Transcript Document
Mission College
Financing Your College Education
Rita Grogan, Director
Student Enrollment & Financial Services
[email protected]
408-855-5072
What You’ll Learn Today
Planning for college
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?
What we should have done!
$100 per month to each child’s college
savings account AT BIRTH!
(In some cases, we should have started
before birth!)
WHY? Parents have the first responsibility to provide for
their dependent child’s educational costs.
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?
Financial Aid - Sources
Federal government
State agency/government
Colleges and universities
Private agencies, companies, foundations and
parents’ employers
Financial Aid - Categories
Gift Aid
Grants:
Free money!
Scholarships:
money!
Self-help Aid
Work-study:
part-
time job
Free
Loans:
back
Financial Aid is any money given, paid or loaned to
help pay for education.
must be paid
Types of Financial Aid – Gift Aid
Federal 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 $5,645
Types of Financial Aid – Gift Aid
California State Grants:
Cal Grant A Entitlement Awards (fees and tuition)
CSU: $5,472
UC: $12,192
Private college: $9,084
Cal Grant B Entitlement Awards (+living allowance)
$1,473 first year; $1473 + [up to] $12,192 2nd 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
Types of Financial Aid – Gift Aid
Middle Class Scholarship
New for 2014-15
For new, continuing and transfer undergraduates
Attend or plan to attend a UC or CSU campus
Be a U.S. citizen, permanent resident or AB540 status
Maintain 2.0 GPA
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
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
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)
Unsubsidized Stafford Loan (Not Need-based)
PLUS Loan (Parent Loan for Undergraduate Student)
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:
What forms does the institution require?
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 type of deadline?
FAFSA on the Web’s Homepage
www.fafsa.gov
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.
The above was from the 13-14 application
so the “born before” date will be updated
on the 2014-15 application.
Questions About Assets
Information for Students & Parents
www.studentaid.ed.gov
CSS Financial Aid PROFILE
https://profileonline.collegeboard.com
CSS Financial Aid PROFILE
Registration
Guide
No paper
registration
form
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://www.profileonline.collegeboard.com/
Timeline of Financial Aid
Application Forms
CSS/ Financial Aid Profile
As early as October 1st of the senior year
Free Application for Federal Student Aid
. . . FAFSA on the Web (FOTW)
Beginning January 1st of the senior year
Cal Grant GPA Verification Form
By March 2nd of the senior year
Calculating Financial Aid Eligibility
Cost of Attendance* / Allowances
Standard Allowable Costs:
Tuition and fees:
$ 1,358
Room and board:
$ 4,518
Books and supplies:
$ 2,460
Transportation:
$ 1,179
Misc. personal:
$ 3,096
Additional Allowable Costs:
Dependent care
Study-abroad
Disability-related
Employment expenses for
Total standard allowance: $12,611
(based on 13-14 ‘with parent’ COA)
(13-14 ‘off campus’ COA
$19,253)
co-op study
Student loan fees
*Costs shown are CA community college average expenses.
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
Cost of Attendance*
w/parents
off-campus
on-campus
Comm. Coll.(CC)
$12,611
$19,253
n/a
Cal.State Univ.(CSU)
$16,442
$24,642
$24,223
Univ. of Cal. (UC)
$24,092
$28,858
$33,320
Private (SCU,USC)
$52,725
$59,367
$59,655
*Costs may not be actual
Calculating Financial Aid Eligibility
Basic Equation of Need (Eligibility)
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Eligibility for Need-based Aid
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
BUT - Institutions have different awarding policies
Sample Financial Aid Package
Full-time Enrollment
Pell Grant
$5,645
SEOG
$ 500
Cal Grant B
$1,473
Work Study
$2,000
Scholarship
$2,000
Loan
$3,500
Special Circumstances
Adjustments may be made to information on a
case-by-case basis AFTER you file your FAFSA
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)
Quick Tips & What’s Next?
You must apply/re-apply for financial aid every year
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
EFC Calculators
www.finaid.org
Click on Calculators
Click on Expected Family Contribution and Financial Aid Calculator
www.fafsa4caster.ed.gov
Will need a to create a password
www.Collegeboard.com
Under “For Parents”, click on Pay for College
Click on Financial Aid Easy Planner
Estimate your Share
Resources
www.icanaffordcollege.com
www.studentaid.ed.gov
www.federalstudentaid.gov
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
Thank you!
Questions?