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Financial Aid 101

Financial Aid 101. A Financial Aid Workshop. Financial Aid 101. Financial Aid Programs Scholarships FAFSA on the web SAP and Appeal Process Timeframes and Deadlines. Financial Aid Programs. Gift Aid Grants or scholarships that do not need to be repaid Work

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Financial Aid 101

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  1. Financial Aid 101 A Financial Aid Workshop

  2. Financial Aid 101 Financial Aid Programs Scholarships FAFSA on the web SAP and Appeal Process Timeframes and Deadlines

  3. Financial Aid Programs • 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

  4. Primary Sources of Funding • Federal Government • State Government • Colleges & Universities • Private Agencies & Organizations

  5. 2010-2011 Need Based Grants • Pell Grant • CalGrant • Academic Competitiveness Grant • Supplemental Educational Opportunity Grant

  6. Pell Grant • Federally funded grant • $2,775 maximum per semester (Summer, Fall, and Spring) • Amount based on EFC and enrollment status • Fall and Winter is considered as one semester • Requirements: • Submit a FAFSA • US Citizen or eligible non-citizen • High school graduate / GED / ATB test • For males, Selective Service registration • Must be enrolled in an eligible program

  7. Cal Grant • Cal Grant B - $1,551 • High school or college GPA of at least 2.0 • Demonstrate financial need through FAFSA • File FAFSA by March 2 or September 2 • 4 years of eligibility – Save last 2 years for transfer • Cal Grant C - $576 • Enrolled in a vocational or technical program • Demonstrate financial need through FAFSA • 2 years of eligibility • File FAFSA by March 2 or September 2 • Submit Supplemental form to CSAC • Provide Educational Plan to the Financial Aid Office

  8. Academic Competitiveness Grant • A $750 grant is available to graduating high school students in their first and second year of college if they: • Completed a rigorous high school course of study, e.g., A-G College Prep or AP classes • Graduated high school in 2006 or later • Are eligible for Federal Pell Grant • Enrolled at least half time (6 units) • Second-year (completed 31 to 60 units) students who earned a 3.0 GPA in college and continue to meet eligibility requirements may receive up to $1,300

  9. Supplemental Educational Opportunity Grant • $500 year grant • EFC = 0 • Priority given to early applicants • Eligibility may differ each academic year

  10. Federal Work Study • Full time enrollment required • Employment on campus • MLK Library • Administrative Offices • Academic Departments • Maximum 16 hours a week

  11. Federal Student Loans • Subsidized Stafford Loan • The student must demonstrate “need” through FAFSA • $3,500 per year for students with less than 30 degree applicable units • $4,500 per year for students with 30 or more degree applicable units • The government pays the interest (5.6%) while student is enrolled at least half time (6 units)

  12. Federal Student Loans • Unsubsidized Loan • Student needs to demonstrate “need” through FAFSA • $6,000 per year regardless of the number of units completed • The student is responsible for the interest (6.8%) while enrolled at least half time (6 units)

  13. Board of Governor’s Fee Waiver • Paper Fee Waiver Form • Eligibility based on household size and income level • Automated Fee Waiver (through FAFSA) • Eligibility based on need BOGG waives the tuition fees for students who are determined by the Admissions Office to be California residents. BOGG applies to the 9 colleges within the Los Angeles Community Colleges District

  14. Chafee Grant • The California Chafee Grant Program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S. • Fill out FAFSA and the California Chafee Grant Application online. • Be enrolled at least half time (6units) • Maintain satisfactory academic progress • Demonstrate financial need • Must be verified as a foster youth between ages of 16 and 19 • High School diploma not required • To learn more about the CHAFEE go to: www.chafee.csac.ca.gov.

  15. Scholarships • Are available from colleges, companies, community-based groups, and other agencies and organizations • Usually require separate applications • May require transcripts, an essay, an interview, or an audition • Beware of scholarship search companies that charge a fee • Check with your high school about scholarship opportunities • Use free scholarship searches

  16. LACC Foundation Scholarships • Foundation and Departmental Scholarships • Applications available starting in February • Most of them need to be submitted by the end of March • Check the LACC Foundation website at • www.laccfoundation.org/scholarships • General Questions: info@laccfoundation.org

  17. Scholarships Searches • First, begin with the college or university to which you are applying • Next, check with your or your parents’ employer and/or union • Call the Chamber of Commerce for scholarships offered by clubs and organizations in your community • Check out scholarship search engines: • www.fastweb.com • www.scholarships.com • www.finaid.org • www.collegeboard.com • www.laccfoundation.org/otherscholarships

  18. FAFSA on the Web • Apply online at www.fafsa.gov • Tax and income information • Parents’ information (if applicable) • Student’s PIN (and parents’ if applicable) • Assistance at the FASTLab located in CH126

  19. Financial Aid Process • Three Step Process: • Complete FAFSA application online • Submit documents to the Financial Aid Office: • Questionnaire/Ed Goal form • Picture ID • Verification Worksheet * • Income Tax Forms and W-2 * • Additional documentation may be required • Select disbursement option through myLACCDcard

  20. Satisfactory Academic Progress (SAP) • To qualify for financial aid, a student must meet the following academic standards: • Cumulative GPA above 2.0 • Complete at least 2/3 (67%) of all units attempted • Have attempted less than 90 units • Do not have an Associate degree or higher outside the LACCD • Submit an appeal along with an Educational Plan to be considered for reinstatement

  21. Deadlines • Fall: • Appeal: December 3, 2010 • Loans: December 3, 2010 • Financial Aid Documents: December 17, 2010 • Winter: • Appeal: January 21, 2011 • Spring • Appeal: May 20, 2011 • Loans: May 6, 2011 • Financial Aid Documents June 6, 2011

  22. Timeframes General timeframes • Appeals at least 30 business days • 2nd and 3rd level appeals up to 4 weeks • Loans at least 30 business days • Processing financial aid documents usually 3 to 6 weeks • Replacing LACCD card (inactive) 5 to 7 business days

  23. Q&A

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