Welcome! Financial Aid & Scholarships Vonda Garcia, Director.
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Transcript of Welcome! Financial Aid & Scholarships Vonda Garcia, Director.
Welcome!Financial Aid & Scholarships
Vonda Garcia, Director
• Cost of Attending College• How to Apply for Financial Aid• Types of Aid Available
AGENDA
We will review:
Community Colleges $11,445 - $17,889 CSUs $17,139 - $24,299 UCs $23,600 - $31,700 Private Schools $42,451 - $50,470
www.californiacolleges.edu
Cost of Attendance may be found on every school’s website.
ESTIMATED COLLEGE COSTS
WHAT IS THE COST OF ATTENDANCE?
WITH PARENT ON-CAMPUS OFF-CAMPUS
Tuition & Fees $6,800 $6,800 $6,800
Books & Supplies $1,665 $1,665 $1,665
Food & Housing $4,407 $11,708 $10,962
Transportation $1,170 $893 $1,316
Misc/Personal $3,105 $2,521 $2,844
Loan Fee $75 $75 $75
Total $17,222 $23,662 $23,662
CSU SAN MARCOS ESTIMATED COST OF ATTENDANCE (COA)
Assumes California Resident Enrolled Full-Time
Based on 2012-13 Figures
HOW DO I APPLY ?
•US Citizen
•Eligible Non-Citizen
Complete the FAFSA
• Not US Citizen AND•Not Eligible Non-Citizen
Complete the DREAM Application
Complete a FAFSA each Academic Year!
FAFSA• Free • Application for • Federal• Student• Aid
FAFSA website and FAFSA Worksheets
– Available in English and Spanish
www.fafsa.gov
HOW DO I APPLY ?
STUDENT FINANCIAL AID PERSONAL IDENTIFICATION NUMBER (PIN)
• Student and Parent must sign FAFSA
• Request PIN
• PIN remains the same for student and parent all through college years
Web site: www.pin.ed.gov
• Student driver’s license • Student and Parent:
oSocial Security cardso 2012 W-2 Forms and other
records of money earnedo 2012 federal income tax form
(even if not completed)oRecords of 2012 untaxed income
Current bank statementsoBusiness, farm and other real
estate recordso Records of stocks, bonds and
other investments
GETTING READY
If delayed in filing federal tax return,
file FAFSA with ‘estimated’ income
to meet priority filing date of March 4, 2013.
IMPORTANT TAX INFORMATION!
FAFSA: IRS DATA RETRIEVAL
For 2012, have your parents completed their IRS income tax return or another return?For 2012, have your parents completed their IRS income tax return or another return?
FAFSA: IRS DATA RETRIEVAL
Data for students:
• Tax filing status
• Adjusted gross income (AGI) for 2012
• Earnings (wages, tips) from 2012
• Benefits received from federal programs
• Untaxed income
• Asset information
FAFSA: FINANCIAL INFORMATION
Student information:
• Selective Service registration
Requirement for males between ages of 18 and 25; for more info go to website www.sss.gov
• Drug conviction status
COMMON QUESTIONSFAFSA: STUDENT DEMOGRAPHICS
FAFSA: DEPENDENCY STATUS
Which parent?
FAFSA provides guidance on who would be considered as the ‘parent’ for financial aid purposes.
Biological Parent
Adoptive Parent
Step-Parent
FAFSA: PARENT DEMOGRAPHICS
Dislocated Worker
• Is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation;
• Has been laid off or received a lay-off notice from a job;
• was self employed but is now unemployed due to economic conditions or natural disaster; or
• Is displaced homemaker. A displaced homemaker is generally a person who previously provided unpaid services to the family (i.e. a stay-at-home mom or dad), is no longer supported by the husband or wife, is unemployed or underemployed and is having trouble finding or upgrading employment
FAFSA: PARENT DEMOGRAPHICS
Additional financial resources:
• Did anyone in the parent’s household receive benefits
from any of the federal programs listed?
• Untaxed Income
FAFSA: FINANCIAL INFORMATION
Asset data for students and parents:
• Cash, savings, and checking accounts
• Net worth of investments
• Net worth of business and farm
FAFSA: FINANCIAL INFORMATION
Federal School Code for Each College
CSU San Marcos is 030113
If more than 10 colleges, submit and add more colleges later
Housing Plans for Each College
At Home
Off-Campus
On-Campus
SCHOOL SELECTION
Required Signatures:
Student
One parent (Dependent Students)
Electronic using PIN (most frequently used)
Signature page (least frequently used)
Paper FAFSA (not recommended, but available by phoning 800-433-3243 or printing online)
SIGN AND SUBMIT
What happens next?
• Signed 2013-14 FAFSA sent to Federal
Processor
• Federal Processor sends information to
College/University within 2-3 weeks.
• College/University will contact student
directly
FAFSA PROCESSING RESULTS
• If necessary, corrections to FAFSA data may be made on: www.fafsa.gov
• Updating paper Student Aid Report (SAR)
• Submitting documentation to college’s financial aid office
MAKING CORRECTIONS
• Change in employment status
• Unusual medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parent information
SPECIAL CIRCUMSTANCES
• Income• Assets• Family size• Number in College• Age of the older parent
Adjustments to EFC may be made by aFinancial Aid Office due to Verification
and/or Special Circumstances that limit ability to
pay
MAIN COMPONENTS OF THE EFC
• Not a bill• Amount family can reasonably be expected
to contribute to educational costs• Stays the same regardless of college• Two components
– Parent contribution– Student contribution
• Calculated using data from a federal application form (FAFSA) and a federal formula
WHAT IS THE EXPECTED FAMILIY CONTRIBUTION (EFC)?
FINANCIAL NEED
Cost of
Attendance
Expected
Family
Contribution
(EFC)
Financial Need
• Tuition & Fees
• Books & Supplies
• Room & Board
• Transportation
• Loan Fees
• Personal/Misc.
• EFC determines eligibility for need-based aid
• EFC is not an amount the student or parent(s) must pay
• Financial Need isthe difference between the COAand the EFC.
• Need will be different at each school.
CATEGORIES OF FINANCIAL AID
• Need-based aid– Grants– Federal Work-Study Program– Subsidized Loans– Scholarships based on need
• Non need-based aid– Unsubsidized Loans– Parent PLUS Loans– TEACH– Scholarships without regard to
need
Money that does not have to be repaid• Need-based aid
Federal Grants• Pell Grant• Supplemental Educational Opportunity Grant
(FSEOG)• Teacher Education Assistance for College and
Higher Education Grant (TEACH)
State Grants• Cal Grant• Educational Opportunity Program
Institutional Grants• State University Grant
GRANTS
LOANS
• Money students and parents borrow to help pay college expenses
• Repayment usually begins after education is finished
• Only borrow what is really needed
• Additional information at www.studentloans.gov
Dependent* Students (Maximum amount: $31,000)
Grade Level Combination of Subsidized and Unsubsidized
Freshmen $5,500
Sophomore $6,500
Junior $7,500
Senior $7,500
*Independent Students eligible for higher loan amounts
LOANS
Subsidized Loans: No interest while in school
3.4% Interest Rate
Unsubsidized Loans: Accrues interest while in school
6.8% Interest Rate
Parent PLUS: Parent is responsible to repay. Accrues Interest while in school
7.9% Interest Rate
• Allows student to earn money to help pay educational costs
• On campus or off-campus employment opportunities
• Must work to earn a paycheck
• Flexible work hours for students
• Provides work experience
EMPLOYMENT
• California Student Aid Commission (CSAC) administers Cal Grant program. Web site www.csac.ca.gov
• Student must:
Be a California resident attending a California college Apply by the March 2nd deadline (FAFSA and verified GPA) Have financial need Meet income and GPA requirements for at least one
program
• CSAC utilizes information from the FAFSA
• Complete Cal Grant GPA Verification Form (usually sent to California Student Aid Commission by student’s HS Guidance Office)
• Deadline is March 2nd 2013
CALIFORNIA STATE PROGRAMCAL GRANT
SCHOLARSHIP • Money that does not have to be paid
back• Awarded on the basis of merit, skill, or
unique characteristics• Most community scholarships have
application periods and deadlines from December through March for awards for the following fall semester/quarters.
• Spend some time on the internet searching for scholarships based on your major, ethnicity or a special talent, such as playing a musical instrument.
• Never pay money to apply for a scholarship or pay to have someone else search for scholarships. There are many FREE resources out there to assist you.
• www.csusm.edu/finaid• March 4th 2013 Deadline• One application for over 100 different
scholarships at CSUSM only
Check with other colleges for college specific scholarship information.
CSUSM GENERAL SCHOLARSHIP
FREE SCHOLARSHIP SERVICES
www.fastweb.com
www.collegeboard.com
www. Maldef.org
www.finaid.org
www.sdfoundation.org
Saturday, February 23, 2013Hosted by CSU San Marcos
and Cal-SOAP9am-12 noon333 S. Twin Oaks Valley RoadSan Marcos, CA 92096
– Your High School Guidance
Office will receive additional location info & updates from Cal-SOAP to
share with Seniors and family
members
CASH FOR COLLEGE
Register online at: www.sandiegocalsoap.com
Contact Info for Cal SOAP: Phone: 858-569-1866Fax: 858-569-1136
(760) 750-4850
Craven Hall Room 3900
Cougar Central
School Code: 030113
CSUSM FINANCIAL AID CONTACT INFORMATION
QUESTIONS ??