Financial Aid 101

A Financial Aid Workshop

Financial Aid 101

Financial Aid Programs Scholarships FAFSA on the web SAP and Appeal Process Timeframes and Deadlines

Financial Aid Programs

   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 with interest

Primary Sources of Funding

 Federal Government  State Government  Colleges & Universities  Private Agencies & Organizations

2010-2011 Need Based Grants

 Pell Grant  CalGrant  Academic Competitiveness Grant  Supplemental Educational Opportunity Grant

Pell Grant

     Federally funded grant $2,775 maximum per semester (Summer, Fall, and Spring) Amount based on EFC and enrollment status Fall and Winter is considered as one semester Requirements:      Submit a FAFSA US Citizen or eligible non-citizen High school graduate / GED / ATB test For males, Selective Service registration Must be enrolled in an eligible program

Cal Grant

 Cal Grant B - $1,551     High school or college GPA of at least 2.0

Demonstrate financial need through FAFSA File FAFSA by March 2 or September 2 4 years of eligibility – Save last 2 years for transfer  Cal Grant C - $576       Enrolled in a vocational or technical program Demonstrate financial need through FAFSA 2 years of eligibility File FAFSA by March 2 or September 2 Submit Supplemental form to CSAC Provide Educational Plan to the Financial Aid Office

Academic Competitiveness Grant

 A $750 grant is available to graduating high school students in their first and second year of college if they:     Completed a rigorous high school course of study, e.g., A-G College Prep or AP classes Graduated high school in 2006 or later Are eligible for Federal Pell Grant Enrolled at least half time (6 units)  Second-year (completed 31 to 60 units) students who earned a 3.0 GPA in college and continue to meet eligibility requirements may receive up to $1,300

Supplemental Educational Opportunity Grant

 $500 year grant  EFC = 0  Priority given to early applicants  Eligibility may differ each academic year

Federal Work Study

 Full time enrollment required  Employment on campus  MLK Library  Administrative Offices  Academic Departments  Maximum 16 hours a week

Federal Student Loans

 Subsidized Stafford Loan  The student must demonstrate “need” through FAFSA  $3,500 per year for students with less than 30 degree applicable units   $4,500 per year for students with 30 or more degree applicable units The government pays the interest (5.6%) while student is enrolled at least half time (6 units)

Federal Student Loans

 Unsubsidized Loan  Student needs to demonstrate “need” through FAFSA  $6,000 per year regardless of the number of units completed  The student is responsible for the interest (6.8%) while enrolled at least half time (6 units)

Board of Governor’s Fee Waiver

 Paper Fee Waiver Form  Eligibility based on household size and income level  Automated Fee Waiver (through FAFSA)  Eligibility based on need BOGG waives the tuition fees for students who are determined by the Admissions Office to be California residents.

BOGG applies to the 9 colleges within the Los Angeles Community Colleges District

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.

Fill out FAFSA and the California Chafee Grant Application online.

     Be enrolled at least half time (6units) Maintain satisfactory academic progress Demonstrate financial need Must be verified as a foster youth between ages of 16 and 19 High School diploma not required  To learn more about the CHAFEE go to: www.chafee.csac.ca.gov

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Scholarships

 Are available from colleges, companies, community-based groups, and other agencies and organizations  Usually require separate applications  May require transcripts, an essay, an interview, or an audition  Beware of scholarship search companies that charge a fee  Check with your high school about scholarship opportunities  Use free scholarship searches

LACC Foundation Scholarships

 Foundation and Departmental Scholarships  Applications available starting in February  Most of them need to be submitted by the end of March  Check the LACC Foundation website at  www.laccfoundation.org/scholarships  General Questions: [email protected]

Scholarships Searches

    First, begin with the college or university to which you are applying Next, check with your or your parents’ employer and/or union Call the Chamber of Commerce for scholarships offered by clubs and organizations in your community Check out scholarship search engines:  www.fastweb.com

 www.scholarships.com

 www.finaid.org

  www.collegeboard.com

www.laccfoundation.org/otherscholarships

FAFSA on the Web

 Apply online at www.fafsa.gov

   Tax and income information Parents ’ information (if applicable) Student ’ s PIN (and parents ’ if applicable)  Assistance at the FASTLab located in CH126

Financial Aid Process

 Three Step Process:  Complete FAFSA application online  Submit documents to the Financial Aid Office:  Questionnaire/Ed Goal form  Picture ID  Verification Worksheet *  Income Tax Forms and W-2 *  Additional documentation may be required  Select disbursement option through myLACCDcard

Satisfactory Academic Progress (SAP)

 To qualify for financial aid, a student must meet the following academic standards:     Cumulative GPA above 2.0

Complete at least 2/3 (67%) of all units attempted Have attempted less than 90 units Do not have an Associate degree or higher outside the LACCD  Submit an appeal along with an Educational Plan to be considered for reinstatement

Deadlines

 Fall:    Appeal: Loans: Financial Aid Documents:  Winter:  Appeal:  Spring    Appeal: Loans: Financial Aid Documents December 3, 2010 December 3, 2010 December 17, 2010 January 21, 2011 May 20, 2011 May 6, 2011 June 6, 2011

Timeframes

General timeframes  Appeals  2 nd and 3 rd level appeals  Loans  Processing financial aid documents  Replacing LACCD card (inactive) at least 30 business days up to 4 weeks at least 30 business days usually 3 to 6 weeks 5 to 7 business days

Q&A