Financial Aid Boot Camp

AgendaCollege CostsFinancial Aid EquationTypes of Financial Aid – grants, scholarships, work-study & loansThe Application process (FAFSA and GPA Verification Form)Summary

The Financial Aid Equation

Cost of Attendance

- Expected Family Contribution (EFC)

= Financial Need or eligibility for financial aid

Estimated Cost of Attendance

Community Colleges $8,750 - $19,038California State (CSU) $11,561 - $24,732University of CA (UC) $22,837 - $34,220Out of State Public Univ. $15,672 - $37,953Trade Schools $14,149 - $35,749Private Colleges $29,197 - $68,889

Cost of Attendance

2013 - 2014 CommunityCollege

CSU UC PrivateIndependent

Tuition and Fees $802 - $1,084 $5,701 - $6,920

$13,070 - $14,832

$17,231 - $46,691

Room and Board $7,000 - $12,000 $7,000 - $12,000 $7,000 - $14,000 $7,000 - $14,000

Books and Supplies $1,746 $1,746 $1,746 $1,746

Transportation $1,364 $1,364 $1,364 $1,364

PersonalExpenses $3,288 $3,288 $3,288 $3,288 TotalExpenses

$8,750 - $19,038

$11,561 - $24,732

$22,837 - $34,850

$29,197 – $68,889

Factors that InfluenceFamily ContributionParents

IncomeSavingsAssetsAgeNumber in

CollegeFamily Size

StudentIncomeSavingsAssetsIndependent/ Dependent

The Financial Aid Equation

Cost of Attendance

- Expected Family Contribution (EFC)

= Financial Need or eligibility for financial aid

Financial Aid Sources2013-2014 Academic Year

Source – The College Board (www.collegeboard.com)

Types of Financial AidGift

Grants (based on need)Scholarships (based on merit/talent)

“Free Money”

Needs-Based GrantsMiddle Class ScholarshipFederal Pell Grants Federal Supplemental Educational Opportunity Grant (PSEOG) ChaffeeCollege Grants

Community College Fee Waiver (BOG)

CSU State Univ. Grant (SUG)UC GrantIndependent college grants

Needs-Based Grants Cal Grant A - 3.0 GPA & Financial Need Cal Grant B- 2.0 GPA & Financial Need Cal Grant C - Vocational schools

FAFSA is used to determine need

Requires extra form: GPA Verification FormStudent GPA + Need = Cal Grant eligibilitySubmit by March 2 to the CA Student Aid Commission

Cal GrantsTuition based grant to be used ONLY in CA.Cal Grant A

CSU $5,472UC $12,192Private $9,084Tech/Trade/Voc. Up to $4,000

Many California Colleges “match” Cal Grants

Cal Grants help many students afford private school educations

Cal Grant Status

WWW.WEBGRANTS4STUDENTS.ORG

Merit-Based Aid Measure of quality

AcademicAthleticArtistic

Family Resources not a factor Award levels based on sponsors’ goals

and funding levels No appeal process May not be renewable

ScholarshipsAvailable from colleges, companies,

community-based groups and other organizations

Usually requires separate applicationMay require transcript, essay,

interview, audition or recommendationCareer Center

Free Scholarship Searcheswww.fastweb.comwww.finaid.orgwww.collegeboard.comwww.scholarshipexperts.comwww.edfund.orgwww.findtuition.comwww.scholarships.com

Types of Financial AidSelf-Help

Student LoansWork Study

“Money You Pay Back”

Educational LoansFederal Perkins LoanFederal Stafford LoanFederal Parent Loan for Undergraduate Students (PLUS)

Private or Institutional Loans for students and parents

Work-StudyPart-time job on or off campusPossibly related to their studies,

career plans or in community serviceEarn at least the federal minimum

wageStudies show most students who work

in campus-sponsored jobs earn as good or better grades than non-working students and are more likely to graduate in 4 years

Financial Aid Forms FAFSA (Free Application for Federal

Student Aid) California Dream Act CAL Grant GPA Verification Form (For CA

Residents Only) Last year’s IRS Federal Tax Returns

(including schedules & W2 forms) or Non-Filing Forms

AB540 – California Law Students without legal immigration status Undocumented students

May have lived in the US for a long time May have been brought here as children Might have entered the US with a

temporary VISA and chosen to stay May have no immigration papers at all Come from many different countries

AB540 Eligibility Any student who:

Attended a California high school for at least three years (public, private or home school)

Graduated (or received the equivalent) from a California high school and

Swears to apply for legal immigration status (if undocumented) whenever that is possible.

AB540 Benefits and Rights

Allows certain students to pay only in state fees at UC, CSU and CA Community Colleges

Cannot be denied admission based on immigration status

Are not required to show an ID or Social Security Card for admission and

Are not required to show proof of legal residency or prove CA residency for admission

Does NOT make these students legal residents of the state

CA Dream Act Allows students who meet AB540

criteria to receive Cal Grants and Scholarships Signed into law September 2011 Must meet all other Cal Grant

requirements Online application to gather FAFSA

like information

CA Dream Act

WWW.CALDREAMACT.ORG

Eligible Noncitizen A permanent US resident with a

Permanent Resident Card (I-551) A conditional Permanent Resident (I-551C) The holder of an Arrival Departure Record

(I-94) from Homeland Security showing: “Refugee, Asylum Granted, Parolee,

Victim of Human Trafficking, T-Visa Holder or Cuban-Haitian Entrant”

FAFSA

WWW.FAFSA.GOV

Special Circumstances Contact the Financial Aid Office of the college if

there is a change in your family circumstances such as: A loss or reduction in parent or student income

or assets A death or serious illness of a family member Unusual family medical or dental expenses not

covered by insurance Reduction in child support, social security or

other non-taxable income or benefits Financial responsibility for elderly grandparents Any other unusual circumstances that affect

your family’s ability to pay for higher education

Summary Follow college deadlines Submit all required applications and forms

FAFSA by March 2 Cal Grant GPA Verification by March 2 CSS/Financial Aid Profile Test Scores, Transcripts and letter of rec.

Keep copy of all forms Respond to all requests for additional

documents Check email regularly

The Power of Education The only thing more expensive than

going to college is not going to college

Thank You For Coming!

Good Luck with Your College Planning!

Stephanie HarkeyCollege Planning Professionalswww.collegepalnning-pros.com