Understanding Student Financial Aid Workshop Agenda The financial

Understanding Student Financial Aid

Workshop Agenda The financial aid equation Types of financial aid How your eligibility is determined What you can be awarded How to apply for financial aid Completing the FAFSA

College Price Tag Tuition & Fees Books & Supplies Food & Housing Transportation Personal Expenses Cost of Attendance

What Is The Expected Family Contribution? EFC - Expected Family Contribution Your Expected Family Contribution, or EFC, is the amount of money the government calculates you (the student) and your family could reasonably contribute toward your education for the year, based on you and your parents’ FAFSA responses.

What Is Financial Need? Cost of Attendance -EFC = Financial Need Financial need determines how much financial aid you are eligible to receive!

Cost of Attendance Comparison Community College Cost of Attendance $17, 900 -EFC $2500 Financial Need $15, 400 CSU UC Private School $25, 000 $30, 800 $60, 000+ $2500 $22, 500 $28, 300 $47, 500 *Cost of Attendance based on student living off-campus

What Are The Major Types Of Financial Aid Funding? Loans Grants Federal Stafford, Federal PLUS & Private Loans Borrowed money that you must pay back, usually with interest. Federal & State Money you don’t have to repay and are typically based on financial need. Types of FWS Federal Work Study Earn money through certain jobs on or off campus to help pay for your education. Funding Scholarships Free Money For College Usually based on your area of study or merit, such as good grades; high test scores; athletic, musical or other special abilities; leadership; community service; and sometimes financial need.

Federal Grants Gra Federal Pell Grant The largest source of free money from the federal government for students with financial need: awarded to every undergraduate who qualifies and hasn’t already earned a bachelor’s degree provides up to $5, 830 a year, depending on your expected family contribution (EFC), cost of attendance (COA) and whether you’re attending full or part time Federal Supplemental Educational Opportunity Grant For eligible undergraduates with exceptional financial need: provides additional grant funds, depending on your EFC, your COA and whether you’re attending full or part time priority consideration if you’re eligible for a Pell Grant unlike Pell Grants, funds are limited, so there’s no guarantee you’ll receive one

Federal Grants Gra Federal TEACH Grants Must be enrolled in, or plan to complete, coursework to begin a teaching career: Up to $4, 000 a year. Must maintain a cumulative GPA of at least 3. 25 Sign an agreement to serve as a paid full-time teacher in a high -need field serving low-income students. Agree to teach at least four academic years within eight years of completing your program of study. NOTE: If you fail to complete your obligation, the grant converts to an unsubsidized Stafford loan that you MUST repay with interest.

State Grants California Chafee Grant For students who are or were in foster care between ages 16 – 18: Up to $5, 000 a year for job training or college. Must stay in school and maintain good grades. Must be enrolled at least half-time. Requires a separate Chafee Grant application available at www. chafee. csac. ca. gov; or contact your school, caseworker or Independent Living Coordinator. Child Development Grants For students pursuing a child development permit and plan to work at a licensed children’s center in California: $1, 000 a year (at a California Community College) or $2, 000 a year (at a four-year college); up to $6, 000 total. Must sign a Service Commitment Agreement to teach or supervise in a California licensed child care facility. Requires a separate Child Development Grant application available at www. csac. ca. gov.

Cal Grants California Resident & Attending a School in California If you’re a high school graduate or recent high school graduate from a California high school, meet eligibility requirements and apply by March 2 nd, you’re guaranteed to receive a Cal Grant. Complete the FAFSA or California Dream Act Application and submit your high school GPA to apply. Cal Grants are worth up to $12, 192 annually, depending on your school and attendance. Use at a qualifying campus for up to 4 years. All public and many private California institutions qualify. Find out more at www. calgrants. org. 2015 -2016 Cal Grant DEADLINE – MARCH 2, 2015 FAFSA & GPA Verification Worksheet

Cal Grants at a Glance Cal Grant A: Minimum 3. 0 high school GPA required Receive up to: $12, 192 at a University of California $5, 472 at a California State University $8, 056 at qualifying private California colleges Must be attending a 4 year college/university Cal Grant B: Minimum 2. 0 high school GPA required Receive up to: If you attend at California Community College, your grant is held in reserve until transfer. $1, 473 living allowance for your first year Cal Grant C: Must be enrolled in a vocational program at a qualified California institution Receive up to: $547 for books, tools and equipment for a technical or career education. $2, 462 for tuition (if not attending a California Community College) Cal Grant Transfer Entitlement Award Minimum 2. 4 community college GPA required. Award amounts same as Cal Grant A or Cal Grant B

California Aid Report Sample California Aid Report (CAR): If eligible, you’ll receive a notification from the California Student Aid Commission with instructions on how to access your CAR online. Important! 1. Review your CAR right away. 2. Make corrections in a timely manner. 3. Access your CAR online at www. webgrants 4 students. org.

Middle Class Scholarship NE W Middle Class Scholarship: Starting with the 2014 -15 academic year, the Middle Class Scholarship (MCS) is available to University of California or California State University undergraduate students with family incomes up to $150, 000. Scholarship amounts vary by student and institution. Must meet Cal Grant eligibility requirements. The scholarship is being phased in and in four years will increase up to 40 percent of the mandatory systemwide tuition and fees. Eligibility requirements can be found at www. csac. ca. gov.

California Dream Act Application The California Dream Act allows undocumented (AB 540) and documented students who meet requirements to apply for and receive state financial aid at California public and private colleges and private scholarships administered by California Public colleges. Who is Eligible? Students who: Have attended a California high school for a minimum of three years; Graduate from a California high school or pass the California High School Proficiency Exam (CHSPE) or get a General Equivalency Diploma (GED); Enroll in an accredited and qualified California college or university; Fill out an affidavit to legalize immigration status as soon as eligible. Students can apply online for a Cal Grant, Middle Class Scholarship, Chafee Grant and other state aid using the California Student Aid Commission’s secure California Dream Act Application at www. caldreamact. org.

Federal Direct Loans are low-interest loans for students and parents. Loans help pay for the cost of higher education after high school. You’ll have a single point of contact and online access to your Direct Loan account information. There are several repayment options to choose from. To apply, complete the Free Application for Federal Student Aid (FAFSA). Subsidized: Unsubsidized: Are based solely on financial need. Students must be attending school at least half-time. On this loan, the federal government pays the interest from when the loan is disbursed until you graduate or fall below half-time status. Are for ALL eligible students, regardless of income or assets. With this loan, the student is responsible for paying the interest from the time the loan is disbursed. Interest can be deferred while the student is enrolled at least half-time. Direct Loan Benefits: In School Deferment Loan Consolidation Flexible repayment options Subsidized Fixed Interest Rate at 4. 66% (2014/2015)

Direct Loan Borrowing Limits Year Dependent Undergraduates Independent Undergraduates First Year $5, 500 $9, 500 No more than $3, 500 may be in subsidized loans Second Year $6, 500 $10, 500 No more than $4, 500 may be in subsidized loans Third and beyond (each year) $7, 500 $12, 500 No more than $5, 500 may be in subsidized loans Teacher certification Total amount you can borrow $5, 500 $31, 000 $12, 500 No more than $5, 500 may be in subsidized loans $57, 500 No more than $23, 000 may be in subsidized loans

Direct Loan Repayment Plans Standard: You fully repay the loan and all interest accrued with fixed monthly Graduated: You fully repay the loan and all interest accrued for up to 10 Extended: Up to 25 years (for borrowers with balances of $30, 000 or more) in Income-Based: Your monthly payment is based on your discretionary income. Pay As You Earn: Your monthly payment is based on your discretionary Income-Contingent: Your monthly payment will be recalculated each year payments for up to 10 years with payments that start out lower, but increase over time. which you fully repay the loan and all interest accrued with fixed or graduated payments. Payments will be less than the Standard plan; however, you’ll end up paying more over time, but any amount not repaid after the equivalent of 25 years of payments will be forgiven. Financial hardship conditions apply. income. Payments will be less than the Standard plan; however, you’ll end up paying more over time, but any amount not repaid after the equivalent of 20 years of payments will be forgiven. Financial hardship conditions apply. depending on your income and other factors. Like the Income-Based repayment plan, any amount not repaid after the equivalent of 25 years of payments will be forgiven. Learn more about federal student loan repayment and federal student loan forgiveness (that’s where you work in a certain occupation, pay on your loans for a fixed period, and any remaining balance is forgiven!) at http: //studentaid. ed. gov/repay-loans.

Federal PLUS Loans PLUS: Are loans, with credit requirements, that enable PARENTS to borrow up to the total cost of attendance for an undergraduate student. The total loan amount is reduced by any other aid the student is receiving. Interest accrues from the date of disbursement until it is paid in full Repayment typically begins within 60 days of the last disbursement Fixed interest rate at 7. 21% (2014/2015) PLUS Loan Benefits: - Fixed Interest Rate - Parents can borrow up to the Cost of Attendance

Private/Alternative Loans Private or Alternative Loans: Are loans offered without federal insurance and do not require a student to complete the FAFSA. Often have HIGHER interest rates and fees Variable interest rate that can change from month to Based on your credit rating and income-to-debt ratio, Less flexible repayment terms month NOT financial need

Other Federal Programs Federal Work-Study Funding earned through part-time employment Work on or off campus Earn experience related to your studies or career plans Community service opportunities Work-study students earn at least the federal minimum wage.

Scholarships Apply • FREE money available! Requirements Search Source Available from colleges, companies, community-based groups and other organizations Beware of scholarship search companies that charge a fee! May require transcripts, essay, interview/audition, or completion of the FAFSA Usually require separate applications with different deadlines Make use of free scholarship searches www. fastweb. com http: //bigfuture. collegeboard. org www. scholarships. com www. zinch. com

Community College Fee Waiver Board of Governors Fee Waiver – waives the California Community College enrollment fees. California residents who meet any of the following: ü eligible for any type of need-based financial aid ü receive government financial assistance ü annual family income falls below published income standards

How to Apply for Aid www. fafsa. gov

Collect Your Information • Your Social Security Number • • Student and Parent (if you’re a dependent student) Your Financial Records • 2014 Federal income tax return and W-2 s • Current bank statements & business records • Records of any other untaxed income received • An E-mail Address • Your Driver’s License Number • Your Alien Registration Number, • If you are not a U. S. citizen

Federal Student Aid PIN • Your Federal Student Aid PIN • Student and Parent (if you’re a dependent student) • Go to www. pin. ed. gov to get your PIN • Used to make corrections & apply in future years

Dependent vs. Independent? What information goes on the application? If you are independent, independent you must report only your own income and assets (and those of your spouse, if you are married). If you are considered a dependent of your parents, you must report your parents income and assets as well as your own.

Who Is Considered An Independent Student? You're an independent student if ANY of these statements apply to you. You are considered a dependent student if NONE of these statements apply to you. ü I was born before January 1, 1992. ü I am married. ü I will be working on a master’s or doctorate program. ü I am currently serving on active duty in the U. S. Armed Forces. ü I am a Veteran of the U. S. Armed Forces. ü I have children and I provide more than half of their support. ü I have dependents (other than children or my spouse) who live with me and I provide more than half their support. ü Since turning age 13, both of my parents were deceased. ü I was in foster care since turning age 13. ü I was a dependent or ward of the court since turning age 13. ü I am currently or was an emancipated minor. ü I am currently or was in legal guardianship. ü I am homeless or I am at risk of being homeless.

Fill Out The FAFSA Free Application for Federal Student Aid Complete the FAFSA on the web worksheet, then Apply ONLINE! www. fafsa. gov Need help? Use “Live Help” icon or call 1 -800 -4 -FED-AID. Don’t forget to print the confirmation page.

FAFSA - Step by Step It is important to remember that the academic year does not follow the calendar year. The FAFSA became available January 1, 2015 for the 2015/2016 academic year.

FAFSA - Student Demographics

FAFSA - Student Eligibility

FAFSA - School Selection

FAFSA - Dependency Status

FAFSA - Parent Demographics

IRS Data Retrieval Tool The IRS Data Retrieval Tool allows applicants who have already filed their federal income tax returns to prefill the answers to some questions on the Free Application for Federal Student Aid (FAFSA) by transferring data from their federal income tax returns. This can save the family some time in completing the FAFSA. It may also reduce the likelihood that your FAFSA will be selected for verification. If you do not use the IRS Data Retrieval Tool to provide tax information, and your college requests a copy of your tax return or your parents’ tax return, you will be REQUIRED to obtain an official tax transcript from the IRS.

IRS Data Retrieval Tool

IRS Data Retrieval Tool

FAFSA - Parent Financial Info

FAFSA - Parent Untaxed Income

FAFSA - Student Financial Info

FAFSA - Signature Page

FAFSA - Confirmation Page

What Happens Next? “I’ve submitted my FAFSA, now what? ” Watch for response by e-mail or mail Review your SAR (Student Aid Report) Check for errors Make any necessary corrections online using your PIN

Verification? Selected for Verification? The Department of Education selects one in three applications each year for verification You must show proof of all information provided on the FAFSA submit IRS Tax Return Transcript (unless IRS Data Retrieval Tool was used)and verification worksheets Some schools verify ALL applicants

How Much Will I Get? Your Award Letter • Award Notification - The Financial Aid Office at each school you list on the FAFSA will tell you how much aid you are eligible to receive at that institution • Give the schools any additional paperwork they request • Meet all deadlines or you could miss out on aid! • Electronic disbursement of financial aid funds

Contact Us Ask the Experts at College of the Canyons Financial Aid Office VALENCIA CAMPUS Student Services Administration Building Monday - Thursday: 9: 00 am - 6: 00 pm Friday: 9: 00 am – 1: 00 pm (661) 362 -3215 CANYON COUNTRY CAMPUS Quad 1 – Bldg. 1 -A Tuesday & Wednesday: 10: 00 am - 5: 00 pm Thursday & Friday: CLOSED (661) 362 -3804 www. canyons. edu/money 4 college