(Almost) Everything You Need to Know About Financial Aid Acalanes High School November 5, 2015

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1 (Almost) Everything You Need to Know About Financial Aid Acalanes High School November 5, 2015 Cora Manuel, Asst. Director Saint Mary s College of CA

2 Why is there financial aid? What is financial aid? Where does it come from? Who determines How you get it? When will you know? IT DEPENDS.

3 Purpose of Financial Aid (Why) To assist students and families pay for postsecondary educational expenses To ensure that all eligible individuals benefit from federal and state financial assistance for education beyond high school

4 Types of Financial Aid (What) Scholarships/Grants Need based Merit based Employment opportunities

5 Types of Financial Aid (What) Loans Student Federal Subsidized Federal Unsubsidized Private, alternative Federal Parent PLUS Loan Other Non-custodial Home equity line of credit

6 Sources of Financial Aid (Where) Federal government State Private sources Civic organizations Employers

7 Definition of Need (How) Cost of attendance (COA) Expected family contribution (EFC) = Need

8 Cost of Attendance (Who/How) Tuition and fees Room and board Books, supplies, transportation, and miscellaneous personal expenses, including documented costs for a personal computer Loan fees Study abroad costs Dependent care expenses Disability-related expenses Cooperative education program costs

9 Cost of Attendance (Who/How)

10 Need Varies Based on Cost (Who/How) Private/Indep. COA $60,543 - EFC 1,000 = Need $59,543 Public CSU/UC COA $28,096 - EFC 1,000 = Need $27,096 Comm. College COA $14,894 - EFC 1,000 = Need $13,894

11 Need Varies Based on Cost (Who/How) Private/Indep. COA $60,543 - EFC 50,000 = Need $10,543 Public CSU/UC COA $28,096 - EFC 50,000 = Need $0 Comm. College COA $14,894 - EFC 50,000 = Need $0

12 Need Varies Based on Cost (Who/How) Net Price Calculator Available on all school websites ESTIMATES net price Based on current year Cost of Attendance May include need-based grants and merit-based grants from each school

13 Financial Aid Applications (How) Free Application for Federal Student Aid (FAFSA) Deadlines vary CSS/Financial Aid Profile Deadlines vary Cal Grant GPA Verification Other applications Schools

14 FAFSA

15 CSS/Financial Aid Profile (How) Registration Guide No paper registration form $25 fee initial application and one college/program $16 per additional school

16 CSS/Financial Aid Profile (How) Different from the FAFSA Submission dates Specific questions regarding school Different methodology Value of all cars owned Value of all homes Non-custodial parent information Minimum student contribution Greater reliance on professional judgment Cost

17

18

19 Notification of Financial Aid (When) Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR) Students and families review SAR and CAR for important information and accuracy of data Colleges match admission records with financial aid applications and determine aid eligibility Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

20 Frequent FAFSA/application errors Parent and student Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth SUBMIT

21 Dependent vs. Independent Criteria age 24 or older married as of the date of application graduate or professional student active duty for purposes other than training is a veteran of the U.S. Armed Forces has dependents other than a spouse was an orphan, foster child, or ward/dependent of the court at any time since the age of 13 emancipated minor, legal guardianship

22 Special Circumstances Adjustments may be made to information on a caseby-case basis Special circumstances may include Dependency status Income and assets Child support Number in household or college Private elementary/secondary tuition Medical or dental expenses (not covered by insurance)

23 Special Circumstances Contact individual Financial Aid Offices (FAO) for further guidance and additional forms A detailed explanation should include Student s name and another identifier Specific financial details Time period involved Supporting documentation

24 Special Circumstances Student should follow up with each FAO FAO makes their own decision, results may vary from school to school Adjustments made by school may not necessarily affect student s eligibility for certain types of aid

25 Mythbusting My parents make too much money.

26 Mythbusting College is too expensive for me.

27 Mythbusting The FAFSA is only for grant money and scholarships.

28 Mythbusting I only have to fill out the FAFSA once.

29 Mythbusting It doesn t matter when I turn in FAFSA as long as I make the deadline.

30 Mythbusting I can fill out the FAFSA anywhere, and I may have to pay for it.

31 Mythbusting I won t qualify for aid because I don t have good grades.

32 Mythbusting The estimated family contribution number is the exact amount I have to pay.

33 Mythbusting I can t fill out the FAFSA until my parents file their taxes.

34 Mythbusting It doesn t make a difference whether I fill it out online or on paper.

35 Questions Cora Manuel Asst. Director of Financial Aid Saint Mary s College of CA (925)

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