Investing in Your Future - Northwood HS · Investing in Your Future. Workshop Agenda ... • Filed...
Transcript of Investing in Your Future - Northwood HS · Investing in Your Future. Workshop Agenda ... • Filed...
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Investing in Your Future
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Workshop Agenda
• The Financial Aid Equation
• The Basic Formula
• Types of Financial Aid
• Scholarships, Grants, Work-Study & Loans
• How to Apply for Financial Aid
• Free Scholarship Searches
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What Financial Aid Offers
• Access to funds to help pay for• 4 year public and independent colleges
• Community colleges
• Private career colleges
• Choice among schools• Choose the best academic, cultural, and social fit rather than the
least expensive program
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What are the Basic Concepts
• Cost of Attendance
• Expected Family Contribution
• Financial Need
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Cost of Attendance
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
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Expected Family Contribution
The Expected Family Contribution
(EFC) is the amount a family (parents
and student) is expected to pay from
income and assets over time.
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* Financial Need equals Financial Aid Eligibility.
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Determined Financial Need*
What is Financial Aid
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•Federal Government
•State Government
•Colleges & Universities
•Private Agencies & Organizations
Sources of Financial Aid
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Merit Based Aid
• Scholarships – money awarded based upon merit and/or
special talent that the student does not need to repay.
Need Based Aid
• Grants – money awarded based upon need that the
student does not need to repay.
• Loans – money borrowed by the student to be repaid with
interest after graduation.
• Work Study – money earned by the student as payment
for work performed on-campus or off-campus.
Types of Aid
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Contact the Financial Aid Office immediately if there
is a:
• Loss of a job
• Decrease in salary
• Death or serious illness in family
• Change in your housing plans for the school year
• Any other circumstances that reduce the family’s
ability to pay for education expenses.
Special Circumstances
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The Higher Education Opportunity Act (HEOA) of 2008
requires each institution that participates in Title IV federal
student aid programs to post a net price calculator on its
website using institutional data to provide estimated price
information to current and prospective undergraduate
students and their families based on a student’s individual
circumstances.
Net Price Calculator
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• The Net Price Calculator (NPC) is required for all Title IV
institutions that enroll full-time, first-time degree- or certificate-
seeking undergraduate students.
• The NPC allows students to calculate an estimated net price
of attendance at an institution, based on what similar students
paid in a previous year.
Cost of Attendance (COA) – Grant and Scholarship Aid =
The Net Price
Net Price Calculator
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Other Helpful On-line Resources:
• www.bigfuture.collegeboard.org
Use the EFC Calculator to get an estimate of the family’s contribution
Click on Pay for College > Tools & Calculators > EFC Calculator
• www.nces.ed.gov/collegenavigator
Provides useful data regarding costs, net price, retention & graduation rates,
majors, default rates, campus security and other pertinent university
information
Enter university/college name in ‘Name of School’ field > Follow the
instructions shown above the results of the school search
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• Free Application for Federal Student Aid (FAFSA)fafsa.gov
• College Scholarship Service (CSS) PROFILE
cssprofile.org
• Other Required Items
For example:Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation
How Students Apply
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The FAFSA Application
Step Two: Submit the 2019-2020 FAFSA
Step One: Create an FSA ID (student & parent) at FAFSA.gov
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Submitting the FAFSADetails and Helpful Tips: studentaid.ed.gov
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cssprofile.org – October 1
-Sign in with existing College Board account
-Check list of participating colleges
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• By March 2, 2019 complete and submit
• the FAFSA
• The Cal Grant GPA Verification Form, check
with your school counselor for more details.
Cal Grant Programs
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• The California Chafee Grant program provides up
to $5,000 annually to current and former foster youth
for college or vocational training at any accredited
college in the U.S.
• To be eligible, the foster youth must have been in
California foster care between ages 16-18 and not
yet 22 years old.
www.chafee.csac.ca.gov
California Chafee Grant for
Foster Youth
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• You are an AB 540 eligible student if you have
met the following items: • Attended a California (CA) High School for 3 or more years
• Graduated from a CA high school or attained the equivalent of
graduation, such as passed the GED, or CA High School Proficiency
Exam;
• Registered or are currently enrolled at an accredited CA college or
university; and
• Filed an affidavit with your college or university stating that you have or
intend to file an application to legalize your immigrations status, if
applicable.
https://dream.csac.ca.gov/
The California Dream Act(AB 540 students)
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• CA Dream Application (similar to the FAFSA)
https://dream.csac.ca.gov/
• GPA Verification Form (check with High School college counselor)• Submitted by your school to California Student Aid
Commission (CSAC) electronically; or
• Submitted by the student via US Postal Mail (Cal Grant GPA Verification Form is available through the Dream Act Application)
Application Deadline: March 2, 2019
How Students Apply for the
Dream Act
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• The California College Promise Grant (formerly
known as the BOG Fee Waiver) waives the
California Community College’s enrollment fee for
California residents:
• Who are eligible for need – based financial aid, or
• Who receive CalWORKs/TANF, SSI, or General Assistance
payments, or
• Whose family income falls below published income ceilings
• Learn more about the California College Promise Grant at
www.icanaffordcollege.com
Community College
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• Available from colleges, companies, community-
based groups and other organizations
• Usually require separate applications
• May require transcript, essay, interview, or audition
• Check with your high school about scholarship
opportunities
• Beware of scholarship search companies that
charge a fee
• Use free scholarship search websites
Scholarships
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www.fastweb.com
www.finaid.org
www.collegeboard.com
www.scholarships.com
www.goodcall.com/scholarships
These sites also contain helpful financial aid information
Free Scholarship Searches
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Beware false claims!– “Thousands of dollars in scholarships go
unclaimed each year”
– “Guaranteed or your money back!”
– “Give me your credit card or bank account
number to hold this scholarship”
– “The scholarship will cost some money”
– “You’ve been selected. . .”
– “You’re a finalist in a contest” (that you never
entered)
Don’t Be Fooled!
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• Make a list of colleges that have programs that
interest you
• Consult with your school counselor
• If possible, don’t make a final decision about which
school you will attend until you have visited the
colleges
• Consider all factors – not just cost – when making
the final decision
Before you Decide
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Questions
?