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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Types of Financial Aid
Sources
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
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
First source of aid
Undergraduate students only
Amount based on
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Enrollment status
2013-2014 maximum = $5,645 per year!
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Types of Financial Aid – Gift Aid
(cont.)
Federal Supplemental Educational
Opportunity Grant (FSEOG)
Campus-based aid
Undergraduates only
Priority to students with exceptional need
Pell Grant recipients
Amounts range from $100 to $4,000
Funding levels vary at each institution
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
All federal and state eligibility criteria
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 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 – Gift Aid
(cont.)
Institutional and Private Grants &
Scholarships
Provider decides on
Awarding criteria
Application deadline
Forms or applications
Awards may be
Merit-based
Need-based
Combination of the two
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Types of Financial Aid – Self-Help
Federal Work Study
Campus-based aid
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, $5,500 annual limit, 5%
interest
William D. Ford Federal Direct Loan Program (DL)
Money comes from U.S. Dept. of Education
Several Types with different maximum amounts
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 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?
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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
(California Colleges don’t use)
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?
Contact Information:
[email protected]
(408) 855-5072
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