Financing CollegeThe Financial Aid Process

Presented by

Financial Aid Specialist - Eva Monteverde - LMCand

Counselor – Shannon Abono – Liberty High School

FAFSA and GPA Verification or Dream ACT

Federal Grants and Work Study

ORCal Grants

Do Not Pay Back!Stafford Student Loans

Subsidized Vs

Unsubsidized

Parent Loans

PLUS and Private

MUST PAY BACK!

Parent ContributionSavings, 529 Plans or

Out of Pocket

Student ContributionsSavings or Earnings

Outside Scholarships Applications Necessary

Provided by outside donorsLiberty Local Scholarship Program or Personal Scholarship Searches

Do Not Pay Back!

Institutional ScholarshipsApplications NecessaryProvided by college or

universityNeed Based and Merit

BasedDo Not Pay Back!

Financial Aid Umbrella

Steps to Apply for Financial Aid Student Eligibility Requirements For FAFSA FAFSA on the web (FOTW) (Brief Look)

◦ FAFSA Pointers and Pitfalls Student Eligibility Requirements for Dream Act

◦ Dream Act Pointers and Pitfalls How Your Financial Aid Package is Calculated Types of Federal and State Financial Aid Programs Middle Class Scholarship and other Scholarship

Opportunities Special Circumstances What happens After You Submit the Application How to Check Your Financial Aid Status Federal Educational Rights and Privacy Act (FERPA) Helpful Websites

Topics To Be Covered

1. Student must register at the school of attendance.

2. The student must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov website.

3. The data submitted on the FAFSA application is used to determine a students eligibility for aid by using a combination of student and parents’ data information, such as:

◦ Income and exemptions◦ Household size◦ Number in college

The First Step in Applying for Financial Aid

Is a U.S. Citizen, a U.S. national or an eligible non-citizen has a valid Social Security Number has a high school diploma or GED is registered with the U.S. Selective Service (if you are a

male aged 18-25) complete a FAFSA promising to use any federal aid for

educational purposes does not owe refunds on any federal student grants is not in default on any student loans; and has not been found guilty of the sale or possession of illegal

drugs during a period in which federal aid was being received

FAFSA EligibilityA student may be eligible for Federal

Financial Aid provided that the student:

• Internet application used by students and parents to complete electronic FAFSA at:

www.fafsa.gov• Sophisticated on-line edits

and skip logic help avoid errors

• On-line help is available for each question

• Student and one custodial parent should get a federal PIN to sign FAFSA at:

www.pin.ed.gov

FAFSA on the Web (FOTW)

The FAFSA will ask for the student’s first and last names Make sure to report the student’s name and social

EXACTLY as it appears on the student’s Social Security card

Student Name and Social Security Number

FAFSA is FREE – Use only www.fafsa.gov

FAFSA form must be completed EVERY year you attendcollege to remain eligible for financial aid!

Parent financial information is REQUIRED until student is Age 23, Married, Has a Child or is in the Military.

Students whose parents refuse to help complete the FAFSA most likely won’t be eligible for any federal or state aid.

Students are NOT deemed “Independent” just because they no longer live with a parent. Students who have no contact with parent must work closely with the Financial Aid office of the college or university they choose to attend to determine how to access college financial aid.

FAFSA Pointers & Pitfalls

What makes a student financially “Independent?”

If he/she can show legal proof that they are under “legal guardianship”

If he/she has been in the Foster Care system at anytime since their 13th birthday

If he/she can show legal proof they were legally emancipated before the age of 18

If he/she meets all the Homeless criteria at anytime after July 1, 2014 and can have this verified by a school official.

Homeless, Unaccompanied and YouthContact FAFSA on the Web (FOTW) at 1-800-433-3243 for clarification.

FAFSA Pointers & Pitfalls

When completing the FAFSA – USE YOUR LEGAL NAME as listed on your social security card. Maria Garcia-Silva v.s. Maria Silva-Garcia Nicky Smith v.s. Nicole Smith Jane Doe v.s. Jane Jones (step-parent name – not legal)

Divorced Parents and the 50/50 Conundrum

YES! You must include information about your step-parent income if you live more than 50% of the year and/or are supported financially 51% or more by the re-married

custodial parent.

FINANCIAL DEPENDENCE IS NOT BASED OFF OF WHICH PARENT CLAIMS STUDENT ON THEIR TAX RETURN!

FAFSA Pointers & Pitfalls

WATCH OUT for DEADLINES! The deadline to complete the FAFSA and submit INITIAL information is March 2nd EVERY YEAR!

It’s Ok if you haven’t completed your 2014 taxes before you submit the FAFSA. Guesstimate based off of your 2013 Tax Forms. (You will be able to make changes AFTER you have completed your tax return for 2014 in April.)

Have a copy of your Tax Return on hand when completing the on-line FAFSA. Remember…there is Sophisticated on-line edits and skip logic imbedded in the FAFSA to help avoid errors. Undocumented Students DO NOT complete the FAFSA!

FAFSA Pointers & Pitfalls

Students who are undocumented can apply for California State financial aid by completing the Dream Act Application online, if they meet the AB540 requirements.

AB540 (Dream Act) Requirements: Attended a CA high school for at least three years Graduated from a CA High School, got a GED or passed the CA

High School Proficiency Exam Plan to attend a California Public College or University If required, complete an affidavit saying you have filed (or will file

when you are eligible to do so) for legal immigration status

https://dream.csac.ca.gov

Dream Act Application(Financial Aid for Undocumented California Students)

AB2000 – Expands eligibility for Dream Act

AB2000 (Expanded Dream Act) Requirements: Students can be considered AB540 Eligible if they fulfill either of the

following:1. Attend High School in California for 3 or more years OR2. Attain credits towards a high school diploma equivalent to 3

or more years of full-time high school coursework AND attended a TOTAL of 3 or more years in a California Public School. (elementary or secondary)Why is this distinction important?

AB540 students are no longer restricted to completing 3 years of public High School specifically (many of these students go back and forth between the

United States and their country of origin and this also allows for early graduation.

https://dream.csac.ca.gov

Dream Act Application(Financial Aid for Undocumented California Students)

AB540 Students (Dreamers) Do not need a social security number – a Dream Act I.D. will be issued.

Are eligible for Cal Grants not Federal Grants

Are not eligible for Pell Grants

Need to make sure they have a valid

1. Cell phone number

2. E-mail address

3. Name: Do not change names during the financial aid process

(Remember the Maria Garcia-Silva/Maria Silva-Garcia example?)

Must file US tax returns if earning threshold is met. (Both Parents and working students)

Need to be aware that if they are also qualified as DACA (Deferred Action for Childhood Arrival) – That most likely if they have a social security card…it is only valid for employment needs…not financial aid needs. (Only T-Visa Holders can hold financial aid eligible social security numbers.)

https://dream.csac.ca.gov

Dream Act Pointers/Pitfalls(Financial Aid for Undocumented California Students)

How Your Financial Aid Package is Calculated

The College(s) listed on your FAFSA/Dream Act Application will receive your information and determine your financial need using the following formula:

Cost of Attendance (COA)-Expected Family Contribution (EFC)

Financial Need

(COA) is not the bill that you may get from your college; it is the total amount it will cost you to go to college each year. The COA

includes Tuition and fees On-campus room and board (or a housing and food allowance

for off-campus students) Allowances for books, supplies, transportation, loan fees, and,

if applicable, dependent care.

Once a student’s eligibility is determined by the Department of Education, an Expected Family Contribution (EFC) is assigned and the Institutional Student Information Record (ISIR) more commonly known as Student Aid Report (SAR) is sent to electronically to the financial aid office.

An institution typically receives a SAR within 7-10 business days after completion.

How Your Financial Aid Package is Calculated

Gift Aid - Grants or scholarships that do not need to be repaid

Work - Money earned by the student as payment for a job on or off campus

Loans - Borrowed money to be paid back, usually with interest

Types of Financial Aid

Pell Grant - Up to $5,730

Federal Supplemental Educational Opportunity Grant (FSEOG) Between $100 to $4,000 (need based only grant)

Federal Work-Study (FWS) – Up to $2,500

Cal Grant A – Up to $12,192(UC), $5,472 (CSU) and $4,000-$8,000 for private colleges depending upon whether the college is

WASC – accredited.

Cal Grant B – Up to $1,648

Cal Grant C - $547 (CCC) - $2,462 (Non community colleges)

CHAFEE Grant – Up to $5,000 a year (Foster youth only)

Cal Grant GPA Verification Formwww.csac.ca.gov

Federal and State Grant Programs

Pell Grant – A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or a professional degree

Federal Supplemental Educational Opportunity Grant - The FSEOG program is administered directly by the financial aid office at each participating school and is therefore called “campus-based” aid. Not all schools participate.

Federal Work Study- Employment on and off campus to help pay for books and supplies. Amount varies based on financial need. Not all schools participate

Federal Grant Programs

Cal Grant A Entitlement Awards – for high school seniors and recent high school grads with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, who demonstrate financial need

Cal Grant B Entitlement Awards – for high school seniors and recent high school grads with a GPA of at least 2.0, who come from disadvantaged or low income families, whose family income and assets are below the state ceilings, and who demonstrate financial need

Cal Grant C Awards - for students from low income families pursuing vocational programs of study

State Grant Programs

Chafee Grant –$5000◦ Up to $5,000 a year to current or former foster

youth.◦ Must not have reached your 22nd birthday as of

July 1.◦ Based on financial need and half-time

enrollment.◦ Must complete both the FAFSA and the Chafee

Application:◦ 0

www.chafee.csac.ca.gov

State Grant Programs

Middle Class Scholarship (MCS)◦ CSU ($750) and UC ($1,700) bound students only◦ Must complete either the FAFSA or Dream Act Application Every Year◦ Must complete MCS application every year 0

Middle Class Scholarship

Not in default on

student loan

Meet SAP

Must enroll in a CSU or

UC

Must attend at least ½

time

Can only go towards 1st

Undergraduate Program

Benefits extend to Teaching Credential Program

Academic achievements

GPA

Athletics

Intended major

Extracurricular activities

Need based

Ethnicity

Types of Scholarships

Any student can apply for scholarships Funds are allocated based on:

◦ Academic achievements◦ GPA◦ Financial need◦ Athletics◦ Extra-curricular activities, or◦ Something as unusual as your hair color◦ (Recipients of high school scholarships should have all scholarships

sent to the Scholarship Office of the College or University they plan to attend)

Who can apply for scholarships?

Financial Aid takes into consideration the previous year income (Ex: 2015/2016 FAFSA applicants provide their income/tax information from the 2014 year).

Contact the Financial Aid Office if there are circumstances for the 2015/2016 year, which may affect a family’s ability to pay for college such as:◦ Loss or reduction in parent or student income or assets◦ Death or serious illness◦ Natural disasters affecting parent income or assets such as the

recent California wild fires, floods, or mudslides◦ Unusual medical or dental expenses not covered by insurance◦ Reduction in child support, Social Security benefits or other

untaxed benefit or◦ Any other unusual circumstances that affect a family’s

ability to contribute to higher education

Special Circumstances

Student and the colleges that the student listed will receive the Student Aid Report (SAR) from the Federal

processor

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Students who complete FAFSA and Cal Grant GPA Verification Form will receive California Aid Report (CAR)

webgrants4students.org

êStudents and families should review SAR and CAR for

important information and accuracy of data

What Happens Next?

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Colleges will match the admission records with the FAFSA and other required financial

aid forms to determine aid eligibility

ê Colleges will e-mail notices of financial aid

eligibility to students who have completed all required financial aid documents

Submit any requested documents to the Financial Aid Office. Processing of documents can take up to 8-10 weeks.

Students who are eligible for Financial Aid must have a completed file before their aid can be disbursed.

Final Steps

Submit all required forms, including the FAFSA, by each college’s published deadline dates

Keep a copy of all forms submittedReview the electronic Student Aid Report (SAR)

Acknowledgement or the paper SAR sent to the student

Review the California Aid Report (CAR)Watch for emails from College/University

Financial Aid OfficeBe sure to renew your FAFSA application every

year year as soon as possible after January 1 to receive the best financial aid award possible

Summary of the Financial Aid Process

FERPA protects the privacy of educational records◦When a student attends school beyond

high school, educational records cannot be released to anyone other than the student

Students may choose to release their rights by signing a FERPA release form. This can be used to allow parents to access to their educational records.

Federal Educational Rights and Privacy Act (FERPA)

FAFSA on the Web – Live Help

Phone 1-800-4-FED-AID (1-800-433-3243) “Live Chat”

E-mail the U.S. Department of Education at: FederalStudentAidCustomerService@ed.gov

If you need help at anytime

Helpful Websiteswww.webgrants4students.org www.CollegeNavigator.gov

http://webgrants.csac.ca.gov www.collegecost.ed.gov

IRS Transcripts available at: http://www.irs.gov/Individuals/Order-a-Transcript

www.chafee.csac.ca.govwww.caldreamact.org www.e4fc.org www.fafsa.gov www.pin.ed.govwww.StudentAid.gov

Questions and Answers

On behalf of Los Medanos College Office of Financial Aid

and Liberty High School we wish you well on your future

endeavors.