Transcript Financial Aid Overview 2010-11

College
Financing
Workshop
Georgette DeVeres
Associate Vice President of Admission
and Director of Financial Aid
Claremont McKenna College
 Copyright 2009 CAD
Workshop Agenda
 Getting ready – the college calendar
 College costs
 Debunking college financing myths
 The financial aid equation - who gets
the money?
 Types of financial aid - grants,
scholarships, work, & loans
 The application process - (FAFSA, GPA
Verification Form, CSS/Financial Aid
PROFILE and other forms)
 Evaluating Financial Aid Awards
 Next steps in the process
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The College Calendar
Check out the specific deadlines for the
schools that interest your child
 October – February: Complete CSS/Financial
Aid PROFILE (independent colleges & some
scholarship programs)
 November – February: Apply for admission
 December 15: Notification date for early
action/decision
 January:
– Submit FAFSA & Cal Grant GPA Verification
Form
– Check on housing application deadlines
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The College Calendar
 March & April: Notifications for regular
action by colleges
 March-May:
– Send add’l info requested (1040s and
other forms)
– Before deciding where to attend, visit the
colleges, if possible
 April:
– Receive notification of financial aid by
colleges
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The College Calendar
 May 1: Send tuition & housing
deposits (most 4-year schools)
 Summer:
– Orientation
– Pre-registration
 August – September:
–Hit the books!
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The Costs Of Going To College
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
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The Financial Aid Equation
Budget or Cost of Attendance
-
Expected Family Contribution (EFC)
= Estimated financial need or
eligibility for financial aid
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Estimated College Costs
Community Colleges
$ 5,000
California State Univ (CSU)
$18,600
University of California (UC)
$26,000
Out-of-State Public Univ $15,000 - $40,000
Independent Colleges
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$35,000 - $55,000
8
Two Words of Comfort When
Planning for College . . .
Financial Aid
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Financial Aid Myths
 Scholarships will pay our student’s
college costs.
– Reality: Only 4% of total financial aid is in
the form of merit or talent-based
scholarships.
 Our family makes too much money
to qualify for financial aid.
– Reality: Many factors beyond annual income
are considered in determining a family’s
ability to pay for college expenses. These
include family size, net value of assets, age of
parents, number of children in college, and
special circumstances.
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Financial Aid Myths
The equity in our home will make our child
ineligible for financial aid.
–Reality: Federal and state formulae do not
consider home equity. Most private institutions
do count home equity but often adjust it relative
to family income.
Our other assets will make our child
ineligible.
–Reality: Parent assets are protected for
retirement. No more than 5.7% of parents’ net
assets (savings, investments, equity) are used in
determining eligibility for aid. Retirement funds
(IRA, 401K, 403b, etc.) are not considered except
for pre-tax amounts contributed in the prior tax
year.
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Basic Premise of Financial Aid
 Students and
parents are the
primary source
of funds for
post-secondary
education and
are expected to
contribute to
the extent they
are able
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Independent Student Criteria . . .
The Party’s Over
 The student MUST:
– be 24 years of age or
– be married or
– have a dependent child and be providing
at least 50% support or
– be a Veteran of Armed Services or
– be an orphan,Ward of the Court, or be an
Emancipated Minor
– be a graduate student
– currently serving on active duty in the
U.S. Armed Forces for purposes other
than training
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Independent Student Criteria . . .
(continued)
 Requires Third Party Confirmation
– An emancipated minor as determined
by a court in your state of legal
residence
– In a legal guardianship as determined
by a court in your state of legal
residence
– Homelessness-after July 1, 2009
» Confirmed by high school, or director of an
emergency shelter, or youth basic center
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Independent Student Criteria . . .
(continued)
 Or:
– meet special circumstances as
determined by the Financial Aid Office
 If “dependent,”
– parental financial information must be
included on the FAFSA
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Types of Financial Aid
Grants (gift aid based on need)
Scholarships (gift aid based on
merit/talent)
Work study
Educational Loans
(student & parent loans)
Depending on circumstances, students may
obtain all types of aid (and several different
grants, scholarships, loans and work-study)
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Need-Based Grants
 Federal Pell Grants ($5,350 maximum per year)
 State Cal Grants (financial need; sophomore and
junior years cumulative GPA)
– CSUs - full educationally- related system-wide fees
– UCs - full educationally- related system-wide fees
– Independents (up to $9,708)
 Federal Supplemental Educational Opportunity
Grant (FSEOG)
– $4,000 annual maximum
 College Grants
–
–
–
–
Community College Fee Waiver (BOG)
CSU State Univ Grant (SUG)
UC Grant
Independent college grants
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Federal Academic
Competitiveness Grants (ACG)
 Academic Competitiveness Grant (ACG) are federal
grants of $750 available to graduating high school
students who:
– completed a rigorous course of study
– earned at least a 3.0 GPA
– are U.S. citizens
– are federal Pell Grant eligible
– enroll as full-time students in college
 Second year students who earn a 3.0 GPA in college
and continue to meet eligibility requirements may
receive up to $1,300
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Federal SMART Grants
 Third and fourth year college students
may receive a $4,000 federal SMART
Grant if they
– maintain a 3.0 college GPA
– major in science, engineering,
mathematics, technology, or specific
languages
– continue to meet the same eligibility
requirements as the ACG
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Cal Grants
 For California residents attending a California
college or university
– Cal Grant A & B Entitlement Awards based on: a
financial need of at least $1,500; GPA of at least 3.00 in
sophomore-junior years in high school; and family’s total
2009 income and current assets are below State ceilings
– Cal Grant B to very low-income families with at least a 2.0
GPA and financial need of at least $700
– Cal Grant C for occupational or vocational programs
 By March 2, 2010, submit
– FAFSA to www.fafsa.ed.gov
– Cal Grant GPA Verification Form to the California Student
Aid Commission
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2009-2010 Cal Grant A
Income & Asset Ceilings
Family Size
Income Ceiling
2
$71,600
$61,700
3
4
5
$73,300
$79,700
$85,400
$92,100
$61,700
$61,700
$61,700
$61,700
6 or more
Asset Ceiling
NOTE: 2010-2011 income & asset ceilings subject to
change based on median California income data
Source: California Student Aid Commission (CSAC) median California income data.
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California Chafee Grant
 The California Chafee Grant program
provides up to $5,000 annually to current and
former foster youth for college or vocational
training at any accredited college in the U.S.
 To be eligible, the foster youth must have
been in California foster care on his or her
16th birthday and not have reached his or her
22nd birthday before July 1, 2010
 To apply, complete the:
– 2010-2011 FAFSA
– California Chafee Grant Program
Application
 To learn more about the Chafee Grant, go to
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www.csac.ca.gov
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Community College
Fee Waivers
 The California Community College Board of
Governors’ Enrollment Fee Waiver (BOG Fee
Waiver) waives the California Community
College’s enrollment fee for California residents:
– who are eligible for need-based financial aid, or
– who receive CalWORKs/TANF, SSI, or General
Assistance payments, or
– whose family income falls below published income
ceilings
 To learn more about this BOG Fee Waiver, go to
www.icanaffordcollege.com
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Useful Websites
www.fafsa4caster.ed.gov
www.finaid.org
www.collegeboard.com
www.fastweb.com
www.scholarshipsearchsecrets.com
These sites contain useful financial
aid and scholarship information
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Scholarships
 Make use of free scholarship searches
 Available from colleges, companies,
community-based groups and other
organizations
 Usually require separate applications
 May require transcript, essay, interview, or
audition
 Check with your child’s high school about
scholarship opportunities
 Beware of scholarship search companies that
charge a fee
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A Lot Has Been Said About Students And
Parents Getting Hooked By Fraudulent
Scholarship Scams
 Beware false claims!
– “Thousands of dollars in
scholarships go unclaimed each
year”
– “Guaranteed or your money back!”
– “Give me your credit card or bank
account number to hold this
scholarship”
– “The scholarship will cost some
money”
– “You’ve been selected. . .”
– “You’re a finalist in a contest” (that
your child never entered)
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www.fastweb.com
 Has over 1.3 million unique
scholarship awards in database
 These are worth over $3 billion
 Each scholarship updated quarterly
to maintain accuracy of database
 Parent’s page offers unique
perspectives from financial aid
experts
 Supported with an advisory board of
educators
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Sample Scholarship
Application Questions
 Contact data:
– name and address of
student
 Demographics:
– Birth date, gender, race,
heritage, religion, marital
status, citizenship,
disabilities
– parent employer,
education, and veteran
status
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 Education, work and
activities:
– high school and colleges
attended, year in school,
GPA, SAT/ACT scores,
community service and
employment history
– student sports, hobbies,
special talents/skills, and
other interests
28
Gates Millennium
Scholarship
 Funded by the Bill and Melinda Gates Foundation
– Minimum 3.3 high school GPA
– African American, Asian, Hispanic or Native American
students who are Federal Pell Grant eligible and will be first
year college students
– Application deadlines
» January 11, 2010 – online GMSP Application by11:59 PM
EST
» January 11, 2010 – postmark date for paper application
» February 15, 2010 – deadline to submit FAFSA
 Renewable for all undergraduate study and graduate
work in designated fields
– Maintain minimum cumulative college GPA of 3.0
– Continue to demonstrate financial need
– Meet renewal deadlines
 Application and more information available at
www.gmsp.org
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Student Work Earnings
 Work-Study - Work program during
school year or summer for students
with financial need
 Regular work earnings during school
year
 Summer jobs
 Studies show most students who work
in campus-sponsored jobs earn as
good or better grades than nonworking students and are more likely
to graduate in four years
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Educational Loans:
An Investment in your Child’s Future
 Federal Perkins Loans
 Federal Stafford/Direct Loan
 Federal Parent/Direct Loan for
Undergraduate Students (PLUS)
 Private or Institutional Loans for
students and parents
 Institutional Monthly Payment Plans
 Some families use home equity loan for
college
 Interest paid on student loans is
deductible on federal tax returns for
many middle income students and
parents
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A Very Popular Loan
With Families . . .
 Federal Parent Loan for Undergraduate
Students (PLUS)
– Parents may borrow the total cost of education
less any financial aid received (can be used to
replace parent and student EFC)
– Fixed interest rate of up to 8.5%
– monthly repayment ~ $125 per month for every
$10K borrowed
– Minimal credit check required
– Separate application is necessary (in late
spring/early summer) based on school’s
schedule
– Payments may be deferred until student
graduates
– Interest on loans deductible for many parents
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How Students Apply for
2010-2011 Financial Aid
 FAFSA (Free Application for Federal Student Aid)
 Cal Grant GPA Verification Form
– For California Residents Only
 CSS/Financial Aid PROFILE
 2009 IRS Federal Tax Returns (including all
schedules and W-2 forms) or Non-Filing Forms
 Other required forms may include:
–
–
–
–
Verification Form
Noncustodial Parent Form
Business/Farm Supplement
Other Special Appeal Forms
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2010-2011
Application Materials
All Schools
 Free Application for Federal Student Aid
(FAFSA)
– File online as soon as possible after
January 1, 2010 at: www.fafsa.ed.gov
– The paper FAFSA is available in mid-December in
the College Counseling or Guidance Office
– File no later than the earliest college deadlines
 The FAFSA is used
–
–
–
–
for federal aid
for some state aid
by some schools for awarding institutional aid
by you to list all schools to which you want your
family information to be sent
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2010-2011
Application Materials
Some Schools
 CSS/Financial Aid PROFILE
– The PROFILE Registration Guide, listing those schools
that require the forms, is now available in the College
Counseling or Guidance Office
– Apply now at: www.collegeboard.com
– Submit customized PROFILE no later than the earliest
college deadlines
 The PROFILE is used
– by some schools to award institutional aid
– to list all schools to which you want your family
information sent
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Free Application for
Federal Student Aid (FAFSA)
 FAFSA is the central element in federal
student aid application process
 Asks for family’s financial and
demographic information
 Used to calculate Expected Family
Contribution based on federal
methodology (FM)
 Used to confirm certain student
eligibility criteria via database matches
with federal agencies
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Federal Methodology
Need Analysis
 Many factors considered, including
– Taxed and untaxed income of custodial parent(s)
and student
– number of family members
– number of dependent children in college at least
1/2 time in 2010-2011 for at least 1 academic term
– age of older parent (to protect assets for
retirement)
– net assets (checking, savings, investments, ‘other’
real estate equity, business and farm equity)
 Neither home, family farm equity, small
family businesses nor retirement assets are
used to calculate eligibility for California
state or federal aid
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FAFSA Information & Tips
 File early, in January, but no later than
March 2, 2010 or the earliest college
deadline – whichever comes first
 Use estimated 2009 income info. (OK
if 2009 federal tax returns aren’t filed
at time of FAFSA completion)
 Student, parent, & preparer must sign
FAFSA or provide PIN number for each
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FAFSA Information & Tips
 May list up to 10 colleges on FAFSA
(4 on paper application)
 Divorced or separated? Include
custodial parent information only
 Custodial parent remarried? Include
step-parent information as well
 Student and parent must complete the
FAFSA every year by school's
published deadline
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Why File the FAFSA?
If you do not apply, you will not be considered
for any need-based aid or for any student loans
The FAFSA is for all types of aid
– Grants, Work and Loan programs
–From Federal, State, and some Colleges’ own funds
Middle and upper-income families should apply:
– As insurance in the event of a change in 2010 or
2011
–To obtain a student loan
» Student shares some responsibility for college costs
» Take advantage of low-interest loan rates and good terms
» Protect parent retirement and investment accounts
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Federal PIN
 PIN (Personal Identification Number)
serves as the electronic signature on the
FAFSA and other federal aid documents
 Student and at least one custodial parent
need a PIN
 May also be used to:
– Check on FAFSA status
– Verify FAFSA data
– Make FAFSA Corrections on the Web
– Reapply for financial aid in future years
 Apply NOW for your PINs at:
www.pin.ed.gov
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Student Financial Aid Personal
Identification Number (SFA PIN)
 Web site:
www.pin.ed.gov
 Sign FAFSA electronically
 Can request PIN before
January 1, 2010
 Not required, but speeds
processing
 May be used by students
and parents throughout
aid process, including
subsequent school years
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The FOTW
A Five-Step Process
Section 1 is about the student
Section 2 determines student
dependency status
Section 3 requires parental information
for dependent students
Section 4 asks for student income and
assets
Allows the student to list up to 10 schools
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FAFSA on the Web
Worksheet
2010-11 FAFSA on the Web Worksheet—
4-page booklet containing:
 Instructions
 37 questions in 4 sections
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This is the new
Login page for
FOTW.
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FOTW Worksheet: Section
1
General student information:
 Name
 Social Security Number
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• The Student
Demographics
Information page
is the first page of
the application
that collects the
student’s basic
information.
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FOTW Worksheet:
Section 1
General student information:
 Citizenship
 Marital status
 Selective Service registration
status
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FOTW Worksheet:
Section 1
General student information:
 Drug conviction status
 Parents’ educational background
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If you perform an
action that is
successful, the
system will provide
you with a GREEN
box and a success
message.
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FOTW Worksheet:
Section 2
Student’s dependency status:
 If all “No” responses, student is
dependent
 If “Yes” to any question, student is
independent
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• Questions will
display one at a
time based on
previous answers.
• Once a question is
answered as Yes,
the remaining
questions will not
display.
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FOTW Worksheet:
Section 3
Data for parents of dependent students:
 Who is considered a parent?
 Parent Information:
–
SSN#
–
Birthdate
–
Custodial and Stepparent
 Dislocated worker status
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• If the student’s
parent is single,
divorced, or
widowed, the
student will only see
questions for the one
parent.
• The Virtual
Keyboard icon is
present for the
parent’s Social
Security Number
and Date of Birth.
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FOTW Worksheet:
Section 3
Financial data for parents of dependent
students:
 Tax filing status
 Adjusted Gross Income (AGI) for 2009
 Income earned from work
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FOTW Worksheet:
Section 3
Financial data for parents of dependent
students:
Receipt of benefits from certain federal
means-tested programs
Additional financial information
Untaxed income
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• The Additional
Financial
Information and
Untaxed Income
questions are all
shown in a check
box format.
• The parent is
instructed to check
all that apply.
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FOTW Worksheet:
Section 4
Financial data for student (and spouse):
 Tax filing status
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FOTW Worksheet:
Section 4
Financial data for student (and spouse):
 Adjusted gross income (AGI) for 2009
 Income earned from work
 Dislocated worker status
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• If the parent
indicates “Not
going to file” for
the 2009 IRS
income tax return,
they are presented
the earned income
and dislocated
worker questions.
• The Adjusted
Gross Income
question is not
presented because
the parent indicated
they will not file a
tax return.
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FOTW Worksheet:
Section 4
Financial data for student (and spouse):
 Receipt of benefits from certain federal
means-tested programs
 Additional financial information
 Untaxed income
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When the parent
selects a check
box, the full
FAFSA question
will appear with a
text box to
provide a dollar
amount.
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Signatures
 Required
– Student
– One parent (dependent students)
 Format
– Electronic using PIN
– Signature page
– Paper FAFSA
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The Sign &
Submit page
now includes
the signature
process for the
student and
parent.
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The confirmation
number will contain
the student’s
randomly generated
identification
number.
This will replace the
student’s current
confirmation
number which is
composed of their
Social Security
Number and first
two letters of their
last name.
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Frequent FAFSA Errors
 Social Security Numbers
 Divorced/remarried parental
information
 Income earned by parents/stepparents
 Untaxed income
 U.S. income taxes paid
 Household size
 Number of household members in
college
 Real estate and investment net worth
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If the student
selects the
“View or
Print your
FAFSA
information”
link at the top
of the Sign &
Submit page,
their
information
will display in
this format.
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The confirmation
number will contain
the student’s
randomly generated
identification
number.
This will replace the
student’s current
confirmation
number which is
composed of their
Social Security
Number and first
two letters of their
last name.
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FAFSA Processing Results
Central Processing System (CPS) notifies
student of FAFSA processing results by:
 Paper Student Aid Report (SAR) if paper
FAFSA was filed and student’s e-mail
address was not provided
 SAR Acknowledgment if filed FAFSA on the
Web and student’s e-mail address was not
provided
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FAFSA Processing Results
 CPS notifies student of FAFSA
processing results by:
– E-mail notification containing a direct
link to student’s on-line SAR if student’s
e-mail was provided on paper or
electronic FAFSA
 Student with PIN may view SAR online at www.fafsa.ed.gov
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FAFSA Processing Results
 Institutional Student Information
Record (ISIR) sent to colleges listed
on FAFSA approximately 10 to 14
days after FAFSA submitted
 College reviews ISIR
– May request additional documentation,
such as copies of federal tax returns
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Student Aid Report
 Review data for accuracy
 Update estimated information when
actual figures are available
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Making Corrections
If necessary, corrections to FAFSA data
may be made by:
 Using FAFSA on the Web (www.fafsa.ed.gov)
if
student has a PIN;
 Updating paper SAR (SAR Information
Acknowledgment cannot be used to make
corrections); or
 Submitting documentation to college’s
financial aid office
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Special Circumstances
 Cannot report on FAFSA
 Send explanation to financial aid
office at each college
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Special Circumstances
College reviews special circumstances
 Request additional documentation
 Decisions are final and cannot be
appealed to U.S. Department of
Education
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Special Circumstances
 The information you provide should be in
writing and the college may require special
appeal forms and other documentation
 Contact the Financial Aid Office if there is:
» A loss or reduction in parent or student income
or assets
» A death or serious illness of family member
» Reduction in child support or social security
benefits
» Financial responsibility for elderly
grandparents
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Special Circumstances
 Change in employment status
 Medical expenses not covered by insurance
 Change in parent marital status
 Unusual dependent care expenses
 Student cannot obtain parent information
 Any other unusual circumstances that affect
ability to contribute to higher education
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CSS/Financial Aid
PROFILE Application
 Required by some independent colleges
 Used to award limited college grants
and scholarships (non-federal or state aid)
 Unlike federal formula, PROFILE uses home
equity, minimum student contribution, etc.
 Also takes into account medical and dental
expenses as well as elementary/secondary private
school tuition
 May be more sensitive to special circumstances
– estimated year student income
– 3 years of parental financial data
– space for short family narrative
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CSS/Financial Aid
PROFILE Application
Submit PROFILE Online at
www.collegeboard.com
– Available 24/7
– Payment via credit or debit card, or
online check
– Fee waiver eligibility determined
online
Some colleges also require the
• CSS/Non-custodial Parent’s
Statement
• CSS/Business/Farm Supplement
• CSS/Additional Section Q questions
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Supplemental Forms
 May be used by the college or
university to:
– verify information provided by the
family
– collect additional information
» to determine eligibility for state and
other funds
» about special family circumstances
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Common Errors
Failing to submit all required
application forms and
documents
Missing application deadlines
Submitting incomplete
application forms or
documents
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Financial Aid Awards
 Financial aid awards contain varying
amounts of grant,work-study, and loan
 Compare the awards you are offered to
the cost of the college that made the
offer
 Compare amount and terms of loans
offered by each college
 For on-line help in evaluating financial
aid awards, check out:
www.collegeboard.com
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Evaluating Aid Packages
 Renewable vs. non-renewable
scholarships
 Types of aid offered in view of
student’s:
– Career objectives
– Work expectations
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Evaluating Aid Packages
 Largest award is not always best
 Unmet need must be considered
 Are cost estimates realistic?
 Grant/Loan balance
 What are the terms and conditions
of loans offered?
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Financial Aid Notifications
 Award notification usually contains:
– Cost of attendance at that school
– Amount of the student’s
demonstrated “need” for assistance
– How the student’s need for assistance
was determined
– Types and amounts of aid offered
– How aid will be disbursed
– Terms and conditions of offer
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Understand and Compare Your
Financial Aid Award Letters
 Free online tool
to help students
and parents
 New counselor
and consumer
initiatives
 Go to:
www.collegeboard.com
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Summary Of 2010-2011
Financial Aid Process







Submit all required forms by each college’s published
deadlines.
Review Student Aid Report (SAR) or SAR
Acknowledgement.
Submit Cal Grant GPA Verification Form before March 2,
2010.
Submit CSS PROFILE (if required by the
colleges/universities to which you apply).
Submit 2009 Federal Tax Returns (including W-2’s and all
schedules and attachments) only if requested by schools.
Watch for financial aid award notification from colleges after
admission decision.
REMINDER - Be sure to reapply for financial aid each year
by your school’s deadlines for that year.
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Quick Financial Aid Checklist


Be sure to follow colleges’
deadlines
Submit all required applications
and forms
 Don’t forget to complete
and submit a FAFSA
 CSS/Financial Aid PROFILE
(if required)
 Tax returns or other income
documentation
 Any other applications or
forms required by the
individual colleges
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Quick Financial Aid Checklist






Keep a copy of all forms
submitted
Use a U. S. Postal Service
“Certificate of Mailing”
Respond to all requests for
additional documents
Estimate and understand costs for
each college
Understand award letters and ask
questions
Attend all admission and financial
aid programs offered at your high
school
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Thank you for coming
Good luck with your
college planning!
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