Financial Aid

Westmont High School Guidance Department Fall 2013

Agenda

 What is Financial Aid?

 Financial Aid Myths  Application Process  Calculating Eligibility  Awarding and Packaging  What Next?

What is Financial Aid?

 Financial Aid is any money given or loaned to help pay for education  Federal Student Aid  California State Aid

What does it pay for?

 Tuition and fees  Room and board  Books and supplies  Transportation  May also include allowance for:  Child care  Costs associated with a disability  Rental or purchase of computer

FAFSA & CalGrant



F

ree

A

pplication for

F

ederal

S

tudent

A

id (FAFSA)  CalGrant

Basic Equation of Need

Cost of Attendance (COA)  Expected Family Contribution (EFC)  Student’s Financial Need (eligibility)

Financial Aid Myths

     Myth #1:

You can’t afford college

Myth #2:

You have to be very poor, very smart or very talented to qualify

Myth #3:

You can get more scholarships by paying someone to search for you

Myth #4:

If you pay for college, your parents’ salaries don’t matter

Myth #5:

You can wait until you get accepted to a college before worrying about financial aid

Types of Financial Aid

Need-Based Based on family’s financial situation Non Need-Based (Scholarships/Loans) Based on grades, test scores, hobbies, special talents, affiliations, heritage, etc.

Types of Financial Aid

Gift Aid •Grants •Federal Pell Grants •Cal Grants •Scholarships Self Help •Work Study •Loans

Types of Financial Aid – GIFT

 Federal Pell Grant  First source of aid  Undergraduate students only  Amount based on  Cost of Attendance (COA)  Expected Family Contribution (EFC)  Enrollment status  2013-2014 maximum = $5,550

Types of Financial Aid – GIFT  Cal Grants

Cal Grant A

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

Cal Grant B

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

For students from low income families pursuing

occupational, technical, and vocational programs

of study

Types of Financial Aid – GIFT

 College Grants 

Community College Board of Governor’s Fee Waiver (BOG)

 Waives enrollment fees, FAFSA may be required 

CSU State University Grant (SUG)

 Amounts vary, FAFSA is required 

UC Grant

 Use federal formula to award grants.



Independent College Grants

 Amounts and application process vary

Creating a “WebGrants 4 Students” Account

 Students create a WGS account with a submitted GPA to the Commission.  To establish a WGS account, go to

www.webgrants4students.org

follow the instructions!

and

Types of Financial Aid – SELF-HELP  Federal Work Study 

Campus-based aid



Must be earned through work

 Job may be on or off campus 

May have annual maximum

 funding levels vary at each institution 

Need-based

Types of Financial Aid –  Loans SELF-HELP 

Subsidized

- Need based  Interest paid by government 

Unsubsidized

- Not need based  Student pays interest 

PLUS

- Not need based  Borrowed by parent 

Perkins

- Need based  0% interest while in school

Step 1: Filing the FAFSA

Apply For A PIN

Students need a PIN. Parents need a PIN too.

PIN is student’s and parent’s signature.

The PIN Application Process consists of 3 steps: Step 1: Enter Personal Information Step 2: Submit Your PIN Application Step 3: Receive Your PIN – KEEP IT PRIVATE!

www.pin.ed.gov

Information Needed to Register for a PIN  Social Security Number  Last name, First name, Middle initial  Date of Birth  Address  E-mail

Step 2: Apply Online

File a

FAFSA

online

www.fafsa.ed.gov

1-800-4-FED-AID (1-800-433-3243)

What’s the deadline?

The 2012-13 deadline for FAFSA and GPA submission is Thursday, March 2, 2013

Many private schools have an earlier deadline such as Febraury 1 st , 2013 – check each campuses deadline.

What is a name?

 Must use legal name as it appears on social security card Kim Kimberly Vicky Victoria

FAFSA Questions

 What does the FAFSA ask about?

 General Student Information  Student income and Tax Information  IRS Data Retrieval  Available February 1 st , 2013  Opt to “Transfer My Tax Information into the FAFSA”  Can file FAFSA earlier (using estimated info.)  Allow 2 weeks if taxes e-filed; 8 weeks if taxes done on paper  Can file FAFSA earlier (using estimated info.)

Who is eligible for financial aid?

U.S. Citizen, Eligible non-citizen, or Neither  Must have a Social Security Number to continue online application  800.772.1213 or

www.ssa.gov

 Matched with name and date of birth registered with SSA

Citizen or non-citizen?

     Eligible non-citizen 

If you’re not in one of these categories, you must be an eligible noncitizen, and you must have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of the following designations:

"Asylum Granted“ "Refugee" "Cuban-Haitian Entrant, Status Pending" "Conditional Entrant” Victims of human trafficking, T-visa

Selective Service/ Inactive Draft

  Males between 18 and 25 must register Check “Yes” and you will be automatically registered  Not yet 18, check yes and SSS will register you on birth date  May also register using Web site 

www.sss.gov

Degree/Grade Level

Student’s Grade Level  Check “1 st year/never attended college before”, whether or not a concurrent enrollment student Degree  Check “1 st bachelor’s degree” Student’s expected enrollment status  Always check “full time”  Does not commit you to attending full time

Parents’ Household Size

 Include student and parents  Siblings/ other people (regardless of age)  If they live with parents and provide 50% or more of their financial support from July 1, 2011- June 30, 2013

Questions?

Financial Aid Night at West Valley College Theater Thursday, January 24 th 6:30 – 8:00 PM Free parking night of the event

Your To-Do List

 Complete

GPA Release Form

Guidance office by Feb.25

th .

and return to the  Complete the FAFSA online beginning January 1 st  Student and parent use PIN to sign  Read and save confirmation page  Attend the Financial Aid workshop at the West Valley College Theater on Thursday, January 24th at 6:30  Watch for your Student Aid Report (SAR) and California Aid Report (CAR)

Thank you

Apply!