What You Need to What You Need to Know Know About Financial AidAbout Financial Aid

FAFSA – for US Citizens

Dream Act Application – for non-US Citizens

CSS Profile – for many Private Institutions

What is Financial Aid?Financial aid is funds provided to students and families to help pay for postsecondary educational expenses

What are the Basic Concepts of Financial Aid?

Cost of Attendance

Expected Family Contribution

Financial Need

What is Cost of Attendance (COA) Tuition and fees

Room and board

Books and supplies

Transportation

Miscellaneous personal 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

Calculated using FAFSA data and a federal formula

What is Financial Need

Cost of Attendance

– Expected Family Contribution

= Financial Need

Need Varies Based on Cost

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)

1

2

3

EFC EFC

Sources of Financial Aid Federal government

States

Private sources

Employers

Civic organizations and churches

Types of Financial Aid

Scholarships

Grants

Loans

Employment

Common Federal Aid Programs

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

California Chafee Grant

Direct Subsidized Loan

Direct Unsubsidized Loan

Federal Work-Study

Teacher Education Assistance for College and Higher Education Grant (TEACH)

Perkins Loan

Direct PLUS Loan ‘

California Grant Programs

*CalGrant: awarded to students who meet GPA & financial need requirements – for ELIGIBLE CALIFORNIA SCHOOLS. (Many For-Profits NOT ELIGIBLE!)

Blue & Gold Opportunity Plan: FREE TUITION for UC students whose families earn $80,000 or less.

Middle Class Scholarship: TUITION program for CSU & UC students whose families earn up to $150,000 (sliding scale).

Federal Loans Stafford

Subsidized are for students with financial need & not charged interest while in school. (4.8%)

Unsubsidized for all eligible students & accrues interest when loan is paid out. (6.8%)

PLUS Parents can help pay for their child's education expenses as long as certain eligibility requirements are met.

Perkins students show exceptional financial need & has a low interest rate.

Private have higher interest rate & have harder repayment plans

Free Application for Federal Student Aid (FAFSA)

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

May be filed electronically (available in English and Spanish)

Information used to calculate the Expected Family Contribution

Colleges use EFC to award financial aid

FAFSA is filed every year starting January 1st through March 2nd

California Dream Act Application For Non-Citizens Who Qualify for AB 540:

* Must have attended a CA school for 3 years

* Must have graduated from a California HS

* Must register or be enrolled at an accredited CA college or university

* Must file affidavit with college or university promising to file for legal residency asap.

* May not hold a valid lettered non-immigrant visa.

FAFSA on the Web

Web site: www.fafsa.gov

2016-17 FAFSA on the Web available on January 1, 2016

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

FAFSA Overview: 7 Step Process Step 1 Is about the Student Step 2 School Selection Step 3 Determine Student’s Dependency Status Step 4 Parent Information Step 5 Student Income & Assets Step 6 Signatures & Certifications Step 7 Confirmation

Student Financial Aid (PIN) Web site:

www.pin.ed.gov

Sign FAFSA electronically

Not required, but speeds processing

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

FAFSA Processing Results CPS notifies student of FAFSA processing results by e-mail

notification containing a direct link to student’s on-line SAR

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

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 Received electronically or by mail, Summarizes FAFSA information Can make corrections or changes, if necessary List all schools that you submitted Displays the EFC and DRN (upper right-hand portion on the

SAR) EFC- Expected Family Contribution; used to determine eligibility for

federal aid DRN- Data Release Number; used to send SAR to additional schools

Electronically within 3-5 days if submitted online with a valid email address

Other itemsSpecial Circumstances Cannot report on FAFSA Send explanation to

financial aid office at each college

College will review special circumstances Request additional

documentation

Unexpected Changes Change in employment

status Change in parent marital

status Unusual dependent care

expenses Medical expenses not

covered by insurance

Decisions are final and cannot be appealed to U.S. Department of Education

To check legitimacy of scholarship search services or individuals, for information about financial aid scams

Tips to avoid being scammed visit these Web sites:

U.S. Department of Education: www.studentaid.ed.gov/students/publications/lsa/index.html

Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm

Better Business Bureau: www.bbb.com

Avoid Being Scammed

Summary of Financial Aid Process

Submit all required forms, including FAFSA, by each college’s published deadline (but no later than March 2)

By March 2, 2011, submit a Cal Grant GPA Verification Form

Keep a copy of all forms you submit

Review you paper Student Aid Report (SAR) or electronic SAR Acknowledgement

Watch for your financial aid award notification from colleges after their admission decisions are announced

Be sure to reapply for financial aid each year after January 1

ASK QUESTIONS!