financing a college education 2013. why are you here? college is critical to your future jobs of...
TRANSCRIPT
Financing a College Education
2013
Why Are You Here? College is critical to your future Jobs of the future will require more
skills than those provided by a high school education alone
Students who go to college have financial advantages– their life-time earnings are higher than
those of high school graduates– they are less likely to be unemployed– their children are more likely to attend
college
2
3
Who Wants a Million Dollars?
3
Workshop Agenda
The financial aid equation Who gets the money?
Types of financial aid - grants, scholarships, work, and loans
How to apply for financial aid
Free scholarship searches
4
Who Gets the $$
Basic Student Eligibility Requirements:
Must be a US Citizen or an Eligible Non-CitizenMales must be registered with the Selective ServicesMust not be in Default on any Federal LoansMust be enrolled at least ½ time as a regular student in
an eligible degree seeking programMust have received their high school diploma, GEDMust make Satisfactory Academic Progress (SAP)Be clear of any Drug Charges
5
Basic Concepts of Financial Aid:
Cost of Attendance
Expected Family Contribution
Financial Need
Need-Based Aid
Non Need-Based Aid
6
7
The Costs of Going to College (Cost of Attendance)
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation7
Expected Family Contribution
The Expected Family Contribution (EFC)
- Calculated by the FAFSA
- Amount a family is expected to contribute to education according tothe DOE
(not an actual contribution number)
- It lets the college know what Grants and Loans you may be eligible for
8
Need-Based Aid?
- Grants
- Scholarships
- Federal Work Study
- Federal Subsidized Direct Loan
This is the “Cheapest” or “Free’ist” money you can
receive
9
What Is Financial Need?
Cost of Attendance
- EFC_ _____
Financial Need*
*amount of money you can receive in
need-based aid
10
How The Need Formula Works
CC CSU UC Private
COA $3,500 $18,600 $26,400 $50,000EFC - 500 - 500 - 500 - 500___Need $3000 $18,100 $25,900 $49,500
CC CSU UC Private
COA $3,500 $18,600 $26,400 $50,000EFC - 4,000 - 4,000 - 4,000 - 4,000___Need $-500/0 $15,600 $22,400 $46,000
In the best possible situation full “need” will be met with a Grants, Scholarships, and Work Study
Most 4 year Colleges and Universities are not able to meet full need with Grants and Scholarships only, other aid will be needed
11
Institutional Charges Only
Cost of Attendance
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
$0$5,000
$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000
Cal State($15,400)
UC ($22,653)
PrivateCollege
($42,800)
12
Need Varies Based on Cost
}$0
$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000
Cal State($15,400)
UC ($22,653)
PrivateCollege
($42,800)
Need
If Need doesn’t cover it all; how will I pay the rest?
13
Non Need-Based Aid
- Federal Unsubsidized Direct Loan
- Federal PLUS Loan (Parent and Grad)
- Private Bank Loans
14
The Primary Sources of Financial Aid
Federal Financial AidState AidColleges and universitiesPrivate agencies and organizations
15
Federal Financial Aid Funding
PELL Grants Up to $5550 per Academic Year Based on your EFC from the FAFSA & Enrollment Status
Federal Work Study Loans
Subsidized Unsubsidized
16
Federal Financial Aid Funding
Federal Perkins Loans 5% fixed rate Up to $5,500 per academic year
Federal Stafford Loans Subsidized loan up to $3500 per academic year, interest adjusted annually Unsubsidized loan up to $6000 per academic year, interest adjusted annually
Federal Direct Loans Subsidized Interest paid by the government while in school, up to 150% of the published
length of the program
Unsubsidized Interest accruing and paid by you w/ an option to pay while you are
completing your program
PLUS Loan – Parent or Grad loan Parental Loan (taken out by parent for student, parent is
responsible for this loan)
17
State Aid Funding
Cal-Grant ACal-Grant BCal-Grant CChafee Grant
18
Cal Grant A Entitlement
Requirements
High school GPA of 3.0 or greater,Must be working toward a two-year or four-year
degreeDemonstrate financial need, Meet parental income and asset requirements, and File a FAFSA and GPA Verification by March 2, 2013
Covers System-wide fees at UC and CSU campuses, $12,192
and $5,970 respectively As much as $9,223 at independent California
colleges or universities up to 4 years
19
Cal Grant B Entitlement
RequirementsHigh school GPA of 2.0 or greaterMust be working on coursework at least one academic year in
length.Demonstrate financial need Meet parental income and asset requirementsFile a FAFSA and GPA Verification by March 2, 2013Covers
$1,473 Books and Supplies up to 4 years
After your Freshman year it covers system-wide fees at UC and CSU campuses for second
through fourth years as much as $9,223 at independent California colleges or
universities for second through fourth years
20
Cal Grant C
For Vocational/Technical/Occupational Students
You must enroll in a occupational, technical, or vocational program that is at least four months long at a California Community College, an independent college, or a vocational/career school.
File a FAFSA by March 2, 2013 $547 for Books, Tools, Equipment As much as $2,462 for Tuition and Fees at a
school other than a California Community College
Up to 2 years
21
Chafee Grant
Grant Available for Foster Youth
To qualify, you must: be eligible, or have been eligible, for foster care
between your 16th and 18th birthday, not have reached your 22nd birthday as of July
1,of the award year
Up to $5,000
22
Community College Fee Waiver
The California Community College Board of Governors’ Enrollment Fee Waiver (BOG Fee Waiver) Covers the California Community College’s enrollment
fee for California residents: Who are eligible for need-based financial aid, or Who receive CalWORKs/TANF, SSI, or General
Assistance payments, or Whose family income falls below published income
ceilings
Learn more about the BOG Fee Waiver at www.icanaffordcollege.com
23
Scholarships Use FREE Scholarship Searches
Available from colleges, companies, community-based groups and other agencies and organizations
Usually require separate applications
May require transcript, essay, interview, or audition
Check with your high school, college or university about scholarship opportunities
Beware of scholarship search companies that charge a fee
Scholarships are a numbers game, the more you apply for the better the odds of receiving one
www.fastweb.comwww.collegeanswer.com
24
Remember, Don’t Be Fooled!
Beware of false claims! “Thousands of dollars in scholarships go
unclaimed each year” “Guaranteed or your money back!” “Give me your credit card or bank
account number to hold this scholarship” “The scholarship will cost some money” “You’ve been selected. . .” “You’re a finalist in a contest” (that you
never entered)
25
Applying For Financial Aid In 2013-2014
You and your parent will need a PIN # (Based on Dependency)
Fill out a FAFSA (Free Application for Federal Student Aid) between January 1st and March 2nd www.fafsa.ed.gov2011 parent and student IRS Federal Tax Returns (including all
schedules and W-2 forms) or other income documentation
Cal Grant GPA Verification Form(you or your school may do this)
Some colleges may request:CSS/Financial Aid PROFILE
www.collegeboard.com
26
CEF Merit Achievement Award
Every year CEF offers several Merit Achievement Awards
Offered to High School Seniors that have been accepted to 4-year college/university
Minimum Requirements Min. GPA 3.0 Min. SAT Score 1800 Personal Statement Two Letter of Recommendations Community Services
Check CEF web Site on May 1st
www.Copticedu.org/meritaward
Applications are due on May 31
27
Apply For a PIN
Federal PIN (Personal Identification Number) serves as the electronic signature on the FAFSA and other federal aid documents
Student and at least one custodial parent need a PINMay also be used to:
Check on FAFSA status Verify FAFSA data Make FAFSA Corrections on the Web Reapply for financial aid in future years
Apply NOW for your PINs at: www.pin.ed.gov
28
To Register for a PIN:www.pin.ed.gov
29
Filling Out the FAFSA
(Optional) Use FAFSA on the Web Worksheet to get ready. Get worksheet at www.FederalStudentAid.ed.gov/worksheet Use checklist to gather documents you need. Fill out worksheet to prepare your answers.
Fill out your FAFSA online at www.fafsa.ed.gov Apply on or after Jan.1 but as early as possible to meet all
deadlines. Need help? Use “Live Help” icon or call 1-800-4-FED-AID. Don’t forget to print confirmation page.
Watch for response by e-mail, from [email protected], or by mail
Double-check your information online at www.fafsa.ed.gov (use your PIN to log on) or on the paper Student Aid Report mailed to you
Correct any mistakes and update any information as necessary
30
FAFSA on the Web: www.fafsa.ed.gov
31
Other Common Application Items
College Board’s PROFILE application
Copies of most recent tax return
Verification Worksheet
Institutional Aid Application
32
Important Reminders
1. Watch for e-mails or letters from the schools you are considering
Give the schools any additional paperwork they ask for
Meet all deadlines or you could miss out on aid!
2. Each school will tell you how much aid you can get at that school.
3. Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
33
Dependency Status
Who’s a Dependant student? Were you born before January 1, 1990? As of today are you married? At the beginning of the 2013-2014 school year, will you be working
on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?
Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
Are you a veteran of the U.S. Armed Forces? Do you have children who will receive more than half of their
support from you between July 1, 2013 and June 30, 2014? Do you have dependents (other than your children or spouse) who
live with you and who receive more than half of their support from you, now and through June 30, 2014?
34
Dependency Status
Who’s a Dependant student? Were you born before January 1, 1990? As of today are you married? At the beginning of the 2013-2014 school year, will you be working
on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?
Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
Are you a veteran of the U.S. Armed Forces? Do you have children who will receive more than half of their
support from you between July 1, 2013 and June 30, 2014? Do you have dependents (other than your children or spouse) who
live with you and who receive more than half of their support from you, now and through June 30, 2014?
If you answer NO to all these questions, you need your parents information
35
Undocumented Students
Undocumented and under-documented students are NOT eligible for federal aid but MAY be eligible for State Aid
Apply for all scholarships for which the student may be eligible
Check with colleges and universities to see if institutional financial aid is available
Watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students
36
AB 540
What is it?
Assembly Bill 540 that allows undocumented students to pay in- state tuition for California community colleges and public universities.
Who is eligible under AB 540? You must have completed 3 years of high school in
California and graduated from a California high school or attainment of the equivalent
You must also complete an AB 540 affidavit at the college/university that you will attend, stating that you meet AB 540 eligibility requirements which includes that you are in the process of, or will soon be, applying for legal residency.
37
AB 540
How do you apply for AB 540?* Students should speak with a college/university representative to receive accurate information about the specific campus as the requirements may differ from campus to campus.
* For all UC and most CSU campuses, the fall term applicant must apply by November 30th of the year before they wish to begin. Two sections must be left blank:
1. Social Security Number Section
2. Immigration Status Section
* For community colleges, the student must turn in the AB 540 affidavit when they register for classes.
38
California Dream Act – AB130 & AB131
AB130 allows students who meet AB540 criteria to: Apply for & receive private scholarships administered by
the public colleges and universities, including scholarships funded through private donors alumni contributions individual departmental efforts
39
California Dream Act – AB130 & AB131
AB130 allows students who meet AB540 criteria to:
Apply for & receive institutional grants like UC Grant, State University Grant, Educational Opportunity Program and Educational Opportunity Program & Services fee waivers
Apply for & receive Board of Governors fee waivers at the California Community Colleges
Apply for & receive state financial aid, including Cal Grants and Chafee Foster Youth Grants for use at eligible public and private institutions
40
California Dream Act – AB130 & AB131
Application
The 2013-14 online application will be available January 14th
Must complete and submit the application before the March 2nd deadline.
Must complete a GPA Verification form
41
Useful Websites
www.fafsa4caster.ed.govwww.finaid.orgwww.collegeboard.comwww.fastweb.comwww.scholarshipsearchsecrets.com
These sites contain useful financial
aid and scholarship information
42
Before You Decide On A College
Make a list of colleges and universities that have programs of interest to you
Consult with your school counselor
If possible, don’t make a final decision about which school you will attend until you have visited the colleges and universities
Consider all factors – not just cost – when making the final decision
43
Summary
Financial Aid Application www.fafsa.ed.gov Due date March 2nd
Get a PIN # www.pin.ed.gov
College Board Applications www.collegeboard.com
Copies of parents tax returnsWatch for e-mail or letter from each school you
applied forApply for CEF Merit Award – Before May 31st
www.copticedu.org
44
Questions??
If you have any questions please feel free to contact:
Christine Fanous
(626) 422-4443
Cherif Youssef
(818) 807-8505
www.copticedu.org
45