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Financial Aid

Financial Aid. What does it cost? 2014-15 Cost of Attendance* (9 months). * Systemwide averages, actual amounts will vary by CSU campus. Financial Aid- can help families pay.

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Financial Aid

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  1. Financial Aid CSU HS Counselor 2007

  2. What does it cost?2014-15 Cost of Attendance* (9 months) * Systemwide averages, actual amounts will vary by CSU campus.

  3. Financial Aid- can help families pay. • The Free Application for Federal Student Aid (FAFSA) or DREAM application is used to calculate an Expected Family Contribution (EFC). This number is used to determine financial aid eligibility. • Gift Aid • Scholarships • Students should check with the institution if they need to complete a separate application • Grants • Self-help Aid • Loans • Employment opportunities

  4. Types of Gift Aid (Federal-FAFSA) • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Iraq & Afghanistan Service Grant

  5. Types of Gift Aid (State-FAFSA or DREAM) • Cal Grants (A & B) • Chafee Grant • Middle Class Scholarship (MCS) • CSU - State University Grant (SUG) • CSU - Educational Opportunity Program (EOP) • Community Colleges – Board of Governor’s Grant (BOGG) • UC – University Grant

  6. Types of Self–Help Aid (Federal-FAFSA) • Federal Work-Study (FWS) • Federal Perkins Loan • Federal Direct Loans • PLUS (parent) Loan

  7. CSU Financial Aid 2012-13 (Big Picture) • 319,426 CSU Students received aid (76% of all students) • Nearly $3.8 Billion in Total Aid • 57% of All undergraduates have full cost of tuition covered by grants, scholarships or waivers • $629 million in State University Grant to 131,000 + students • For the 2014-15 academic year we anticipate more than $644 million in State University Grant awards

  8. Timely Topics • California Dream Act • Middle Class Scholarship • Application Changes • Special Circumstances • Verification

  9. Dream Application Students without lawful immigration status, who qualify for an AB540 nonresident tuition exemption: • Dream Application is completed instead of FAFSA (www.caldreamact.org) • Used to determine eligibility for state and institutional need based scholarships and grants • Cal Grant GPA verification is still required, in addition to the Dream Application, for Cal Grant consideration • Some campuses may also have a separate institutional scholarship application that must be filed in addition to the DREAM and FAFSA applications • The Admission application fee waiver is also available to students without lawful immigration status, who will qualify for an AB540 nonresident tuition exemption & meet the income guidelines

  10. Dream ApplicationAB 540 General Requirements • The student must have attended a HS (public or private) in CA for 3 or more years, AND • The student must have graduated from a CA HS or attained the equivalent (GED and CA HS proficiency exam also qualify), AND • File an AB540 Affidavit (California Non-Resident Tuition Exemption Request form) with the college or university • Available in the Admissions & Records office of each CSU

  11. Dream Application • DACA: Deferred Action for Childhood Arrivals • Discretionary determination, by the Federal Government, to defer the removal action an individual • Deferred action does not provide an individual with lawful status • Assigned Social Security number for ‘Work Purposes’ only

  12. Dream Act • Deferred Action Status • Should still complete the California Dream Application • Not all deferred action students will qualify for AB540 status • AB540 is a California specific statute

  13. New: Middle Class Scholarship • Available beginning 2014-15 academic school year • State scholarship for students with family income up to $150,000 on a sliding scale • UC and Cal State specific • FAFSA and Dream applicants will be considered for eligibility • Students must file a FAFSA/DREAM Application by March 2

  14. New: Middle Class Scholarship • The MCS award will be reduced by any Federal, State, or institutionally administered grants or fee waivers received by the student • Student must be enrolled at least half time (6 units) • Student must maintain satisfactory academic progress

  15. New: Middle Class Scholarship • Each academic year, the maximum amount of the scholarship will increase until 2017-18, • When the program is fully implemented the maximum award will be up to 40 percent of the mandatory systemwide tuition and fees. • Each year, the maximum award amount will be based on the number of students eligible for the MCS statewide and funding allocated by the State Budget.

  16. Application Process • IRS Data Retrieval tool • FAFSA online • Federal Income Tax returns must be filed to use the IRS data retrieval tool • 2 to 3 weeks after e-file • 6 to 8 weeks after paper filing • Not all online filers will qualify to use the IRS Data Retrieval Tool

  17. Application Process • IRS Data Retrieval Tool • Students should NOT wait to file the FAFSA until after the parents file their taxes • Use estimates of income and taxes to file FAFSA early • Update the FAFSA using the IRS Data Retrieval Tool AFTER parents/student file taxes

  18. Application Changes • Parent Definition • Addition to previous definitions: • Parents are not married to each other and live together, student may select “unmarried and both parents are living together” • This definition includes domestic partners • Both parents income should be reported • Both parents should be included in the house hold size

  19. Special Circumstances • Don’t let this delay your FAFSA or Dream application: contact the financial aid office early • FERPA: Family Educational Rights and Privacy Act • Prevents University staff from discussing student specific information with a third party, including parents, without the student being present • Each campus has different policies and procedures for helping these students and families

  20. Special Circumstances • Death of a Parent • Parent/Student Loss of Employment • Parents Divorce/Separation • Student Estrangement from Parents • Homeless students • Other: Students with unique situations should contact the financial aid department at a CSU campus for guidance

  21. Verification • Students selected to submit documents to “verify” information reported on their aid application • Students are notified, usually via email, of a document submission deadline • Typical documents requested: • Tax Transcript • Household worksheet • Proof of Citizenship and/or US Residency Status

  22. Verification • Failure to submit documents on time: • Will cause a delay in processing of the student’s award • May result in a student being “dropped” from courses • May miss out on aid that has limited funding • Know a student that can’t turn something in due to a “special circumstance?” • Refer the student to the financial aid office

  23. Financial Aid & Transfer Students • Cal Grant B received at CC counts towards 4-year Cal Grant eligibility • Units attempted at CC may affect overall financial aid eligibility at a 4-year school • Satisfactory academic progress (maximum time frame) • Regardless if aid was received or not • Units earned at CC affect SUG eligibility at a CSU • Regardless if aid was received or not

  24. Financial Aid & Transfer Students • Pell Lifetime Eligibility Used (LEU): 6 years • Pell received while at a CC will reduce remaining Pell eligibility at a 4-year school • Subsidized Loan Lifetime Eligibility • First time borrowers as of July 1, 2013 • 6-year limit on Subsidized Loans • Borrowing at a CC may affect eligibility for Subsidized loan at a 4-year

  25. Helpful Websites • FAFSA: http://www.fafsa.gov/ • Cal Grants: http://www.calgrants.org/ • Dream Application: www.CalDreamAct.org • Department of Education - Student guide: http://www.studentaid.ed.gov/ • CSU campus websites: http://calstate.edu/sas/fa_campus_url.shtml • CA Colleges and Career planning: • http://www.californiacolleges.edu/

  26. Questions???

  27. www.calstate.edu

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