Financial Aid NightFinancial Aid Night

2016-20172016-2017

Agenda• PURPOSE: To give a brief overview of the

financial aid process

• Types and sources of financial aid

• AB540 and the Dream Act

• How to complete the Free Application for Federal Student Aid (FAFSA)

• Next Steps: What happens after you submit the FAFSA

• Resources and CASH for College

What is Financial Aid? A way to pay for a college education

Government (federal & state) support for college attendance

Institutional (college) support for college attendance

Private (business, community, etc.) support for college attendance

Cost of Attendance – Expected Family Contribution = Financial Need

Cost of Attendance (COA)

Note: Costs vary from institution to institution

Standard Costs Optional Costs

Tuition and fees Student loan fees

Room and board Study-abroad

Books and Supplies Disability-related services

TransportationEmployment expenses for co-op study

Miscellaneous personal expenses

Child or dependent care

Expected Family Contribution (EFC)

• Amount a family can reasonably be expected to contribute

• Stays the same regardless of college

• Two components– Parent contribution– Student contribution

• Calculated using data from a federal application form and a federal formula

Types of financial aid

Grants - Money that does not have to be paid back. Based on financial need.

Work-study or student employment programs - federal and college.

Loans - Borrowed money that you must pay back, usually with interest.

Scholarships - Free money, usually based on a student’s area of study or merit.

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Type Where can you use it?

Requirements What does it pay for?

Cal Grant

A 4-year college 3.0 GPA, low to middle income

Tuition and Fees for:

•CSU ($5,472)•UC ($12,240)•Private Colleges ($9,084)

Cal Grant

BCertificate, 2-year or 4-year college

2.0 GPA, low income

• $1,656 for the 1st year• Tuition/Fees plus

$1,656 in 2nd, 3rd, and 4th years

Cal Grant

CEnroll in vocational of study. Associates and Certificates programs only

No required GPA

• Used for school expenses including tuition and fees

• $547 to $2,462

Cal Grants

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Other Grants Federal Pell Grant

Up to $5,730 per year Federal Supplemental Educational Opportunity

Grant Up to $4,000 a year

Federal TEACH Grant Up to $4,000 a year

CHAFEE Grant Provides up to $5,000 annually to current and

former foster youth

Program Award Amount Notes

Work Study Varies by school On and off-campus employment

Perkins LoanUp to $5500 (UG)/ $8000 (Grad)

5% fixed rate student loan

Subsidized Direct Loan

Up to $3500 (undergrad level)

Temporary elimination of interest subsidy during grace period

Unsubsidized Direct Loan

Up to $2000 (undergrad level)

Interest begins accruing immediately

Loans and Work Study

Scholarships• University-based scholarships and

grants

• Private scholarship searches– www.finaid.org– www.collegeboard.org

• Local Scholarships– Outside Scholarship List (updated regularly)– Local Scholarship Booklet – available 2/1– www.rosevilletigers.org - Click “Academics”

then “Career Center”

It all starts with the…

Free Application for Federal Student Aid

(FAFSA)

www.fafsa.gov

Dream Act Application

dream.csac.ca.gov

Attended a California high school for 3 or more full academic years

Will graduate from a California high school (or attain a GED)

Do not have a Social Security Number or does have a DACA Social Security Number

Do not hold a valid non-immigrant visa

AB 540 Students – CA Dream Act

• Students may be eligible for in-state tuition/fee costs

• Check with colleges and universities about CA Dream Act institutional financial aid and private scholarships

• Apply for all other private scholarships for which the student may be eligible

For more information and a list of scholarships, go to

www.latinocollegedollars.org

www.finaid.org/otheraid/undocumented.html

www.CalDreamAct.org 16

This is the student’s application and responsibility

Parent information is usually required

Apply between January 1st and March 2nd of the senior year

Renew every year

The FAFSA and Dream Act applications help determine ability to pay for college

FAFSA Information & TipsFAFSA Information & Tips

• File early, but no later than March 2, 2016

• Use estimated 2015 income information if taxes are not complete at time of FAFSA submission

• Student and at least one parent whose information is reported must complete and sign the FAFSA with a FSA ID

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FSA IDFSA ID

• FSA ID (Federal Student Aid Identification) Number serves as the electronic signature on financial aid documents

• Both student and one parent need FSA ID 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

• FSA ID can be used immediately to submit FAFSA

Apply for student and parent FSA ID

at:

www.fsaid.ed.gov

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• Before starting the FAFSA, gather:o Student driver’s license or Alien Registration Cardo Student and Parent

Social Security cards

2015 W-2 Forms and records of money earned and other taxable benefits

2015 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

Getting ReadyGetting Ready

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Section 1Section 1 – Student Demographics

Section 2Section 2 – School Selection

Section 3Section 3 – Dependency Status

Section 4Section 4 – Parental Information

Section 5 Section 5 – Student Income and Assets

Section 6 Section 6 – Signatures and Certification

Section 7 Section 7 – Confirmation21

FAFSA FAFSA (www.fafsa.gov) (www.fafsa.gov)

Section 1Section 1

STUDENT DEMOGRAPHICSSTUDENT DEMOGRAPHICS

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Section 1 - Selective Service Section 1 - Selective Service RegistrationRegistration

• Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid

• Answer “Register me” only if you are male, aged 18-25, and have not yet registered.

• The student may also register by going to:

www.sss.gov

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Section 2Section 2

SCHOOL SELECTIONSCHOOL SELECTION

Section 2 - School Section 2 - School SelectionSelection

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• FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information

• The student should list the California school he/she is most likely to attend FIRST

• If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone using the FSA ID

Section 2 - School SelectionSection 2 - School Selection

•The student will be asked to select the housing plan that best describes the type of housing the student expects to have while attending each listed school

•The choices for housing are: On Campus, With Parent, or Off Campus

•The student’s choice of housing may affect the amount of financial aid for which he/she is eligible. It is usually more expensive to live on or off campus than with parents or relatives

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Section 3Section 3

STUDENT DEPENDENCY STUDENT DEPENDENCY STATUSSTATUS

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Who Is Considered “Independent?”

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• Homeless, Unaccompanied Youth• Emancipated minors• Foster youth• Legal guardianship

If any of the above apply to you, please work closely with your counselor

Section 4Section 4

PARENTAL INFORMATION PARENTAL INFORMATION FOR DEPENDENT STUDENTSFOR DEPENDENT STUDENTS

Whose info goes on a FAFSA/Whose info goes on a FAFSA/CA Dream Act application?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 INFORelationship 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.

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Section 5Section 5

STUDENT INCOME AND STUDENT INCOME AND ASSETSASSETS

* Consult a tax professional to determine if your student is required to file a tax return

Special CircumstancesSpecial Circumstances• 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 wind storms, 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, or

– Any other unusual circumstances that affect a family’s ability to contribute to higher education

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Application Filing Application Filing TipsTips

•Check the FAFSA for accuracy prior to submission

•Save all work periodically

•Sign the application using student’s FSA ID and one custodial parent’s FSA ID

•Print a copy of the FAFSA before submitting it

•Keep a copy of the Submission Confirmation Page

•Check each college’s financial aid website for other required applications (e.g., CSS Profile)

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What Happens Next? What Happens Next? Students and the colleges the student listed will receive a

Student Aid Report (SAR) 3 to 5 days via email

Students who complete FAFSA and Cal Grant GPA Verification will receive a California Aid Report (CAR)

Students and families should review SAR and CAR for important information and accuracy of data – Update and correct

Track your Cal Grants at www.webgrants4students.org

Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms

through web portals (check these OFTEN!!!)

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If You Need Help at Any If You Need Help at Any TimeTime

• FAFSA on the Web – Live Help

• 1-800-4-FED-AID or 1-800-433-3243

• Website: www.fafsa.ed.gov

• Email: FederalStudentAidCustomerService@ed.gov

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FREE CASH FOR COLLEGEFREE CASH FOR COLLEGE

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Cash for College Workshop

January 25 – Patti Baker Theater6:00pm to 8:00pm

• Get help with the FAFSA, Dream Act, and Cal Grant applications

Students who attend and submit their FAFSA may be eligible for one of SIX $250

scholarships

Questions and Questions and AnswersAnswers

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