2015-2016 Mt. San Jacinto College Financial Aid Office 2015-2016 Financing Education Beyond High...

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Transcript of 2015-2016 Mt. San Jacinto College Financial Aid Office 2015-2016 Financing Education Beyond High...

  • Slide 1
  • 2015-2016 Mt. San Jacinto College Financial Aid Office 2015-2016 Financing Education Beyond High School Mt. San Jacinto College Financial Aid Office
  • Slide 2
  • 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
  • Slide 3
  • 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
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  • 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 Attendance Varies widely from college to college
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  • 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
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  • What determines Financial Need? Cost of Attendance (COA) Expected Family Contribution( EFC) = Financial Need
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  • Self-Help Aid Gift Aid Employment Need-based Non-need based Grants Scholarships Need-based Merit-based
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  • 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)
  • Slide 9
  • Pell Grant Supplemental Educational Opportunity Grant Work Study Teach Grant Subsidized and Unsubsidized Loans
  • Slide 10
  • 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%.
  • Slide 11
  • 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
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  • 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
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  • 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 year Certain restrictions and commitments apply to this grant; inquire at your institution
  • Slide 14
  • School determines loan eligibility and disburses loan proceeds to students Base 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 students Annual loan limit: COA minus other awarded aid Fixed interest rate at 7.21% Repayment begins 60 days after loan is fully disbursed for parent borrowers Loan fees based on principal amount of each loan PERKINS LOANS Low interest loan for students with exceptional Financial Need Loans are made directly by the institution 0% interest rate while student is in school and 0 fees Students can be enrolled less than halftime 9 month deferment period after student completes academic program and enters repayment Repayment will incur 5% interest rate
  • Slide 15
  • 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)
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  • Cal Grant Dream Act Middle Class Scholarship Chafee Institutional Aid
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  • 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.
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  • 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.
  • Slide 19
  • 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 www.dream.csac.ca.gov Application is similar in questions and layout to the FAFSA
  • Slide 20
  • 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.
  • Slide 21
  • 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.orgwww.fafsa.govwww.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 https:/mygrantinfo.csac.ca.gov/login.asp
  • Slide 22
  • 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.govwww.csac.ca.gov
  • Slide 23
  • 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)www.fafsa.ed.govwww.caldreamact.org The Priority Filing Deadline is March 2, 2015 o Make sure your GPA Verification is on file with the California Student Aid Commission by March 2nd
  • Slide 24
  • CHAFEE 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.govwww.chafee.csac.ca.gov
  • Slide 25
  • 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
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  • 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.
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  • Separate application from FAFSA Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Private Sources Foundations, businesses, charitable organizations Deadlines and application procedures vary widely Begin researching private aid sources early
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  • Civic and Local Organizations and Churches Research what is available in community To what organizations and churches do student and family belong?Employers Companies may have scholarships available to the