Financial AidFinancial Aid

MiraCosta College

Financing Education Beyond High

School

• Applying for Financial Aid

• What Happens After you Apply

• Types of Financial Aid

• Resources/Important Phone

Numbers

Today we’ll Today we’ll cover…cover…

Financial Aid Financial Aid PrerequisitesPrerequisites

• High School Diploma, GED, ATB

• Social Security Number

• Selective Service Registration

• U.S. Citizen/Elig. Non-Citizen

The FAFSAThe FAFSA

• Free Application for Federal Student Aid

• One Application for Multiple Schools

• Complete Application Every Year

• Complete Application Online (www.fafsa.gov)

• Need to Apply for a PIN

FAFSA WebsiteFAFSA Website

Selecting Correct Aid Selecting Correct Aid YearYear

2010-2011FAFSA Year

Personal InformationPersonal Information

Use full legal name as it appears on your social security card!

Help and hint box will never

steer you wrong!

School SelectionSchool Selection

**You may list up to ten schools on your FAFSA. If you want to be considered for a Cal-Grant, list a school in California as your first choice**

Dependency Dependency DeterminationDetermination

Parent Financial Parent Financial InformationInformation

Have your 2009 income taxes by your side!

Confirmation and EFC Confirmation and EFC

**This is an estimate based off the original EFC. The school will determine the actual amount**

FAFSA Deadline?FAFSA Deadline?

Don’t be discouraged, applications can be completed anytime within the academic year

*For Cal Grant consideration, your FAFSA and GPA Verification Form must be submitted to CSAC no later than March 2nd

What Happens What Happens NextNext

Calculating Financial Need

Cost of Education – Expected Family Contribution (EFC)=Financial Need

• Notify School via electronic ISIR• Notify Student via SAR or E-Mail

THINK OF FINANCIAL THINK OF FINANCIAL AID AS AN UMBRELLA AID AS AN UMBRELLA

FORFOR

•Federal

•State

•Institutional

•Private

Funding Funding SourcesSources

Federal ProgramsFederal Programs

• Pell Grant

• Academic Competitive Grant

• SMART Grant• Federal Supplemental Educational

Opportunity Grant

• Federal Work Study (FWS)

• Federal Loans

Work StudyWork Study

Benefits of Work Study:• Work On-Campus

• Earn Money

• Gain Experience

• Earnings are taxable but do not affect your aid eligibility the following year

Federal LoansFederal Loans

Federal Loan Program:

• Student Subsidized Loan

(Fixed 4.5% interest rate)

• Student Unsubsidized Loan

(Fixed 6.8% interest rate)

• Parent PLUS Loan

(Fixed 7.9% interest rate)

State ProgramsState Programs

• Cal Grants “A” - “B” - “C”Grant Deadline: March 2

• EOPS

• Chafee Grant (Foster Youth)

• BOGW “A” – “B” – “C”(Board of Governors Fee Waiver)

Board of Governors Fee Board of Governors Fee WaiverWaiver (BOGW) (BOGW)

• BOGW is a state sponsored program, which waives enrollment fees for qualifying students (Community Colleges only)

– Some qualifications are:• California resident• Students on public assistance programs• Low income students• Dependents of disabled or deceased California

Veterans

• Institutional Grants

• Scholarships

• Internships

• Private loans

Institutional/PrivateInstitutional/Private

ScholarshipsScholarships

• Online (specific schools and Broader Web Searches, fastweb.com, etc.)

• Library or Local Bookstore in the Reference Section

• Clubs, Organizations, and Community Groups• Employer (student and parent)

**NOTE: Scholarship searches should always be FREE! STAY AWAY from anyone who charges you for a scholarship search!

A College Aid Package A College Aid Package (Example)(Example)

Cost of Education $24,000 EFC - $ 2,000

Need $22,000 Fall Spring Total

Pell Grant 1050 1050 2100State Grant 776 775 1551School Grant 1000 1000 2000FSEOG 2000 2000 4000Scholarship 1000 1000 2000Work-study 1500 1500 3000Loans 3675 3675 7350

Total 11,000 11,000 22,000

Tools to Help YouTools to Help You

• www.miracosta.edu/financialaid• www.fastweb.com• www.review.com• www.collegeispossible.org• www.collegenet.com• www.icanaffordcollege.com• www.csac.ca.gov (California

state grants)

Important Phone Important Phone NumbersNumbers

• MiraCosta College Financial Aid Office

(760) 795-6711

• Federal Student Aid Information Center

1-800-4FED-AID (1-800-433-3243)

Hearing Impaired: 1-800-730-8913

• California Student Aid Commission

1-888-224-7268

Avoid ScamsAvoid Scams

• To Complete the FAFSA only use the Federal Government Web Site:

www.fafsa.gov

Submitting a FAFSA and Applying for

Scholarships is FREE

Thank you!

Questions?

The The EndEnd