Transcript Financial Aid Overview - Long Beach Cal SOAP

Financial Aid Overview
Three Basic Questions
O What is Financial Need?
O What Types of Aid Are Available?
O How do I Apply?
What is Financial Need?
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
Cost of Attendance
Estimated Total Cost of
Attendance
Living On Campus
Fees/Tuition
Books and
supplies
Room and
board
California State
University (CSU)
University of
California (UC)
California
Independent
College
CSULB
UCLA
USC
$6,738
$12,685
$43,722
$1,666
$1,521
$1,500
$11,300
$14,208
$12,440
Other
$4,072
$3,585
$2,171
TOTAL
$23,776
$31,999
$59,883
EFC
O Amount family can reasonably be expected
to contribute
O Two components
O Parent contribution
O Student contribution
O Calculated using data from the FAFSA
O Stays the same regardless of college
What are the different types of
financial aid?
Types of Financial Aid
O Scholarships
O Grants
O Employment (Work Study)
O Loans
What are some of the financial aid
offers students are likely to receive?
Pell Grant
O Awards up to $5,550
O For low income undergraduate students
O Can be used at many schools throughout the USA
O Awarded based on financial need
O Apply using the FAFSA
Cal Grant
O Cal Grant A
O Pays state fees at UC & CSU
O Awards up to $TBD for California Private Colleges
O Cal Grant B
O Pays state fees at UC & CSU
O Awards up to $TBDfor California Private Colleges
O Also awards additional living stipend($1,500)
O Both have income and GPA requirements
O Apply using the FAFSA and GPA Verification Form by
March 2nd
Cal Grant
in reserve
O Students can apply for a Cal Grant to be
held in reserve while they attend a California
community college
O Grant is held for three years
The California
Middle Class Scholarship
The California
Middle Class Scholarship
Starts in 2014-2015 for undergraduate
students who are:
O Attending a CSU or UC campus
O From families with income up to $150k
O U.S. citizens, permanent residents or AB
540 eligible
O California residents
MCS – How it fits in…
ANNUAL FAMILY INCOME
$150,000
$120,000
$90,000
$60,000
$30,000
Up to 40% fee reduction*
Cal GRANT A and C
Covers up to 100% of tuition/fees**
Cal GRANT B
$0
May cover up to 100% tuition/fees and some living
expenses**
*
When fully funded.
**
Based on 2013-2014 income levels, family of four.
Student Loans
O Subsidized = government pays interest while
you are in school
O Unsubsidized = interest accrues
O Both loans begin payback after graduation
O Low interest rates & very flexible payback
plans.
O Beware of PRIVATE PERSONAL LOANS!
Parent Loans
O Must pass credit check
O May borrow up to total cost of attendance
O Unsubsidized = interest accrues
O Payback begins immediately
O Low interest rates & very flexible payback
plans.
O Beware of PRIVATE PERSONAL LOANS!
Free Application for Federal
Student Aid (FAFSA)
O A standard form that collects demographic and
financial information about the student and family
O May be filed as early as January 1st of senior year
Official FAFSA Website
O http://www.fafsa.ed.gov
O FAFSA-4Caster
O FAFSA on the Web Worksheet:
O Used as “pre-application” worksheet
Dependent or Independent?
You must answer Yes to at least one question to be
considered an Independent student.
Who is considered a parent?
O Biological or adoptive parent(s)
O In case of divorce or separation, provide
information about the parent and/or
stepparent the student lived with more
in the last 12 months
O Stepparent (regardless of any prenuptial
agreements)
California Dream Act
O Must be AB540 Eligible
O Allows for students to apply for state funded
aid including:
O Cal Grant
O Board of Governors Fee Waiver Grant
O State University Grant (CSU)
O Other Public Institution Awards
California Dream Application
O DO NOT FILE A FAFSA
O Complete California Dream Application at
http://www.csac.ca.gov/dream_act.asp
O Same deadlines and filing rules apply
O March 2nd Cal Grant Deadline
O Determine if Dependent or Independent
Student
O Deferred Action / DACA applicants should
also file Dream Application
Scholarships
National Search Sites
University Websites
Local Scholarships
Questions?