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Financial Aid

Financial Aid. Presented By Sylvia Carmona. “Education is not expensive, it's priceless.". Agenda. What is Financial Aid? Goal of Financial Aid Application Process How Financial Aid Need is Determined Types of Financial Aid The Award Letter Timeline of the Financial Aid Process

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Financial Aid

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  1. Financial Aid Presented BySylvia Carmona “Education is not expensive, it's priceless."

  2. Agenda • What is Financial Aid? • Goal of Financial Aid • Application Process • How Financial Aid Need is Determined • Types of Financial Aid • The Award Letter • Timeline of the Financial Aid Process • Helpful Websites

  3. What is Financial Aid? Financial Aid is a general term colleges use to describe all of the programs that help families pay for college or vocational training. • Gift Aid • Grants and Scholarships (free money) • Self Help • Work study (job opportunity to earn money) • Loans (money borrowed that must be repaid)

  4. Goal of Financial Aid • Primary goal is to assist students in paying for their educational investment and is achieved by: • Evaluating family’s ability to pay for educational costs • Distributing limited resources in an equitable manner • Providing a balance of gift aid and self-help aid

  5. Financial Aid Myths • Students with the highest GPA’s get all the aid • Income is too high to qualify • Friend/sibling did not qualify • Attend college that offers the most aid • College is too expensive to attend

  6. Role of the Financial Aid Office • Determines eligibility for financial aid • Packages aid • Provides an award notification detailing the programs and amount from each program for which the student is eligible

  7. Application Process • All Schools: • Free Application for Federal Student Aid (FAFSA) • Paper or on the Web • Cal Grant - Grade Point Average (GPA) Verification Form or school must submit GPA electronically. • Deadline is March 2, 2014 • Some Schools: • Institutional Aid Application Many schools that offer institutional financial aid require an institutional aid application in addition to the FAFSA. Check with the school you are interested in for details.

  8. FAFSA on the Web: www.fafsa.ed.gov

  9. To Register for a PIN: www.pin.ed.gov

  10. FAFSA Processing Results • FAFSA processed – results electronically sent to all listed schools • You will be notified of the FAFSA’s processing results by: • E-mail acknowledgement if student’s e-mail address was provided (either paper or web filers). Generally, this will be received within 72 hours if you filed on the web. • Paper Student Aid Report (SAR) if student’s e-mail address was not provided (either paper or web filers). This can take 3-6 weeks from when the federal processor received your application if you filed a paper application.

  11. What’s Next? • After you have received your SAR (either via the web, or on paper), • The schools you listed on the FAFSA may send you a request for further documentation (tax forms, citizenship verification, etc.) • You will then receive an award packet from your college indicating the type of aid you are being offered.

  12. Important Tips • Find out application and deadline requirements • Be accurate, complete and legible • Make copies of all completed forms • Comply with all information requests • Meet deadlines • Get a proof of mailing from the post office

  13. Is There Life After Missed Deadlines • Yes but ……… • Award letters may be delayed • Certain funds may be unavailable: Institutional Grants and Scholarships Free Federal Money (FSEOG) Work-Study Lower interest loan (ex. Federal Perkins Loan) *Cal Grant GPA form MUST be submitted by March 2,2014.

  14. Factors in Need Analysis • Income • Asset Equity (excluding home equity) • Family Size • Number of Family Members in College (excluding parent(s) • Age of Parents

  15. Federal Government’s Philosophy Toward Aid • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their educational costs • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

  16. Definition of Financial Need Cost of Attendance (COA for one year) - Expected Family Contribution (EFC) __________________________________ = Student’s Financial Need (eligibility)

  17. COMPONENT #1Cost of Attendance • Tuition and fees • Room and board • Books and supplies, equipment, transportation, and miscellaneous personal expenses • Loan fees

  18. COMPONENT #2Expected Family Contribution • Parents available income • Parent’s income supplement from assets • Student’s contribution ___________________________________ = Expected Family Contribution (EFC)

  19. Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). Federal Methodology

  20. Parental Information • If parents are both living and married to each other, use both parents. • If parent is widowed or single, use that parent only. • If parents are separated or divorced. • Use the parent with whom the student has lived, or from whom the student has received the most support, for the past 12 months • If that parent has remarried, step-parent information must be included, whether or not that person is actually “supporting” the student

  21. Need Varies Based on Cost $10,000 $7,000 $8,000 $5,000 $5,000 $2,000 $3,000

  22. Special Circumstances • Drop in Family Income • Disability or Death of a Family Member • Divorce/Separation of Parents • Any Other Special Circumstances All appeals go directly to the Financial Aid Office

  23. Types of Financial Aid • Gift Aid • Self Help Aid Loans & Employment

  24. Federal Pell Grant Program • Awarded to eligible undergraduates pursuing first undergraduate certificate or degree • Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status • For 2013-2014, for EFCs’ between 0 and 100, the Pell Grant range is $5645 (max) to a minimum of $605.

  25. Federal Supplemental Education Opportunity Grant(FSEOG) • Campus-based aid • For undergraduates pursuing first undergraduate degree or certificate • Priority to students with exceptional financial need (i. e. students with the lowest EFCs at that school) • Amounts vary by school

  26. Cal Grants • Cal Grants are for California residents, attending a California college or university who demonstrate financial need, meet the program and academic requirements, and apply on time. There are income and asset ceilings associated with the Cal Grant program. • Cal Grant A • Cal Grant B • Cal Grant C

  27. Scholarship Resources • School need-based and non-need based programs • Academic, athletic, and other talent-based scholarships and grants • Private business scholarships • Civic organization scholarships • Local library resources • Local businesses and civic organizations • Parents’ places of employment • FASTWEB- www.fastweb.org

  28. Work Study • Undergraduate or graduate students are eligible. • Employment on or off campus (most are on campus). • Eligible employers • School • Federal, state, or local public agency • Private non-profit organization • For-profit organization

  29. Federal Perkins Loan • Interest rate: 5% (upon repayment). • Subject to school’s FAFSA priority application deadline • Eligible Students • Undergraduate or graduate students • Priority to exceptional need • Loan amount varies • Maximum annual loan • $5500 undergraduate students (max. of 27,500 as undergraduate) • $8,000 graduate and professional degree students (max. 60,000, including undergraduate loans).

  30. Federal Stafford LoanSubsidized and Unsubsidized • School determines loan eligibility and delivers loan proceeds to the student • Subsidized Stafford: Must demonstrate “need” • Unsubsidized Stafford: Need is not a consideration • Annual loan limits (combined subsidized and unsubsidized): • $5500 for Freshmen Students-$2,000 is Unsub. • $6500 for Sophomore Students-$2,000 is Unsub. • $7,500 for Juniors and Seniors- $2,000 is Unsub. • Interest rate is currently 3.86% for Undergraduate/Graduate. • Unsubsidized Loans (graduate or professional)- 5.41%

  31. Federal Plus Loan • Parent Loan for Undergraduate Students • Parent of a dependent undergraduate student • Annual loan limit = COA minus other aid • Parents may choose to start repaying immediately or defer payments until 6months after student’s graduation or drop below half-time enrollment • A requirement that applicant not have an adverse credit history. • Up to 4.204% in processing fee • Interest rate is fixed at 6.41%.

  32. The Award Letter Provides Important Information • Types and amounts of aid offered • Specific program information • Student responsibilities • Conditions governing awards • Opportunity to accept or decline awards

  33. Financial Aid Timetable • Apply for Aid (January-February 2014) • Receive Award Letter (April-May) • Comply with Information Requests (April-May) • Verification & Coordination (summer) • Financial Aid Disbursement (start of first term) • Re-apply for aid (January-February 2015)

  34. Helpful Web Sites • Scholarship Searches • www.fastweb.com • www.finaid.org • www.collegeboard.com/paying • EFC estimator • www.studentaid.ed.gov • Cal Grants • http://www.csac.ca.gov • Department of Education • www.ed.gov

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