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Financial Aid Overview

Financial Aid Overview. Three Basic Questions. What is Financial Need? What Types of Aid Are Available? How do I Apply?. What is Financial Need?. Cost of Attendance – Expected Family Contribution = Financial Need. Cost of Attendance. Estimated Cost of Attendance.

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Financial Aid Overview

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  1. Financial Aid Overview

  2. Three Basic Questions • What is Financial Need? • What Types of Aid Are Available? • How do I Apply?

  3. What is Financial Need? Cost of Attendance –Expected Family Contribution = Financial Need

  4. Cost of Attendance

  5. Estimated Cost of Attendance

  6. Estimated Total Cost of Attendance

  7. What is Financial Need? Cost of Attendance –Expected Family Contribution = Financial Need

  8. EFC • Amount family can reasonably be expected to contribute • Two components • Parent contribution • Student contribution • Calculated using data from the FAFSA • Stays the same regardless of college

  9. Estimated Total Cost of Attendance

  10. What are the different types of financial aid?

  11. Types of Financial Aid • Scholarships • Grants • Employment (Work Study) • Loans

  12. Scholarships • Money that does not have to be paid back • Usually funded by private companies or foundations • Awarded on the basis of merit, skill, or unique characteristic • May or may not have income and/or GPA requirements

  13. Grants • Money thatdoes not have to be paid back • Usually awarded through federal or state government • Usually do have income and GPA requirements

  14. Employment / Work Study • Allows students to earn money to help pay educational costs • Usually has income requirement • Benefits vs. Part Time Job Off Campus • Higher pay • Flexible schedule • On campus

  15. Loans • Money students and parents borrow to help pay college expenses • Repayment usually begins after education is finished • No income or GPA requirements

  16. What are some of the financial aid offers students are likely to receive?

  17. Pell Grant • Awards up to $5,550 • For low income undergraduate students • Can be used at many schools throughout the USA • Awarded based on financial need • Apply using the FAFSA

  18. Cal Grant • Cal Grant A • Pays state fees at UC & CSU • Awards up to $10,000 for California Private Colleges • Cal Grant B • Pays state fees at UC & CSU • Awards up to $10, 000 for California Private Colleges • Also awards additional living stipend($1,551) • Both have income and GPA requirements • Apply using the FAFSA and GPA Verification Form by March 2nd

  19. Cal Grantin reserve • Students can apply for a Cal Grant to be held in reserve while they attend a California community college • Grant is held for three years

  20. Student Loans • Subsidized = government pays interest while you are in school • Unsubsidized = interest accrues • Both loans begin payback after graduation • Low interest rates & very flexible payback plans. • Beware of PRIVATE PERSONAL LOANS!

  21. Parent Loans • Must pass credit check • May borrow up to total cost of attendance • Unsubsidized = interest accrues • Payback begins immediately • Low interest rates & very flexible payback plans. • Beware of PRIVATE PERSONAL LOANS!

  22. How Aid is Packaged • Scholarships • Grants • Employment (Work Study) • Loans

  23. Free Application for Federal Student Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • May be filed as early as January 1stof senior year

  24. Official FAFSA Website • http://www.fafsa.ed.gov • FAFSA-4Caster • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet

  25. Dependent or Independent? You must answer Yes to at least one question to be considered an Independent student.

  26. Who is considered a parent? • Biological or adoptive parent(s) • In case of divorce or separation, provide information about the parent and/or stepparent the student lived with more in the last 12 months • Stepparent (regardless of any prenuptial agreements)

  27. California Dream Act • Must be AB540 Eligible • Allows for students to apply for state funded aid including: • Cal Grant • Board of Governors Fee Waiver Grant • State University Grant (CSU) • Other Public Institution Awards

  28. California Dream Application • DO NOT FILE A FAFSA • Complete California Dream Application at http://www.csac.ca.gov/dream_act.asp • Same deadlines and filing rules apply • March 2nd Cal Grant Deadline • Determine if Dependent or Independent Student • Deferred Action / DACA applicants should also file Dream Application

  29. Scholarships

  30. National Search Sites

  31. University Websites

  32. Local Scholarships

  33. Questions? Nicole Korgie Jackson, EdD Director Long Beach Cal SOAP nicole.korgiejackson@csulb.edu

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