College Financial Aid Basics
Workshop
Agenda
Major Types of Aid
Calculating Financial Need
Application Process
What is Financial Aid?
Funds provided to students to help pay for
postsecondary(college) education expenses.
Financial aid includes
• Grants
• Scholarship
• Work study
• Loans
Grants
■Grants don’t have to be repaid and are
typically based on financial need
■College/University Grants
(varies by school)
■Federal Pell Grant, up to $5830*
■Community College (CC) Board of
Governors (BOG) Fee Waiver
■
No enrollment fees at a CC
■
Complete BOG Waiver app on CC website
Cal Grants
■ Pays most of the tuition at UC/CSU and a portion for private and some career technical schools
■ Submit the FAFSA /Dream Act Application by March 2,
2015
■ Be a U.S. citizen/eligible noncitizen & a CA resident
■ Meet any minimum GPA requirements, SJUSD uploads GPAs to the state in December 2014
■ Attend a qualifying California college ■ Have financial need based on FAFSA
■ Track your Cal Grant GPA verification, application or award by opening a Web-Grants Student Account at
Middle-Class Scholarship (MCS)
for the UC/CSU systems
■ State scholarship for students with family income under $150,000 on a sliding scale
■ FAFSA /Dream Act applications will be used for eligibility ■ Enrolled at least ½ time in a BA/BS or teacher prep
■ Maximum grant is 40% of tuition, family income under $100,000, amount declines as income reaches $150,000 ■ Award is reduced by any federal, state or institutional
grants awarded
■ Entire statewide pool may have awards reduced based upon the demands for the fixed appropriation of funds.
Gift Aid - Scholarships
Generally private money
■No standard application
♦
Student and parent must find
♦
Check with your employer, college, local
sources, and the Internet
■Some are renewable, some not
■Many go unused
Scholarship Search
■ Check Naviance Family Connection on the EC
Website to search for scholarships
■ Check with the colleges where you will be
applying for scholarships
■ Check organizations that you and/or your parents
are members
■ El Camino PTSA and Boosters parent
organizations award scholarships
■ Search the Internet
www.fastweb.com
www.finaid.org
Types of loans
■ Federal Stafford loans
■ Subsidized: Interest doesn’t accrue while the student is in school.
■ Unsubsidized: Interest accrues while the student is in school. Loan is available regardless of need.
■ Federal Plus Loans-Enable your parents to borrow up to the total cost of your undergraduate study
■ Private or Bank Loans-Often carry higher interest rates and fees than federal loans and are Not based on
Calculating Financial Need
Cost of Attendance Expected Family Contribution
• Tuition and Fees • Room and Board • Books and Supplies • Transportation
• Miscellaneous
• EFC measure of the family’s financial strength
• EFC is used to determine the student and parent ability to contribute towards the
student’s cost of education
• Need analysis is the consistent formula used in determining a family’s EFC
Cost of Attendance (COA)
Expected Family Contribution (EFC) Eligibility for Need-Based Aid
Application Process -- FAFSA
■ Apply at www.fafsa.gov, Jan. 1-March 2, 2015 ■ Read all the instructions
■ Step by step instructions on line or at 1-800-4-FED-AID ■ Attend a Cash for College Workshop for additional help,
go to www.calgrants.org to find a workshop near you. ■ Student name must match SSN name
■ E-sign your FAFSA using your PIN. You can receive a PIN instantly when you complete the FAFSA
Application Process – Dream Act
• Students who meet the requirements for AB 540
& AB 2000 complete the Dream Act Application
www.caldreamact.org
instead of the FAFSA
o
Undocumented
o
High School attendance in CA for 3 or more
years, or its equivalency.
o
Can be considered for a CalGrant, private
scholarships & institutional aid
Profile
The PROFILE is required by some private
colleges. Requirements and registration at
https://profileonline.collegeboard.com
Some colleges may have a supplemental
financial aid application for their specific grants
or scholarships
Notification
• Student Aid Report (SAR)
o
Sent electronically within 3-5 days with valid
e-mail address
o
Summarizes FAFSA information
• E-CAR indicates Cal Grant eligibility
o
Sent as early as February 2015
o
Make sure e-mails don’t go to spam account
Special Circumstances
Cannot be reported on the FAFSA or the CA
Dream Act Application
You must contact the college financial aid office
(FAO) for procedures
Procedures will vary by school
School’s decision is final and
cannot be appealed to the
Department of Education
Special Circumstances- Examples
Change in employment status
o Dislocated workers/Loss of employment
Change in parent marital status
Medical expenses not covered by insurance
o Elder care expenses
Unusual dependent care expenses
Student cannot obtain parent information, only the FAO can make a dependent student independent if unusual circumstances exist.
The Financial Aid Office has authority to
make a dependent student independent if
unusual circumstances exist:
An abusive family environment
Abandonment by parents
Inability to locate parents
Professional Judgment and
Dependency Status
Not considered “unusual circumstances”
Parents refuse contribution towards education
Parents unwilling to provide information on the
application or for verification
Parents not claiming the student as a
dependent for income tax purposes
Student demonstrating total self-sufficiency
Professional Judgment and
Dependency Status
Top 5 things you MUST do
■ Make a list of every college under consideration
■ Visit the website of each college; read the financial aid office (FAO) information and note deadlines
■ Submit the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov or California Dream Act application at www.caldreamact.org in January 2015 . DON’T WAIT!
■ Go online to www.webgrants4students.org to register and confirm your Cal Grant GPA
■ Search and apply for local, state and national
scholarships through EC’s Naviance program and each college web-site
