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Investing in Your Future
Workshop Agenda
• The Financial Aid Equation
• The Basic Formula
• Types of Financial Aid
• Scholarships, Grants, Work-Study & Loans
• How to Apply for Financial Aid
• Free Scholarship Searches
What Financial Aid Offers
• Access to funds to help pay for• 4 year public and independent colleges
• Community colleges
• Private career colleges
• Choice among schools• Choose the best academic, cultural, and social fit rather than the
least expensive program
What are the Basic Concepts
• Cost of Attendance
• Expected Family Contribution
• Financial Need
Cost of Attendance
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
Expected Family Contribution
The Expected Family Contribution
(EFC) is the amount a family (parents
and student) is expected to pay from
income and assets over time.
* Financial Need equals Financial Aid Eligibility.
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Determined Financial Need*
What is Financial Aid
•Federal Government
•State Government
•Colleges & Universities
•Private Agencies & Organizations
Sources of Financial Aid
Merit Based Aid
• Scholarships – money awarded based upon merit and/or
special talent that the student does not need to repay.
Need Based Aid
• Grants – money awarded based upon need that the
student does not need to repay.
• Loans – money borrowed by the student to be repaid with
interest after graduation.
• Work Study – money earned by the student as payment
for work performed on-campus or off-campus.
Types of Aid
Contact the Financial Aid Office immediately if there
is a:
• Loss of a job
• Decrease in salary
• Death or serious illness in family
• Change in your housing plans for the school year
• Any other circumstances that reduce the family’s
ability to pay for education expenses.
Special Circumstances
The Higher Education Opportunity Act (HEOA) of 2008
requires each institution that participates in Title IV federal
student aid programs to post a net price calculator on its
website using institutional data to provide estimated price
information to current and prospective undergraduate
students and their families based on a student’s individual
circumstances.
Net Price Calculator
• The Net Price Calculator (NPC) is required for all Title IV
institutions that enroll full-time, first-time degree- or certificate-
seeking undergraduate students.
• The NPC allows students to calculate an estimated net price
of attendance at an institution, based on what similar students
paid in a previous year.
Cost of Attendance (COA) – Grant and Scholarship Aid =
The Net Price
Net Price Calculator
Other Helpful On-line Resources:
• www.bigfuture.collegeboard.org
Use the EFC Calculator to get an estimate of the family’s contribution
Click on Pay for College > Tools & Calculators > EFC Calculator
• www.nces.ed.gov/collegenavigator
Provides useful data regarding costs, net price, retention & graduation rates,
majors, default rates, campus security and other pertinent university
information
Enter university/college name in ‘Name of School’ field > Follow the
instructions shown above the results of the school search
• Free Application for Federal Student Aid (FAFSA)fafsa.gov
• College Scholarship Service (CSS) PROFILE
cssprofile.org
• Other Required Items
For example:Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation
How Students Apply
The FAFSA Application
Step Two: Submit the 2018-2019 FAFSA at fafsa.gov
Step One: Create an FSA ID (student & parent) at fafsa.gov
Submitting the FAFSADetails and Helpful Tips: studentaid.ed.gov
• By March 2, 2018 complete and submit
• the FAFSA
• The Cal Grant GPA Verification Form, check
with your school for more details.
Cal Grant Programs
• The California Community College Board of
Governors’ Enrollment Fee Waiver (BOGW)
waives the California Community College’s
enrollment fee for California residents:
• Who are eligible for need – based financial aid, or
• Who receive CalWORKs/TANF, SSI, or General Assistance
payments, or
• Whose family income falls below published income ceilings
• Learn more about the BOGW at
www.icanaffordcollege.com
Community College
• 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.
• To be eligible, the foster youth must have been in
California foster care between ages 16-18 and not
yet 22 years old.
www.chafee.csac.ca.gov
California Chafee Grant for
Foster Youth
• You are an AB 540 eligible student if you have
met the following items: • Attended a California (CA) High School for 3 or more years
• Graduated from a CA high school or attained the equivalent of
graduation, such as passed the GED, or CA High School Proficiency
Exam;
• Registered or are currently enrolled at an accredited CA college or
university; and
• Filed an affidavit with your college or university stating that you have or
intend to file an application to legalize your immigrations status, if
applicable.
https://dream.csac.ca.gov/
The California Dream Act(AB 540 students)
• CA Dream Application (similar to the FAFSA)
https://dream.csac.ca.gov/
• GPA Verification Form (check with High School college counselor)• Submitted by your school to California Student Aid
Commission (CSAC) electronically; or
• Submitted by the student via US Postal Mail (Cal Grant GPA Verification Form is available through the Dream Act Application)
Application Deadline: March 2, 2018
How Students Apply for the
Dream Act
• Available from colleges, companies, community-
based groups and other organizations
• Usually require separate applications
• May require transcript, essay, interview, or audition
• Check with your high school about scholarship
opportunities
• Beware of scholarship search companies that
charge a fee
• Use free scholarship search websites
Scholarships
www.fastweb.com
www.finaid.org
www.collegeboard.com
www.scholarships.com
www.schoolsoup.com
These sites also contain helpful financial aid information
Free Scholarship Searches
Beware false claims!– “Thousands of dollars in scholarships go
unclaimed each year”
– “Guaranteed or your money back!”
– “Give me your credit card or bank account
number to hold this scholarship”
– “The scholarship will cost some money”
– “You’ve been selected. . .”
– “You’re a finalist in a contest” (that you never
entered)
Don’t Be Fooled!
• Make a list of colleges that have programs that
interest you
• Consult with your school counselor
• If possible, don’t make a final decision about which
school you will attend until you have visited the
colleges
• Consider all factors – not just cost – when making
the final decision
Before you Decide
Questions
?