Financial Aid Overview What is it How do

Financial Aid Overview What is it? How do you get money? Brian Tolentino

What’s financial aid? Financial aid is money that one can obtain to be able to pay for college expenses. It can be used for paying tuition, books, laptops, rent, groceries… FAFSA =/= Financial Aid You apply for most financial aid. This includes an application process or writing an essay. FAFSA is one application. CADAA is another application. To be awarded financial aid, you must show some sort of financial need. Everything related to financial aid will be in the STUDENTS NAME.

Which application do I do? US Citizen, permanent resident, or eligible noncitizen? ● ● You are eligible to do the FAFSA application This is federal and state money (Pell, loans, Cal, CCPG) You will need your SSN to create an ID and do the app Mixed status families do the FAFSA Are you a Dreamer, DACAmented, or undocumented? ● ● ● You are eligible to do the CA Dream Act application This is state money (Cal, CCPG) You DO NOT need an SSN to complete this app Either way, most students have some sort of means to apply for financial aid. If you don’t know application you are eligible to complete, ask the Financial Aid office to see what steps you can take to start your financial aid process!

Cost of Attendance (Full time, 1 Cost per unit: $46 year) Tuition and fees: Full time student (12+ units) normally attends 2 semesters $1, 430 Tuition and fees: $7, 204 Tuition and fees: $14, 490 Tuition and fees: $51, 711 (Fall/Spring) Cost per unit: $614 Full time student (12+ units) normally attends 2 semesters (Fall/Spring) Cost per unit: $318 Full time student (12+ units) normally attends 3 quarters (Fall/Winter/Spring) Cost per unit: $1, 472 Full time student (12+ units) normally attends 3 quarters (Fall/Winter/Spring)

REAL Cost of Attendance (Full time, Total cost: 1 year) At home: $28, 020 At home: $12, 582 On Campus: $24, 506 Off Campus: $29, 007 Total cost: At home: $18, 962 On Campus: $27, 130 Off Campus: $27, 404 On Campus: $36, 026 Off Campus: $31, 100 Total cost: At home: $63, 411 On Campus: $71, 778 Off Campus: $71, 655 These take into account “living” expenses… ● Housing ● Food ● Transportation ● Personal items ● Books ● Supplies

Expected Family Contribution (EFC) EFC is what the government uses to see how much a student’s family can contribute to their college expenses. (The same no matter what state) For qualification purposes, the lower the EFC, the more likely a student will qualify for more financial aid. Parent income, parent assets, student income, number in household, number in college, etc… These all play a part in calculating your EFC. Government has their formula.

Types of financial aid One financial aid application applies to most financial aid. (Pell Grant, Cal Grant, CCPG waiver) You must apply every year! They all stack! Money that you want: - Scholarships - Grants Don’t have to pay back (if you don’t drop classes) Money you earn: - Federal Work Study Don’t have to pay back Money you get only IF you NEED it: - Loans Have to pay back Tuition waiver: - Two Years Free/ CCPGYou do not get to pocket this

Loans Only given if you show a financial need at the school. (Must do a FAFSA/CADAA to show need) Subsidized vs. Unsubsidized loans - interest accrues after grad vs. during school You are limited to what you can borrow federally on both loans ● Dependent, first year student: $5, 500 total (only max of $3, 500 with subsidized)

Two Years Free Eligibility: ● Be a first-time college student ● CA resident / AB 540 Requirements: ● Complete a FAFSA/Dream Act application ● Enroll is AT LEAST 12 units ● Opt in for Two Years Free

So how do I get my money? Apply Checklist of things you’ll need for the FAFSA/CADAA: ● ● FSA ID (FAFSA only; need SSN/Alien Reg number) Your parents tax information from 2 years ago. [1040 and W-2 s] ○ Did you work too? You’ll also need yours. ○ 2021 -2022 school year: 2019 info, 2020 -2021 school year: 2018 info About 1 to 2 hours to finish the applications Set up a Bank. Mobile account Verify Get paid!

FSA ID fsaid. ed. gov

FAFSA fafsa. ed. go v

CADAA dream. csac. ca. gov

CSS Profile What is the CSS Profile? ● It is an application used by specific schools (mostly private) to award students nonfederal aid (state aid, scholarships, etc…) ● Similar process to the FAFSA. ● Has a cost of $25, however some students may qualify for a fee waiver. Some school examples: Santa Clara University Yale University of Notre Dame Drexel University Baylor University You can find the list of participating schools on collegeboard. Each additional school added to the application is $16

SAP? Satisfactory Academic Progress This is what makes sure that you’re completing your degree on time and keeping your grades up. When getting financial aid, you must make sure you are completing the following: ● ● ● Maintain at least an overall GPA of 2. 0 Complete at least 67% of the classes you attempted You are only eligible for up to 90 units of Financial Aid. *

Contact Info Brian Tolentino Financial Aid Outreach Technician 916 -660 -7343 btolentino@sierracollege. edu