WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID

• What is financial aid?

• Cost of attendance (COA)

• Expected Family Contribution (EFC)

• What is financial need?

• Categories, types, and sources of financial aid

• Free Application for Federal Student Aid (FAFSA)

• Special circumstances

WHAT IS THE COST OF ATTENDANCE (COA)?

Cost of Attendance (COA) VARIES from college to college

COA can be found at every school’s web site. You may also go to: www.californiacolleges.edu

WHAT IS THE EXPECTED FAMILIY CONTRIBUTION (EFC)?

• Amount family can reasonably be expected to contribute

• Stays the same regardless of college

• Two components– Parent contribution– Student contribution

• Calculated using data from a federal application form and a federal formula

MAIN DETERMINANTS OF THE EFC

Income Assets Family size Number in College Age of the older parent

Adjustments to EFC may be made by Financial Aid Office due to Verification and/or Special Circumstances that limit

ability to pay

FINANCIAL NEED is Determined by the Cost of Attendance minus the Expected Family Contribution.

Cost of

Education

Expected

Family

Contribution

(EFC)

Financial Need

•Tuition & Fees

•Books & Supplies

•Room & Board

•Transportation

•Personal/Misc. Expenses

•Loan Fees

•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.

•Needwill be different at each school.

TYPES OF FINANCIAL AID

• Need-Based Gift Aid

• Grants

• Scholarships (performance-based)

• Self-Help Aid

• Loans (need and non-need based)

• Student Employment

SCHOLARSHIPS

• Money that does not have to be paid back

• Awarded on the basis of merit, skill, or unique characteristic

GRANTS

• Money that does not have to be paid back

• Usually awarded on the basis of financial need

LOANS

• Money students and parents borrow to help pay college expenses

• Repayment usually begins after education is finished

• Only borrow what is really needed

• Look at loans as an investment in the future

EMPLOYMENT – WORK STUDY

• Allows student to earn money to help pay educational costs

– A paycheck

– Non-monetary compensation, such as room and board

SOURCES OF FINANCIAL AID

• Federal government

• States

• Private sources

• Civic organizations and churches

• Employers

FEDERAL GOVERNMENT

• Largest source of financial aid

• Aid awarded primarily on the basis of financial need

• Must apply every year using the Free Application for Federal Student Aid (FAFSA)

CALIFORNIA STATE PROGRAM

• 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 uses information from the FAFSA

• Deadline is March 2nd

HOW DO I APPLY ?

• The FAFSA is a standard form that collects demographic and financial information about the student and family

• FAFSA website

– Available in English and Spanish

Complete FAFSA Each Academic Year!

FAFSA• Free • Application for• Federal• Student• Assistance

FAFSA ON THE WEB

• Web site: www.fafsa.ed.gov**DO NOT USE ANY OTHER WEBSITES ****AVOID SCAMS (fafsa.com will charge $)**• 2012-13 FAFSA on the Web available on January

1, 2012• FAFSA on the Web Worksheet:

– Used as “pre-application” worksheet– Questions follow order of FAFSA on the Web

STUDENT FINANCIAL AID PERSONAL IDENTIFICATION NUMBER (PIN)

• Web site: www.pin.ed.gov

• Student and Parent must sign FAFSA electronically

• Request PIN before January 1, 2012

• PIN remains the same for student and parent all through college years

Before starting the FAFSA, gather Student driver’s license Student and Parent:

Social Security cards

2011 W-2 Forms and other records of money earned

2011 federal income tax form (even if not completed)

Records of 2011 untaxed income

Current bank statements

Business, and other real estate records

Records of stocks, bonds and other investments

• If delayed in filing federal

tax return, file FAFSA with

‘estimated’ income to

avoid missing priority filing

date of March 2, 2012

List up to 10 colleges to receive FAFSA data:

• Include CA school (CSUSM?) in one of the top 3 spots for Cal Grant!

• Federal School Code for each college

• Housing plans for each college

SIGNATURES

• Required

– Student

– One parent (dependent students)

• Format

– Electronic using PIN (most frequently used)

– Signature page (least frequently used)

FAFSA PROCESSING RESULTS

Central Processing System (CPS) notifies student of FAFSA processing results by:

• Student Aid Report (SAR)

FAFSA PROCESSING RESULTS

• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted

• College reviews ISIR– May request additional documentation, such

as copies of federal tax returns

STUDENT AID REPORT

• Review data for accuracy

• Update estimated information when actual figures are available

MAKING CORRECTIONS

If necessary, corrections to FAFSA data may be made by:

• Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN; or

• Submitting documentation to college’s financial aid office

SPECIAL CIRCUMSTANCES

• Cannot report on FAFSA

• Send explanation to financial aid office at each college

• College will review special circumstances

– Request additional documentation– Decisions are final and cannot be appealed

to U.S. Department of Education

FAFSA4CASTER

Early estimate of eligibility for financial aid

Student Aid on the Web http://studentaid.web.gov

• Scholarship Assistance – in Library After School, Mon.-Fri.– Assistance for the FAFSA will be available all of January and February

• General College Application Workshop– Thursday, Nov. 17th, 2011; Career Center; 3pm-4pm

• Community College Workshop– Wednesday, Nov. 30th, 2011; Career Center; 3pm-4pm

• Financial Aid Evening– Wednesday, Dec. 7th, 2011; Library; 6pm-7pm

» Parents encouraged to come!

Palomar College GEAR UP &

College and Career Center

Remember November 30th is the deadline for CSU/UC Applications!

FAFSA Workshop

• Cal SOAP “Cash for College” Workshop– Free– CSUSM– Saturday, Feb 25th – 9-1pm

**More info to follow**

• (760) 750-4850

• finaid@csusm.edu

• Craven Hall Room 3700

• School Code: 030113

CSUSM FINANCIAL AID CONTACT INFORMATION

FREE Scholarship Services

www.fastweb.com

www.collegeboard.com

www.finaid.org