Applying Applying for for
Financial AidFinancial Aid 2013-2014 2013-2014
Mt. San Antonio College
Financial Aid Office
Financial Aid MythsFinancial Aid Myths
• GPA too low…
• Sibling did not qualify…
• Family income is too high…
• The paperwork is too complicated…
Etc…
SCAM Alert:SCAM Alert: “Billions of Dollars Unclaimed”“Billions of Dollars Unclaimed”
• Scholarship Search Companies• Warning signs of a possible scam
CAUTION: As a general rule, if you must pay money to get money, it might be a scam.
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Who Wants Who Wants A Million Dollars?A Million Dollars?
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What Financial Aid What Financial Aid Offers?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
Cost of AttendanceCost of Attendance
• Tuition/Enrollment fees
• Room and board
• Books and supplies
• Transportation
• Miscellaneous personal expenses
• Loan fees, study abroad costs, dependent or elder care expenses, expenses associated with a disability, or expenses for cooperative education program, computer (if required for program).
Determining the Expected Family Determining the Expected Family Contribution (EFC)Contribution (EFC)
• Income
• Asset Equity (excluding home equity)
• Family Size
• Number of Family Members in College
• Age of Parents (for dependent students)
How Much am I Eligible for?How Much am I Eligible for?Basic Equation of NeedBasic Equation of Need
Cost of Attendance (COA) Expected Family Contribution (EFC)
_________________________________
Student’s Financial Need (eligibility)
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How The Formula WorksHow The Formula Works CC CSU UC Private
Cost $ 18,200 $24,958 $47,464 $45,700EFC - 500 - 500 - 500 - 500Need $ 17,700 $24,458 $46,964 $45,200
In the best of all possible worlds, full “need” will be met with a financial aid package made up of grants and scholarships along with reasonable amounts of work and loan. Some schools are not able to meet full need.
Federal government
State government
Colleges and universities
Private agencies, companies, foundations, your parents’ employers, etc…
Sources of Financial AidSources of Financial Aid
Types of AidTypes of 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
Cal GrantsCal GrantsCal Grant A Entitlement Awards – for students with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need and are attending a 4 year University.
Cal Grant B Entitlement Awards – for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need
Cal Grant C Awards - for students from low income families pursuing vocational programs of study
Eligibility for Cal GrantsEligibility for Cal Grants
To be eligible for a Cal Grant, the student must also:
– be a U.S. citizen or eligible non-citizen
– be a California resident
– Be a High school Grad and pass the CAHSEE (if graduated 2006 and after and required to take by High School.)
– attend a California college or university in 2013-2014
2013-2014 Cal Grant 2013-2014 Cal Grant Application RequirementsApplication Requirements
Check with your high school or college counselor for more details on how to file the Cal Grant GPA Verification form
The Cal Grant GPA Verification Form
By March 2, 2013: Complete and Submit the Free Application
for Federal Student Aid
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California Dream ActAllows students who meet AB 540 criteria to apply
for & receive non state-funded scholarships at the public colleges and universities, including
scholarships funded through private donors, alumni contributions, or individual departmental efforts
• Allows students who meet AB 540 criteria to Apply for & receive institutional grants Apply for & receive Board of Governors fee
waivers at the California Community Colleges Apply for & receive state financial aid, including
Cal Grants and Chafee Foster Youth Grants 15
California Chafee GrantCalifornia Chafee GrantCalifornia Chafee GrantCalifornia 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.
To be eligible, the foster youth must have been in California foster care on their 16th birthday and not have reached their 22nd birthday before July 1, 2012
To apply, the foster youth must complete:- 2013-2014 FAFSA- California Chaffee Grant Program Application
To learn more about the Chafee Grant, go to
www.chafee.csac.ca.gov
Federal Eligibility CriteriaFederal Eligibility CriteriaFEDERAL
• U.S. citizen or eligible non-citizen with valid Social Security #
• High School diploma, GED, or ability to benefit test• Enroll in an eligible program • Register for Selective Service
(males – ages 18-25) • Drug Conviction – required
resolution completed.
Federal Need-Based GrantsFederal Need-Based Grants
Federal GrantsPell Grants ($5,550 Max per year)
Supplemental Educational Opportunity Grant (SEOG) ($4,000 MAX PER YEAR depending on the College)
Federal Work Study
Other Need-Based GrantsOther Need-Based Grants
College Grants Community College Board of Governors’ (BOG) Fee Waiver
- Waives the California Community Colleges’ enrollment fee for financially needy California residents
- To learn more about this BOG Fee Waiver, go to:
www.icanaffordcollege.com
CSU State University Grant (SUG) – amounts vary
UC Grant – amounts vary
Independent College Grants - amounts vary
OTHER FINANCIAL AID OTHER FINANCIAL AID RESOURCES FOR STUDENTSRESOURCES FOR STUDENTS
• BOARD OF GOVERNORS FEE WAIVER (BOGW)– Fee Waiver
• PRIVATE SCHOLARSHIPS – Mt. SAC– Private Donors
• EDUCATIONAL OPPORTUNITY PROGRAM (EOP&S)
– Book Grants
• BRIDGE Program
– Summer Academy– Freshmen
Experience
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What are scholarships?What are scholarships?
Scholarship: A financial award that does Scholarship: A financial award that does not not
have to be repaid. have to be repaid.
• Scholarships are generally made based Scholarships are generally made based on an applicant meeting certain on an applicant meeting certain eligibility criteria. eligibility criteria.
• Scholarships usually require Scholarships usually require competition for the award.competition for the award.
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How to Win a ScholarshipHow to Win a Scholarship
• Know how to research scholarship Know how to research scholarship opportunitiesopportunities
• Be prepared and organized in the Be prepared and organized in the application processapplication process
• Write a unique and compelling Write a unique and compelling personal statement/essaypersonal statement/essay
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Register On-lineRegister On-line
www.fastweb.comwww.fastweb.com
www.collegeboard.comwww.collegeboard.com
www.financialaid.comwww.financialaid.com
www.collegenet.com www.collegenet.com
www.nextstudent.comwww.nextstudent.com
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Scholarship List-serveScholarship List-serve
To request bi-monthly email updates, To request bi-monthly email updates, send an email to:send an email to:
[email protected]@mtsac.edu
Advantages:Advantages:• Application release priorityApplication release priority• Workshop schedulesWorkshop schedules
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Recent Changes to the Student Aid
Programs• Eligibility of Students Without a High School
Diploma– You will no longer have the option of becoming eligible
for federal student aid by passing an approved test or completing at least six credit hours
•Federal Pell Grant Program — Duration of Eligibility–
Once you have received a Pell Grant for 12 semesters, or the equivalent, you will no longer be eligible for additional Pell Grants.
www.studentaid.ed.gov
Types of ApplicationsTypes of ApplicationsFAFSA
Cal Grant GPA Verification Form
Other applications or forms as required by the college such as
– 2012 federal tax returns (along with schedules and W-2s) or other income documentation
GPA Form
– CSS Financial Aid PROFILE
– Institutional Scholarship and/or Financial Aid Application
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Apply for a Federal PIN
Want to process your application quicker?
– Obtain a PIN– Check on FAFSA status– Correct FAFSA data
– Use as the electronic signature on all ED documents
Apply for TODAY at:
www.pin.ed.gov
File Your File Your Free Application For Free Application For Federal Student AidFederal Student Aid
“FAFSA”“FAFSA”File your FAFSA as soon as you can after File your FAFSA as soon as you can after January 1, 2013.January 1, 2013.
AT: www.FAFSA.ED.GOVAT: www.FAFSA.ED.GOV
Check with the College you will be attending for Check with the College you will be attending for All applicable deadlines.All applicable deadlines.
What you will need…..What you will need…..To complete your FAFSA, you need to gather:– Student driver’s license – Student Alien Registration Card (if applicable)– Student and Parent
Social Security cards
2012 W-2 Forms and other records of money earned
2012 federal income tax form (even if not completed)
Records of untaxed income
Current bank statements
Business, farm and other real estate records
Records of stocks, bonds and other investments
Create a file for copies of all financial aid documents submitted
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Students Students Dependency DeterminationDependency Determination
Student’s dependency status:
• To determine if a student is Dependent or Independent for purposes of Financial Aid
• If Dependent, a student must provide Parent information on the FAFSA application
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With the IRS tool you can transfer your tax information directly
into your FAFSA!
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Step 2Step 2
Determination of Student Dependency StatusDetermination of Student Dependency Status
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The answers to these questions will determine The answers to these questions will determine
if you need to include your parent’s if you need to include your parent’s
information and signature on your FAFSA.information and signature on your FAFSA.
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Step 3Step 3Parent InformationParent Information
See Page 3 of FAFSA on the Web Worksheet about 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) 34
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Step 3 Step 3 Who is Not a ParentWho 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 (and can provide documentation regarding this), he/she is automatically considered an independent student
– Grandparents or other relatives are not considered parents unless they have adopted the student
– Colleges may use Professional Judgment to allow the student to file as independent
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Special CircumstancesSpecial CircumstancesContact the Financial Aid Office if there is:– Loss or reduction in parent or student income or
assets
– Death or serious illness
– Unusual medical or dental expenses not covered by insurance
– Reduction in child support, social security benefits or other untaxed benefit
– Financial responsibility for elderly grandparents
– Any other unusual circumstances that affect a family’s ability to contribute to higher education
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How much aid will I get?
Priority StudentDeadline: 4/15/13
Budget $18,147PELL = $ 5,550BOGW = $ 1,104EOP&S = $ 200SEOG = $ 500FWS =$ 4,000 TOTAL= $11,354
Short Fall $ 6,793
All Students who file after deadline
Budget $18,147Pell = $ 5,550BOGW = $ 1,104
TOTAL= $ 6,654
Short fall $ 11,493
Summary of the Summary of the Financial Aid ProcessFinancial Aid Process
Submit all required forms, including 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 the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student
Review the California Aid Report (CAR)
Watch for financial aid award notifications from colleges to which the student has been admitted
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!
The Financial Aid Information The Financial Aid Information www.finaid.orgwww.finaid.org
or or www.studentaid.ed.govwww.studentaid.ed.govAccurate, Comprehensive and Objective
Information• Links to Free Scholarship Searches
– www.fastweb.com and www.SCHOLARSHIPS.com • Scholarship Scam Alerts
• Financial Aid Consultant Guide• Loan Calculators
• Strategies--Maximizing Aid Eligibility • Answers to Frequently Asked Questions
Mt. SAC: Financial Aid Office (909) 594-5611 ext. 4450
Web: www.mtsac.edu/students/finaid/
- Federal Processor(800) 4-FED-AID(319) 337-5665
- Cal Grant(888) CA-GRANT(888) 224-7268