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Financing Your College Education
Presented byKaty FitzgeraldMission College Financial AidFoster Youth [email protected]
Types of Financial Aid Sources
Federal governmentState agency/governmentColleges and universitiesPrivate agencies, companies, foundations and
parents’ employers
Types of Financial Aid Categories
Gift Aid
Grants: free money!
Scholarships: free money!
Self-help Aid
Work-study: part time job
Loans: must be repaid
COLLEGE
Financial Aid is any money given, paid or loaned to help pay for education.
Types of Financial Aid – Federal
● Federal Pell Grant ♦ up to $5,730 a year
● Federal Supplemental Educational Opportunity Grant ♦ up to $4,000 a year
● Federal Work Study♦ up to $4,000 a year
● Federal Direct Loan♦ up to $4,500 sub; up to $6,000 unsub
Types of Financial Aid – State Aid Cal Grants:Cal Grant A Entitlement Awards (fees and tuition)
♦ CSU: $5,472♦ UC: $12,192♦ Private college: $9,084
Cal Grant B Entitlement Awards (+living allowance)♦ $1,648 first year; $1,648 + [up to] $12,192 2nd yr+ CC=$1,648
Cal Grant A & B Transfer Entitlement (CCC to 4-yr.) up to $12,192Cal Grant C Awards (career technical programs)
♦ Up to $2,462 CC=$547
Cal Grant Competitive Awards♦ Cal A = Minimum 3.0 GPA; Cal B = Minimum 2.0 GPA
Types of Financial Aid – State Aid Middle Class Scholarship
New for 2014-15For new, continuing and transfer undergraduates Attend/plan to attend a UC or CSU campusBe a U.S. citizen, permanent resident or AB540
statusMaintain 2.0 GPAFamily incomes up to $150, 000
Apply as of 1/1/2014 by either completing the FAFSA or Cal Dream Act Application
New: Middle Class ScholarshipFor the 14/15, 15/16, and 16/17 school years the
MCS amount is reduced2014-15 CSU maximum is approximately $766 and for
the UC $1,700When fully implemented in 2017-18 the maximum
award will be 40% of systemwide tuition fees at a UC or CSU
Types of Financial Aid – Gift Aid Fee & Tuition Waivers Community College - Board of Governor’s Fee Waiver (BOG)
♦ Waives enrollment fees, FAFSA may be required♦ www.icanaffordcollege.com
CSU State University Grant (SUG)♦ Amounts vary, FAFSA is required♦ www.calstate.edu or csumentor.edu
UC Grant Blue & Gold Plan♦ Amounts and application process vary♦ www.universityofcalifornia.edu
Independent College Grants♦ Amounts and application process vary♦ www.aiccu.edu or www.aiccumentor.org
Types of Financial Aid – Self-Help
Federal Work StudyCampus-based aidMust be earned through work
♦ Job may be on or off campus (~18 hrs./wk)Undergraduate and graduate studentsNo annual maximum (~$2,000 - $4,000)
♦ Funding levels vary at each institutionNeed-based
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Types of Financial Aid – Self-Help
Loans:Federal Perkins Loan
♦ School serves as lender
William D. Ford Federal Direct Loan Program ♦ Money comes from U.S. Dept. of Education
♦ Subsidized and Unsubsidized♦ PLUS: Parent Loan for Undergraduate Student
Private Loans (also known as ‘alternative’ loans)♦ Money comes from lending institutions (banks)
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Financial Aid for Specific Populations● Middle Class Scholarship, new for 2014-15: www.csac.ca.gov● Foster Youth: Chafee Grant ~ up to $5000 www.chafee.csac.ca.gov● Athletes: www.ncaaclearinghouse.net● Students with dependents: EOP&S/CARE and CalWORKs● Students with disabilities: www.heath.gwu.edu ● Military and their dependents: www.gibill.va.gov ● AB540 Students: California Dream Act www.caldreamact.org● Early Childhood Education/Child Development: www.csac.ca.gov● Teachers: Cal Grant A & B Extended Benefits: www.calgrants.org in addition to grants, Loan Forgiveness: www.teachforamerica.org● Health Occupations-Scholarships & Loan Repayment:
www.healthprofessions.ca.gov
ScholarshipsAPPLY! . . . APPLY! . . . APPLY!
Provider decides awarding criteria Award may be merit or need-based or both
Scholarship Tips:1. Create a Resume2. Get active in the community:
♦ Clubs♦ Community Service
3. Document your community service4. Preview – Write – Review your essays5. Finish the application and turn it in on time
There is a lot of money available that goes unclaimed!!
General Eligibility CriteriaStatus U.S citizen, permanent resident or meet AB540 criteria Valid Social Security number (Parents do not need a SS#)
For CalDreamAct, no SS# is required for student or parent (ITIN okay) Males between ages 18-25 registered for Selective Service Received HS Diploma or equivalent: GED, CHSPE, Homeschooled
Enrollment BOG Fee Waiver & Pell Grant will pay as low as ½ unit FSEOG, FWS, DL, Cal Grants & Chafee require at least halftime status EOP/EOP&S requires full time status (with exceptions) Must be enrolled in an eligible program of study
Satisfactory Academic Progress Must complete 2/3 of units attempted cumulatively Must maintain a 2.0 ‘C’ GPA
Application Process Applying for Aid
When applying to an institution, a student should ask the following:
What forms does the institution require? In addition to the FAFSA, does the school require
the completion of an institutional form? For example, CSS Profile
What are the filing deadlines for each form? What type of deadline?
FAFSA on the Web’s Homepagewww.fafsa.gov
California Dream Act www.caldreamact.org
Information for Students & Parents www.studentaid.ed.gov
CSS Financial Aid PROFILE
Registration Guide No paper
registration form On-demand
webinar
3 step process
$25 initial application & one college report
$16/add’l college
https://profileonline.collegeboard.com
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Application Process CSS Financial Aid PROFILE (cont.)
Not used for awarding federal financial aid
May be filed earlier than the FAFSA – typically October of the Senior year
Not all schools require (CA Public Colleges don’t use)
Assistance is availableE-mail: [email protected]
https://www.profileonline.collegeboard.com/
Timeline of Financial Aid Application Forms
CSS/ Financial Aid Profile As early as October 1st of the senior year
Free Application for Federal Student Aid
. . . FAFSA on the Web (FOTW) Beginning January 1st of the senior year
Cal Grant GPA Verification Form By March 2nd of the senior year
Calculating Financial Aid Eligibility Basic Equation of Need (Eligibility)
Cost of Attendance (COA)- Expected Family Contribution (EFC)
=Eligibility for Need-based Aid
Calculating Financial Aid Eligibility Cost of Attendance / Allowances
Standard Allowable Costs:
Tuition and fees: $ 1,358
Room and board: $ 4,599
Books and supplies: $ 1,746
Transportation: $ 1,134
Misc. personal: $ 3,132
Total standard allowance: $11,969
(based on 14-15 ‘at home’ COA)
Additional Allowable Costs:
Dependent care
Study-abroad
Disability-related
Employment expenses for
co-op study
Student loan fees
Calculating Financial Aid Eligibility Expected Family Contribution (EFC) What Is It? Need analysis is the formula used in determining
a family’s EFC EFC is the measure of a family’s financial
strength
In the calculation of Expected Family Contribution generated from the FAFSA:
♦ Number in household size♦ Adjusted gross income♦ Number of dependents in college♦ Age of the older parent (dependent students)♦ Assets other than the family home
Special Circumstances Adjustments may be made to information on a
case-by-case basis
Special circumstances may include changes to Dependency status Income and assets Child support Number in household or college Private elementary/secondary tuition Medical or dental expenses (not covered by
insurance)
Cost of Attendance*
w/parents off campus on campus
Comm. Coll.(CC) $11,969 $18,746 n/a
Cal.State Univ.(CSU) $16,606 $23,714 $25,020
Univ. of Cal. (UC) $25,671 $30,183 $34,356
Private (SCU,USC) $54,423 $61,200 $61,638
*Costs may not be actual
Actual Tuition & Fees*Per Year
Comm. Coll.(CC) $ 1,104 (Mission College)
Cal.State Univ.(CSU) $ 5,472 (San Jose State)
Univ. of Cal. (UC) $11,220 (Berkeley)
Private $43,812 (Santa Clara)
*Subject to change at any time
Sample Financial Aid Package Community College
Half-time EnrollmentPell Grant
$2865SEOG $ 500Cal Grant B $ 824Work Study $2000Loan $3500
Full-time enrollmentPell Grant $5730SEOG $ 500Cal Grant B $1648EOPS $ 500Work Study $2000Scholarship $2000Loan $3500
+BOGW for Enrollment Fees ($1104.00 / 12 units)
Quick Tips & What’s Next? You must apply/re-apply for financial aid every year
Review your application results for questions, assumptions, any action required
Check student portal for additional documents requested Missing documents or clarification needed
Universities will start packaging late in March, early April Compare award offers
Community Colleges typically package over summer monthsCheck Cal Grant status at www.csac.ca.gov
Click on “WebGrants for Students”Apply for scholarships: colleges, community organizations, etc.Parents: File taxes early; use IRS Link on FAFSA
Delay of filing taxes can jeopardize best award offer Estimate income, submit early, correct after taxes final
Questions??Thank you!
