Transcript Slide 1

Presented by
Rita Grogan,
Director, Student Enrollment & Financial Services
Mission College
1
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!
2
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!)
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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?
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It’s NOT too Late!
There is money out there!
There is a way to “catch” up!
Options are still available to you!
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Sources of Financial Aid
 Federal government
 State agency/government
 Colleges and universities
 Private agencies, companies, foundations and
parents’ employers
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Types of Financial Aid
 Categories
Gift Aid (free money)
Self-help Aid
 Grants
 Work-study
 Scholarships
 Loans
COLLEGE
Financial Aid is any money given, paid
or loaned to help pay for education.
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Types of Financial Aid – Gift Aid
Federal Pell Grant
 Entitlement – if you are eligible, funds are available
 2011-2012 maximum = $5,550 per year!
 Need-based
Federal Supplemental Educational
Opportunity Grant (FSEOG)
• Limited amounts controlled by college
• Up to several thousand per year
• Need-based
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Types of Financial Aid – Gift Aid
(cont.) – State of California Sources
Cal Grants A, B and C
 Student must meet
Need & Merit-based
 Income and asset limits
 GPA requirement

 Amount determined by
 Grant program and school segment
 Renewal is based on program participation
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Types of Financial Aid – Gift Aid
(cont.)
Institutional and Private Grants &
Scholarships
 Provider decides on
Awarding criteria
Application deadline
Forms or applications
 Awards may be
Merit/Talent/Activity-based
Need-based
Combination of the above
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Types of Financial Aid – Gift Aid
(cont.) – Institutional Sources
 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
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Types of Financial Aid – Self-Help
Federal Work Study
 Limited amounts available – college
controlled
 Must be earned through work
 Job may be on or off campus
 Undergraduate and graduate students
 No annual maximum
 Funding levels vary at each institution
 Need-based
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Types of Financial Aid – Self-Help
(cont.)
Loans
 Federal Perkins Loan
 School serves as lender
 William D. Ford Federal Direct Loan Program (DL)
 Money comes from U.S. Dept. of Education
 Student & Parent Loans available
 Private Loans (also known as ‘alternative’ loans)
 Money comes from lending institutions
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Types of Financial Aid – Self-Help
(cont.)
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
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Application Process
 Applying for Aid
 When applying for admission to an
institution, a student should also ask the
following regarding financial aid &
scholarship applications:
 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?
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Free
Application for
Federal
Student
Aid
Apply for FEDERAL, California STATE, & INSTITUTIONAL financial aid funds.
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FAFSA on the Web’s Homepage
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Application Process - FAFSA
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Application Process
 CSS Financial Aid PROFILE
https://profileonline.collegeboard.com
 Registration Guide
No paper
registration form
2 step process
•
$25 initial
application & one
college report
•
$16/add’l college
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Application Process
 CSS
Financial Aid PROFILE (cont.)
 Not used for awarding federal financial aid
 May be filed earlier than the FAFSA –
typically October of the Senior year
 Not all schools require
use it)
(California Public Colleges don’t
 Assistance is available
E-mail: [email protected]
https://www.profileonline.collegeboard.com/
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Timeline of Financial Aid
 Application Forms
• CSS/ Financial Aid Profile
–
•
Free Application for Federal Student Aid
. . . FAFSA on the Web (FOTW)
–
•
As early as October 1st of the senior year
Beginning January 1st of the senior year
Cal Grant GPA Verification Form
–
By March 2nd of the senior year
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Calculating Financial Aid
Eligibility
 Basic Equation of Need (Eligibility)
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
 Eligibility for Need-based Aid
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Calculating Financial Aid Eligibility
 Cost of Attendance
Standard Allowable Costs:
Additional Allowable Costs:
 Tuition and fees
 Dependent care
 Room and board
 Study-abroad
 Books and supplies
 Disability-related
 Transportation
 Employment expenses for
 Misc. personal expenses
coop study
 Student loan fees
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Cost of Attendance – Examples
Community
College
California
State
University
University
of
California
Private
(SCU,USC)
With Parents
$ 11,958
$ 15,512
$ 19,566
$ 46,107
Off-Campus
$ 18,330
$ 22,886
$ 24,891
$ 52,554
On-Campus
n/a
at most CCs
$ 21,336
$ 27,507
$ 52,128
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Calculating Financial Aid Eligibility
 Expected Family Contribution (EFC)
 Need analysis is the formula used in
determining a family’s EFC
 EFC is the measure of a family’s financial
strength
 Financial Aid Administrators use the EFC to
determine the student’s overall need for
financial aid
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What Factors Drive EFC?
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
*CSS Profile schools will use home equity and perhaps info on the
non-custodial parent’s income in determining EFC
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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
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Your Eligibility at Our Sample Schools
Assuming
An OFFCampus
Cost of
Education
(COE)
Community
College
California
State
University
University
of
California
Private
(SCU,USC)
Budget
(COE)
$ 18,330
$ 22,886
$ 24,891
$ 52,554
FAFSA
Expected
Family
Contribution
(EFC)
$ 2,000
$ 2,000
$ 2,000
$ 2,000
Your Federal
Need or
Eligibility
$ 16,330
$ 20,886
$ 22,891
$ 50,554
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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
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Your Award Package at our Sample Schools
Assuming
An OFFCampus
Cost of
Education
(COE)
Community
College
California
State
University
University
of California
Private
(SCU,USC)
Your Need or
Eligibility
$ 16,330
$ 20,886
$ 22,891
$ 50,554
Pell
SEOG (if available)
Cal Grant
ACG
Chaffee
$ 2,500
$ 1,000
$ 1,551
$ 2,500
$ 1,000
$ Fees
$ 2,500
$ 1,000
$ Fees
$ 2,500
$ 1,000
$ up to $9700
Federal Work
Study (if available)
$ 2,000
$ 2,000
$ 2,000
$ 2,000
Loans
Not
Recommended
$ Maximum to $ Maximum to $ Maximum to
meet need
meet need
meet need
Inst. Aid
$ Fees
$ Varies
$ Varies
$ Varies
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Special Circumstances
 Adjustments may be made to information on a
case-by-case basis
 Special circumstances may include
 Dependency status (from dependent to
independent)
 Income and assets – changes beyond your control
 Child support
 Number in household or college
 Private elementary/secondary tuition
 Medical or dental expenses (not covered by
insurance)
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Resources
www.icanaffordcollege.com
www.studentaid.ed.gov
www.federalstudentaid.gov
www.csac.ca.gov
www.calgrants.org
www.collegeboard.com
www.going2college.org
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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
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Timeline of Financial Aid
 Application Forms
• CSS/ Financial Aid Profile
–
•
Free Application for Federal Student Aid
. . . FAFSA on the Web (FOTW)
–
•
As early as October 1st of the senior year
Beginning January 1st of the senior year
Cal Grant GPA Verification Form
–
By March 2nd of the senior year
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Don’t Self-Deny,
Apply!
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Questions?
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