What You Need to Know About Financial Aid...Financial Aid Timeline October 1 FAFSA Opens Feb. 1 - 15...
Transcript of What You Need to Know About Financial Aid...Financial Aid Timeline October 1 FAFSA Opens Feb. 1 - 15...
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Mary BookerAssistant Vice Provost, Student Financial ServicesUniversity of San Francisco
What You Need to Know About Financial Aid
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Topics We Will Discuss
• What is Financial Aid?• Cost of Attendance (COA)
• The Expected Family Contribution (EFC)• Net Price – What you have to pay
• Categories, Types and Sources of Assistance• The Application Process
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Myths
§ You can’t go to college if you don’t have the money.• Colleges come in all price ranges• Financial aid is available . . . almost half of all
college students receive aid
§ College just isn’t worth it.• Even though the cost of college is going up, it is
still the best step you can take for a good future
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You Can Get Money to Go to College Because You…
• Need it (this is the biggest reason students get money)
• Earn good grades or take hard courses• Have talent in music, art, sports, etc.• Have a certain background or characteristic• Have a special need or a disability
(There are lots of other ways to get money for college, too.)
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What is Financial Aid?
• Financial aid is funds provided to students and families to help pay for postsecondary educational expenses
• Can include loans and jobs as well as scholarships or grants
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How Much Financial Aid Can I Get?
• The amount of (need-based) financial aid you can receive depends on two things:• The Cost of Attendance (COA)
• Determined by the school. It includes:• Direct Costs• Indirect Costs
• The Expected Family Contribution (EFC)• Calculated based on your financial aid forms
• These things may vary widely from college to college
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Sample COA – Univ. of San Francisco
Tuition & Fees $50,282
Room & Board $15,410
Personal $2,600
Books & Supplies $1,600
Travel $1,200
TOTAL $71,092
2019-2020 Living on Campus
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Sample COA – San Jose State
2019-2019 Living on Campus
Undergrad Fees $7,852
Room & Board $16,189
Personal $1,704
Books & Supplies $2,058
Travel $1,579
TOTAL $29,382
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Sample COA – UC Berkeley
2019-2020 Living on Campus
Tuition & Fees $14,254
Room & Board $18,864
Personal $1,876
Books & Supplies $870
Travel $400
TOTAL $36,264
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Expected Family Contribution(EFC)
• Computed amount family is expected to contribute• Two components
– Parent contribution– Student contribution
• Calculated using FAFSA (Free Application for Federal Student Aid) data and a federal formula
• Some schools may use the College Board/CSS Profile Application and an institutional formula for awarding their own aid
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Student Contribution
• Calculated based on Student’s Assets and Income
• Federal analysis expects 20% of assets in student’s name to be available for educational expenses each year
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Why is the EFC calculation so important?
• EFC is used for awarding Need-Based Aid
• “Need” is the difference between Cost of Attendance and Expected Family Contribution (COA - EFC)
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What is Net Price?
Cost of Attendance
– Scholarships/Grants (gift money)
= Net Price (what you’ll have to pay)
There may be “financial aid” in the form of student or parent LOANS and/or student EMPLOYMENT to help with
the Net Price.
Check college websites for theirNet Price Calculator!
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Types of Financial Aid
• Scholarships/Grants• Loans
• Employment
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Scholarships/Grants
• Money that does not have to be paid back
• Scholarship - Usually awarded on the basis of merit, skill, or a unique characteristic
• Grant - Usually awarded on the basis of financial need
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Loans
• Money students and parents borrow to help pay educational expenses
• Repayment usually begins after education is finished – look at federal programs first
• Current (federal) interest rates as low as 4.45%
• Only borrow what is really needed• Look at loans as an investment in the future
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Employment
• Allows student to earn money to help pay educational costs
• Working part-time is helpful for most students; Working too much can affect grades!
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Sources of Financial Aid
• Federal Government• States
• Colleges/Universities• Private Sources
• Civic Organizations and Churches• Employers
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Federal Government
• Largest source of financial aid• Aid awarded primarily on the basis of
financial need• Must apply every year using the FAFSA• Studentaid.ed.gov
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Federal Student Aid Programs
• Federal Pell Grant• Federal Supplemental
Educational Opportunity Grant (FSEOG)
• Iraq and Afghanistan Service Grant (IASG)
• Teacher Education Assistance for College and Higher Education (TEACH) Grant
• Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans)
• PLUS Loans• Federal Work-Study
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California Residents
• Residency requirements; Award aid on the basis of both merit and need
• California (www.csac.ca.gov):• Cal Grant deadline is March 2nd! Application consists of
FAFSA + GPA Verification (can be used at publics or privates in CA)
• CA Community Colleges Board of Governors Fee Waiver• Middle Class Scholarship (UC/CSU Only)• dream.csac.ca.gov for California Dream Application for
undocumented students who went to HS in CA
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Cal Grant A• Only awarded to California high school graduates
who establish residency and meet eligibility requirements
• Only can be used at four-year colleges in California• Must have minimum CUM 3.0 GPA in academic
core classes in grades 10 & 11• Automatically submitted by SHCP for all seniors
*SHC Registrar may contact you to provide a social security number for your student.
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Cal Grant A
2020-2021 Cal Grant A awards up to:• $12,570 at University of California• $5,742 at California State University• $9,084 at CA Independent Colleges
Family Size Income
Six or more $123,100
Five $114,100
Four $106,500
Three $98,000
Two $95,700
Cal Grant Income Ceiling2020-2021
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Colleges & Universities
• Award aid on the basis of both merit and need
• Aid may be gift aid or loans/work§ Deadlines and application requirements
vary by institution
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Searching for Private Scholarships
•Research what is available in your local community•Application process usually senior year – start early!•Internet databases & Online Scholarship search engines
• fastweb.com, chegg.com, myscholly.com• University Financial Aid web sites• Parent Employers• Micro-scholarships: RaiseMe.com• Scholarship completion help:
scholarsnapp.org
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Free Application for Federal Student Aid (FAFSA)
• A standard form that collects demographic and financial information about the student and family
• Filed electronically and available in English and Spanish
• Required by ALL schools awarding federal aid
• 2020-2021 FAFSA available on October 1, 2019 and will ask for info from parent and student’s 2018 tax forms
• www.FAFSA.gov
California Dream Act Application (CADAA)• For students without a Social Security number or students issued a
DACA Social Security number. It is used to determined financial aid at eligible California pubic or private institutions.
https://dream.csac.ca.gov/
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The Application Process
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Financial Aid Timeline
October 1FAFSA Opens
Feb. 1 - 15Priority FAFSA Deadline for
Most Colleges
March 2Cal Grant Deadline
March -Early April
Award Letters Sent
May 1Decision Deadline
Financial Aid AppealsOctober of following year - Reapply for Financial Aid
• CSS Profile (if required)—deadline varies• Institutional Financial Aid Application (if required)— deadline varies
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FAFSA on the Web
• Remember: It is the Student’s Application!• Ability to check application status on-line
(and add additional schools)• Sign your FAFSA with a Federal Student Aid
(FSA) ID• Free help available:
1-800-4-FED-AID
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IRS Data Retrieval Tool (DRT)
• Available October 1st, 2019 for 2020-21 processing cycle
• Participation is voluntary• Reduces documents requested by the Financial Aid
Office• If selected for Verification may require IRS Tax Transcript if
didn’t use the DRT• If parents filed an amended return or are married
but filed separately DRT may not be available
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FAFSA Resources
www.finaid.ucsb.edu/FAFSAsimplification§ 7 Step FAFSA completion video, walks you through
each section and shows the actual FAFSA pages
http://studentaid.ed.gov/fafsa§ Videos & pdf documents – “Completing the FAFSA”
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CSS Profile Application
• Standard form that collects demographic and more detailed financial information about the student and family
• Must be filed electronically• Typically required by schools that are awarding
large amounts of institutional aid
student.collegeboard.org/css-financial-aid-profile
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After You’ve Filed for Financial Aid
The college’s Financial Aid Office will:• Review to determine your eligibility for GRANTS,
LOANS, and/or WORK STUDY• Send out notification of eligibility (Financial Aid
Award Letter), via email , web portal, or mail• Request any additional documentation needed
(Verification)
NOTE: Schools only review FAFSA information for students who have been ADMITTED.
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Special Circumstances
§ Examples:– Change in employment status– Medical expenses not covered by insurance– Change in parent marital status– Unusual dependent care expenses– Cannot report on FAFSA
• Send explanation to financial aid office at each college
• College will review special circumstances• May request additional documentation• Decisions are final and cannot be appealed to U.S.
Department of Education
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Time for Questions…
Thank You!