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

31

• 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