Financial Aid 101 Agenda Explore 5 different types

Financial Aid 101

Agenda • Explore 5 different types of financial aid • Familiarize yourself with the financial aid application process • Understand how need-based financial aid is awarded • Learn Strategies and tips for success

What is Financial Aid? Financial Aid is money that is: • Given • Paid • Borrowed (Loaned) By the Federal or State government, college or private scholarship to help you pay for school.

Types of Financial Aid FREE • Grants • Work Study • Scholarships Everyone is eligible! Borrowed (Loans) • Subsidized • Unsubsidized • Parent PLUS Only students submitting FAFSA are eligible!

Types of Financial Aid: FREE GRANTS • Free federal, state or institutional money that DOES NOT have to be repaid.

Types of Financial Aid: State Grants CAL GRANT A Low to middle income students who: • • Meet the income ceilings and asset ceilings Have financial need 3. 00 High School GPA minimum Associate or Bachelors programs only CSU UC Independent $5, 472/yr $12, 240/yr $9, 084/yr

Types of Financial Aid: State Grants CAL GRANT B Low income students who: • • Meet the income ceilings and asset ceilings Have financial need 2. 00 GPA minimum Associate, Bachelors, and Certificate Programs Annual Awards • $1, 656 stipend first year • Tuition/Fees plus $1, 648 in 2 nd, 3 rd, 4 th year

Types of Financial Aid: State Grants CAL GRANT C Low and middle income students who: • • Enroll in vocational courses of study Associates and Certificate programs only Can be used for any school expenses including tuition and fees Associate, Bachelors, and Certificate Programs Award amounts range from $547 to $2, 462

Types of Financial Aid: Federal Grants Pell Grant The government provides you money for school: • You can receive the Pell Grant for a maximum of 12 semesters or 6 years • Award depends on your financial need, cost of attendance, full or part-time status, etc… Award amounts for 2016 -2017 is $5, 815 Only students completing the FAFSA are eligible for this grant

Types of Financial Aid: Federal Grants FSEOG Grant A grant for undergraduate students with exceptional financial need • Grant is administered directly from the financial aid office at your college/ university • Not all schools participate • Apply early Award amounts for vary from $400 and $4, 000 a year Only students completing the FAFSA are eligible for this grant

Types of Financial Aid: FREE Work Study • Part-time jobs for undergraduate students who demonstrate financial need.

Types of Financial Aid: FREE Work Study Overview: • Part-time employment while you are enrolled in school • Administered by schools participating in Federal Work Study Program • Available to full-time or part-time students Where can I work? • On or off campus • Bookstore, Starbucks, Library, Recreation Center • Special Programs (Talent Search, Upward Bound, etc. . ) Only students completing the FAFSA are eligible for this aid!

Types of Financial Aid: FREE Scholarships • Gifts • Do not need to be repaid • Thousands of them, offered by: • Schools, employers, individuals, private companies, nonprofits, communities, religious groups and professional and social organizations.

Types of Financial Aid: Borrowed Loans • Money you borrow and must be paid back with interest • There are 3 types of loans available Only students completing the FAFSA are eligible for federal Loans

Types of Financial Aid: Borrowed Student Loans Parent Loans 1. Subsidized Loans 3. Parent PLUS Loans • Government pays interest while the student is in school. 2. Unsubsidized Loans • Student pays interest accrued while in school. • Loans offered to parents/guardians (with good credit) used to help pay student expenses.

Agenda üExplore 5 different types of financial aid o Grants, Scholarships, Work Study & 2 Loans q. Familiarize yourself with the financial aid application process q. Understand how need-based financial aid is awarded q. Deconstruct myths that create barriers to financial aid q. Learn Strategies and tips for success

Applying for Financial Aid Free Application for Federal Student Aid (FAFSA) OR California Dream Act CAL GRANT

Which application do I complete? FAFSA www. fafsa. gov A US Citizen A Permanent Resident with a valid Permanent Resident card A US National **Males must register for the Selected Services

Which application do I complete? CA Dream Act https: //dream. csac. ca. gov/ Not a US Citizen, Permanent Resident or a US National If you meet AB 540 Requirements: • Attend a CA High School for at least 3 years • Graduate from a CA High School or equivalent and • Sign an affidavit with the college pledging to apply for permanent residency as soon as you are eligible.

Steps to Apply for Financial Aid FAFSA CA Dream Act 1. Login to FAFSA 1. Login to the CA Dream Act 2. Create a Federal Student Aid ID (FSA ID) 2. Create an account 3. Complete the FAFSA application 3. Complete the CA Dream Act application 4. Create a My. Web. Grants Account 5. Submit financial aid documents to colleges/ universities

Step 1: Login to the Correct Application FAFSA www. fafsa. gov Application window: OCTOBER 1 st- MARCH 2 nd CA Dream Act www. caldreamact. org

Step 2: FAFSA Create a Federal Student ID (FSA ID) : D I FSA t and en nt r a P de Stu one d Nee

Step 2: CA Dream Act Create an account

Step 3: Complete the Application FAFSA Parent/Guardian Checklist (items that are applicable) • Parent/Guardian Social Security number • Parent/Guardian Date Of Birth • Even if Parent/Guardian is not U. S. Citizens, or Perm. Resident, a student can apply for FAFSA if the STUDENT is • Date parent(s)/guardian(s) were married, remarried, separated or divorced • Parent/Guardian 2015 W-2 forms • 2015 Tax return Student Checklist (items that are applicable) • Driver’s License • Social Security Number • If not a U. S. Citizen, Permanent Resident Card A# • Student’s 2015 Federal Tax Form • Student’s December 2015 paycheck stub – YTD for 2015 W 2 Forms

Step 3: Complete the Application CA Dream Act Parent/Guardian Checklist (items that are applicable) • Parent/Guardian Date Of Birth • Date Parent/Guardian were married, remarried, separated or divorced • 2015 Federal Income tax forms Student Checklist (items that are applicable) • Driver’s License • Student’s 2015 Federal Tax Form if filed • Students may use Deferred Action Social Security # for California Dream Application, if not expired

Step 4: Create a My. Web. Grants Account mygrantinfo. csac. ca. gov *Failure to create an account may jeopardize your Cal Grant Award The website will allow students to: • Verify high school graduation • Track the status of Cal Grant Awards • Indicate which college you will be attending

Step 5: Submit Required Documents Follow-up: You may need to submit documents: • Parent/Guardian or Student Tax Transcript • Parent/ Guardian Student Household verification form • Student Financial Aid Terms and Conditions

Agenda ü Explore 5 different types of financial aid o Grants, Scholarships, Work Study & 2 Loans ü Familiarize yourself with the financial aid application process o o o Step 1: Login to the correct website Step 2: Create an ID Step 3: Complete the Application Step 4: Login and create a My. Web. Grants account Step 5: Submit additional documents q. Understand how need-based financial aid is awarded q. Deconstruct myths that create barriers to financial aid q. Learn Strategies and tips for success

How is Financial Aid determined? Financial Aid is determined using a formula that includes: o Cost of Attendance o Estimated Family Contribution Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need (FN)

Cost of Attendance (COA) The amount it will cost the student to go to school. If students attends at least part-time the cost of attendance will include: • Tuition and fees • Room and board (or living expenses) • Books, supplies, transportation, loan fees, and miscellaneous expenses • Allowance for child care or other dependent care; • Cost related to a disability; and/or • Reasonable cost for eligible study-abroad programs

Cost of Attendance (COA) Living On-campus Community College California State University CSU University of California UC Private School (based on median costs) Fees/Tuition $1, 104 $7, 025 $13, 200 $32, 100 Books and supplies $1, 675 $1, 666 $1, 550 $1, 650 Room and board $7, 900* $10, 924 $13, 400 $13, 070 Miscellaneous $3, 250 $3, 829 $3, 550 $3, 650 TOTAL $13, 929 $23, 444 $32, 107 $50, 470 Living With Parents/Commuting from Home Community College CSU UC Private Fees/Tuition $1, 104 $7, 025 $13, 200 $32, 100 Books and supplies $1, 675 $1, 666 $1, 550 $1, 650 Room and board $4, 400 $4, 281 $4, 500 $4, 401 Miscellaneous $4, 266 $4, 167 $4, 350 $4, 300 TOTAL $11, 445 $17, 139 $23, 600 $42, 451 Living Off-campus Community College CSU UC Private $1, 104 $7, 025 $13, 200 $32, 100 $1, 675 $1, 666 $1, 550 $1, 650 $10, 975 $11, 448 $9, 600 $10, 962 $4, 135 $4, 160 $4, 250 $4, 225 $17, 889 $24, 299 $28, 600 $48, 397

Estimated Family Contribution (EFC) Your EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. EFC • The closer the number is to 0000, the better it will be for your financial aid package.

Financial Need & Award Letter Financial Need • The difference between the Cost of Attendance (COA) and your family’s Estimated Family Contribution (EFC). Financial Aid Award Letter • An outlined description of the amount of awards you have been awarded and the specifics • State University Grant • EOP Grant, etc…

Financial Aid Award Letter: Sample for student attending UCI 2015 -2016 Total free money: $28, 802 Determination of Your Financial Need Estimated Cost of Attendance Expected Parent Contribution $0 Expected Student Contribution $0 Less Total Expected Family Contribution* Financial Need Borrowed money: $3, 300 $32, 102. 47 $0. 00 $32, 102. 47 Total amount offered: $32, 102

Agenda üExplore 5 different types of financial aid üFamiliarize yourself with the financial aid application process üUnderstand how need-based financial aid is awarded Cost of attendance (COA) - Expected Family Contribution (EFC) = q. Timeline & Strategies for Success Financial Need

Financial Aid Timeline October 1 – March 2 February - March • Receive a California Aid Report (CAR) via email • Submit your FAFSA, Dream Application & GPA Verification Form October - March • If required, Submit your CSS Profile Application (a lot of private schools will request this) • Deadline varies by campus March - April • Students receive admission letters from colleges • Students receive a financial aid award letter from each campus that accepts them May 1 • Students must file their Statement of Intent (SIR) to enroll in ONE college & pay a deposit fee • *Fees are waived if the student is a fin. aid recipient by some campuses

Strategies for Success Financial Aid is available to EVERYONE & ANYONE! Help is available File early to avoid delays Makes changes when necessary Follow-through: • Check emails • Submit documents • Make copies of everything

Questions? Victor Castro Santiago Canyon College castro_victor @ sccollege. edu (714) 628 -4808