Applying for Financial Aid Presented by Financial Aid
Applying for Financial Aid Presented by: Financial Aid Office Los Angeles Mission College
Basic premises of financial aid �Students and parents are considered the primary sources for funding a college education and are expected to contribute to the extent they are able �Financial aid measures a family’s ability, ability not willingness, to pay for a college education
Basic premises of financial aid �Financial aid is supplemental to the family’s resources, student earnings, and assistance from other sources �Do not expect financial aid to meet basic living needs �Financial aid is intended to pay for education-related expenses
Three key concepts Cost of Attendance Expected Family Contribution (EFC) Financial Need
Cost of Attendance Tuition & Fees Books & Supplies Room & Board Personal Expenses Transportation
The Expected Family Contribution � The Expected Family Contribution (EFC) is the amount a family (student and parents) is expected to contribute, based on income and assets, to the total cost of a student’s education
What is financial need? Cost of Attendance - Family Contribution = Financial Need
How the formula works CCC Cost $14, 000 EFC 4, 000 Need $10, 000 CSU UC Private $25, 000 $33, 000 $68, 000 4, 000 $21, 000 $29, 000 $64, 000
Types of financial aid �Gift Aid - Grants or scholarships that do not need to be repaid �Work - Money earned by the student as payment for a job on or off campus �Loans - Borrowed money to be paid back with interest
Sources of financial aid Federal Government State Governments Colleges and universities Private organizations/agencies High school clubs and organizations Local clubs (Lions, Elks, VFW, etc. ) Scholarship foundations Employers
Federal financial aid Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) TEACH Grant Federal Work-Study (FWS) Federal Direct Stafford student loans Federal PLUS (Parent) loans
State financial aid California residents* attending California colleges may qualify for: Cal Grant A, B or C Board of Governors enrollment fee waiver (BOG) (at community colleges) Middle Class Scholarship (UC and CSU schools) Chafee Grant- available for current or former foster youth March 2 nd deadline for FAFSA* + GPA! (* or California Dream Act Application)
*Financial aid for undocumented students AB 540 eligible students may be eligible to apply for state and private financial aid: Private scholarships Cal Grant A (Entitlement) Cal Grant B (Entitlement) Board of Governors (BOG) Fee Waiver Apply through the California Dream Act Application (CADAA) www. caldreamact. org
California Dream Act www. caldreamact. org
How to apply for financial aid � FAFSA (Free Application for Federal Student Aid) www. fafsa. gov � Cal Grant GPA Verification Most high schools submit GPAs electronically! � CSS Financial Aid PROFILE www. collegeboard. com � Other requested documents & institutional forms
FAFSA/CADAA available October 1 st � Will deadlines be earlier? Cal Grants – still March 2 nd Most school deadlines won’t change � Which Tax Year do we use on the FAFSA/CADAA? For the 2018 -2019 academic year, use 2016 income tax return info � Will students receive earlier Award Letters? Possibly – some schools will, others won’t
FASFA on the Web www. fafsa. gov
Get your FSA ID! FSA ID is a username and password used to log into USDE websites FAFSA on the Web (www. fafsa. gov) My Federal Student Aid (www. studentaid. gov/login) Student. Loans. gov
“Save Key” is not FSA ID
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Whose info goes on a FAFSA/CADAA? The FAFSA & CADAA use the relationship of the parent to the student, vs. the legal relationship between parents for the basis of collecting information Relationship of Student to Parent Includes both parents’ incomes on the app? Only includes one parent’s income on the app? NO Parents married, living together Parents not married, living together YES Parent is widowed, not remarried NO Parents are divorced or separated, not living together NO Parent and step-parent, living together YES with most during the last 12 months. If equal time, include the income and assets from the custodial parent who provided most of the student’s financial support during the last 12 months) NO Legal guardians* NO NO Foster Parents* NO NO Grandparents, brothers, sisters, uncles, or aunts * NO NO NO YES (include the parent the student lived “Parent” means biological/adoptive parent – gender of biological or adoptive parents is not relevant. *Students living with legal guardians, foster parents, or relatives are usually considered to be independent students, unless adopted.
CSS/Financial Aid PROFILE � Used by some independent colleges � Used to award college-funded grants and scholarships (non-federal or state aid) � Requires more detailed information than the FAFSA � Submit PROFILE online at: www. collegeboard. com � $25 registration fee, includes reporting to one college � $16 reporting fee for each additional college � Fee waiver eligibility determined automatically online � Some colleges in California using the PROFILE: USC, Stanford, Occidental, Cal. Tech, Santa Clara, the Claremont colleges, U of San Francisco
Scholarships Available from colleges, companies, community- based and other organizations Require separate applications May require transcript, essay, interview, or audition Check with your high school counselor about scholarship opportunities through the high school Make use of free online web resources Beware of scholarship search companies that charge a fee
Free scholarship searches �Fast. Web. com �Big. Future. College. Board. org �Scholarships. com �College. Answer. com �Scholarship. Experts. com �Student. Scholarship. Search. com
Financial aid process Submit the FAFSA/CADAA and other forms College determines need & eligibility College packages financial aid College sends award letter (award offer) Family reviews and compares offers Student selects their school; accepts/ declines self-help financial aid
Special circumstances �Contact the Financial Aid Office if there is a change in circumstances such as: A loss or reduction in parent or student income or assets A death or serious illness Unusual medical or dental expenses not covered by insurance Reduction in child support or other non-taxable income or benefit Financial responsibility for elderly grandparents Other circumstances that affect your ability to contribute �Each school may handle/accept your circumstances differently!
Before making a decision Consider all factors, not just cost, when choosing your college! Academic program Campus feel Opportunities for campus involvement Employment placement assistance
Don’t forget… �Still have some questions? CALL US! Every college has a Financial Aid Office �On the internet: www. studentaid. gov www. calgrants. org www. lamission. edu/financialaid www. lacashforcollege. org �Call the Federal Student Aid Information Center at 800 -433 -3243 �See your school counselor
Link to tonight’s information FAFSA Nite presentation (PDF document) Bit. ly/FAFSANite 1819
Enlace a la presentación Presentación FAFSA Nite (Documento PDF) Bit. ly/FAFSANite 1819 -SP
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