College Financial Aid

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1 College Financial Aid Grants, Loans, Work, Scholarships Doris Keller

2 Student is an Adult Student will be treated as an adult Even if not 18 Parents will not receive any financial aid info Student is going to college Student will receive the money Student is responsible, not parent(s)

3 Student Responsible For: Gathering data & apply for all Types of F.A, Completing the application Meeting all deadlines Ensuring & monitoring information received Making corrections and updates Sharing information/speaking with parent(s) Spending wisely Providing some funds you need Taking take care of yourself

4 Student: Types of Financial Aid Federal Loans Federal and State Grants Federal and Private Work-Study School and Private Scholarships Alternative Loans Parent Federal Loans

5 General Information

6 Federal Philosophy Family is responsible to pay to the extent able Responsibility may extend after student has left the household Responsibility is not based on taxes Take a snapshot of family finances Same questions, same formula used for all Cannot guess accurately don t assume No negotiations

7

8 Student Eligibility Has financial need HS diploma or equivalent US citizen or eligible non-citizen Valid Social Security number Resident of Calif. (only for Cal Grants) Declare an eligible degree/certificate program Males registered for Selective Service Ages 18-25

9 Student Eligibility (Continuing Students) Does not have a defaulted loan Does not owe grant overpayment Has maintained Satisfactory Academic Progress (SAP) Signed education purpose statement No drug conviction while receiving federal student aid

10 fafsa.gov Federal, State, and most Private sources of financial aid requires an application

11 FAFSA fafsa.gov Gate way to Federal and State Aid Will provide EFC (expected family contribution) US Department of Education It is free, others WILL charge NOT used for: College admissions or Campus housing applications

12 FAFSA on the Web Worksheet fafsa.gov Place to collect all the needed information Do not submit worksheet To find it: Click Browse/Help button on top bar Click Getting Started/Before You Apply (left) Click FAFSA on the WEB worksheet Click FAFSA on the web (pop-up) Print 4 pages

13 The FAFSA Application Process fafsa.gov Complete the Worksheet in December File FAFSA on or soon after 1/1/13 Before earliest Financial Aid deadline Estimate 2012 income and correct later Print PIN confirmation page and file Print FAFSA confirmation page and file Must file a FAFSA every year Check if Cal Grant GPA verification, received

14 Establishing Your FAFSA File fafsa.gov Your Name Social Security Number Date of Birth Contact information Challenge Questions Password

15 Additional Information Needed Your Driver s license or ID Alien registration or permanent resident card if any 2012 W-2 forms and IRS returns (parent/s & student) Current bank statements Business records/investment records/farm records Marital status and last date changed Definition of Dislocated Worker Lost job/laid off/unemployed /Under employed/displaced homemaker

16 Completing the FAFSA fafsa.gov Read all messages after entering info Follow directions on worksheet and e-form Submit as soon as possible Provide accurate estimates Print the confirmation page and file it Access and review returned information Make changes as needed when possible SSN and martial status cannot be changed

17 Important FAFSA Components Student Status Assets (parent and student) Income (parent and student) Number in Household Number attending college Age of the older parent

18 Student Status Dependent/Independent Answer all the questions 24 years old? Married, in the military, veteran? Supporting your child/other person at least 50% Under 24 and not living with a parent Homeless If answer NO to all, student is dependent Most HS seniors are dependent

19 Your Parent(s) If your parents are divorced or separated... And you live only one parent Report that parent And share custody Decide which one you lived with the most Equal time? Who provided most of your support Don t know? Choose the one with most income Possible to select parent with less income? If selected parent has remarried must also report step-parent

20 Not Living With a Parent? or Do not Have a SSN? TOMORROW talk about this with your HS counselor There are special sources of college financial aid Your counselor will help you when completing the FAFSA Your conversations will be private

21 Parent and Student Income Must estimate amount on FAFSA FAFSA is completed before submitting IRS Estimate from 2011 IRS or from W-2s or pay stubs When taxes are filed, make a correction Can request FAFSA to match with IRS records Student should file IRS even if under the limit If employer deducted taxes Report to get refund -- Save the $$ for college

22 Assets Do NOT Include: Home equity of primary family residence Retirement programs recognized in tax code IRA, 401k, 403b, Roth, etc. PERS, STRS, retirements from employers Value of Life Insurance Business assets you own/operate at least 50% With no more than 99 employees Ranch/farm you own/operate & is primary residence

23 Parent/Student Assets Include for both parent and student Wallets Money in bank accounts Print the balances when FAFSA is submitted Investments Parents report: Equity in real estate, not primary residence Value of business with 100+ employees Equity of farm if not living on the farm

24 Number in Household (not all may not be included on the family taxes) You and Parent(s) All children in the home or not, who would answer NO to all Dependency questions and parents provide 50%+ support Your or your Parent s unborn child, born before 7/1/13 Include other persons in the home that parent(s) provide 50%+ support Include children living elsewhere that a parent is providing 50%+ support

25 # of Persons Attending College You, the student! Include others from the household who are also going to college EXCEPT, parent(s) who are attending college CANNOT be counted on the student s FAFSA The parent s CAN include their child as another going to college

26 Age of the Older Parent The closer a parent is to retirement the less their assets will affect the EFC.

27 So... You Submit the FAFSA... Matches made, processing, EFC calculated: You receive your Student Aid Report (SAR) Files downloaded to schools listed College admissions may send notice College financial aid will send a financial aid package, if admitted Each college financial aid package will vary

28 Review the SAR Note EFC in upper right (5 digit number) Displays what you typed Check all info and correct if necessary Did you count the value of your home? Other Real Estate? Did you report in your bank accounts on payday? Your parent s accounts? Did you count the value of a family small business? Did you count the value of autos, etc.? Did you report the parent(s) you should?

29 Monitoring for Cal Grants When you have the SAR, open an account at: Monitor often Ensure FAFSA & GPA are submitted/processed You will receive a California Aid Report (CAR) Track changes FAFSA changes eventually get to the Cal Grants Verify accuracy/correct mistakes

30 It all Comes Together

31 Expected Family Contribution (EFC) Established from FAFSA data It is theoretical maximum amount family can spend on college A measure of family financial status Most HS students must submit parent info. Same formula used for all families EFC amount does not change with COA

32 Cost of Attendance (COA) Amount varies for each school Tuition & Fees (UC) Room & Board Books & Supplies Misc. & Transportation

33 Cost of Attendance (COA) Amount varies for each school Tuition & Fees (UC): $13,000 Room & Board: $ 9,500 Books & Supplies: $ 1,500 Misc. & Transportation: 4,200 Total: $28,200

34 Calculating Financial Need (college/university) Cost of Attendance (COA) - Expected Family Contribution (EFC) Eligibility for Need-based Aid

35 Determining Financial Need (college/university) COA (UC) $28,200 EFC - 2,000 Eligibility $26,200 (AKA Need )

36 COA does not change EFC (different college/university) COA $14,000 EFC - 2,000 Eligibility $ 12,000 COA $50,000 EFC - 2,000 Eligibility $48,000

37 Aid Sources Loans Grants Work-study Scholarships Other sources Reduce costs

38 Available College Financial Aid Gift Aid (Grants & Scholarships) Pell, Cal-Grants, BOG, FSEOG, ACG, SMART, CHAFEE, TEACH, others Self-help Aid (Loans & Work-study) Fed. Loan amounts are limited Fed. & Private Work-study; alt. Loans Others (student earnings, reduce costs, tax deductions/credits, fee waivers, other family, alternative loans, gifts, rent books/equipment)

39 Example of Financial Package Cost of Attendance $28,200 Family EFC - 2,000 Pell Grant - 4,000 Cal Grant - 12,000 Federal Loan - 3,000 Work-Study - 2,000 From family/student $ 5, ,000 = 7,200

40 Closing the Gap Scholarships Student work (during school/during breaks) Assess budget when student attends college Selling assets Waivers Credit Cards Second mortgage

41 Closing the Gap, cont. Parent and student savings Hope and Lifetime tax credits Loan Assumption Programs Institution (grants, work-study, scholarships, misc.) Families Earnings Save on costs

42 Amended Sample Package COA (UC) $28,200 Family EFC - 2,000 Pell & Cal Grant together - 16,000 Federal Loan - 3,000 Work-Study - 2,000 Earnings/Savings - 1,000 Scholarships - 6,000 Balance $ - 1,800

43 Amended Sample Package COA (UC) $28,200 Family EFC - 2,000 Pell & Cal Grant together - 16,000 Federal Loan - 0,000 Work-Study - 2,000 Earnings/Savings/Gifts - 2,000 Scholarships - 6,000 Balance $ 200+2,000=2,200

44 Reduce Costs/Help Cover EFC Live with a roommate Take care of yourself Laundry, cook, clean house, etc. Start cheaper Live with family Attend Community College first Cheap entertainment Learn money management Reconsider a car (it is never cheap)

45 The Big 5 Applications FAFSA Calculates EFC used to determine need Cal Grant Entitlement, tuition at CA schools Must meet income and asset limits BOGG waiver Waives fees at CCC Based on income and need Apply on campus EOPS/EOP Extended Op. Programs & Services Low income, educationally disadvantaged students Apply on campus CSS Profile

46 CSS Profile collegeboard.com Only used by some private schools Used only to distribute PRIVATE money Students must also do the FAFSA for gov t money Make sure you schools NEED it Only apply on-line, pay for the application and pay for sending it to each school Send information to all colleges who require it Will ask different info than the FAFSA

47 Live like a starving student while you are one, or live like a starving student after you graduate

48 Questions???

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