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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 Total 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 Total Cost of Attendance

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

  7. 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

  8. Estimated Total Cost of Attendance

  9. What are the different types of financial aid?

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

  11. 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

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

  13. 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

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

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

  16. 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

  17. Cal Grant • Cal Grant A • Pays state fees at UC & CSU • Awards up to $TBD for California Private Colleges • Cal Grant B • Pays state fees at UC & CSU • Awards up to $TBDfor California Private Colleges • Also awards additional living stipend($1,500) • Both have income and GPA requirements • Apply using the FAFSA and GPA Verification Form by March 2nd

  18. 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

  19. The CaliforniaMiddle Class Scholarship

  20. The CaliforniaMiddle Class Scholarship Starts in 2014-2015 for undergraduate students who are: • Attending a CSU or UC campus • From families with income up to $150k • U.S. citizens, permanent residents or AB 540 eligible • California residents

  21. MCS – How it fits in… ANNUALFAMILYINCOME * When fully funded. ** Based on 2013-2014 income levels, family of four.

  22. The CaliforniaMiddle Class Scholarship How much can students get? • Up to 40% of mandatory system-wide fees for students whose annual family income is up to $100,000 • No less than 10% of mandatory system-wide fees for students whose annual family income is between $100,001 and $150,000

  23. 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!

  24. 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!

  25. 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 1st of senior year

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

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

  28. 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)

  29. 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

  30. 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

  31. Scholarships

  32. National Search Sites

  33. University Websites

  34. Local Scholarships

  35. Questions?

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