P AYING FOR COLLEGE Financial Aid: What it is and how to get it!

1. PAYING FOR COLLEGEFinancial Aid: What it is and how to get it! September 17, 2018 | Presented by: Monica L. Roberts, Director

2. Agenda • Financial Aid: What is it? • Types of Aid • The Financial Aid Process & How to Apply • The Relationship between Grades and $$ • Questions & Discussion

3. A way to pay for a college education Government (federal & state) support for college attendance Institutional (college) support for college attendance Private (business, community, etc.) support for college attendance What is “financial aid”?

4. Grants – “free money” (federal, state, more) Loans – subsidized, unsubsidized, parent Work-Study – student works (self-help) Scholarships – private, institutional Special Programs (fee waivers, “Promise”, EOP, etc.) Types of financial aid

5. Cal Grants

6. Federal Grants Federal grants can be used at any accredited institution in the country!

7. Loans • Student Loans • Subsidized…government pays the interest! • Unsubsidized…student pays the interest! • Parent Loans • PLUS

8. Student loans have generally low interest rates!

9. Work Study • Student, part-time employment program • Part of a student’s financial aid award package • On or off campus

10. Scholarships • Private (foundations, businesses, community groups) • Institutional (from colleges) • Academic, sports, or other factors

11. Special Programs At California Community Colleges: • California College Promise Grant (formerly the Board of Governors, BOG, Fee Waiver) …important because you don’t have to pay fees! • EOP&S – Extended Opportunity Programs and Services

12. Special Programs At California State University campuses… • Educational Opportunity Program (EOP) – awards up to $2,000 (CSU) • State University Grants (CSU), intended to cover fees ($5,472) if you don’t get a Cal Grant

13. Special Programs At University of California campuses… • UC Blue and Gold Opportunity Plan (covers fees and often more, averaging +$13,000)

14. Special Programs California Middle Class Scholarship - for undergraduate students who are: • Attending a CSU or UC campus • From families with income or assets up to $171,000

15. Special Programs California Middle Class Scholarship - provides: • No less than 10%, and up to 40% of mandatory systemwide fees • CSU maximum award is $2,298 • UC maximum is $5,052

16. It starts with the… • Free Application for Federal Student Aid (FAFSA) • Apply between October 1stand March 2nd of the senior year. • Renew every year at the same time!

17. The ‘FAFSA’ • www.fafsa.gov • This is the student’s application and responsibility! • Parent information is usually required.

18. The new mobile app! • myStudentAid • Manage FSA ID profile • Complete and submit FAFSA • myFederalLoans • Information for FSA contact centers

19. What do to first (for seniors!) • Get your Federal Student Aid ID before October 1st • FSA ID acts as an online signature and access code • The student and one parent needs an FSA ID https://fsaid.ed.gov

20. Students without a Social Security number may be able to apply with the … • Dream Act Application • (With a DACA-issued SSN, you’ll do the Dream Act app!) https://dream.csac.ca.gov/

21. The FAFSA and Dream Act applications help determine ability to pay for college They calculate a student’s “expected family contribution” or EFC. The EFC is the amount of money the government calculates that a family can reasonably contribute toward a student’s education for the school year. The financial aid process

22. The financial aid process Students apply Application parts Provide financial information to the government. www.fafsa.gov caldreamact.org • Student Info • Dependency • Parent Info - $$ • Student Info - $$ • Student Info - Colleges

23. The government calculates the “expected family contribution” (EFC) The government provides your EFC to colleges Colleges verify the student’s information and determine the financial aid package The financial aid process

24. A simple formula!

25. Student Information • Name • For FAFSA, use what’s on Social Security records. • For Dream Act Application, use what’s on high school records • Citizenship and Marital Status • Selective Service Registration

26. 13 Dependency Questions If all answers are “No”, parent information is required.

27. Initial questions about parents ★Undocumented parents use zeroes for SSN. (000-00-0000)

28. PARENT financial information • IRS tax return • Income • Taxes paid • Total of cash, savings, checking accounts • Investments, real estate (not home) • Businesses, investment farms

29. FAMILY financial information Federal benefit programs: • SSI • SNAP • Free/Reduced Price Lunch • TANF • WIC

30. STUDENT financial information Same questions asked of parents!! • IRS tax return • Adjusted gross income • Income from working

31. Student college choices • Up to 10 with each submission

32. Financial aid award notice • Students receive award notice in the spring • They may be offered a combination of awards • They have the final say in accepting or declining awards (including loans)

33. A simple formula!

34. Basic FA math – Examples Notice… EFC does not change! * Annual Cost of Attendance is an estimate. ** Based on living on-campus.

35. Sample FA package COA - EFC= Financial Need For a student attending a four-year university and planning to live on campus: COA: $24,000 • EFC: $4,000 Need: $20,000 Cal Grant A: $5,472 yes/no Federal Pell Grant: $5,128 yes/no Subsidized Loan $3,500 yes/no? Unsubsidized Loan $2,400 yes/no? Work-Study: $3,500 yes/no? Complete financial aid package$20,000 Students may choose to take only aportion of the loan/s offered. }

36. Available online at: fundyourfuture.org (¡En Españoltambien!) Where to get more information! ¡

37. Where to get help! • Cash for College workshops • October, 2018 – February, 2019 • For students and parents • One-on-one assistance www.cash4college.org

38. Questions?

39. Thank you! Sacramento Cal-SOAP Consortium Monica L. Roberts, Director mroberts@scoe.net