Financial Aid Overview. Three Basic Questions O What is Financial Need? O What Types of Aid Are...
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Transcript of Financial Aid Overview. Three Basic Questions O What is Financial Need? O What Types of Aid Are...
Three Basic QuestionsO What is Financial Need?O What Types of Aid Are Available? O How do I Apply?
What is Financial Need?
Cost of Attendance
– Expected Family Contribution
= Financial Need
Cost of Attendance
Estimated Total Cost of Attendance
Living On Campus
California State University (CSU)
CSULB
University of California (UC)
UCLA
California Independent College
USCFees/Tuition $6,738 $12,685 $43,722 Books and supplies $1,666 $1,521 $1,500Room and board $11,300 $14,208 $12,440
Other $4,072 $3,585 $2,171
TOTAL $23,776 $31,999 $59,883
What is Financial Need?
Cost of Attendance
– Expected Family Contribution
= Financial Need
EFCO Amount family can reasonably be
expected to contributeO Two components
O Parent contributionO Student contribution
O Calculated using data from the FAFSA
O Stays the same regardless of college
Estimated Total Cost of Attendance
Living On Campus
California State University (CSU)
CSULB
University of California (UC)
UCLA
California Independent College
USCCost of Attendance $23,776 $31,999 $59,883
EFC $500 $500 $500Financial Need $23,276 $31,499 $59,383
What are the different types of financial aid?
Types of Financial AidO Scholarships
O Grants
O Employment (Work Study)
O Loans
ScholarshipsO Money that does not have to be paid
back
O Usually funded by private companies or foundations
O Awarded on the basis of merit, skill, or unique characteristic
O May or may not have income and/or GPA requirements
GrantsO Money that does not have to be paid back
O Usually awarded through federal or state government
O Usually do have income and GPA requirements
Employment / Work Study
O Allows students to earn money to help pay educational costs
O Usually has income requirement
O Benefits vs. Part Time Job Off Campus
O Higher pay
O Flexible schedule
O On campus
LoansO Money students and parents borrow
to help pay college expenses
O Repayment usually begins after education is finished
O No income or GPA requirements
Pell GrantO Awards up to $5,550O For low income undergraduate studentsO Can be used at many schools throughout the
USAO Awarded based on financial needO Apply using the FAFSA
Cal GrantO Cal Grant A
O Pays state fees at UC & CSUO Awards up to $TBD for California Private
CollegesO Cal Grant B
O Pays state fees at UC & CSUO Awards up to $TBDfor California Private
CollegesO Also awards additional living stipend($1,500)
O Both have income and GPA requirementsO Apply using the FAFSA and GPA Verification
Form by March 2nd
Cal Grantin reserve
O Students can apply for a Cal Grant to be held in reserve while they attend a California community college
O Grant is held for three years
The CaliforniaMiddle Class Scholarship
The CaliforniaMiddle Class ScholarshipStarts in 2014-2015 for undergraduate students who are:O Attending a CSU or UC campusO From families with income up to
$150kO U.S. citizens, permanent residents or
AB 540 eligibleO California residents
MCS – How it fits in…
Up to 40% fee reduction*
Cal GRANT A and CCovers up to 100% of tuition/fees**
Cal GRANT BMay cover up to 100% tuition/fees and some
living expenses**
$150,000
$120,000
$90,000
$60,000
$30,000
$0
AN
NU
AL
FAM
ILY IN
CO
ME
* When fully funded.** Based on 2013-2014 income levels, family of four.
The CaliforniaMiddle Class Scholarship
How much can students get?O Up to 40% of mandatory system-
wide fees for students whose annual family income is up to $100,000
O No less than 10% of mandatory system-wide fees for students whose annual family income is between $100,001 and $150,000
Student LoansO Subsidized = government pays
interest while you are in schoolO Unsubsidized = interest accruesO Both loans begin payback after
graduationO Low interest rates & very flexible
payback plans.
O Beware of PRIVATE PERSONAL LOANS!
Parent LoansO Must pass credit checkO May borrow up to total cost of
attendanceO Unsubsidized = interest accruesO Payback begins immediatelyO Low interest rates & very flexible
payback plans.
O Beware of PRIVATE PERSONAL LOANS!
Free Application for Federal Student Aid (FAFSA)
O A standard form that collects demographic and financial information about the student and family
O May be filed as early as January 1st of senior year
Official FAFSA WebsiteOhttp://www.fafsa.ed.govOFAFSA-4CasterOFAFSA on the Web Worksheet:
O Used as “pre-application” worksheet
Dependent or Independent?
You must answer Yes to at least one question to be considered an
Independent student.
Who is considered a parent?
O Biological or adoptive parent(s)
O In case of divorce or separation, provide information about the parent and/or stepparent the student lived with more in the last 12 months
O Stepparent (regardless of any prenuptial agreements)
California Dream ActO Must be AB540 EligibleO Allows for students to apply for state
funded aid including:O Cal GrantO Board of Governors Fee Waiver GrantO State University Grant (CSU)O Other Public Institution Awards
California Dream Application
O DO NOT FILE A FAFSAO Complete California Dream Application
at http://www.csac.ca.gov/dream_act.asp
O Same deadlines and filing rules applyO March 2nd Cal Grant DeadlineO Determine if Dependent or Independent
StudentO Deferred Action / DACA applicants
should also file Dream Application
Scholarships
National Search Sites
University Websites
Local Scholarships
Questions?
