Presented by: Andi Schreibman Financial Aid Officer, Las Positas College With the assistance of Ernesto Nery, Financial Aid Specialist 2
What Will You Learn Today? • Important terms • Calculating Eligibility • Types of Financial Aid • Application Process & Deadlines • Tips for completing the FAFSA • Special Circumstances • Awarding and Packaging • What’s next…finding help • Answers to your questions
Cash for College $1,000 ScholarshipEvaluation • Complete and turn in the Student Evaluation BEFORE you leave! • Location and Date • Write Clearly! • Scholarship Rules on pg 2 • Must submit your FAFSA and Cal Grant GPA by March 2nd • Winner will be chosen after March 2nd and announced by your counselor or by a letter mailed to the address provided. 4
IMPORTANT TERMS • The Free Application for Federal Student Aid • (‘FAFSA’) is the financial aid application that must be completed for every college in the U.S. • Expected family contribution (EFC) • The amount of money the government believes you or your family could reasonably contribute toward your education
Calculating financial need • Cost of attendance (COA) or ‘Budget’ • Each college has its own average student budget, or COA, which includes tuition, fees, books, supplies, housing, food, transportation and personal expenses • Your financial need Your COA - Your EFC = Your financial need Colleges determine and offer financial aid based on this equation. Some types of aid require financial need and some types do not.
Comparing various College and University COAs (2011-2012 data) *Families making less than $100,000 per year are guaranteed free tuition. Families making less than $60,000 a year are not expected to pay tuition or contribute to the costs of room, board, and other expenses.
Grants are free money you don’t have to repay, typically based on financial need. Fee Waivers are free money, waive enrollment fees at community colleges, based on financial need. Scholarships are free money, usually based on your area of study or merit. Work-study or student employment programs—federal and college. Loans are borrowed money that you must pay back, usually with interest. Types of Financial Aid
Federal government State government Colleges and universities Private agencies, companies, foundations, and parents’ employers Sources of Financial Aid
Federal Grants Federal Pell Grant • First source of aid awarded for very low income students • Amount based on • Expected Family Contribution (EFC) • Students with EFC from 0 – 4995 qualify for a Pell Grant for 2012-2013. • Enrollment status (less money if less than fulltime) • 2012-12 Pell maximim = $5550. • You will receive the same amount of a pell grant at any college you attend; you don’t get more at a more expensive college.
Federal Grants • There are other federal grants for low income students. Your college will determine which grants you qualify for. • The FAFSA is the only application needed to apply for all types of federal aid. • See details in ‘Fund Your Future’ booklet G
Cal Grant A Entitlement Awards – for high school seniors and recent high school grads with a Grade Point Average (GPA) of at least 3.0 Cal Grant B Entitlement Awards – for high school seniors and recent high school grads with a GPA of at least 2.0, who come from disadvantaged or low income families Cal Grant C Awards - for students from low income families pursuing vocational programs of study State Cal Grants
State Cal Grants Cal Grant Entitlement program for students who apply before March 2nd of senior year or March 2nd of the FOLLOWING year • For 2-yr, 4-yr, public, private, and • vocational colleges in CA • Pays FULL TUITION at a CSU or UC, @ up to $9,708/year for private institution. • Renewable up to 4 years. On reserve • while student attends a community college. • Cal B recipients receive a $1551 annual grant in addition to full tuition for 4 years • (See Fund Your Future Workbook for more detail)
To be eligible for a Cal Grant, the student must also: be a U.S. citizen or eligible noncitizen be a California resident attend an accredited California college or university at least half-time in 2012-13 Meet income and asset ceiling criteria Pass the CA High School Exit Exam ````````````(CAHSEE) Eligibility for Cal Grants
Your high school will automatically send your GPA verification if your parents sign and return the GPA Release form. 2012-2013 Cal Grant Application Requirements • By March 2, 2012, complete and submit: Free Application for Federal Student Aid (FAFSA) Cal Grant GPA Verification Form
Check Your Cal Grant • Open a WebGrants Account and you can: • - Check your Cal Grant award status 24/7 • - Make changes to your Cal Grant school choices • - View how much a Cal Grant is worth at different California colleges and universities • - See your Cal Grant payment history • Sign up at: webgrants4students.org • You must verify your high school graduation on this website before you can receive a Cal Grant.
California 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. based on available funding • To be eligible, foster youth must have been in California foster care on their 16th birthday and not have reached their 22nd birthday before July 1, 2012 • Foster youth are encouraged to apply during their senior year of high school • To apply, the foster youth must complete: • 2012-2013 FAFSA • California Chafee Grant Program Application To learn more about the Chafee Grant, go to: www.chafee.csac.ca.gov
Community College Board of Governors’ Fee Waiver Program • Waives enrollment fees at all community colleges for CA residents • File a FAFSA to qualify. Waiver is automatically awarded. All CA resident students who have $1105 or more of financial need based on Cost of Attendance – EFC receive an automatic fee waiver Example: Las Positas College COA = $11,460 EFC = - 8100 NEED = $ 3360
College/Institutional Grants Be mindful of priority filing deadlines or you may miss out on $$thousands! Each college has their own deadline by which you must submit your FAFSA. DON’T MISS IT! • CSU State University Grant (SUG) • www.calstate.edu or csumentor.edu • UC Grant • www.universityofcalifornia.edu • Independent College Grants • www.aiccu.edu or www.aiccumentor.org
Scholarships Scholarships are awards provided by the private and public sector -institutions/colleges -organizations -corporations -clubs -foundations -individuals
Institutional and Outside Scholarships • Provider decides on • Awarding criteria • Application deadline • Forms or applications • Awards may be • Merit-based • Need-based or NOT Need-based • Combination of the two, or neither • Based on any other criteria determined by donor
Scholarships WHERE TO FIND THEM: • Start with your High School Career Center • Local section of Newspaper • Organizations your family is connected to, including parent’s workplace, church, unions, clubs, etc. • Check your intended colleges’ financial aid/scholarship website for opportunities • Free online searches • Pedrozzi Foundation Scholarships for Livermore high school graduates – Deadline March 1. www.pedrozzifoundation.org
Private FREE Scholarship Searches • FinAid on the Web: www.finaid.org • College Board: www.collegeboard.com • FastWeb: www.fastweb.com • Scholarship Resource Network Express: www.srnexpress.com • GoCollege: The Collegiate Websource: www.gocollege.com • Wired Scholar:www.wiredscholar.com
Federal Work-Study • Federal program, but funds are limited • Must be earned through work • Must have financial need • Job may be on or off campus • Student earns an hourly wage • Each college has its own award policy and procedures for getting a job.
Federal Loans Direct Student Loans Loan is only in the student’s name, no co-signer. Must be enrolled in at least 6 units. Two types: Federal Subsidized Direct Loan • For students with unmet financial need • Government pays interest while in school Federal Unsubsidized Direct Loan • For all students; no financial need required • Student responsible for cost of interest while in school
Federal Loans Direct Student Loans • Annual and aggregate loan limits apply • Must be enrolled at least halftime • 6-month grace period after graduation • 10 – 30 year repayment period • Interest scheduled to be 6.8% effective July 1, 2012 for life of loan • Deferred while in college at least halftime
Federal Loans Parent Loans for Undergraduate Students (PLUS) • Parents of dependent undergraduates can borrow money on behalf of their child • based on credit record • May borrow up to full cost of attendance less aid • Interest fixed at 7.9%, fees up to 4% • 10 year repayment period • Parents can defer payment until student graduates college.
Private loans • Often carry higher interest rates and fees than federal loans • May have less attractive repayment terms • Typically the interest rates are variable • Rates can change month to month • Usually based on your credit rating and debt-to-income ratio • May require a co-signer • Always use federal student loan programs first; if you still need additional financing then turn to private loans.
Applying for Financial AidFAFSA on the Web (FOTW) www.fafsa.ed.gov DO NOT use the website www.fafsa.com or you will pay money to file the FREE Application for Federal Student Aid!
File early, but no later than March 2, 2012 Use estimated 2011 income information if taxes are not complete at time of FAFSA submission Student and at least one parent whose information is reported must complete and sign the FAFSA FAFSA Information & Tips
PIN (Personal Identification Number) serves as the electronic signature on ED documents Both student and one parent need PINs to sign the FAFSA electronically May be used to: Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and e-mail addresses If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within minutes Federal PIN Apply for student and parent PINs at: www.pin.ed.gov
Before starting the FAFSA on the Web (FOTW), gather: Student driver’s license Student and Parent Social Security cards 2011 W-2 Forms and records of money earned and other taxable benefits 2011 federal income tax form (even if not yet completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted Getting Ready
SAVE YOUR DATA FREQUENTLY! • As you complete the online Fafsa, SAVE your information frequently! You choose your own password and can save it for an indefinite period of time. • SUBMIT the fafsa only when it is complete and signed with your pin number. 39
Section 1–Student Demographics Section 2–School Selection Section 3–Dependency Status Section 4–Parent Demographics Section 5 – Financial Information Section 6 – Sign and Submit Section 7 – Confirmation The FOTW A Seven-Section Online Form
Section 1 - Student Name • The FOTW will ask for the student’s first and last names • Make sure to report the student’s name exactly as it appears on the student’s Social Security card
Section 1 - Student Social Security Number • Double check the student’s Social Security Number when entering it on the FOTW. • Both student name and Social Security Number will be compared through a database match.
Section 1 - Selective Service Registration • Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid • Answer “Register me” only if you are male, aged 18-25, and have not yet registered. • The student may also register by going to: www.sss.gov
Section 1 - First Bachelor’s Degree • Will you have your first Bachelor’s degree before July 1, 2012? • students starting college in 2012-13 should mark “No” to this question • only students who will be pursuing a graduate or professional degree during 2012-13 should mark “Yes”
Section 2 - School Selection • FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information • The student should list first the California school he/she is most likely to attend • The student may re-order his/her school choices • Then list other schools to which the student is applying for admission
Section 2 - School Selection • While in the School Selection Section, the student will be asked to enter the location and name or the federal school code for each school to which he/she wants FOTW information sent • If the student does not know the federal school code, enter the state in which the college/university is located and search for the federal school code by the college/university name
List a California college or university first (for Cal Grant consideration) Then list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone using the student PIN Section 2 - School Selection Strategies for Listing Colleges NOTE: Each UC and CSU campus must be listed separately
Section 2 - School Selection • The student will be asked to select the housing plan that best describes the type of housing the student expects to have while attending each listed school • The choices for housing are: • On Campus • With Parent • Off Campus • The student’s choice of housing may affect the amount of financial aid for which he/she is eligible. It is usually more expensive to live on or off campus than with parents or relatives • Remember, selecting the On Campus housing option is not an application for On Campus housing. Check with the colleges/ universities for housing information when you apply for admission
Will parent’s information need to be included on the FAFSA? If the student can’t answer ‘YES’ to one of the questions in the previous slide parental income must be included. But what if I don’t claim my child and they move out and support themselves, can’t they be independent for financial aid? NO! The government expects it is the parents’ responsibility to educate their children through age 23 to the best of their financial ability, as measured by the FAFSA. If parents choose not to provide support for their child’s college expenses the government feels it is not their responsibility to take over for them.
Is there any other way to be independent? • Dependency statusmay be changed in very specific extenuating circumstances (abusive situation, abandonment, etc). Student may file a Dependency Override Petition at the college of attendance. Third party documentation required (social worker, police report, counselor, clergy, etc).
What if I refuse to provide parental information? The student may complete a FAFSA, but the only thing they would possibly be eligible for without parent information is an unsubsidized student loan.