CSU Affordability and Interpreting the Award Letter

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Presenter:Landy Gonzalez-HernandezFinancial Wellness Coordinator

California State University, Stanislaus

Moderator:Noelia GonzalezAssistant Vice President, Enrollment Management

California State University, Stanislaus

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• 59% of all undergraduates have the full cost of tuition covered by grants, scholarships or waivers.

• More than half (54%) of CSU baccalaureate recipients graduated with zero education loan debt.

• Of the 46% who graduated with debt, the average loan debt of $18,173 is well below the national average of $28,950.

In 2019-20, 82% of all CSU students (391,000+) received over $4.5 billion in total financial assistance.

4This Photo by Unknown Author is licensed under CC BY-SA-NC

I HAVE BEEN ACCEPTED TO THE UNIVERSITY AND HAVE ALSO APPLIED FOR FINANCIAL AID, WHERE DO I START?

STEPS AFTER COMPLETING THE FAFSA/CADAA

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• The student will receive a Student Aid Report – they should review to make sure all their information is correct and that the application has been processed and has an Estimated Family Contribution.o If there is missing information and/or signatures, the application will not be

processed and will be in a ”rejected” status.o Make sure the universities that they applied to are listed on the Student Aid

Report

• Once the student has been admitted, they will begin receiving information from the campus

• Financial Aid offices do not send junk email! Students need to review all emails carefully as they are all important!

STEPS AFTER COMPLETING THE FAFSA/CADAA (Cont)• Set up Portal Account with the campus. • Review “To Do” lists on their portal account for any needed documents • Submit requested documents as soon as requested – do not delay. • Follow up if additional items are requested• Research housing costs

o Living on campuso Living off-campus

• Review and compare award offers from the different universities they have been admitted to

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VERIFICATION ITEMS• *Some students may be selected for a process called: Verification

o Automatically selected by FAAo Selected by an advisoro Self Selected

• Most Colleges/Universities request that the documents be submitted online

• Student’s are responsible for submitting all required documents in a timely basiso Incomplete or late documents can potentially affect awards

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VERIFICATION ITEMS (Cont.)• Matches are run with various agencies

o Department of Homeland Securityo Social Security Administrationo Selective Service (male students)o And more.

• Students may be required to submit proof of citizenship, selective service registration, and other.

• Name on financial aid application MUST match name on social security card

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VERIFICATION ITEMS (Cont.)

• Copies of student and/or parents’ taxes

• Institutional forms to verify o Household sizeo Untaxed incomeo Wages and other forms of earned incomeo Assets

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IMPACT OF COVID-19• Some families may have been impacted by COVID-19 and situations may

be differento Special Circumstances

Loss/reduction of incomeLoss/reduction of benefitsDeath/serious illness

o Dependency Override

• Students will need to reach out to the Financial Aid office to discuss their options

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COST OF ATTENDACE• Tuition/Fees – fees charged by an institution to attend the campus. Will typically

include tuition and campus fees charged to all students – Health fees, ASI, USU, Athletics, etc. Charges are paid directly to the campus.

• Room/Board – Costs vary depending on a student’s living situation – at home, on campus, or off campus. Costs will also vary due campus region.

• Books/Supplies – costs vary depending book costs. Students have many options when purchasing books and should research what works best for them.

• Transportation – costs vary depending on campus and student’s living situation.• Personal/Misc. – costs can vary depending on student’s living situation• Cost of Attendance is also called a COA or a Budget

California State University – Estimated, Average COA Academic year 2020/2021

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EXPECTED FAMILY CONTRIBUTION (EFC)

• Expected Family Contribution is an estimate of how much the student/family can pay

• When a student submits a Free Application for Federal Student Aid (FAFSA) or a CA Dream Act Application, the information generates and EFC.

• It is important the information submitted is as accurate as possible• If the student/parent makes an error, they should contact the school they are

planning on attend to make any corrections.• The lower the EFC, the higher the financial aid award. Students with a 0 EFC

receive maximum funding.

WHY DO AWARD LETTERS DIFFER?

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• Cost of Attendance (COA) – Different campuses may have different cost of attendances based on location. For example, a campus located in Los Angeles may have a higher COA than a campus in the Central Valley due to the cost of living in a major metropolitan area.

• Funding Availability – while most federal and state awards will be the same across campuses, institutional funding varies amongst the campuses. Some campuses have more institutional or private scholarship funding than other campuses.

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• Students should be reviewing costs in relation to their financial aid offer.o Some schools may seem high cost, but students can receive enough financial aid

so that the net cost to the student is minimal• Students should review their financial aid offer and make sure they understand what

funding they’ve been awarded and conditions of each award• Students should review any messages for the individual awards

o Some awards require an acceptance (loans, Federal Work Study)o Some scholarships require Thank You Letters

I HAVE BEEN AWARDED, NOW WHAT?

WHERE IS MY AID COMING FROM?

• Federalo Federal Pell Granto SEOG o Direct Student Loanso TEACH Grant

• Stateo Cal Granto Middle Class Scholarship

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• Institutionalo State University Granto EOP

• Private/outside sourceso Loanso 3rd Party fee payments

Veterans Benefits Employee educational assistance

• Scholarshipso Institutionalo Off-campus

AWARD LETTER

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PRE-AND-POST MARCH 2ND AWARD LETTERS

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HIGHER EFC APPLICANTS (EFC 5290)

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WHAT IF I AM NOT FULL TIME?• Most aid requires at least ½ time enrollment

• Some grants will prorate based on units

• Some scholarships require full time enrollment

• Students should always check with their Financial Aid offices before dropping units.

TRANSFER STUDENTS

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• FAFSA/CADAA need to be submitted by March 2nd

• Cal Grant B received at CC counts towards 4-year Cal Grant eligibility

• Units attempted at CC may affect overall financial aid eligibility at a 4-year schoolo Satisfactory academic progress (maximum time frame)o Regardless if aid was received or not

• Units earned at CC affect SUG eligibility at a CSUo Regardless if aid was received or not

TRANSFER STUDENTS (Cont.)

• Pell Lifetime Eligibility Used (LEU): 6 years

• Pell received while at a CC will reduce remaining Pell eligibility at a 4-year school

• Subsidized Loan Lifetime Eligibilityo First time borrowers as of July 1, 2013o 6-year limit on Subsidized Loanso Borrowing at a CC may affect eligibility for Subsidized loan at a 4-year

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Questions???