Post on 25-Dec-2015
2015-2016Mt. San Jacinto CollegeFinancial Aid Office
2015-20162015-2016Financing Education Beyond High SchoolFinancing Education Beyond High SchoolMt. San Jacinto College Financial Aid OfficeMt. San Jacinto College Financial Aid Office
What is financial aid? Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of
financial aid Free Application for Federal Student Aid
(FAFSA) Special circumstances
Funds provided to student and families to help pay for postsecondary educational expenses
Financial Aid Philosophy: Students AND their parents have the primary responsibility to pay for postsecondary education expenses
Note: even if the student has left the household
Tuition and fees
Room and Board
Books, transportation
Personal expenses
Personal computer
Loan Fees
Study abroad costs
Dependent care expenses
Disability-related expenses
DIRECT COSTS INDIRECT COSTS
Direct and indirect costs combined into Cost of AttendanceVaries widely from college to college
EFC is the 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
What determines Financial Need?What determines Financial Need?
Cost of Attendance (COA)
– Expected Family Contribution( EFC)
= Financial Need
•Self-Help Aid •Gift Aid Employment Need-based Non-need
based
Grants Scholarshi
ps Need-
based Merit-based
Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply every year using the Free Application for Federal Student Aid (FAFSA)
Pell Grant
Supplemental Educational Opportunity
Grant Work Study
Teach Grant
Subsidized and
Unsubsidized Loans
Awarded to eligible undergraduates pursuing first baccalaureate degree and certain students enrolled in post-baccalaureate teacher certification or licensing programs
Portable
Actual award amount based on COA, EFC, and enrollment status
The amount of Federal Pell Grant funds a student may receive over his or her lifetime is six years. A year is equal to 100%, the six-year equivalent is 600%.
Eligible students:
Undergraduates pursuing first baccalaureate or professional degree
Awarded first to students with the lowest EFCs who are Federal Pell Grant recipients
Eligibility criteria varies from school to school
Award amounts from $100 up to $4000 per year
Eligible students: Undergraduate, graduate, and professional students
Employment may be on or off campus
Schools must use portion of FWS funds for community service employment activities
Must mark interested on FAFSA Limited funds, apply by priority deadline
For Students who plan on pursuing a Degree and K-12 Teaching Credential
Minimum part time enrollment
Student must be enrolled in or pursuing a Teacher Preparation accredited program
Student must maintain a minimum 3.25 GPA annually
Not all institutions of higher learning participate in this grant program
Award amount $4000 per academic yearCertain restrictions and commitments apply to this grant; inquire at your institution
School determines loan eligibility and disburses loan proceeds to studentsBase Annual loan limits (combined subsidized and unsubsidized)Fixed interest rate at 4.66%6 month deferment period after student completes academic program and enters repayment
DIRECT PLUS LOANS Loan program for parents of dependent undergraduate students as well as graduate studentsAnnual loan limit: COA minus other awarded aidFixed interest rate at 7.21% Repayment begins 60 days after loan is fully disbursed for parent borrowersLoan fees based on principal amount of each loan
PERKINS LOANS Low interest loan for students with exceptional Financial NeedLoans are made directly by the institution0% interest rate while student is in school and 0 feesStudents can be enrolled less than halftime9 month deferment period after student completes academic program and enters repaymentRepayment will incur 5% interest rate
Must be enrolled or accepted for enrollment in eligible program of study
Must be pursuing degree, certificate, or other recognized credential
Must be U.S. citizen or eligible noncitizen
Must be registered with Selective Service (required if male)
Cal Grant
Dream Act
Middle Class
Scholarship
Chafee Institutional Aid
Cal Grant A Entitlement Awards – for students with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need. Up to $12,192 for Tuition/Fees. Students going directly to a 4 year university within the state of California.
Cal Grant B Entitlement Awards – for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need. Up to $12,192 for Tuition/Fees and $1,648.00 Access Fee.
*Students either attending a 4 year or 2 year college within the state of California.
Cal Grant C Awards - for students from low income families pursuing vocational programs of study.
Up to $2,462 for Tuition/Fees and $547 for equipment or supplies.
*Students pursuing a 4 to 24 month certificate program at a California Community College or private institution within the state of California.
Students that are AB 540 eligible may apply for and receive: BOG Waiver Cal Grant and Chafee Scholarships
Apply by completing the Dream Act application at
www.dream.csac.ca.gov Application is similar in questions and layout to the
FAFSA
Attend a California high school for
a minimum of 3 years
Graduate from a California high school or
pass the California High School Proficiency
Exam (CHSPE)
Enroll in an accredited and qualified
California college or university
If applicable, fill out an affidavit stating your
intent to legalize your immigration status as
soon as possible.
On or before March 2, 2015 Complete and submit: The Free Application for Federal Student Aid (FAFSA)
online at www.fafsa.gov or the California Dream Application online at www.caldreamact.org
The Cal Grant GPA Verification Form
Check with your high school Counselor or Registrar for more details on how to file the Cal Grant GPA Verification form
Create an account at: https:/mygrantinfo.csac.ca.gov/login.asp
The Middle Class Scholarship (MCS) is a 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
For additional details-go to www.csac.ca.gov
Apply starting January 1, 2015
Complete either the 2015-16 FAFSA at (www.fafsa.ed.gov) or the California Dream Act Application at (www.caldreamact.org)
The Priority Filing Deadline is March 2 , 2015o Make sure your GPA Verification is on file with the California
Student Aid Commission by March 2nd
CHAFEE GrantCHAFEE Grant
Must have been in Foster Care for at least one (1) day
Must be under 22 years of age
Based on Need
Must be Independent Living Program (ILP) eligible
Good academic standing
Minimum half time enrollment To apply or for more info go to www.chafee.csac.ca.gov
Must meet residency requirements
Aid awarded on the basis of both merit and need
State grant(s) use information from the FAFSA
Deadlines vary by state
To be eligible for a California State Grant(Cal Grant), the student must also: be a U.S. citizen, eligible non-citizen or AB540 student
be a California resident
attend a California College or University in 2015-2016
California State University System State University Grant (SUG) - provides need-based awards to
cover a portion of the State University Fee for eligible undergraduate, graduate, and post baccalaureate students who are California residents.
University of California System University Grant (UG)- provides need based awards to eligible
undergraduate students who meet institutional guidelines.
California Community College System (110 campuses statewide)
Board of Governors Fee Waiver (BOGW)- Waives the California Community Colleges’ enrollment fee for California residents who meet requirements.
Separate application from FAFSASeparate application from FAFSA
Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic
Private SourcesPrivate Sources
Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
Civic and Local Organizations and ChurchesCivic and Local Organizations and Churches
Research what is available in community
To what organizations and churches do student and family belong?
EmployersEmployers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees
Application process usually spring of senior year
• Web site: www.fafsa.gov • 2015-2016 FAFSA on the Web available
on January 1, 2015• IRS Data Retrieval available 2/1/2015.
Section 1Section 1 –Student DemographicsSection 2Section 2 –School SelectionSection 3Section 3 –Dependency StatusSection 4Section 4 –Parent DemographicsSection 5 Section 5 – Financial InformationSection 6 Section 6 – Sign and SubmitSection 7 Section 7 – Confirmation
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• Web site: www.pin.ed.gov
• Sign FAFSA electronically
• Not required, but speeds processing
• May be used by students and parents throughout aid process, including subsequent school years
Send written explanation to financial aid office at each college
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parent information