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Funding Your Future Financial Aid Overview Topics Introduction What is financial aid? Sources of financial aid Limitations of federal aid programs FAFSA/Dream Act Application & Processing Whose info goes on a FAFSA/CA Dream Act Application? Eligibility requirements for Federal and State aid When & Where to apply for 2015-16? What happens next? Where do I get help? Other information Consumer Information What is financial aid? Financial aid are funds provided to students and families to help pay for postsecondary educational expenses Sources of Financial Aid Federal and State Grants Student Loans Work Study Private sources-scholarships SLO County High School Graduates All future Promise students will be guaranteed fee-free fall & spring Deadline- August 3rd, 2015 Guaranteed to all students who complete ALL Cuesta Promise steps regardless of income or GPA STEPS 1. 2. 3. 4. 5. 6. Submit your Cuesta College admissions application Submit your Promise scholarship application Apply for FAFSA or the Dream Act Complete the Cuesta College assessment process Complete the Cuesta College online orientation Register for your classes The Promise is yours! Check your email for announcements and updates. Common Federal Programs Pell Grant Federal Supplemental Opportunity Grant Federal Work Study Teach Grant Federal Loans -Subsidized -Unsubsidized PLUS- Parent Loan Limitations of Federal Aid Programs Pell Grant – 6 full-time years Direct Subsidized Loans - 150% of the length of academic program before they may lose interest subsidy Common CA State Programs Board of Governors Fee Waiver Cal-Grants Chafee Grant University Grants Middle Class Scholarship for UC & CSU AB 540 BOGW & Cal Grants Board of Governors Fee Waiver Waives enrollment fees at California Community Colleges You must complete online FAFSA or Cal Dream Act Cal-Grants Cal Grant A – Pays tuition at a CSU or UC Cal Grant B - Pays tuition at a CSU or UC and pays an access fee at a California Community College Cal Grant C – Pays for vocational programs Chafee Available for foster-youth in the Independent Living Program (ILP) Must complete an online application Limited funds University Grants Available at private and public universities Funds may be limited Follow-up with your school of choice Middle Class Scholarship Program New, transfer and returning undergraduate students University of California or California State University Family income of up to $150,000 Complete the FAFSA or Cal Dream Act application California State Programs Residency requirements Aid awarded on the basis of both GPA and financial need Must complete the FAFSA or Cal Dream Act application Deadline March 2nd each year AB540 Allows non-resident students to receive state grant opportunities Must complete application at college/university Admissions Office determines eligibility Student is able to complete the FAFSA or Cal Dream Act application Scholarships Awarded on the basis of skills, GPA or unique characteristic Free money Foundations, high schools, businesses, charitable organizations, employers, unions Deadlines vary Application & Processing www.fafsa.gov © 2014 CASFAA 2015-2016 Application Processing Personal Identification Number (PIN) Access the PIN Website www.pin.ed.gov Why use a PIN? • Sign FAFSA electronically • Access your FSA records online • Make corrections Who can apply? • Students • Parents © 2014 CASFAA FSA ID to Replace FSA PIN! What this means: New login process User-selected username User-selected password Replaces the FSA PIN Eliminates need to supply SSN and date of birth for login Available in Spring 2015 (after March 2nd) © 2014 CASFAA Where to use an FSA ID: FAFSA on the Web NSLDS Student Access StudentLoans.gov StudentAid.gov TEACH Grant website Cal Dream Act Application http://www.csac.ca.gov/dream_act.asp Cal Dream Act Application Only for AB540 students who do not have a SSN Students complete this instead of the FAFSA DOMA and FAFSA/CA Dream Act applications FAFSA & CA Dream Act applications: Language is gender neutral – Parent 1, Parent 2 as designated by filers, not processor. FAFSA/CA Dream Act applications now collect the information of unmarried parents living together and parents or parent/step-parent in a legally recognized same-sex marriage. © 2014 CASFAA Whose info goes on a FAFSA/ CA Dream Act application? The FAFSA & CA Dream Act applications now use the relationship of the parent to the student, vs. the legal relationship between parents for the basis of collecting information Relationship of Student to Parent Includes both parents’ incomes on the app? Only includes one parent’s income on the app? Parents married, living together YES NO Parents not married, living together YES NO Parent is widowed, not remarried NO YES Parents are divorced or separated, not living together NO YES (include the parent the student lived with most during the last 12 months. If equal time, include the income and assets from the custodial parent who provided most of the student’s financial support during the last 12 months) Parent and step-parent, living together YES NO Legal guardians* NO NO Foster Parents* NO NO NO NO Grandparents, brothers, sisters, uncles, or aunts* © 2014 CASFAA “Parent” means biological/adoptive parent – gender of biological or adoptive parents is not relevant. Eligibility Requirements for Federal and State Aid Be a U.S. citizen or eligible non-citizen ***Have a valid social security number*** Register with Selective Service High school diploma/GED/home schooled Enrolled in an eligible degree or certificate program When & Where to apply for 2015-16? Complete the FAFSA online at www.fafsa.gov or Cal Dream Act Application online at www.csac.ca.gov/dream_act.asp Applications are available starting January 1st Colleges may set their own deadlines Frequent Application Delays Transposed Social Security Numbers Marital status Income information Taxes paid Household size Number in college Asset information missing Missing student/parent signatures What happens next? Student will receive a Student Aid Report (SAR); make corrections Student will have an Expected Family Contribution (EFC) School may require student/parent to submit additional documentation Need Varies Based on Cost 1 X 2 Y 3 Cost of Attendance (Variable) Z EFC EFC Expected Family Contribution Need (Constant) (Variable) How can I help as a parent? Complete income taxes early Use the IRS Data Retrieval Tool Request IRS Transcripts Online: www.irs.gov Transcript Type: Return Transcript Phone number: 1-800-908-9946 Have your son/daughter follow-up with the financial aid office! Where can I get help? Cash for College Workshop: February 10th Cuesta SLO Campus (from 5pm to 8pm at Bldg. 3400) FAFSA, Cal Dream Act, Cuesta Scholarship Application Special Circumstances Change in employment status Medical expenses Unusual dependent care expenses Loss of parent or student income Any other unusual circumstances that affect a family’s ability to contribute to higher education Electronic Payments Students have options to receive financial aid disbursements or tuition refunds: Receive disbursement on a debit card Direct deposit into a personal bank account Request a paper check Consumer Information College Navigator http://nces.ed.gov/collegenavigator/ College Scorecard http://scorecard.cccco.edu/scorecardrates.aspx?CollegeID=641 Shopping Sheet Your student portal StudentAid.gov https://studentaid.ed.gov/ FSA Social Media http://www.financialaidtoolkit.ed.gov/tk/outreach/social-media.jsp Net Price Calculator http://www.cuesta.edu/student/aboutmoney/finaid/resources/Net_Price_Calculat or.html © 2014 CASFAA College Navigator Tool CollegeNavigator.gov © 2014 CASFAA College Scorecard collegecost.ed.gov © 2014 CASFAA © 2014 CASFAA Shopping Sheet Standardized, clear, and concise format for personalized financial aid offers Better understanding of the costs of college before making a final decision on where to enroll Identifies the types and amounts of aid qualified for and allows for easy comparison of aid packages Consumer comparison tool Transparently provides information to students © 2014 CASFAA StudentAid.gov © 2014 CASFAA Twitter.com/FAFSA © 2014 CASFAA Facebook © 2014 CASFAA Net Price Calculator © 2014 CASFAA Questions? Cuesta College www.cuesta.edu 805-546-3143