from income & assets EFC Cost of attendance (coa) - Expected family contribution (efc) Eligibility for need based aid EFC is an attempt to measure ability not willingness to contribute

  6. Student and Parent Income • Taxable Income (or wages if non filer) • Untaxed income (child support, voluntary contribution to 401k, 403B, IRA, KEOGH etc.) • Excludes untaxed social security benefits, SSI, HUD, food stamps, TANF

  7. Student and Parent Assets • Cash, savings and checking account balances • Net worth of investments • Net worth of parents’ current businesses if more than 100 employees • Investment farms (not a farm in which the family lives on and operates • Always report your assets- Do not skip

  8. Investments • Real estate (do not include the home you live in) • Trust Funds • UGMA&UTMA • Money market funds • Certificate of deposit (CD’s) • Stocks and stock options • Bonds, other securities • Cordell savings accounts • 529 college savings plans • The refund value of 529 state prepaid tuition plans • Installment &land sale contracts including mortgages held) • Commodities, etc

  9. Same Student Different Schools JC CSU UC Private Budget $15,000 25,000 33,000 58,000 EFC 11,00011,00011,00011,000 Need 4,000 14,000 22,000 47,000 • Quantity vs. quality of offer • Additional assistance • Need blind

  10. Types of Financial Aid • Grants – free money • Scholarships – free money • Loans – must pay back after graduation (avoid private loans at all costs) • Workstudy – job where you earn a paycheck

  11. How to Apply • FAFSA -Priority filing: January 1st to March 2nd • Must apply every year • IRS retrieval or tax transcript • Requested verification documents • Cal Grant GPA verification by March 2nd • CSS Profile for some private colleges

  12. Survival Tips • Meet all deadlines especially MARCH 2nd • FAFSA - always dot gov never dot com • Apply for Campus & Outside Agency Scholarships - Never pay! • Change in circumstances • Strategies - gifts, insurance, RA’s, family plan, food stamps, etc. • Seek advice from college financial aid professionals (should be free)

  13. Thank you! • Questions?