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FINANCIAL AID 101. The Basics. Topics We’ll Cover Today. What is Financial Aid Determining Costs and Family Contributions Different Types and Sources of Financial Aid Applying for Aid with FAFSA Information Special Circumstances Accepting Aid Receiving Aid. WHAT IS FINANCIAL AID?.

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topics we ll cover today
Topics We’ll Cover Today
  • What is Financial Aid
  • Determining Costs and Family Contributions
  • Different Types and Sources of Financial Aid
  • Applying for Aid with FAFSA Information
  • Special Circumstances
  • Accepting Aid
  • Receiving Aid
financial aid
Financial Aid
  • Funds provided to students and families to help pay for postsecondary educational expenses
  • Grants, Loans, Scholarships, and Work-Study
cost of attendance coa
Cost of Attendance (COA)
  • Direct costs (tuition, fees, on-campus housing)
  • Indirect costs (books and supplies, transportation, off-campus housing, personal expenses)
  • Direct and indirect costs are combined into COA
  • Varies widely from college to college
expected family contribution efc
Expected Family Contribution (EFC)
  • Amount family can reasonably be expected to contribute
  • Stays the same regardless of college
  • Two financial components
  • Parent contribution
  • Student contribution
  • Calculated using data submitted on the FAFSA
  • Notification received on the Student Aid Report after submitting the FAFSA
financial need
Financial Need

Cost of Attendance

–Expected Family Contribution

= Financial Need

categories of financial aid
Categories of Financial Aid
  • Need-based
  • Non need-based
types of financial aid
Types of Financial Aid
  • Scholarships
  • Grants
  • Loans
  • Employment/Work-Study
scholarships
Scholarships
  • Money that does not have to be paid back
  • Awarded on the basis of merit, skill, or unique characteristic
grants
Grants
  • Money that does not have to be paid back
  • Usually awarded on the basis of financial need but sometimes merit as well
loans
Loans
  • Money students and parents borrow to help pay college expenses
  • Repayment usually begins after education is finished
  • Only borrow what is really needed
  • Look at loans as an investment in the future
employment work study
Employment/Work-Study
  • Allows students to earn money to help pay educational costs
    • A paycheck
    • Non-monetary compensation, such as room and board
cal grant
Cal-Grant
  • Cal Grant A
    • Awards up to $12,192
    • 3.0 high school/2.4 college GPA and financial need
    • For undergraduates at a CSU, UC, and some independent institutions
  • Cal Grant B
    • Awards up to $1,473 for the first year, and up to $12,192 for the following years
    • 2.0 high school GPA and financial need
    • For undergraduates at a CSU, UC, and some independent institutions
    • Can be awarded while at a CCC and reserved until transfer
  • Cal Grant C
    • Awards up to $3,009
    • Use at a CCC for a technical program or technical/career school
  • Apply with the Following Forms by March 2nd
    • FAFSA or California Dream Act Application (undocumented students)
    • GPA Verification Form
pell grant
Pell Grant
  • Awards up to $5,550
  • For undergraduates
  • Can be used at many schools throughout the USA
  • Financial need
  • Apply using the FAFSA
federal supplemental educational opportunity grant
Federal Supplemental Educational Opportunity Grant
  • Awards up to $4,000
  • For undergraduates
  • Can be used at many schools throughout the USA
  • Not all schools offer the FSEOG
  • Financial need
  • Apply using the FAFSA
university of california student aid
University of California Student Aid
  • Referred to as the BLUE + GOLD Opportunity Plan
  • Average award was $14,500 in AY 2011-2012
  • For undergraduates and graduates
  • Nearly two-thirds of all undergraduate students receive UC grant and scholarship aid
  • Can be used only at a UC
  • Apply using the FAFSA
  • Financial need
california state university grant
California State University Grant
  • Awards up to full system-wide fees
  • For undergraduates and graduate
  • Can be used only at a CSU
  • Apply using the FAFSA
  • Financial need
board of governors fee waiver
Board of Governors Fee Waiver
  • Waives registration fees
  • Can be used only at a California Community College
  • Fee waiver application at www.icanaffordcollege.com
  • Application accepted throughout the year
  • Financial need
chafee grant
Chafee Grant
  • Awards up to $5,000 in addition to other federal or state aid your may receive
  • Must have been in foster care from ages 16-18 and is not yet 22
  • Can be used at any eligible California institution
  • Apply using the FAFSA, GPA Verification form, and Chafee Grant application at www.chafee.csac.ca.gov
  • Financial need
eops eop grants
EOPS & EOP Grants
  • Awards vary; up to $2,000 annually but the average award is $900 per student (EOP)
  • Intended for California Community College students (EOPS) or CSU students (EOP)
  • Financial need and educationally disadvantaged
  • Contact the EOP/EOPS office at your intended college
non resident tuition
Non-Resident Tuition
  • Waive non-resident tuition costs
  • Intended for undocumented or non-CA resident students
  • Requirements
  • Must have attended a CA high school for 3 years
  • Must have graduated from a CA high school or attained the equivalent
  • Must file an affidavit stating the intent to legalize the immigration status
  • Contact the college’s financial aid office for more information
sources of financial aid
Sources of Financial Aid
  • Federal government
  • States
  • Private Sources
  • Civic Organizations and Churches
  • Employers
federal government
Federal Government
  • Largest source of financial aid
  • Aid awarded primarily on the basis of financial need
  • Must apply every year using the Free Application for Federal Student Aid (FAFSA)
  • Common Programs: Pell Grant, Work-Study, Perkins Loans, etc.
state aid
State Aid
  • Residency requirements
  • Awarded aid on the basis of both merit and need
  • Use information from the FAFSA, California Dream Act Application and/or the GPA Verification Form
  • Deadline to apply – March 2nd
  • Common Programs: Cal Grant, Chafee Grant, etc.
private sources
Private Sources
  • Foundations, businesses, charitable organizations
  • Deadlines and application procedures vary widely
  • Begin researching private aid sources early
  • Typically offer scholarship aid
civic organizations churches
Civic Organizations & Churches
  • Research what is available in the community
  • Application process is usually spring of senior year
  • Typically offer scholarship aid; small scholarships add up!
employers
Employers
  • Companies may have scholarships available to the children of employees
  • Companies may have educational benefits for their own employees
fafsa
FAFSA
  • A standard form that collects demographic and financial information about the student and family
  • May be filed electronically or using paper form as early as January 1st
  • Should be renewed annually.
  • Available in English and Spanish
  • The sooner you and your parents complete your tax return, the easier it’ll be to complete the FAFSA
fafsa1
FAFSA
  • Information used to calculate the Expected Family Contribution or EFC
    • The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
  • Colleges use EFC to award financial aid
fafsa2
FAFSA
  • May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid
  • For the 2013-2014 academic year, the FAFSA may be filed beginning January 1, 2013
  • Deadline for Cal Grant consideration is March 2nd (September 2nd for the community college)
  • Colleges may set FAFSA filing deadlines for other aid; check with the college for their definition of deadline: processed or submitted.
fafsa on the web
FAFSA on the Web
  • www.fafsa.gov
  • FAFSA on the Web Worksheet:
    • Used as “pre-application” worksheet
    • Questions follow order of FAFSA on the Web
fafsa on the web1
FAFSA on the Web
  • Good reasons to file electronically:
    • Built-in edits to prevent costly errors
    • Skip-logic allows student and/or parent to skip unnecessary questions
    • More timely submission of original application and any necessary corrections
    • More detailed instructions and “help” for common questions
    • Ability to check application status on-line
    • Simplified application process in the future
fafsa personal identification number pin
FAFSA Personal Identification Number (PIN)
  • Web site: www.pin.ed.gov
  • Sign FAFSA electronically
  • Can request PIN before January 1, 2013
  • Not required, but speeds processing
  • May be used by students and parents throughout aid process, including subsequent school years
what you ll need to complete the fafsa
What You’ll Need to Complete the FAFSA
  • Student’s driver’s license
  • Student’s Alien Registration Card
  • Student’s and Parent’s
    • Social Security cards
    • 2012 W-2 Forms and records of money earned and other taxable benefits
    • 2012 federal income tax form (even if not yet completed)
    • Records of untaxed income
    • Current bank statements
    • Business, farm, and other real estate records
    • Records of stocks, bonds, and other investments
fafsa signatures
FAFSA Signatures
  • Required
    • Student
    • One parent (dependent students)
  • Format
    • Electronic using PIN
    • Signature page
    • Paper FAFSA
frequent fafsa errors
Frequent FAFSA Errors
  • Social Security Numbers
  • Divorced/remarried parental information
  • Income earned by parents/stepparents
  • Untaxed income
  • U.S. income taxes paid
  • Household size
  • Number of household members in college
  • Real estate and investment net worth
fafsa processing results
FAFSA Processing Results
  • Central Processing System (CPS) notifies student of FAFSA processing results by:
    • Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided
    • SAR Acknowledgement if filed FAFSA on the Web and student’s e-mail address was not provided. Students with a PIN can view their SAR online at www.fafsa.gov.
    • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA
fafsa processing results1
FAFSA Processing Results
  • Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
    • College reviews ISIR
    • May request additional documentation, such as copies of federal tax returns
student aid report
Student Aid Report
  • Review data for accuracy
  • Update estimated information when actual figures are available
making corrections
Making Corrections
  • If necessary, corrections to FAFSA data may be made by:
    • Using FAFSA on the Web (www.fafsa.gov) if student has a PIN;
    • Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or
    • Submitting documentation to college’s financial aid office
special circumstances
Special Circumstances
  • Cannot report on FAFSA
  • Send explanation to financial aid office at each college
  • College will review special circumstances
    • Request additional documentation
    • Decisions are final and cannot be appealed to U.S. Department of Education
special circumstances1
Special Circumstances
  • Change in employment status
  • Medical expenses not covered by insurance
  • Change in parent marital status
  • Unusual dependent care expenses
  • Student cannot obtain parent information
california dream act application1
California Dream Act Application
  • Starting in January 2013 for the 2013-14 school year, eligible undocumented students can apply for state-funded financial aid (institutional grants, community college fee waivers, Cal Grant and Chafee Grant ) using the Dream Act Application under AB 131.
  • CA law requires that the financial eligibility for students who meet AB 131 criteria (eligible for AB 540 and state-funded financial aid) be calculated in the same manner as any other student receiving CA state financial aid.
california dream act application2
California Dream Act Application
  • The California Student Aid Commission will process the Dream App.
  • Any aid received can only be used at eligible California institutions.
  • Completing the Application
    • Online: www.caldreamact.org (Best Option)
    • Paper: (888) 224-7268
    • California PIN:
      • Needed for the student and the parent
      • Serves as an electronic signature
      • You can get a PIN after you complete your application
california dream act application3
California Dream Act Application
  • AB540 Eligibility
    • Attended a CA high school for 3 or more years
    • Have or will obtain a CA diploma or G.E.D, or passed the CA High School Proficiency Exam
    • Will or currently attend an accredited institution of public higher education in California
    • File or plan to file an affidavit stating that he/she will apply for legal residency as soon as possible
    • Not hold a valid non-immigrant visa
parent and student documents where applicable
Parent and Student Documents(where applicable)
  • W-2 forms and other 2012 records of income
  • 2012 income tax return(s)
  • Records of child support paid
  • Records of student grant, scholarship and fellowship aid, including AmeriCorps awards included in tax records
  • Current stock, bond, and other investment records
  • Current business and farm records
  • Current bank statements
after applying
After Applying…
  • CSAC will
    • analyze your Application
    • calculate an EFC for you
    • sent the results of your application to the schools you list on your application
  • You can check your application status or make corrections by going to www.caldreamact.org
  • Each school you list on the application will send you a notice of the types and amounts of aid you’re eligible to receive
cal grant gpa verification form
Cal Grant GPA Verification Form
  • Must be completed in addition to the FAFSA or Dream Act Application for Cal Grant consideration
  • Can be submitted between Nov. 1 and March 2
  • Online vs. Paper
    • Most counselor’s submit online
    • Paper can be downloaded at www.csac.ca.gov (counselor must complete a portion unless an ACT, SAT, or GED test score is submitted)
  • Check with your counselor about the status of your form submission
css financial aid profile1
CSS/Financial Aid Profile
  • More than 500 colleges, universities, graduate and professional schools, and scholarship programs use the information collected on the PROFILE to determine eligibility for nonfederal student aid funds.
  • Register at PROFILE Online at www.collegeboard.com. Registration requires a College Board online account.
  • Apply by the date designated by your college of choice.
  • You are charged an application fee of $9, plus $16 for each college or scholarship program to which you want information sent.
show me the money
Show Me the Money
  • Award Notification
    • After corrections have been made and requested paperwork has been submitted
    • Typically in April
    • Each college you listed on your FAFSA (that you have been or will be accepted to) will provide you with an evaluation of your eligibility for financial aid
    • Offers may include the college’s COA, your EFC, and the amount that will be covered by a mix of grants, work-study, loans, or other aid.
    • Your offers will typically vary from college to college.
show me the money1
Show Me the Money
  • Accepting Aid
    • You may want to wait until you’ve heard from each one before making a decision—but don’t wait so long that you miss deadlines.
    • You may want to accept one college’s offer while waiting to hear from the school of your choice. Just be sure to let the first college know if you decide later to decline its offer.
    • You don’t have to accept your entire student aid package. Select the aid you want.
    • If you’re offered a loan, remember that accepting a loan means accepting the responsibility of repaying it.
show me the money2
Show Me the Money
  • Disbursements
    • College takes their share for any outstanding balance, such as tuition and orientation fees
    • You get what’s left over for books, supplies, rent, or other college related fees