Welcome!Financial Aid & Scholarships

Vonda Garcia, Director

• Cost of Attending College• How to Apply for Financial Aid• Types of Aid Available

AGENDA

We will review:

Community Colleges $11,445 - $17,889 CSUs $17,139 - $24,299 UCs $23,600 - $31,700 Private Schools $42,451 - $50,470

www.californiacolleges.edu

Cost of Attendance may be found on every school’s website.

ESTIMATED COLLEGE COSTS

WHAT IS THE COST OF ATTENDANCE?

WITH PARENT ON-CAMPUS OFF-CAMPUS

Tuition & Fees $6,800 $6,800 $6,800

Books & Supplies $1,665 $1,665 $1,665

Food & Housing $4,407 $11,708 $10,962

Transportation $1,170 $893 $1,316

Misc/Personal $3,105 $2,521 $2,844

Loan Fee $75 $75 $75

Total $17,222 $23,662 $23,662

CSU SAN MARCOS ESTIMATED COST OF ATTENDANCE (COA)

Assumes California Resident Enrolled Full-Time

Based on 2012-13 Figures

HOW DO I APPLY ?

•US Citizen

•Eligible Non-Citizen

Complete the FAFSA

• Not US Citizen AND•Not Eligible Non-Citizen

Complete the DREAM Application

Complete a FAFSA each Academic Year!

FAFSA• Free • Application for • Federal• Student• Aid

FAFSA website and FAFSA Worksheets

– Available in English and Spanish

www.fafsa.gov

HOW DO I APPLY ?

STUDENT FINANCIAL AID PERSONAL IDENTIFICATION NUMBER (PIN)

• Student and Parent must sign FAFSA

• Request PIN

• PIN remains the same for student and parent all through college years

Web site: www.pin.ed.gov

• Student driver’s license • Student and Parent:

oSocial Security cardso 2012 W-2 Forms and other

records of money earnedo 2012 federal income tax form

(even if not completed)oRecords of 2012 untaxed income

Current bank statementsoBusiness, farm and other real

estate recordso Records of stocks, bonds and

other investments

GETTING READY

If delayed in filing federal tax return,

file FAFSA with ‘estimated’ income

to meet priority filing date of March 4, 2013.

IMPORTANT TAX INFORMATION!

FAFSA: IRS DATA RETRIEVAL

For 2012, have your parents completed their IRS income tax return or another return?For 2012, have your parents completed their IRS income tax return or another return?

FAFSA: IRS DATA RETRIEVAL

Data for students:

• Tax filing status

• Adjusted gross income (AGI) for 2012

• Earnings (wages, tips) from 2012

• Benefits received from federal programs

• Untaxed income

• Asset information

FAFSA: FINANCIAL INFORMATION

Student information:

• Selective Service registration

Requirement for males between ages of 18 and 25; for more info go to website www.sss.gov

• Drug conviction status

COMMON QUESTIONSFAFSA: STUDENT DEMOGRAPHICS

FAFSA: DEPENDENCY STATUS

Which parent?

FAFSA provides guidance on who would be considered as the ‘parent’ for financial aid purposes.

Biological Parent

Adoptive Parent

Step-Parent

FAFSA: PARENT DEMOGRAPHICS

Dislocated Worker

• Is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation;

• Has been laid off or received a lay-off notice from a job;

• was self employed but is now unemployed due to economic conditions or natural disaster; or

• Is displaced homemaker. A displaced homemaker is generally a person who previously provided unpaid services to the family (i.e. a stay-at-home mom or dad), is no longer supported by the husband or wife, is unemployed or underemployed and is having trouble finding or upgrading employment

FAFSA: PARENT DEMOGRAPHICS

Additional financial resources:

• Did anyone in the parent’s household receive benefits

from any of the federal programs listed?

• Untaxed Income

FAFSA: FINANCIAL INFORMATION

Asset data for students and parents:

• Cash, savings, and checking accounts

• Net worth of investments

• Net worth of business and farm

FAFSA: FINANCIAL INFORMATION

Federal School Code for Each College

CSU San Marcos is 030113

If more than 10 colleges, submit and add more colleges later

Housing Plans for Each College

At Home

Off-Campus

On-Campus

SCHOOL SELECTION

Required Signatures:

Student

One parent (Dependent Students)

Electronic using PIN (most frequently used)

Signature page (least frequently used)

Paper FAFSA (not recommended, but available by phoning 800-433-3243 or printing online)

SIGN AND SUBMIT

What happens next?

• Signed 2013-14 FAFSA sent to Federal

Processor

• Federal Processor sends information to

College/University within 2-3 weeks.

• College/University will contact student

directly

FAFSA PROCESSING RESULTS

• If necessary, corrections to FAFSA data may be made on: www.fafsa.gov

• Updating paper Student Aid Report (SAR)

• Submitting documentation to college’s financial aid office

MAKING CORRECTIONS

• Change in employment status

• Unusual medical expenses not covered by insurance

• Change in parent marital status

• Unusual dependent care expenses

• Student cannot obtain parent information

SPECIAL CIRCUMSTANCES

• Income• Assets• Family size• Number in College• Age of the older parent

Adjustments to EFC may be made by aFinancial Aid Office due to Verification

and/or Special Circumstances that limit ability to

pay

MAIN COMPONENTS OF THE EFC

• Not a bill• Amount family can reasonably be expected

to contribute to educational costs• Stays the same regardless of college• Two components

– Parent contribution– Student contribution

• Calculated using data from a federal application form (FAFSA) and a federal formula

WHAT IS THE EXPECTED FAMILIY CONTRIBUTION (EFC)?

FINANCIAL NEED

Cost of

Attendance

Expected

Family

Contribution

(EFC)

Financial Need

• Tuition & Fees

• Books & Supplies

• Room & Board

• Transportation

• Loan Fees

• Personal/Misc.

• EFC determines eligibility for need-based aid

• EFC is not an amount the student or parent(s) must pay

• Financial Need isthe difference between the COAand the EFC.

• Need will be different at each school.

CATEGORIES OF FINANCIAL AID

• Need-based aid– Grants– Federal Work-Study Program– Subsidized Loans– Scholarships based on need

• Non need-based aid– Unsubsidized Loans– Parent PLUS Loans– TEACH– Scholarships without regard to

need

Money that does not have to be repaid• Need-based aid

Federal Grants• Pell Grant• Supplemental Educational Opportunity Grant

(FSEOG)• Teacher Education Assistance for College and

Higher Education Grant (TEACH)

State Grants• Cal Grant• Educational Opportunity Program

Institutional Grants• State University Grant

GRANTS

LOANS

• Money students and parents borrow to help pay college expenses

• Repayment usually begins after education is finished

• Only borrow what is really needed

• Additional information at www.studentloans.gov

Dependent* Students (Maximum amount: $31,000)

Grade Level Combination of Subsidized and Unsubsidized

Freshmen $5,500

Sophomore $6,500

Junior $7,500

Senior $7,500

*Independent Students eligible for higher loan amounts

LOANS

Subsidized Loans: No interest while in school

3.4% Interest Rate

Unsubsidized Loans: Accrues interest while in school

6.8% Interest Rate

Parent PLUS: Parent is responsible to repay. Accrues Interest while in school

7.9% Interest Rate

• Allows student to earn money to help pay educational costs

• On campus or off-campus employment opportunities

• Must work to earn a paycheck

• Flexible work hours for students

• Provides work experience

EMPLOYMENT

• California Student Aid Commission (CSAC) administers Cal Grant program. Web site www.csac.ca.gov

• Student must:

Be a California resident attending a California college Apply by the March 2nd deadline (FAFSA and verified GPA) Have financial need Meet income and GPA requirements for at least one

program

• CSAC utilizes information from the FAFSA

• Complete Cal Grant GPA Verification Form (usually sent to California Student Aid Commission by student’s HS Guidance Office)

• Deadline is March 2nd 2013

CALIFORNIA STATE PROGRAMCAL GRANT

SCHOLARSHIP • Money that does not have to be paid

back• Awarded on the basis of merit, skill, or

unique characteristics• Most community scholarships have

application periods and deadlines from December through March for awards for the following fall semester/quarters.

• Spend some time on the internet searching for scholarships based on your major, ethnicity or a special talent, such as playing a musical instrument.

• Never pay money to apply for a scholarship or pay to have someone else search for scholarships. There are many FREE resources out there to assist you.

• www.csusm.edu/finaid• March 4th 2013 Deadline• One application for over 100 different

scholarships at CSUSM only

Check with other colleges for college specific scholarship information.

CSUSM GENERAL SCHOLARSHIP

FREE SCHOLARSHIP SERVICES

www.fastweb.com

www.collegeboard.com

www. Maldef.org

www.finaid.org

www.sdfoundation.org

Saturday, February 23, 2013Hosted by CSU San Marcos

and Cal-SOAP9am-12 noon333 S. Twin Oaks Valley RoadSan Marcos, CA 92096

– Your High School Guidance

Office will receive additional location info & updates from Cal-SOAP to

share with Seniors and family

members

CASH FOR COLLEGE

Register online at: www.sandiegocalsoap.com

Contact Info for Cal SOAP: Phone: 858-569-1866Fax: 858-569-1136

(760) 750-4850

finaid@csusm.edu

Craven Hall Room 3900

Cougar Central

School Code: 030113

CSUSM FINANCIAL AID CONTACT INFORMATION

QUESTIONS ??