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Torrance Unified School District
2014-2015 Financial Aid Workshop
Presented by:Catherine Graham
Director of Financial AidLoyola Marymount University
October 16, 2013
What will be covered this evening?
Why Financial Aid?
Types & Sources of Financial Aid
Admission Processes
How to Apply for Financial Aid• The Financial Aid Formula • College Expenses – what are the costs?• What is the Expected Family Contribution (EFC)?• Financial Eligibility
Awarding Process & Comparing Awards
Why Financial Aid?
Access
Parents and students have the responsibility to pay for higher education expenses to the extent they are able
The aid application process should provide Financial Aid Office a consistent and equitable evaluation of a family’s financial circumstances for all that are applying
Allocation of finite resources
Our Roles
The Financial Aid Office’s Role… Stewards of federal, state and institutional
financial aid dollars To administer federal, state and institutional
financial assistance to students and their parents in an accurate, informative, timely and friendly manner
Parent’s Role… To contribute to the application, awarding and
financing process throughout student’s Undergraduate Education
Your Senior Year - Make it count!
Student Role… Your senior year DOES COUNT!! Grade Improvements SAT Re-do’s All acceptances PROVISIONAL dependent upon final
semester grades Weak Senior schedule – jeopardizes acceptance at
competitive schools Change in schedule – MUST notify colleges Campus Tours & Visits Employment – Saving for College Expenses Resume Preparation for College Job
Funding Types
• Need-Based Funding (must complete FAFSA)Grants
• Gift aid that does not need to be repaid• Require aid applications
Loans• Borrowed funds that must be repaid with
interest• Separate promissory notes required
Work• A set amount that a student can earn by
working on campus funded by the Federal Government or the college
• How does “work” work? Benefits?
Funding Types
• Non-Need Based Funding
FAFSA Application not required
Merit/Academic Scholarships• Based on Admission Information• Separate Application/Interview Process?
Athletic Scholarships
Non-Need Based Loans (Stafford, PLUS, Private)• Student Loans• Parent Loans• Alternative Educational Loans
Four Primary Sources of Aid
1. Federal Programs (FAFSA Application) Pell Grant ($400-$5650) Supplemental Grants: SEOG ($400-$4000) Stafford Loans ($3500, $4500, $5500)
• Subsidized vs. Unsubsidized
Perkins Loan ($1000 - $4000) Work Study (amounts vary)
2. California Grant Programs Cal Grant
• Amounts vary by school segment• Separate application
Sources of Aid
3. Institutional Programs Scholarships Grants Loans Work
4. Outside Resources Community: Rotary, YMCA, Elks Parent’s Employer Web Sites: www.fastweb.com Time spent on searches… Worthwhile? Outside Scholarships can replace loans/work
Resources for Parents
• Parent Programs
Employer Reimbursement for Dependents
Federal Plus Loan Program
Payment Plans
Federal IRS Educational Tax Benefits
Savings – 529 Plans
Connecting Admissions & Financial Aid Process
• Apply for Admission
AND
• Apply for Financial AidDon’t wait for an admission decision to apply
for financial aidSchools will prepare & send financial aid
awards once student is admitted
May 1, 2014 National College Decision Date
Community College Pathway to a 4 year university
• No SAT/ACT required• Placement Tests• Priority transfer to UC’s and CSU’s• Honors Transfer Program• Transfer Admission Guarantee (UC’s)
• MAKE A PLAN!!
Admission @ Private (Independent)
• May apply on-line NOW through school’s website• Require: Essay Resume of Extracurricular Activities Letters of Rec. Counselor Teacher Secondary School Report (Counselor) Mid Year Report (7th semester grades-Counselor) Transcript ($2/school)
Where are you applying?
• Your school choices– Safety– Target– Reach
Question? Which schools are you considering and which category do they fall into?
SAT & ACT Testing - additional opportunities
• In your senior year, you can continue to test
• SAT TESTING
– http://sat.collegeboard.org
• ACT TESTING
– http://www.actstudent.org/
Back to Financial Aid; How to Apply…
• Free Application for Federal Student Aid (FAFSA)http://www.fafsa.ed.govRequired for Federal and State fund eligibilityJanuary 1, 2014 – March 2, 2014FAFSA4casterPIN Number required for E-SignatureWorksheet & Supporting DocumentationEach school has their own deadlines!
• March 2, 2014• Estimate Information
How to Apply…FAFSA Follow-up
• Free Application for Federal Student Aid (FAFSA)http://www.fafsa.ed.govFollow-up may be requiredStudent Aid ReportNotification EmailsWorksheet & Supporting Documentation submit
to institutionIf estimated will be ask to update with actual
informationCheck for rejects (PIN/Signature/eligibility checks)
FAFSA on the Web (FOTW)
Cal Grant Program - How to Apply
• Cal Grant Requires G.P.A. Verification Form
or Electronic Submission of GPAs from School/District
Required for State fund eligibility & awarding Important: Check the status of your Cal Grant at
https://mygrantinfo.csac.ca.gov March 2, 2014How does Torrance process Cal Grant GPA
Verification Forms?
GPA Verification Process for RUHS
• Torrance Unified School District Electronically Sends GPAs of all Seniors in District to the State of California for the Cal Grant.
√ Torrance USD will send data to the state well before March 2nd so info can be verified.
√ Questions? Contact your student’s counselor.
College Board CSS Profile - How to Apply
• College Board CSS PROFILE Application
Required by some Private InstitutionsCheck websites of the schools you to
which you applyOn-line, two step application processMarch 2, 2014 (or earlier)For fee application (fee waivers available)www.collegeboard.org/profile
How to Apply – Supporting Documentation
• Submit 2013 Student and Parent Federal Tax Transcripts
Some, but not all, schools require Parent and Student Federal Tax Transcripts (if no tax return filed, may be required to submit a “non-filing statement”)
If selected for Verification by the Department of Education you will be required to submit Federal Tax Transcripts
File Tax Returns Early if possible!
The Financial Aid Formula
Cost of Attendance
MINUS
Expected Family Contribution (EFC)
EQUALS
Family Financial Aid Eligibility
Cost of Attendance
• Direct Expenses (billed directly by school)
Tuition and Fees (variable by courses/major)Room & Board (varies by housing options)
• Indirect Expenses (not billed by school)BooksTransportationPersonal ExpensesThis is the most difficult component for
families to manage.
The Expected Family Contribution (EFC)
• The Expected Family Contribution (EFC) is what the family is expected to pay according to the Federal Government and the information reported on the FAFSA.
• The Federal Government offers limited resources, so the entire need is not always met.
• Often the families do have to pay more than the estimated EFC.
• Institution will calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information.
How the EFC is Calculated
• Federal EFC Formula – Considers
Information provided on FAFSA Income & Assets (does not include home equity)
Both Parent & Student Family Members & Number in College Allowances in methodologies
• Special Circumstances When and how you report? Any additional information the family believes to be
important that is not reflected on the FAFSA
The Formula with Numbers!
Example #1 Private InstitutionCost of Attendance $50,000
MINUS
Expected Family Contribution $15,000
= Financial Need $35,000
Example #2 State InstitutionCost of Attendance $15,000
MINUS
Expected Family Contribution $15,000
= Financial Need $0
The Formula with Numbers!
School LMU UCLA L. B State ECC
*Est. Cost/yr. $50,000 $30,000 $20,000 $10,000
**Est. Family Contribution/yr.
$10,000 $10,000 $10,000 $10,000
***Amount of “Need” for Fin. Aid
$40,000 $20,000 $10,000 0
*Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/ortuition. Information based on estimates provided by State information and rounded up or down.
**Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE.
Amount used above is for demonstration purposes only.
*** “Need” is the difference between the two numbers. The financial package would include one or more of these items: Grants, Scholarships, Loans, Work/Study Program.
Packaging Financial Aid Awards
Cost of Attendance $50,000
Expected Family Contribution $15,000
Financial Need $35,000
Financial Aid Package
Stafford Loan $ 3,500 Perkins Loan $ 2,000 Work Study $ 3,000 Institutional Grant $26,500
Total Awarded $35,000
Unmet Need $0
The Expectations & Realities of the Awards
Compare Awards from each institution!• Not all awards are the same!
Is the Cost of Attendance realistic?• In State & Out of State• Discretionary Expenses
The Student Contribution (savings, summer employment)
The Parent Contribution (PLUS LOANS)
The nuances of award funds• Work, Loan, Unmet Need
Federal Net Price Calculator
• Net Price Calculator available on every college & university website
– To increase transparency of awards early in cycle
– Do not let results deter you from applying and completing admission and aid processes
– Assist in planning
Award Notification
• Award Notification & Understanding your Award Letter
EstimatedFinalAward GuideAccepting, Declining & Adjusting AwardsOn-line processesStudent Rights & ResponsibilitiesAppeals
Disbursing Awards
Full Time Enrollment
Accepting, Declining & Adjusting Awards
Entrance Counseling Requirements for Loan Programs
Completing Promissory Notes
Finding Employment/Completing Time Sheets
Satisfactory Academic Progress
Tips
Put all deadlines on the calendar!!!
File taxes early
Start a financial aid file• Make copies of all documents submitted for all
four years
Apply for a FAFSA PIN
Apply Each and Every Year
Tips
Send documents electronically if you can, PDF – gives you “electronic record of submission”
Research outside agencies for scholarships
Check with each school you are applying to in order to find out what information they require and what their deadlines are
Review Websites
Use on-line “web services tool” provided by the school
Scholarship & Application Services
Be Cautious
Limit Dependency
Do your Homework
Manage Expectations• Consultants• Scholarships
Refer to institutional resources on the web
Thank you!
• Thank you for being here tonight!
• You are well on your way to successful financial planning and application cycle!
ANY QUESTIONS?