Transcript Document
Financing Your College Education
Presented by Katy Fitzgerald Mission College Financial Aid Student Enrollment & Financial Services Recruitment Supervisor Foster Youth Liaison 408.855.8070
What You’ll Learn Today
Planning for college (or lack thereof) Types of financial aid Gift aid Self-help aid Application process FAFSA California Dream Act CSS Financial Aid PROFILE Calculating your eligibility Cost of attendance Awarding & packaging What’s next?
Why College?
What we should have done!
$50 per month to each child’s college savings account AT BIRTH!
In some cases, we should have started before birth!
Don’t “should” on yourself!
Life happens and we don’t always get to what we “should” have done or hoped to do!
Commitment to high-quality educational choices at the K-12 level are made that impact our ability to save!
Time “slips” by faster than we thought it could!
(It happens to those of us who are financial aid professionals, too!)
What now?
Maybe I didn’t plan enough – what can my child look forward to now for college costs payment options?
What can I afford?
Types of Financial Aid
Sources
Federal government State agency/government Colleges and universities Private agencies, companies, foundations and parents’ employers Ex: service-based orgs (Kiwanis), lenders/credit unions, insurance companies (Foresters) provide scholarships
Types of Financial Aid
Categories
Gift Aid Grants:
Free money!
Scholarships:
Free money!
Self-help Aid Work-study:
part-time job
Loans:
must be paid back COLLEGE Financial Aid is any money given, paid or loaned to help pay for education.
Types of Financial Aid – Gift Aid
Grants:
Federal Pell Grant up to
$5,645
a year Federal Supplemental Educational Opportunity Grant up to
$4,000
a year Federal TEACH Grant up to
$4,000
a year Iraq & Afghanistan Service Grant up to
$5,080
Types of Financial Aid – Gift Aid
Cal Grants:
Cal Grant A Entitlement Awards (fees and tuition) CSU:
$5,472
UC:
$12,192
Private college:
$8,056
Cal Grant B Entitlement Awards (+living allowance)
$1,473
first year;
$1473
+ [up to]
$12,192
2 nd yr+ CC=
$1,473
Cal Grant A & B Transfer Entitlement (CCC to 4-yr.) up to
$12,192
Cal Grant C Awards (career technical programs) Up to
$2,462
CC=
$547
Cal Grant A Competitive Awards Minimum
3.0
GPA Cal Grant B Competitive Awards Minimum
2.0
GPA
First three CA schools listed will be used for Cal Grant consideration (do not have to be in top 3 positions)
Types of Financial Aid – Gift Aid
Middle Class Scholarship
Maintain 2.0 GPA New for 2014-15 For new, continuing and transfer undergraduates Attend/plan to attend a UC or CSU campus Be a U.S. citizen, permanent resident or AB540 status Family incomes up to $150, 000 Apply as of 1/1/2014 by either completing the FAFSA or Cal Dream Act Application
New:
Middle Class Scholarship
For the 14/15, 15/16, and 16/17 school years the MCS amount is reduced 2014-15 CSU maximum is approximately
$766
and for the UC
$1,700
When fully implemented in 2017-18 the maximum award will be 40% of systemwide tuition fees at a UC or CSU
Types of Financial Aid – Gift Aid
Fee & Tuition Waivers
Community College - Board of Governor’s Fee Waiver (BOG) Waives enrollment fees, FAFSA may be required
www.icanaffordcollege.com
CSU State University Grant (SUG) Amounts vary, FAFSA is required
www.calstate.edu
or
csumentor.edu
UC Grant Amounts and application process vary
www.universityofcalifornia.edu
Independent College Grants Amounts and application process vary
www.aiccu.edu
or
www.aiccumentor.org
Financial Aid for Specific Populations
● ● ● ● ● ● ● ● ● Middle Class Scholarship, new for 2014-15:
www.csac.ca.gov
Foster Youth:
Chafee Grant
~ up to
$5000 www.chafee.csac.ca.gov
Athletes:
www.ncaaclearinghouse.net
Students with dependents: EOP&S/CARE and
CalWORKs
Students with disabilities:
www.heath.gwu.edu
Military and their dependents:
www.gibill.va.gov
AB540 Students:
California Dream Act www.caldreamact.org
Early Childhood Education/Child Development:
www.csac.ca.gov
Teachers: Cal Grant A & B Extended Benefits:
www.calgrants.org
in addition to grants, Loan Forgiveness:
www.teachforamerica.org
● Health Occupations-Scholarships & Loan Repayment:
www.healthprofessions.ca.gov
Types of Financial Aid – Gift Aid
Institutional and Private Grants & Scholarships
Provider decides on
Awarding criteria Application deadline Forms or applications Awards may be Merit-based (academic performance-GPA) Need-based (financial need) Combination of the two
Scholarships
APPLY!
. . . APPLY!
. . . APPLY!
No excuses . . .
There is a lot of money available that goes unclaimed Scholarship Tips: Create a Resume Get active in the community Clubs : Community Service Document your community service Preview – Write – Review your essays Finish the application and turn it in on time
Types of Financial Aid – Self-Help
Federal Work Study
Campus-based aid Must be earned through work Job may be on or off campus (~ 18 hrs ./ wk ) Undergraduate and graduate students No annual maximum (~
$2,000
-
$3,500
) Funding levels vary at each institution Need-based
Types of Financial Aid – Self-Help
Loans:
Federal Perkins Loan (up to
$5,500
u./
$8,000
g.) School serves as lender William D. Ford Federal Direct Loan Program Money comes from U.S. Dept. of Education Private Loans (also known as ‘alternative’ loans) Money comes from lending institutions (banks)
Types of Financial Aid – Self-Help
Direct Loan (DL) Program Includes:
Subsidized Stafford Loan (Need-based) Up to
$5,500
depending on grade level Unsubsidized Stafford Loan (Not Need-based)
$5,500-$20,500
depending on grade level & dependency status PLUS Loan (Parent Loan for Undergraduate Student) Max based on COA minus other aid received (not need-based) Annual and aggregate loan limits apply 6-month grace period
General Eligibility Criteria
Status
U.S citizen, permanent resident or meet AB540 criteria Valid Social Security number (Parents do not need a SS#) For CalDreamAct, no SS# is required for student or parent Males between ages 18-25 registered for Selective Service Received HS Diploma or equivalent: GED, CHSPE, Homeschooled
Enrollment
BOG Fee Waiver & Pell Grant will pay as low as ½ unit FSEOG, FWS, DL, Chafee & Cal Grants and loans require at least halftime status EOP&S requires full time status (with exceptions) Must be enrolled in an eligible program of study
Satisfactory Academic Progress
Must complete 2/3 of units attempted
cumulatively
Must maintain a 2.0 ‘C’ GPA
Application Process
Applying for Aid
When applying to an institution, a student should ask the following: In addition to the FAFSA, does the school require the completion of an institutional form? For example, CSS Profile What are the filing deadlines for each form?
What forms does the institution require?
What type of deadline?
FAFSA on the Web’s Homepage
www.fafsa.gov
Wherever the cursor is, Help and Hints will tell you what kind of answer they are looking for, what to include, what not to include-be sure to scroll for complete explanation
California Dream Act www.caldreamact.org
Dependency Status -FAFSA
If students are NOT able to check any of the boxes below, parents income and asset information will be required to complete the FAFSA process.
Questions About Assets
Net worth means current market value minus debt. If net worth is negative, enter ‘0’
Information for Students & Parents www.studentaid.ed.gov
CSS Financial Aid PROFILE https://student.collegeboard.org/css-financial-aid-profile
CSS Financial Aid PROFILE
Registration Guide No paper registration form On-demand webinar 3 step process $25 initial application & one college report $16/add’l college
CSS Financial Aid PROFILE
Not used for awarding federal financial aid May be filed earlier than the FAFSA – typically October of the Senior year Not all schools require (California Public Colleges don’t use) Assistance is available E-mail : [email protected]
https://student.collegeboard.org/css financial-aid-profile
Timeline of Financial Aid
Application Forms
CSS/ Financial Aid Profile As early as October 1 st of the senior year Free Application for Federal Student Aid . . . FAFSA on the Web (FOTW) Beginning January 1 st of the senior year Cal Grant GPA Verification Form By March 2 nd of the senior year
Calculating Financial Aid Eligibility
Basic Equation of Need (Eligibility)
Cost of Attendance (COA) Expected Family Contribution (EFC) Eligibility for Need-based Aid
Calculating Financial Aid Eligibility
Cost of Attendance / Allowances
Standard Allowable Costs: Additional Allowable Costs: Tuition and fees:
$ 1,358
Dependent care Room and board:
$ 4,518
Study-abroad Books and supplies:
$ 2,460
Disability-related Transportation:
$ 1,179
Employment expenses for Misc. personal:
$ 3,096
co-op study Total standard allowance:
$12,611
(based on 13-14 ‘with parent’ COA) Student loan fees (13-14 ‘off campus’ COA
$19,253
)
Calculating Financial Aid Eligibility
Expected Family Contribution (EFC) What Is It?
Need analysis is the formula used in determining a family’s EFC EFC is the measure of a family’s financial strength What is in the calculation of Expected Family Contribution generated from the FAFSA: Number in household size Adjusted gross income Number of dependents in college Age of the older parent Assets other than the family home
Calculating Financial Aid Eligibility
Expected Family Contribution (EFC)
Federal EFC will be same at all schools Federal financial aid eligibility varies based on institution’s Cost Of Attendance Some schools may use institutional methodology (ex, Profile calculations) to award their own institutional funds
Calculating Financial Aid Eligibility
Basic Equation of Need (Eligibility)
Cost of Attendance (COA) Expected Family Contribution (EFC) Eligibility for Need-based Aid
Special Circumstances
Adjustments may be made to information on a case-by case basis Special circumstances may include changes to Dependency status Income and assets Child support Number in household or college Private elementary/secondary tuition Medical or dental expenses (not covered by insurance)
Cost of Attendance*
Comm. Coll.(CC) Cal.State Univ.(CSU) w/parents off campus on campus $12,611 $19,253 n/a $16,442 $24,642 $24,223 Univ. of Cal. (UC) Private (SCU,USC) $24,092 $52,725 $28,858 $59,367 $33,320 $59,655
*Costs may not be actual
Actual Tuition & Fees*
Per Year Comm. Coll.(CC) $ 1,104 (Mission College) Cal.State Univ.(CSU) $ 5,472 (San Jose State) Univ. of Cal. (UC) Private $12,864 (Berkeley) $42,156 (Santa Clara)
*Subject to change at any time
Awarding & Packaging
Federal awarding guidelines Pell Grant is awarded first External Scholarships or Grants Campus-based aid awarded in any order school chooses Subsidized Stafford loan eligibility is calculated before unsubsidized Institutions have different awarding policies
Sample Financial Aid Package Community College
Half-time Enrollment
Pell Grant $2822 SEOG $ 500 Cal Grant B $ 736 Work Study $2000 Loan $3500
Full-time Enrollment
Pell Grant $5645 SEOG $ 500 Cal Grant B $1473 EOPS $ 500 Work Study $2000 Scholarship $2000 Loan $3500
+BOGW for Enrollment Fees ($1104.00 / 12 units)
Quick Tips & What’s Next?
You must apply/re-apply for financial aid every year A PIN is required for student & one parent; can be done during application process Application processing takes 2-3 days; schools can receive results weekly Review your application results for questions, assumptions, any action required Check student portal for additional documents requested Missing documents or clarification needed Universities will start packaging late in March, early April Compare award offers Community Colleges typically package over summer months Check Cal Grant status at www.csac.ca.gov
Click on “WebGrants for Students” Apply for scholarships: colleges, community organizations, etc.
Parents: File taxes early; use IRS Link on FAFSA Delay of filing taxes can jeopardize best award offer
What to take away from this There is no magic potion for eligibility The applications are self-certifying but follow-up documentation may be requested There is a type of financial aid for every student Apply, apply, APPLY!
Even if you think scholarships will be the only aid, you should still complete the FAFSA - most scholarship applications will ask if you have Consider ALL college system options, including private & CCs Some private schools look at who’s listed #1 on FAFSA There are Lifetime Eligibility Usage (LEU) limits for Pell Grant & Cal Grants; while we encourage students to explore career options, they need to be focused by the time they reach college or they could run out of grant funding
before
they complete their first Bachelor’s degree Gift-aid (grants, scholarships) is available up through undergraduate study, typically first Bachelor’s degree OR LEU, whichever comes first There is financial aid for graduate students like Federal Work Study, Direct Loans, some fellowship grants & scholarships If you want help with the FAFSA, check with your HS & if they don’t offer a FAFSA workshop, check with other HS’s in the district or a local Community College for workshops
EFC Calculators
www.fafsa4caster.ed.gov
Will need a to create a password www.finaid.org
Click on Calculators Click on Expected Family Contribution and Financial Aid Calculator www.Collegeboard.com
Under “For Parents”, click on Pay for College Click on Financial Aid Easy Planner Estimate your Share
Resources
www.StudentAid.gov
www.icanaffordcollege.com
www.csac.ca.gov
www.calgrants.org
www.caldreamact.org
www.collegeboard.com
www.going2college.org
www.roybal-allard.house.gov/Students www.maldef.org
www.E4FC.org