Financing Education Beyond High SchoolPresented by: University of California, Irvine - Office of Financial Aid and Scholarships

The rays of light streaming downward from the five-pointed star on the UC Crest symbolize the discovery and

dissemination of knowledge

Sources of Financial Aid

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• Federal Government

• State Government

• College/University

General Eligibility Criteria

Must be enrolled or accepted for enrollment in an eligible program of study

Must be pursuing a degree, certificate or other recognized credential

Must be U.S. Citizen, eligible non-citizen or AB540 eligible (Dream Application)

Males must be registered with Selective Service

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Who is the Dream Application for?

The California Dream Act Application is for students who meet the qualifications of AB 540

An eligible AB 540 student is a student who:

Attended a CA high school for 3+ years Graduated from a CA high school or the

equivalent Enrolls in an accredited CA college or

university In case of student without lawful immigration

status, filed an affidavit with institution stating that he/she has filed an application to legalize status or will file as soon as he or she is eligible

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Cost of Education

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$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

CCC CSU UC Private

CCC: Cost estimated for living at home

CSU, UC, Private: Cost estimated for living on campus

- Varies depending on Institution -

UC Irvine Costs* (2014-15)

*The tuition, fees, and charges posted here are estimates based on currently approved amounts. These figures may not be final. Actual tuition, fees, and charges are subject to change by the Regents of the University of California.

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Commuter On Campus Off Campus

Tuition & Fees $14,577 $14,577 $14,577 Room & Board $4,643 $12,638 $9,335 Books & Supplies $1,732 $1,732 $1,732 Transportation $1,640 $809 $1,652 Personal Costs $2,011 $1,821 $1,960

Total Costs $24,603 $31,577 $29,256

•You have some control over costs.•Be cautious and budget.

Determining Eligibility

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• A processed FAFSA results in an:

Expected Family Contribution (EFC)

• Costs minus EFC = Need

Cost of Attendance $31,577

- Expected Family Contribution - 2,500

= Need $29,077

Types of Financial Aid

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•Gift Aid - Grants or scholarships that do not need to be repaid

•Work - Money earned by the student as payment for a job on or off campus

•Loans* - Borrowed money to be paid back, usually with interest

*Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.

Types of Aid: Gift Aid

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Scholarships:

• Awarded based on academic performance, special talents, and other factors

• Generally replace loans

• UC Admissions application also for scholarships

• Utilize reputable private scholarship search tools

Grants:

• Awarded on the basis of demonstrated financial need

• Do not need to be repaid (Federal, State and University)

Covered 2014-15 system-wide fees ($12,192) for California residents whose families earned less than $80,000 a year and student qualified for financial aid.

Qualified students must be in their first four

years of attendance (first two years for

transfer students).

Complete information available at www.universityofcalifornia.edu/blueandgold/

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• New program beginning in the 2014-15 academic year that provides undergraduate students with family incomes up to $150,000 a scholarship to attend University of California (UC) or California State University (CSU) campuses.

• Students must meet the following requirements: -Be a California resident attending a UC or CSU-Be a U.S. citizen, permanent resident or have AB 540 student status -Meet certain income and other financial aid standards-Maintain satisfactory academic progress-Not be in default on a student loan-Not be incarcerated.

• Must complete a 2014-15 Free Application for Federal Student Aid (FAFSA) or the California Dream Act Application.

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• Families earning up to $100,000 may be eligible for a scholarship of up to 40% of the mandatory system-wide tuition and fees:

• Maximum award amount is a lesser percentage of mandatory system-wide tuition and fees for each academic year (2014-15 at 14%, 2015-16 at 20%, 2016-17 at 30%, and 2017-18 at 40%).

• Families earning between $100,001 and $150,000 may be eligible for a reduced scholarship of no less than 10% of the mandatory system-wide tuition and fees.

• Awards not set amounts and may vary by student and institution

• Award is determined after you are awarded any federal Pell Grant, Cal Grant and institutional need-based grants for which you are eligible.

• Final award amount will be based on the number of students eligible for the MCS statewide and the funding allocated by the State Budget.

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Types of Aid: Scholarships

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UC Merit-Based: Regents Scholarship

Private Agencies: Banks, Parent’s Employment, City

Scholarship Search Engines:Collegeboard.orgCollegenet .comFastweb.comFinaid.orgCollegetoolkit.com

Types of Aid: Grants

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• Federal Grants

-Pell Grant (maximum of $5,730 for 2014-15)

-SEOG (Supplemental Educational Opportunity Grant)

• State Grant

-Cal Grant ($12,192 for 2014-15)

• Institutional Grant

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Types of Aid: Cal Grants

•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, family income and assets below the state ceilings, who demonstrate financial need

•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, whose family income and assets are below the state ceilings, and who demonstrate financial need

•Cal Grant C Awards - for students from low income families pursuing vocational programs of study

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To be eligible for a Cal Grant, the student must:

• Be a U.S. citizen or eligible noncitizen (or meet AB540 criteria)

• Be a California resident when you graduate from high school (or meet AB540 criteria)

• Attend an accredited California college or university at least half-time in 2014-15

Eligibility for Cal Grants

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2014-15 Cal Grant Income and Asset Ceilings

Types of Aid: Loans and Work

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Loans:

• Require repayment

• Offered to most students

• Offset by scholarships

Work Study:

• Provides opportunity for employment while enrolled

• Work study not required to work on campus

Stafford loans:

Federal Direct Loan Program

Subsidized Interest Rate 4.66% for 2014-15

Unsubsidized Interest Rate 4.66% for 2014-15

Types of Aid: Federal Loans

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Annual Limits Subsidized

Dependent Students

Independent Students

Dependent Students

Independent Students

Freshman $3,500 $2,000 $6,000 $5,500 $9,500

Sophomore $4,500 $2,000 $6,000 $6,500 $10,500

Junior/Senior $5,500 $2,000 $7,000 $7,500 $12,500

Additional Unsub* Combined Sub & Unsub

* In addition to any unused subsidized eligibility.

Types of Financial Aid Applications

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•FAFSA*•Cal Grant GPA Verification Form•Other applications\forms as required by

the college, such as:

-CSS/Financial Aid PROFILE-Institutional Scholarship and/or Financial

Aid Application-2013 federal tax information or other income

documentation.

*If you meet AB540 criteria and you are not eligible tofile a FAFSA, complete a California Dream Application instead:www.csac.ca.gov/dream_act.asp

Getting Ready to Complete the FAFSA

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• Before starting the FAFSA, gather: Student driver’s license

Student Alien Registration Card

Student and Parent

• Social Security cards• 2013 W-2 Forms and records of money earned and other• taxable benefits• 2013 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.

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FAFSA on the Web Worksheet

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Federal PIN

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• 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.

Apply for student and parent PINs at:

www.pin.ed.gov

Determination of Student Dependency Status

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Parent Information

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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)

• If your parents are unmarried but living together you are required to provide both parents on your application

1) Enter your PIN* and click Link To IRS.

*(You will not be asked to enter your PIN if you entered a PIN to begin your FAFSA)

2) Your FAFSA will be saved and you will be transferred to the IRS Web site.

3) On the IRS Web site, enter the requested information.

4) Once the IRS has validated your identification, your IRS tax information will display. You can either transfer your information from the IRS, or choose to return to FAFSA on the Web from the IRS Web site.

5) If you transfer your IRS tax information, questions that are populated with tax information will be marked with “Transferred from the IRS.”

Using the IRS Data Retrieval Tool (DRT)

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Parent Cash, Savings, and Checking

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• Some parents may be asked to report the current balances of their cash, savings, and checking accounts as of the day they complete the FAFSA.

• They may also be asked to provide information about the net value of their investments such as real estate, rental property, money market and mutual funds, stocks, bonds and other securities.

• In addition, they may be asked questions about the net value of their businesses and investment farms.

• They should not include the home in which they live, the value of life insurance and retirement plans, or the value of a family-owned and controlled small business.

Impact of Section 529 Plans

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College Savings Plans are more flexible, but with no lock on tuition rates and do not offer a guarantee. Investments are subject to market conditions, and the savings may not be sufficient to cover all college costs. However, with this added risk comes to opportunity for potentially earning greater returns.

• Reported on the FAFSA as an asset of the account owner, which is typically the parent.

• Treated as an asset of the account owner, and so have a low impact on financial aid eligibility.

• Distributions have no impact on financial aid eligibility.

Student Aid Report (SAR)

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•After the student completes the FAFSA on the Web, a SAR will be sent to the student.

•An electronic SAR Acknowledgment will be sent if student provides an email address.•A paper SAR will be mailed if no student e-mail address is provided.

•An electronic copy of the data will be sent to each college or university listed by the student in Section 1.

•Keep a copy of the SAR with other financial aid documents.

Special Circumstances

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• Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as:

• Loss or reduction in parent or student income or assets• Death or serious illness• Natural disasters affecting parent income or assets such

as the recent California wild fires, floods, or mudslides

• Unusual medical or dental expenses not covered by insurance

• Reduction in child support, Social Security benefits or other untaxed benefit

• Financial responsibility for elderly grandparents• Any other unusual circumstances that affect a family’s

ability to contribute to higher education

California Student Aid Commission (CSAC):

www.csac.ca.gov

Cal Grant Information

1-888-224-7268

Helpful Resources

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Federal Pin for Electronic FAFSA: www.pin.ed.gov

Electronic FAFSA :

www.fafsa.gov

General Questions to U.S. Dept. of Ed. and FAFSA Processing

Issues:

1-800-433-3243

www.ed.gov