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Financial Aid Workshop 2011-2012. Presented by. Andi Schreibman Financial Aid Officer, Las Positas College With the assistance of Ernesto Nery, Financial Aid Specialist. What will you learn today?. Important terms Calculating Eligibility Types of Financial Aid

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Presentation Transcript
presented by
Presented by

Andi Schreibman

Financial Aid Officer,

Las Positas College

With the assistance of Ernesto Nery,

Financial Aid Specialist

slide3

What will you learn today?

  • Important terms
  • Calculating Eligibility
  • Types of Financial Aid
  • Application Process & Deadlines
  • Special Circumstances
  • Tips for completing the FAFSA
  • Awarding and Packaging
  • What’s next…finding help
  • Answers to your questions
cash for college 1 000 scholarship evaluation
Cash for College $1,000 ScholarshipEvaluation
  • Complete and turn in the Student Evaluation BEFORE you leave!
  • Location and Date
  • Write Clearly!
  • Scholarship Rules on pg 2
  • Must submit your FAFSA and Cal Grant GPA by March 2nd
  • Winner will be chosen after March 2nd and announced by your counselor or by a letter mailed to the address provided.

4

slide5

IMPORTANT TERMS

  • FAFSA (Free Application for Federal Student Aid) is the financial aid application that must be completed for every college in the U.S.
  • Need Analysis is the consistent federal formula applied to the data in a FAFSA application used in determining a family’s EFC
  • Expected Family Contribution (EFC) is the measure of a family’s financial strength for one school year in dollars. The EFC is the amount the government expects a family should be able to contribute to pay for college expenses. If EFC = 2000, you are expected to be able to contribute $2000 toward the student’s college expenses.
important terms
IMPORTANT TERMS

Cost of Attendance includes most everything related to average college expenses at a specific college for one academic year. Also known as the “Student Budget.”

  • Tuition and/or fees
  • Room and board
  • Books and supplies
  • Transportation
  • Misc. personal expenses

6

comparing various college and university coas 2010 2011 data
Comparing various College and University COAs (2010-2011 data)

*Families making less than $100,000 per year are guaranteed free tuition. Families making less than $60,000 a year are not expected to pay tuition or contribute to the costs of room, board, and other expenses.

slide8

Calculating Financial Aid Eligibility

Basic Equation of Need

Cost of Attendance (COA)

  • Expected Family Contribution (EFC)
  • Eligibility for Need-based Aid

Colleges determine and offer financial aid based on this equation. Some types of aid require financial need and some types do not.

slide9

Sources of Financial Aid

  • Federal government
  • State government
  • Colleges and universities
  • Private contributors
types of financial aid
Types of Financial Aid

Gift Aid - Grants or scholarships that do not need to be repaid

Work - Money earned by the student as payment for a job on or off campus

Loans - Borrowed money to be paid back, usually with interest

10

slide11

GIFT AID – Federal Grants

PELL

Federal Pell Grant

  • First source of aid awarded
    • For extremely low income students
  • Amount based on
    • Expected Family Contribution (EFC)
    • Students with EFC from 0 – 5273 qualify for a Pell Grant for 2011-2012.
    • Enrollment status
  • 2011-12 Pell grant range : $1176 - $5550.
  • You will receive the same amount of a pell grant at any college you attend.
slide12

GIFT AID – Federal Grants

FSEOG

  • There are other federal grants for

very low income students. Your

college will determine which

grants you qualify for.

  • The FAFSA is the only application

needed to apply for all.

  • See details in your handout and

In ‘Fund Your Future’ booklet

G

slide13

GIFT AID – State Cal Grants

State

(See Fund Your Future Workbook pages 6 - 7)

‘Cal Grant Entitlement program’ for students who apply before March 2 of senior year

  • For 2-yr, 4-yr, public, private, and vocational schools in CA
  • Pays FULL TUITION at a CSU or UC, @ up to $9,700/year for private institution.
  • Renewable up to 4 years. On reserve
  • while student attends a comm college.
  • Cal B recipients receive a $1551 annual grant in addition to full tuition for 4 years
gift aid state cal grants
GIFT AID – State Cal Grants

Cal Grant Qualifications

  • GPA MINIMUM:

Cal Grant B: 2.0 GPA

Cal Grant A: 3.0 GPA

  • INCOME AND ASSET LIMITS

see slide in your handout

State

2011 2012 cal grant application requirements
2011-2012 Cal Grant Application Requirements

Your high school will automatically send your GPA verification if your parents sign and return the GPA Release form.

  • By March 2, 2011, complete and submit:

Cal Grant GPA Verification Form

Free Application for Federal Student Aid (FAFSA)

17

one more note about cal grants
One more note about Cal Grants
  • If you don’t qualify this year, you have one more year to qualify for the Entitlement Program if you again apply by March 1, 2012 (you must send a paper GPA verification form and FAFSA)
gift aid other state grants
GIFT AID – Other State Grants

California Chafee Grant

  • The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S based on available funding
  • To apply, the foster youth must complete:
    • 2011-2012 FAFSA
    • California Chafee Grant Program Application

State

www.chafee.csac.ca.gov

19

slide18

GIFT AID – College/Institutional Grants

College

Community College ‘Board of

Governors’ Fee Waiver Program (BOG)

  • Waives enrollment fees at all community colleges
  • File a FAFSA to qualify. Waiver is automatically awarded.

All students who have $1 or more of financial need receive an automatic waiver of registration fees.

slide19

GIFT AID - College/Institutional Grants

All four year colleges/universities have additional institutional funds to award at their discretion. Amounts and criteria vary, FAFSA is required; may pay for full tuition. Be mindful of priority filing deadlines or you may miss out on $$thousands!

  • CSU State University Grant (SUG)
    • Amounts vary, FAFSA is required
    • www.calstate.edu or csumentor.edu
  • UC Grant
    • Amounts and application process vary
    • www.universityofcalifornia.edu
  • Independent College Grants
    • Amounts and application process vary
    • www.aiccu.edu or www.aiccumentor.org

College

gift aid scholarships
GIFT Aid - Scholarships

Scholarships are awards provided by the private and public sector

-institutions/colleges

-organizations

-corporations

-clubs

-foundations

-individuals

gift aid institutional and outside scholarships
GIFT AID: Institutional and Outside Scholarships
  • Provider decides on
    • Awarding criteria
    • Application deadline
    • Forms or applications
  • Awards may be
    • Merit-based
    • Need-based or NOT Need-based
    • Combination of the two, or neither
    • Based on any other criteria determined by donor
gift aid scholarships22
GIFT AID -Scholarships

WHERE TO FIND THEM:

  • Start with your High School Career Center
  • Local section of Newspaper
  • Organizations your family is connected to, including parent’s workplace, church, unions, clubs, etc.
  • Check your intended colleges’ financial aid/scholarship website for opportunities
  • Free online searches
  • Pedrozzi Foundation Scholarships for Livermore high school graduates – Deadline March 1. www.pedrozzifoundation.org
gift aid private free scholarship searches
GIFT AIDPrivate FREE Scholarship Searches
  • FinAid on the Web: www.finaid.org
  • College Board: www.collegeboard.com
  • FastWeb: www.fastweb.com
  • Scholarship Resource Network Express: www.srnexpress.com
  • GoCollege: The Collegiate Websource: www.gocollege.com
  • Wired Scholar:www.wiredscholar.com
slide24

Federal Work-Study

  • Campus-based aid, funds are limited
  • Must be earned through work
  • Must have financial need
  • Job may be on or off campus
  • Student earns an hourly wage
  • Each college has its own award policy and procedures for getting a job.

FWS

slide25

Federal Loans

FEDERAL DIRECT STUDENT LOANS

Loan is only in the student’s name, no co-signer.

Must be enrolled in at least 6 units for a loan.

Includes

Federal Subsidized Direct Loan

  • For students with unmet financial need
  • Government pays interest while in school

Federal Unsubsidized Direct Loan

  • For all students; no financial need required
  • Student responsible for cost of interest while in school

Loans

slide26

Federal Loans

Federal Direct Loan Details

  • Annual and aggregate loan limits apply
  • 6-month grace period after graduation
  • 10 – 30 year repayment period
  • Interest currently 4.5% subsidized

and 6.8% unsubsidized

  • Deferred while in college at least halftime
slide27

Federal Loans

PLUS

  • Federal PLUS Loan Program
  • Parents of dependent undergraduates can borrow money on behalf of their child
  • based on credit record
  • May borrow up to full cost of attendance less aid
  • Interest fixed at 7.9%, fees up to 4%
  • 10 year repayment period
  • Parents can defer payment until student graduates college.
private student loans
Private Student Loans
  • More questions than answers right now, especially with current credit market. Usually higher interest rate, not treated as federal loans for tax credits, secured debt.
  • We recommend that you always use federal student loan programs first, and if you still need additional financing then turn to private loans.
slide29

GPA Form

Applications

  • All institutions require FAFSA
  • Cal Grant GPA Verification Form
  • Other applications or forms

-Some institutions require CSS Financial Aid Profile

-Colleges may require an Institutional Scholarship and/or Financial Aid Application or other forms.

  • Be sure to review your intended colleges’ Financial Aid Websites to determine what the process is and to determine their priority filing deadlines.
special circumstances
Special Circumstances
  • Adjustments to income or assets may be made on a case-by-case basis by the financial aid office where you are attending if there are documented special circumstances in which your 2011 income or assets are significantly less than what was reported in 2010. Keep this in mind throughout your years of college.
  • Each college has its own petition process for special circumstances. In all cases, file the FAFSA FIRST, with the information you are asked to provide. Then file a petition at the college you will be attending. Documentation will always be required.
  • The financial aid office may use professional judgement to make adjustments to your income or assets that can increase your eligibility for aid.
special circumstances31
Special Circumstances
  • Examples of special circumstances:
    • Significant Loss or reduction in parent or student income or assets in 2011 compared to 2010
    • Death or serious illness in family
    • Unusual medical or dental expenses not covered by insurance
    • Reduction in child support, social security benefits or other untaxed benefit in 2011
    • Early IRA withdrawal reported on taxes
    • Any other unusual circumstances that affect a family’s ability to contribute to higher education
fafsa on the web
FAFSA ON THE WEB
  • Internet application used by students and parents to complete electronic FAFSA at

www.fafsa.ed.gov

  • You may benefit from filling out the FAFSA ON THE WEB Worksheet in your packet before inputting the data on the web
fafsa on the web34
FAFSA on the Web
  • Sophisticated on-line edits and skip logic so that errors are less likely to be made
  • On-line help is available for each question
  • Student and one custodial parent should get a federal PIN at:
  • www.pin.ed.gov
  • DO NOT use the website www.fafsa.com or you will pay money to file the FREE Application for Federal Student Aid!

38

fafsa information tips
FAFSA Information & Tips

File early, but no later than March 2, 2011 to receive maximum aid

Check financial aid deadlines with each college/university

Use estimated 2010 income information if taxes are not complete at time of FAFSA submission

39

slide36

SAVE YOUR DATA FREQUENTLY!

  • As you complete the online Fafsa, SAVE your information frequently! You choose your own password and can save it for an indefinite period of time.
  • SUBMIT the fafsa only when it is complete and signed with your pin number.

40

slide37

Section 1

Student Name and social security #

  • Be sure the student’s name and social security number exactly match the information on their social security cardas it must pass a database match!

41

section 1 selective service registration
Section 1Selective Service Registration
  • Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid
  • Answer “Register me” only if you are male, aged 18-25, and have not yet registered.
  • The student may also register by going to:

www.sss.gov

44

section 1 grade level in 2011 2012
Section 1Grade Level in 2011-2012

An important question NOT on the Worksheet:

  • Grade Level in 2011-2012
  • When the student begins the 2011-2012 school year, what will be his/her grade level?
    • Never attended college/1st year
    • Attended college before/1st year
    • 2nd year/sophomore
    • 3rd year/junior
    • 4th year/senior
    • 5th year/other undergraduate
    • 1st year graduate/professional
    • Continuing graduate/professional or beyond

46

section 1 high school question
Section 1 High School Question

An important question NOT on the Worksheet:

  • High School Question
    • Enter the name, city and state location of the school the student attends
    • Mark “Confirm” to retrieve the high school information
    • The student will select the school attended from the list provided
    • If no matches are found, the student should select “Next” to save the search information and continue with the FOTW application

47

section 1 degree or certificate objective
Section 1Degree or Certificate Objective

An important question NOT on the Worksheet:

  • Degree or Certificate
  • In the 2011-2012 school year, what degree or certificate will you, the student, be working on?
  • Some options are:
  • - 1st bachelor’s degree
  • - Associate degree (occupational or technical program)
  • - Associate degree (general education or transfer program)
  • - Graduate or professional degree

48

section 1 school selection
Section 1School Selection

FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information

List a California college or university (for Cal Grant consideration)

List those schools with the earliest financial aid deadlines

If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone using the student PIN

An important question NOT on the Worksheet:

NOTE: Each UC and CSU campus must be listed separately

49

slide43

Section 2Determination of Student Dependency Status

  • If any one of the items in this section applies to the student, he/she should mark the appropriate box, skip Section 3, and go to Section 4. The student is considered an independent student for FAFSA filing purposes and is NOT required to provide parental information

51

will parent s information need to be included on the fafsa
Will parent’s information need to be included on the FAFSA?

If the student doesn’t meet one of the qualifications in the previous slide parental income must be included.

But what if I don’t claim my child and they move out and support themselves, can’t they be independent for financial aid?

NO! The government expects it is the parents’ responsibility to educate their children through age 23 to the best of their financial ability, as measured by the FAFSA. If parents choose not to provide support for their child’s college expenses the government feels it is not their responsibility to take over for them.

is there any other way to be independent
Is there any other way to be independent?
  • Dependency statusmay be changed in very specific extenuating circumstances (abusive situation, abandonment, etc). Student may file a Dependency Override Petition at the college of attendance. Third party documentation required (social worker, police report, counselor, clergy, etc).
what if i refuse to provide parental information
What if I refuse to provide parental information?

The student may complete a FAFSA, but the only thing they would possibly be eligible for without parent information is an unsubsidized student loan.

section 3 parent information
Section 3Parent Information

Who is considered a parent

Biological or adoptive parent(s)

In case of divorce or separation, provide information about the parent and/or stepparent the student lived with more in the last 12 months

Stepparent (regardless of any prenuptial agreements)

55

section 3 who is not a parent
Section 3 Who is Not a Parent

Do not provide information on:

Foster parents or legal guardians

If the student is in foster care or has a legal guardian, he/she is automatically considered an independent student

Grandparents or other relatives are not considered parents unless they have adopted the student

In this case, the student must attempt to get biological parental information

Colleges may use Professional Judgment to allow the student to file as independent

56

section 3 parent information49
Section 3Parent Information
  • If the answer to any question is zero or the question does not apply, enter 0:
  • Report whole dollar figures:
  • Recommendation: If your parents have not filed their 2010 federal tax return, use W-2 forms and/or other employment records - such as final 2010 pay check stubs - to estimate total income
  • Remember, rather than miss any filing deadline, use estimated 2010 income information

0

(no cents)

12,356

58

section 3 parent dislocated worker
Section 3Parent Dislocated Worker

The student will be asked to check if the father/stepfather and/or mother/stepmother is a dislocated worker

A person may be considered a dislocated worker if he or she:

is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation

has been laid off or received a lay-off notice from a job was self-employed but is now unemployed due to economic conditions or natural disaster

is a displaced homemaker

59

section 3 parents tax return filing status for 2010
Section 3Parents’ Tax Return Filing Status for 2010
  • The student will be asked to provide information about parent tax filing status for 2010:
    • If his/her parents have completed a 2010 federal income tax return, mark the first box
    • If they have not as yet filed, but plan to file a 2010 federal income tax return, mark the second box
    • If the have not, nor will not, file a 2010 federal in tax return and are not required to do so, mark the third box

60

section 3 parent asset information
Section 3Parent Asset Information

NOTE: Some financial aid offices may request supporting documentation for the answers to these questions

  • Parents may be asked to report their assets. If so:
  • List the net value of your parents’ assets as of the day you complete the FAFSA
  • If net worth is one million dollars or more, enter
  • If net worth is zero, enter 0

999,999

999,999

0

65

section 3 irs data retrieval
Section 3 IRS Data Retrieval

An important question NOT on the Worksheet

  • If you are filing the FOTW after 1/30/2011, you will find a question in the parent section that asks:
  • For 2010, have your parents completed their IRS income tax return?
  • If parent(s) answer “Already completed,” they will be given the option to transfer their 2010 income tax information directly from IRS records
  • If you are filing the FAFSA within 6-8 weeks of having filed your tax return, you should ignore this question and use your actual 2010 IRS tax return to complete the FOTW so you do not miss any important financial aid deadlines.

66

section 3 parent household size
Section 3Parent Household Size

An important question NOT on the Worksheet

  • Include in the parents’ household:
    • the student
    • parent(s)
    • parents’ other dependent children, if the parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live
    • other people, if they now live with the parents and will continue to do so from 7/1/11 through 6/30/12, and if the parents provide more than half their support now, and will continue to provide support from 7/1/11 through 6/30/12

67

section 3 college students in the parent household
Section 3College Students in the Parent Household

NOTE: Some financial aid offices will require proof that other family members are attending college

An important question NOT on the Worksheet

  • Always include the student even if he/she will attend college less than half-time in 2011-2012
  • Include other household members only if they will attend at least half-time in 2011-2012 in a program that leads to a college degree or certificate
  • Never include the parents

68

section 4 student information
Section 4Student Information
  • Questions in Section 4 are identical to the parent financial questions we covered in Section 3
    • If the student is single, ignore references to “spouse”
    • If the student is married, also report spouse’s income and assets
  • The questions in Section 4 ask:
    • Which 2010 federal tax return the student filed or will file
    • The student’s 2010 Adjusted Gross Income, if filing a tax return, and earnings from work as well as untaxed income and assets

71

top strategies to minimize expected family contribution
Top Strategies to minimize Expected Family Contribution

These strategies will have the largest impact on need-based aid eligibility.

  • Save money in the parent's name, not the child's name. Or use a savings vehicle that is treated like a parent asset, such as a 529 college savings plan, prepaid tuition plan or Coverdell Education Savings Account.
  • Pay off consumer debt, such as credit card and auto loan balances with excess cash in your checking or savings, or accelerate necessary expenses such as if you need a new car or computer, buy it before you file the FAFSA.
  • Spend down the student's assets and income first.
  • If you feel that your family's financial circumstances are unusual, request and file a Special Circumstances petition at the college you are attending after filing your FAFSA. Sometimes the school will be able to adjust your financial aid package to compensate using a process known as Professional Judgment.
top strategies to minimize expected family contribution58
Top Strategies to minimize Expected Family Contribution
  • Minimize capital gains to reduce income on your taxes.
  • Maximize contributions to your retirement fund.
  • Do not withdraw money from your retirement fund to pay for school, as distributions count as taxable income, reducing next year's financial aid eligibility. If you must use money from your retirement funds, borrow the money from the retirement fund instead of getting a distribution.
  • Ask grandparents to wait until the grandchild graduates before giving them money to help with their education.
  • Trust funds are generally ineffective at sheltering money from the need analysis process and can backfire on you.
  • A section 529 college savings plan has minimal impact on financial aid; one owned by a grandparent has no impact on financial aid.
  • Choose the date to submit the FAFSA carefully, as assets and marital status are specified as of the application date.
what happens next
What Happens Next?

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

ê

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

webgrants4students.org

ê

Students and families review SAR and CAR for important information and accuracy of data

ê

Colleges match admission records with FAFSA and other required financial aid forms to determine aid eligibility

ê

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

78

comparing your college choices using award letters
Comparing your college choices using Award letters
  • Your bottom line for choosing colleges isn’t the cost of attendance, but rather the net actual cost to you and your family.
  • Once you subtract the gift aid (grants and scholarships) from your cost of attendance, determine how much of the bill you will need to finance through loans and workstudy or your own funds. This is what you need to understand when determining affordability in making choices.
  • See ‘Award package Comparison Worksheet’
where do i go from here
Where do I go from here?

Submit all required forms, including the FAFSA, by each college’s published deadlines (but no later than

March 2)

By March 2, submit a Cal Grant GPA Verification Form

Keep a copy of all forms submitted

Review your ‘Student Aid Report’ and ‘California Aid Report’ and make corrections if needed. Update with accurate information from parent/student federal tax returns if you previously estimated, as soon as possible after filing the returns.

Watch for financial aid award notifications from colleges to which the student has been admitted

81

where do i go from here62
Where do I go from here?

Complete any other application materials required by the college by established deadlines

Submit all requested follow-up documents to the financial aid office where you will be attending

Investigate and apply for scholarships on an ongoing basis throughout your college years.

Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible

ASK QUESTIONS!

82

if you need help at any time
If You Need Help At Any Time

FAFSA on the Web – Live Help

Phone 1-800-4-FED-AID (1-800-433-3243)

E-mail the U.S. Department of Education at: FederalStudentAidCustomerService@ed.gov

Contact the Las Positas College

financial aid office at (925)424-1580 or emaillpcfinaid@laspositascollege.edu

83

other useful resources
Other useful resources

Federal Financial Aid Info Center: 1-800-433-3243

Federal Aid information page: www.studentaid.ed.gov

Education Tax Credits/Hope Scholarships www.ed.gov/studentaid

California Student Aid Commission: www.csac.ca.gov

Viewyour personal Cal Grant status:https://mygrantinfo.csac.ca.gov

Official Financial Aid Information Page: www.finaid.org/

Veterans Educational Benefits: www.va.gov/va.htm

don t forget your evaluation
DON’T FORGET YOUR EVALUATION!

QUESTIONS

AND ANSWERS