Transcript Financial Aid - The California State University

Financial Aid
101
CSU HS Counselor
2007
1
What does it cost?
2012-13 Cost of Attendance* (9 months)
At Home
On Campus
Off Campus
Fees
Books/Supp
Room/Board
$7,025
$1,666
$4,326
$7,025
$1,666
$10,900
$7,025
$1,666
$11,493
Trans
Personal
TOTAL
$1,413
$2,708
$17,139
$1,245
$2,576
$23,412
$1,444
$2,671
$24,299
* Systemwide averages, actual amounts will vary by
CSU campus.
How much does the student really pay?
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Actual tuition and fees
On Campus room & board expenses (if applicable)
Parking (if applicable)
Cost of books
Each student’s expenses will vary based on their
individual circumstances. The Cost of Attendance
is an estimate of how much it will cost to live for 9months of enrollment.
What are my options?
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Parents often can help pay for some/all expenses
Employment
Scholarships
Financial Aid
• Federal, State and Institutional
• GI Bill
• 529 College Savings Plans
Financial Aid
• The Free Application for Federal Student Aid (FAFSA) or
DREAM application is used to calculate an Expected
Family Contribution (EFC). This number is used to
determine financial aid eligibility.
• Gift Aid
• Scholarships
• Students should check with the institution if they need to complete a
separate application
• Grants
• Self-help Aid
• Loans
• Employment opportunities
Types of Gift Aid (Federal-FAFSA)
• Federal Pell Grant
• Federal Supplemental Educational Opportunity
Grant (FSEOG)
• Iraq & Afghanistan Service Grant
Types of Gift Aid (State-FAFSA or DREAM)
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Cal Grants (A & B)
Chafee Grant
CSU - State University Grant (SUG)
CSU - Educational Opportunity Program (EOP)
Community Colleges – Board of Governor’s
Grant (BOGG)
• UC – University Grant
Types of Self–Help Aid (Federal-FAFSA)
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Federal Work-Study (FWS)
Federal Perkins Loan
Federal Direct Loans
PLUS (parent) Loan
How to Apply for Financial Aid
1. Student/family file the FAFSA
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FAFSA.gov available beginning January 1
Student and parent can sign the form electronically with a federal “PIN”
Student and parent can use IRS data retrieval tool
If the student is NOT eligible for the FAFSA, but is eligible for DREAM
2. Student/family file the DREAM application
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Dream application available beginning January 1
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Student and parent can sign the form electronically with a “PIN”
Students filing a FAFSA or DREAM should also file for Cal Grant
3. File a Cal Grant GPA Verification Form
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High School can submit the GPA electronically on behalf of the student OR the parent(s)/student
can file a paper form with CSAC
March 2nd is the priority deadline
for submitting a FAFSA, DREAM, and Cal Grant Application
NEW: DREAM Application
Students without lawful immigration status, who qualify for an AB540
nonresident tuition exemption:
1. File for state and institutional need based scholarships and grants by filing a
California Dream Act application at www.CalDreamAct.org.
2. Some campuses may also have a separate institutional scholarship
application that must be filed in addition to the DREAM and FAFSA applications
• The Admission application fee waiver is also being extended to students
without lawful immigration status, who will qualify for an AB540 nonresident
tuition exemption & meet the income guidelines
NEW: DREAM Application
AB 540 General Requirements
• The student must have attended a HS (public or private)
in CA for 3 or more years,
AND
• The student must have graduated from a CA HS or
attained the equivalent (GED and CA HS proficiency
exam also qualify),
AND
• File an AB540 Affidavit (California Non-Resident Tuition
Exemption Request form) with the college or university
• Available in the Admissions & Records office of each CSU
FAFSA- PIN Registration
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Federal PINs are used to
sign the FAFSA by the
parent and student
electronically
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Web site: www.pin.ed.gov
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No Deadline
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May be used for signing
electronic FAFSA in future
years
Financing College is a Partnership
 Students contribute through working and borrowing
 Parents are asked to contribute based on their financial
ability
 Low-income parents are often asked to contribute zero
 Universities combine the different forms of financial aid
for students
 Offer a combination of federal, state, or university
grants and scholarships to eligible students
 Assist families seeking loans to help meet their
contribution
What Happens Next?
• Respond immediately to all requests for follow-up
documents, including from the admissions office
• Find out how the college will communicate with the
student – many rely on a student checking their email
and school portal for document requests and award
notices
• Families should hear about their award in time to
make an informed decision by the time the university
asks them to commit (often May 1)
Special Circumstances
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Parent/Student Loss of Employment
Death of a Parent
Parents Divorce/Separation
Student Estrangement from Parents
Homeless students
Other: Students with unique situations may
contact the financial aid department at a CSU
campus for guidance
Changes in Aid
• Pell grant limited to 6 years
• Some students without lawful immigration status
(those eligible under AB540) may begin applying
now for state funded aid that will be available to
them in January 2013
• Cal Grant changes
CSU Financial Aid 2010-11
• 284,000 CSU Students received aid (70% of all students)
• More than $3.1 Billion in Total Aid
• 53% of All undergraduates, tuition covered by grants,
scholarships or waivers
• $462 million in State University Grant to 123,000 +
students
• For the 2012-13 academic year, anticipate close to $700
million in State University Grant awards
Financial Aid Myth Busters
• College is too expensive! We can’t afford it…
• More than $383 million in State University Grants were awarded
to cover Tuition Fees
• The average Undergraduate student, who applied for aid,
received $7,821 in scholarships and grants alone.
• 2012-13 Tuition is $5,970 + the Average Campus fees of
$1040=$7,010
• You could potentially cover 100% of your tuition & fees at your
school and have money for books
Financial Aid Myth Busters
• What about all that student loan debt we keep hearing about?
• CSU average loan indebtedness at the time of graduation is
$15,804 while the national average is $25,250 and the California
average is $18,113
• We are 37% below the nation in debt and 13% below other
California universities
• Likewise our students are less likely to borrow money.
Currently 67% of all students in the nation borrow loans while
at the CSU only 42% borrow
• 58% of CSU bachelor’s recipients graduate with $0 loan debt
• You are not required to borrow loans
• Loans are considered financial aid, but should be borrowed
wisely
Financial Aid Myth Busters
• More general information (that is often misunderstood):
• Never pay for someone to complete the FAFSA for you or “find”
scholarships for you. The internet and your local library offer free
scholarship search engines and the premise of the FAFSA is that
it’s free
• Students whose parents served in the military could make use of
their parents’ GI Bill if their parent did not use it. Contact the local
VA department for more information
• Funding is available for foster youth through the Chafee Grant
program and most campuses will help foster youth with finding
affordable housing
Helpful Websites
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FAFSA: http://www.fafsa.gov/
Cal Grants: http://www.calgrants.org/
Dream Application: www.CalDreamAct.org
Department of Education - Student guide:
http://www.studentaid.ed.gov/
• CSU campus websites:
http://calstate.edu/sas/fa_campus_url.shtml
• CA Colleges and Career planning:
• http://www.californiacolleges.edu/
Questions???
www.calstate.edu