Transcript Financing Your College Education

Presented by
Katy Fitzgerald
Mission College Financial Aid
Foster Youth Liaison
408.855.8070
[email protected]
Types of Financial Aid
 Sources
 Federal government
 State agency/government
 Colleges and universities
 Private agencies, companies, foundations and
parents’ employers
Types of Financial Aid
 Categories
Gift Aid
Self-help Aid
 Grants: free money!
 Work-study: part time job
 Scholarships: free money!
 Loans: must be repaid
COLLEGE
Financial Aid is any money given, paid
or loaned to help pay for education.
Types of Financial Aid – Federal
● Federal Pell Grant
♦
up to $5,730 a year
● Federal Supplemental Educational Opportunity Grant
♦ up to $4,000 a year
● Federal Work Study
♦ up to $4,000 a year
● Federal Direct Loan
♦ up to $4,500 sub; up to $6,000 unsub
Types of Financial Aid – State Aid
 Cal 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)
♦ $1,648 first year; $1,648 + [up to] $12,192 2nd yr+ CC=$1,648
 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 Competitive Awards
♦ Cal A = Minimum 3.0 GPA; Cal B = Minimum 2.0 GPA
Types of Financial Aid – State Aid
 Middle Class Scholarship
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New for 2014-15
For new, continuing and transfer undergraduates
Attend/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 reduced
 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 Blue & Gold Plan
♦ Amounts and application process vary
♦ www.universityofcalifornia.edu
 Independent College Grants
♦ Amounts and application process vary
♦ www.aiccu.edu or www.aiccumentor.org
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 - $4,000)
♦ Funding levels vary at each institution
 Need-based
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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
♦
♦
Subsidized and Unsubsidized
PLUS: Parent Loan for Undergraduate Student
 Private Loans (also known as ‘alternative’ loans)
♦ Money comes from lending institutions (banks)
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Financial Aid for Specific Populations
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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
Scholarships
 APPLY! . . . APPLY! . . . APPLY!
 Provider decides awarding criteria
 Award may be merit or need-based or both
 Scholarship Tips:
1.
2.
3.
4.
5.
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
 There is a lot of money available that goes unclaimed!!
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 (ITIN okay)
 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, Cal Grants & Chafee require at least halftime status
 EOP/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
Information for Students &
Parents
www.studentaid.ed.gov
CSS Financial Aid PROFILE
https://profileonline.collegeboard.com
 Registration
Guide
 No paper
registration
form
 On-demand
webinar
 3 step process
 $25 initial
application & one
college report
 $16/add’l college
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
(CA Public 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
 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
Basic Equation of Need (Eligibility)
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
 Eligibility for Need-based Aid
Calculating Financial Aid Eligibility
 Cost of Attendance / Allowances
Standard Allowable Costs:
Additional Allowable Costs:
 Tuition and fees:
$ 1,358
 Dependent care
 Room and board:
$ 4,599
 Study-abroad
 Books and supplies: $ 1,746
 Disability-related
 Transportation:
$ 1,134
 Employment expenses for
 Misc. personal:
$ 3,132
co-op study
 Student loan fees
Total standard allowance: $11,969
(based on 14-15 ‘at home’ COA)
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
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 (dependent students)
♦ Assets other than the family home
Special Circumstances
 Adjustments may be made to information on a
case-by-case basis
 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)
Cost of Attendance*
w/parents off campus on campus
Comm. Coll.(CC)
$11,969
$18,746
n/a
Cal.State Univ.(CSU)
$16,606
$23,714
$25,020
Univ. of Cal. (UC)
$25,671
$30,183
$34,356
Private (SCU,USC)
$54,423
$61,200
$61,638
*Costs may not be actual
Actual Tuition & Fees*
Per Year
Comm. Coll.(CC)
$ 1,104
Cal.State Univ.(CSU) $ 5,472
Univ. of Cal. (UC)
$11,220
Private
$43,812
*Subject to change at any time
(Mission College)
(San Jose State)
(Berkeley)
(Santa Clara)
Sample Financial Aid Package
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Community College
Half-time Enrollment
Pell Grant
$2865
SEOG
$ 500
Cal Grant B
$ 824
Work Study
$2000
Loan
$3500
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Full-time enrollment
Pell Grant
$5730
SEOG
$ 500
Cal Grant B
$1648
EOPS
$ 500
Work Study
$2000
Scholarship
$2000
Loan
$3500
+BOGW for Enrollment Fees ($1104.00 / 12 units)
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
 Estimate income, submit early, correct after taxes final
Thank you!
Questions??