FINANCIAL AID CLASS OF 2014

BOLSA GRANDE HIGH SCHOOL

TOPICS WE WILL DISCUSS

What is financial aid Expected Family Contribution (EFC) What is financial need Types and sources of financial aid Free Application for Federal Student

Aid (FAFSA) Special circumstances AB 540

WHAT IS FINANCIAL AID

Financial aid is MONEY provided to students and families to help pay for postsecondary educational expenses

WHAT IS THE EXPECTED FAMILY CONTRIBUTION (EFC)

Amount family can reasonably be expected to contribute

Stays the same regardless of college Two components

Parent contribution Student contribution

WHAT IS FINANCIAL NEED

Cost of Attendance

– Expected Family Contribution

________________________________

= Financial Need

TYPES OF FINANCIAL AID

GRANTS- Free money given to students based on the family’s financial need.

SCHOLARSHIPS- Free Money given to students, Awarded on the basis of merit, skill, or unique characteristic.

WORK STUDY- Program in which students can work, study, and get paid.

LOANS- Borrowed money to help cover the cost of a college/university education.

SOURCES OF FINANCIAL AID

Federal government

States

Private sources

Civic organizations and churches

Employers

CAL GRANTS

2 Steps to Apply for Cal Grants- before 03-02-2014

1. Complete Cal Grant GPA Information Form and return to your English teacher.2. Complete FAFSA by March 02, 2014

Cal Grant A: minimum 3.0 GPA CSU- $5,472/yr. UC- $12,192/yr. Private- $8,056/yr.

Cal Grant B: minimum 2.0 (1st yr. receive $1,473) Community College- $1,473 CSU- $1,473 + $5,472/yr. UC- $1,473 + $12,192/yr. Private- $1,473 + $8,056/yr.

Cal Grant C: no minimum GPA For vocational or technical programs resulting in a certificate or AA program. Community College- $547 Other Non-Community College Schools- $547 + $2,462

FAFSA

A standard form that collects demographic and financial information about the student and family

Complete the FAFSA on the web at: www.fafsa.gov after January 1, 2014

FAFSA deadline is March 2, 2014

FAFSA

Information used to calculate the Expected Family Contribution or EFC

Colleges use EFC to award financial aid

Must be a US citizen or Permanent Resident

Colleges may set FAFSA filing deadlines

FAFSA ON THE WEB

• www.fafsa.gov•2014–15 FAFSA on the Web available on

January 1, 2014•FAFSA on the Web Worksheet:•Posted on bolsagrande.org, under financial aid•Used as “pre-application” worksheet•Questions follow order of FAFSA on the Web

FEDERAL STUDENT AID PERSONAL IDENTIFICATION NUMBER (FSA

PIN) Website: www.pin.ed.gov

Sign FAFSA electronically

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

FAFSA On The Web Worksheet

Section 1: General student info.

Section 2: Student’s dependency status

Section 3:Information about parents: tax, income, and assets

Section 4: Information about the student: Tax, income, and assets

SIGNATURES

Required Student One parent

Format Electronic using PIN Signature page

FAFSA PROCESSING RESULTS

Students that do not include an e- mail address on the FAFSA will receive a paper SAR in the mail.

Students that do provide an e-mail on the FAFSA will receive an E-mail notification containing a direct link to student’s electronic SAR

Student with PIN may view SAR on-line at www.fafsa.gov

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

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Student Aid Report (SAR)

The SAR is a report from the federal processor summarizing the information you provided on the FAFSA Receive within 72 hours if you submitted

the FAFSA online (up to 2 weeks for paper)

Review right away for accuracy Lists your EFC for the school year

Located at the top of your SAR No dollar sign next to it (e.g., 02500)

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Sample SAR email

Includes a link to your individual SAR See example on page 13

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Sample SAR

STUDENT AID REPORT (SAR)

Review data for accuracy

Update estimated information when actual figures are available

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California Aid Report (CAR) If you’re offered a Cal Grant, you’ll

receive an email from the California Student Aid Commission called a CAR You must list a valid email address on

your FAFSA so you can receive a CAR The CAR lists the tentative Cal Grant

award amount If you did not get a Cal Grant, you’ll

receive notification explaining why See sample CAR on page 13

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

Cannot report on FAFSA

Send written explanation to financial aid office at each college

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

AB 540

Allows undocumented students to pay in-state tuition fees at California’s colleges and universities.

Requirements for AB 540

1. Attend a California High School for 3 or more years

2. Graduate from a California high school

3. Register at an accredited public institution of higher education in California

4. If applicable, complete an affidavit to legalize immigration status as soon as a student is eligible

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AB 540 – Undocumented students Undocumented students should

complete the California Dream Act Application at: www.caldreamact.org

Students/families can email: caldreamact@csac.ca.gov

Additional resources available at: www.maldef.org and www.e4fc.org

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California Dream Act of 2011 (AB 130)

Undocumented/underdocumented students may also qualify for: Institutional scholarships Privately funded scholarships

Must meet qualifications for AB 540 in-state tuition rates

Check with your college admissions office

More information on pages 9 & 22

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California Dream Act of 2011 (AB 131)

Signed into law October 8, 2011 Undocumented or other nonresident students

may also qualify for Cal Grants and other applicable state aid The Board of Governors (BOG) Fee Waiver Program Institutional aid

Students begin applying for Cal Grants in January 2014 Check with your college financial aid office for more information about the BOG Fee Waiver (at community colleges only) and institutional aid timelines and processes

AB 540

Fees Determiners ************************

Schools

In-State Out-of-state

California Community Colleges

$ 46 per unit plus$16 Health Fee

$ 226 per unit

California State University System(CSU)

$ 6,128 per year $ 17,288 per year

University of California System(UC)

$ 10,152 per year $ 33,030 per year

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Free help with the FAFSA Attend Financial Aid Overview Wednesday, January 15 (6-7 pm) Attend Financial Aid Line by Line

Workshop Wednesday, February 5 (6-7:30 pm) Attend after school workshops Room 306 Call: 1-800-433-3243 WebGrants for students:

www.webgrants4students.org

Free help with the FAFSA

CASH FOR COLLEGE January 16, 2014 (5:30-9pm) Garden Grove High School 11271 Stanford Ave. Garden Grove, CA 92840 Counselors will be available to help

with FAFSA line by line and Dream Act application

QUESTIONS?