Financial Aid Night 2016-17

Presenter: Luanne Canestro

Financial Aid Office

San Mateo County Community College District

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Agenda

• Types of Applications

• Calculating Eligibility

• Types of Financial Aid

• Awarding

• FAFSA/FOTW

• Special Circumstances

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Types of Applications

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• FAFSA/FOTW (Free Application for Federal Student Aid) / FAFSA on the Web)

www.fafsa.gov

• Standard Priority Deadline: Between Jan 1 and March 2 of senior year

o Some schools may have an earlier deadline

o Available January 1 of senior year (at 12:01 AM)

• CSS/Financial Aid Profile

o Due as early as October 1 of the senior year

o Not required by all schools

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Types of Applications

Types of Applications (con’t)

• Dream Act Application- www.caldreamact.org

• GPA Verification- submitted by the high school, unless you opt out

• Apply early January for fall 2016, but no later than the March 2 deadline!

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http://www.caldreamact.org/

FAFSA Application Cycle and

PPY

Starting 2017-2018 • FAFSA available October 1st (2016)

• FAFSA will use “prior-prior-year”

(PPY) income data

• 2017-2018 FAFSA will use 2015

tax year information

© 2015 CASFAA

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FAFSA on the Web (FOTW)

• Collects family income, assets, number in college

• Built-in edits prevent costly errors and delays

• Smart logic allows student and/or parent to avoid unnecessary questions

• Transfer data using the Internal Revenue Service (IRS) data retrieval

tool

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FAFSA on the Web (FOTW)

Additional benefits:

• Available anytime/anywhere

• Easier corrections & updates

• Comprehensive instructions and “help” for common questions

• Simplified renewal application

• For Federal & State Aid Determination

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• Individual colleges ask for information including home equity, income and assets from non-custodial parents, etc.

• Not used for awarding federal financial aid- only aid from the colleges/universities

• Not all schools require

• Cost - $25 for app & one college, $16 for additional colleges

• Online Registration only-

https://profileonline.collegeboard.org

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CSS Profile

• High school diploma, GED, or Proficiency test

• U.S. citizen or eligible non-citizen

• Valid Social Security number

• Enroll in an eligible degree or certificate program

• Register with Selective Service (males only)

• Sign a statement of educational purpose

Initial Student Eligibility

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• Not be in default or owe an overpayment on a grant

• Maintain Satisfactory Academic Progress (SAP)

• No drug convictions based on Department of Education

standards

Maintaining Student Eligibility

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Who is the California Dream Act

Application for?

• Students who meet the requirements of AB540:

• Attend a California high school for at least three years

• Graduate from a California high school or the equivalent (GED or CHSPE)

• Attend a qualifying California college or university, and

• If applicable, complete an affidavit to legalize immigration status as soon as student is eligible

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www.caldreamact.org

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Calculating Financial Aid

Eligibility

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What is Financial Aid?

Funds provided to students to help pay for

postsecondary education expenses.

Financial aid includes

•Grants

•Scholarship

•Work study

• Loans

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Cost of Attendance (COA)

Note: Costs vary from institution to institution (and

year to year).

Standard Costs Optional Costs

Tuition and fees Student loan fees

Room and board Study-abroad

Books and Supplies Disability-related services

Transportation Employment expenses for co-op

study

Miscellaneous personal

expenses Child or dependent care

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• EFC is the measure of a family’s financial strength

• EFC is used to determine the student and parent ability to contribute towards the student’s

cost of education

• Need analysis is the consistent formula used in determining

a family’s EFC

Expected Family Contribution (EFC)

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EFC Calculators

www.finaid.org

Click on Calculators

Click on Expected Family Contribution and

Financial Aid Calculator

www.FAFSA4caster.ed.gov

www.Collegeboard.com

Under “For Students”

Click on Pay for College

Click on Financial Aid Easy Planner

http://fafsa4caster.ed.gov/http://apps.collegeboard.com/fincalc/ep/step3-1.jsphttp://apps.collegeboard.com/fincalc/ep/step3-1.jsp

Calculating Need Based Eligibility

Cost of Attendance (COA)

Expected Family Contribution (EFC)

Eligibility for Need-Based Aid

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Private 4-year

COA $49,000

- EFC $5,000

= Need $44,000

Public 4-year

COA $26,000

- EFC $ 5,000

= Need $21,000

Public 2-year

COA $17,000

- EFC $5,000

= Need $12,000

Need and Eligibility Depend on Cost

Types of Financial Aid

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Program Award Amount Notes

Pell Grant Up to $5775* Lifetime Eligibility 600% (max)

FSEOG (grant) $100 to $4,000 Priority to Pell eligible students

TEACH Grant Up to $3728* Requires service contract otherwise

converts to unsubsidized loan

Iraq & Afghanistan

Service Grant Up to $5382*

equal to Pell Grant – not to exceed the

COA

Work Study Varies by school On and off-campus employment

Subsidized Direct

Loan

$3500- $5500

(undergrad level)

Interest subsidy during periods of

enrollment of at least ½ time (150% max eligibility)

Calculating Eligibility Need-Based Aid—2015-2016 Federal Programs

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California Programs Award Amount

Cal Grant A and B (new student

tuition/fees)

Up to $12,240 (Public); $9084

(Independents); $4,000 (For Profit)

Cal Grant B Access Award $1,656 (at all schools); additional $600

at CC’s for attending FT

Cal Grant C Up to $2,462 (non CCC) $547 (at CCC)

Chafee Grant- For Foster Youth Up to $5000

UC Student Aid $100 or more

State University Grant Covers full system-wide fees

Child Development Grant $1,000 (CCC) or $2000 (4 yr)

Law Enforcement & Personnel

Dependents Grant Up to $13,665 (for up to four years)

CCC Board of Governors Fee Waiver Covers all Enrollment Fees

Calculating Eligibility Need-Based Aid-2015-2016 California Programs

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Basic Cal Grant Eligibility Federal Requirements Additional Cal Grant Requirements

*U.S. citizen or eligible non-citizen *California Resident

Meet Selective Service requirements

Attend an eligible California school

*Have a Social Security number Be enrolled at least half-time

Maintain Satisfactory Academic Progress

High School GPA required (Entitlement)

Not owe a grant repayment or be in default on a student loan

Not be incarcerated

Not have earned a BA/BS degree

* These requirements are supplanted by other eligibility criteria for AB

540 students

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Middle Class Scholarship

New program beginning in the 2014-15 academic year. http://www.csac.ca.gov/pubs/forms/grnt_frm/middle_class_scholarship_faqs.pdf

• Must be a CA resident attending a UC or CSU; US Citizen, permanent resident or have AB540 status.

• If family earns up to $100,000 per year, may be eligible for a scholarship of up to 40% of the system tuition & fees.

• If family earns between $100,001 & $150,000 per year, may be eligible for a reduced scholarship of no less than 10% of system tuition & fees.

• Not set amounts & may vary by student & institution. The award it determined after Pell, Cal Grant & institutional need-based grants

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http://www.csac.ca.gov/pubs/forms/grnt_frm/middle_class_scholarship_faqs.pdf

Non-need based aid

• Unsubsidized Direct Loan o Borrower amount based on grade level

o Fixed interest rate based on 10 yr T-Bill- currently

4.29%

o Interest accrues while student is enrolled- can be paid

while in school or added at repayment

o Principal payment deferred until 6 mos after

graduating

• Private Loans- credit based, interest varies

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Non-need based aid

Federal Parent PLUS Loan

• Parent borrows for the dependent undergraduate

• Approval subject to credit check- no adverse credit history

• Loan limits: COA less other aid

• Interest rate is fixed-currently 6.84%; fees up to 4%

• Repayment may begin while the student is in school or can be deferred until after graduation. Student must maintain

half time enrollment to remain eligible for the deferment.

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Scholarships

• Apply (investigate) early

• Create a portfolio

• No time to be modest

• Personal statements . . . you’re only one person

• Letters of recommendation- 2 to 3

*make sure they like you

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Outside Scholarships

• Don’t pay money to get money in searching for scholarships or applying for financial aid!

• Use Your College Center or other free sources for info.

• Four-year planning - are the scholarships renewable?

• Ask the colleges how they use them - Does the

scholarship go “on top” of the package, or replace the

college’s own scholarships?

• Students should start with-

www.scholarshipexperts.com and www.finaid.org

Awarding

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Net-Cost

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Awarding & Packaging

• Award letters may vary in composition

o Listing of awards and amounts

oCOA, EFC, need and unmet need

o Period of enrollment covered

• Response may or may not be required

• Expect them between March and April

• Compare offers

CHECK EMAIL…OFTEN!!

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Sample Award Offer

Total Cost of Attendance $33,600

- Expected Family Contribution $0

Financial Need $33,600

Federal Pell Grant $5,775

Cal Grant A $13,896

Outside Scholarship $1,000

Federal Work- Study $3,000

Federal Subsidized Stafford Loan $3,500

Federal Unsubsidized Stafford Loan $2,000

$29,171

Unmet Need $4,429

*Federal Parent Plus Loan $4,429

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Sample Award Offer

Total Cost of Attendance $33,600

- Expected Family Contribution $6,000

Financial Need $27,600

Federal Pell Grant $0

Cal Grant A $0

Outside Scholarship $5,000

Federal Work- Study $3,000

Federal Subsidized Stafford Loan $3,500

Federal Unsubsidized Stafford Loan $2,000

$13,500

Unmet Need $20,100

*Federal Parent Plus Loan $20,100

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College Scorecard &

Net Price Calculator

© 2014 CASFAA

collegecost.ed.gov

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Shopping Sheet • Standardized, clear, and concise

format for personalized financial

aid offers

• Better understanding of the costs of college before making a final

decision on where to enroll

• Identifies the types and amounts of aid qualified for and allows for

easy comparison of aid packages

• Consumer comparison tool

• Transparently and consistently providing information to students

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Packaging at Most Private Institutions

• Subtract EFC (from FAFSA or Profile) from COA

• Use all state/federal funds possible to meet need

• “Leverage” gift aid/self-help institutional funds based

on desired characteristics

• MAY “gap” or apply Parent PLUS Loan to meet need

• MAY offer merit scholarships for academics,

leadership, athletics, talent, etc.

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WICHE- WUE • Students who are residents of WICHE states are eligible

to request a reduced tuition rate of 150% of resident

tuition at participating two- and four-year college

programs outside of their home state.

• The WUE reduced tuition rate is not automatically

awarded to all eligible candidates. Many institutions limit

the number of new WUE awards each academic year, so

apply early!

• WICHE states include: Alaska, Arizona, California,

Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico,

North Dakota, Oregon, South Dakota, Utah, Washington,

Wyoming.

http://www.wiche.edu/wue

FAFSA/ FOTW

(Free Application for Federal Student Aid)

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FAFSA on the Web (FOTW)

Start here for:

• Initial FAFSA

• Corrections

• Signatures / FSA ID

• Continuing a saved FAFSA

• Renewal FAFSA

www.fafsa.gov

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FAFSA on the Web (FOTW)

Contact Us

• Live Help (Chat) (Mon-Fri 5am-7pm)

• (800) 433-3243 (1-800 4FedAid)

• FederalStudentAidCustomerService@ed.gov

© 2015 CASFAA

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FOTW help at StudentAid.gov

© 2015 CASFAA

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FSA ID replaces FSA PIN!

What this means: Where to use an FSA ID:

• Improved security

• User-selected username & password

• Eliminates need to supply SSN and date of birth for login

• Each FSA ID must have a unique email address!

• FAFSA on the Web

• My Federal Student Aid (studentaid.gov/login)

• NSLDS

• StudentLoans.gov

• TEACH Grant website

© 2015 CASFAA

fsaid.ed.gov

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Whose info goes on a FAFSA?

© 2015 CASFAA

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Whose info goes on a FAFSA/

CA Dream Act application? THE FAFSA & CA DREAM ACT APPLICATIONS NOW USE RELATIONSHIP OF PARENT TO STUDENT, VS. LEGAL RELATIONSHIP BETWEEN PARENTS FOR BASIS OF COLLECTING INFO Relationship of Student to Parent Includes both parents’

incomes on the app? Only includes one parent’s income on the app?

Parents married, living together YES NO

Parents not married, living together YES NO

Parent is widowed, not remarried NO YES

Parents are divorced or separated, not living together

NO YES (include the parent the student lived with most during the last 12 months. If equal time, include the income from the parent who provided most of the student’s financial support during the last 12 months)

Parent and step-parent, living together YES NO

Legal guardians* NO NO

Foster Parents* NO NO

Grandparents, brothers, sisters, uncles, or aunts* NO NO

“Parent” means biological/adoptive parent – gender of biological or adoptive parents is not relevant.

*Students living with legal guardians, foster parents, or relatives are usually considered to be independent students.

© 2013 CASFAA

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Responses on the FAFSA

Never Married

Unmarried and both parents living together

Married or Remarried

Divorced or Separated

Widowed

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Divorced or Separated Parents

• Provide information for the parent(s) with whom the student lived with most during the 12 months

prior to filing the FAFSA

• If the student spent equal time with both parents, use the information for the parent who provided

the greatest amount of financial support for the

student in the prior 12 months

• If both parents are still living together, use information for both parents on FAFSA

© 2015 CASFAA

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Remarried Parent

Provide information about the custodial parent

and stepparent regardless of:

• Agreement of “nonsupport”

• Prenuptial agreement

• Divorce decree designating tax filing exemptions

Note: A parent claiming the student on his or her tax return

need not be the parent required to provide data on the FAFSA

Note: Children of parent and stepparent should be included on

the FAFSA (if they provided more than half of their support)

© 2015 CASFAA

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Special Circumstances

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Special Circumstances- examples

• Change in employment status

o Dislocated workers/Loss of employment

• Change in parent marital status

• Medical expenses not covered by insurance

o Elder care expenses

• Unusual dependent care expenses

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Special Circumstances

• Cannot be reported on the FAFSA

• Contact the financial aid office for procedures. Procedures vary

• School’s decision is final and cannot be appealed to the

Department of Education

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The Financial Aid Office has authority to

make a dependent student independent if

unusual circumstances exist:

• An abusive family environment

• Abandonment by parents

• Inability to locate parents

Professional Judgment and

Dependency Status

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Not considered “unusual circumstances”

• Parents refuse contribution towards education

• Parents unwilling to provide information on the application or for verification

• Parents not claiming the student as a dependent for income tax purposes

• Student demonstrating total self-sufficiency

Professional Judgment and

Dependency Status

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• Does the institution offer merit-based scholarships?

• What forms do the institution require?

• What are the filing deadlines for each form required?

• What are the deadlines for applying for financial

aid and/or special scholarships?

• How does the college apply outside scholarships?

Questions to Ask Colleges

Questions Luanne Canestro

canestrol@smccd.edu

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