CSU HS Counselor 2007

1

Financial Aid101

What is Financial Aid

• Gift Aid• Scholarships• Grants

• Self-help aid• Loans• Employment opportunities

Goals of Financial Aid• Primary goal is to assist students in paying for

college and is achieved by -• Evaluating family’s ability to pay educational costs• Distributing limited resources in an equitable manner• A package of financial aid awards is put together to

meet the student’s need & may consist of gift aid and/or self-help aid, depending on the student’s eligibility

Definition of Need

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

___________________________________

= Need

2008-09 Cost of Attendance (9 months)

At Home On Campus Off Campus

Fees $3,834 $3,834 $3,834 Books/Supp 1,533 1,533 1,533 Room/Board 3,950 9,321 10,165 Trans 1,161 1,040 1,255 Personal 2,459 2,388 2,466 TOTAL $12,937 $18,116 $19,253

Principles of Need Analysis• Need Analysis determines the Expected Family

Contribution. This calculation is based on a standard formula determined by the U.S. Congress.• To extent they are able, parents have primary

responsibility to pay for dependent child’s education• Students also have responsibility to contribute to

educational costs

Independent Student Definition

• At least 24 years old by December 31 of award year covered by the FAFSA;• Graduate or professional student;• Married;• Has children or dependents (other than a

spouse) for whom the student provides more than half support;

Independent Student Definition

• Orphan or ward/dependent of the court;• Currently an active duty member or Veteran of

U.S. Armed Forces; or• Determined to be “independent” by financial aid

administrator based on unusual circumstances

Types of Financial Aid (Federal)

• Federal Pell Grants• Academic Competitiveness Grant (ACG); 1st or

2nd year of college• National Science & Mathematics Access to

Retain Talent Grant (SMART); 3rd or 4th year of college• Federal Supplemental Educational Opportunity

Grants (FSEOG)

Types of Financial Aid (State)

• Cal Grants• Chaffee Grants• CSU - State University Grant (SUG)• CSU - Educational Opportunity Program (EOP)• Community Colleges – Board of Governor’s

Grant (BOGG)

Types of Self – Help Aid

• Federal Work-Study (FWS)• Federal Perkins Loans• Stafford Loans• PLUS Loans

Primary Applications• FAFSA

• For Federal, State, Campus, some private $$

• GPA verification for California grant

FAFSA

• Collects family’s personal and financial information used to calculate student’s EFC• Available in English and Spanish• Apply electronically via FAFSA on the Web

FAFSA on the Web

• Web site: www.fafsa.ed.gov• 2009-10 FAFSA on the Web available on or after

January 1, 2009• FAFSA on the Web Worksheet:

• Used as “pre-application” worksheet• Questions follow order of FAFSA on the Web

Get PIN to complete electronic process

PIN Registration• Web site: www.pin.ed.gov

• Can get PIN at any time

• Recommend parents get a PIN also

• May be used by students and parents throughout aid process, including subsequent school years

FAFSA Processing Results• Central Processing System (CPS) notifies student of

FAFSA processing results by email, or by letter if no email address is provided on the FAFSA.• If information needs to be updated or corrected, students

and parents can make corrections online at www.fafsa.ed.gov using their PIN’s for access and signatures.• Institutions may correct information after requested

verification documents are submitted and reviewed.

Cal Grant GPA Verification Form (paper)

California (Cal) Grant

• March 2 deadline, most CSU campuses (FAFSA too)• High schools have a critical role in submitting

GPAs for students• On-line if you can• It takes 2 – GPA verification for Cal Grant and

the FAFSA

Cal Grant Award Notification• California Aid Report (CAR)• Paper form, classic mail• Sent 2-4 weeks after both FAFSA and GPA are

submitted• If eligible will show Cal Grant amount at 1st 3

California colleges listed on FAFSA• If no letter by April:• Call 1-888-224-7268 (1-888 CA GRANT)

What Students Should Do Next• Respond immediately to all requests for follow-up

documents, including the admissions office• Ask questions, don’t make assumptions or go by another

student’s experience• Find out how the college will communicate with the

student – many rely on student checking their email and portals for document requests and award notices• Understand the costs of education, ways they can control

them, and financial decision points• Investigate other sources of aid

PARTNERING FOR SUCCESS

• Cal Grant GPA Verification – let students know their responsibilities for meeting this requirement.• Graduation Verification – encourage students to

request final transcript before school year ends.• Special Circumstances – If the student or family’s

situation has changed dramatically due to recent events, such as layoff, disability, death of parent, etc., the student should speak with the financial aid office to request reconsideration.

CSU Financial Aid 2006-07• 228,324 CSU Students received aid• $1.8 Billion

• Grants: 169,000 students receive $861 Million• Average Award: $5,085• 74% received grants

• Loans: 142,000 students - $958 Million• Average Loan: $6,744• 62% received loans

• Work-Study: 8,222 - $19 Million• Average Award: $2,322• 4% received work-study

The CSU Experience

• Emerging state and national issues

• CSU perspective and approach

Questions???

www.calstate.edu