Gettin Paid. To Attend College

Transcription

1 Gettin Paid To Attend College

2 The Basics of Gettin Paid Student & family may be responsible for paying portions of college costs. Financial aid provides resources to help families who are unable to cover college costs. Universities and colleges have programs to keep financial demands reasonable. Students should expect to take out loans and work part-time.

3 Who can Get Paid Demonstrate financial need Have a high school diploma Be working toward a degree or certificate Be a U.S. Citizen or eligible non-citizen Have a valid social security number Register with Selective Service, if you are a male between the ages of Maintain satisfactory academic progress once in school

4 How can you calculate Need? Most financial aid awards are based on Need Expected Family Contribution (EFC) is calculated using a federally established formula based on factors such as student & parent income & assets, and size of household. Need is calculated using this formula: COST OF ATTENDANCE - EFC = NEED

5 UC Irvine Estimated Cost of Attendance Commuter On Campus Off Campus Fees $8,774 $8,774 $8,774 Room & Board $4,117 $10,527 $9,245 Books & Supplies $1,601 $1,601 $1,601 Transportation $1,889 $1,399 $2,158 Personal Costs $1,799 $1,544 $1,899 Total $18,180 $23,845 $23,677

6 Ways to Get Paid Grants Student Loans Parent Loans Work Study Scholarships

7 Grants Definition: Money that does not have to be paid back. Some examples include: University Grants Federal Pell Grants Cal Grant Cal Grant A: Minimum 3.0 high school GPA plus additional eligibility criteria Cal Grant B: Minimum 2.0 high school GPA plus expanded/stricter criteria Cal Grant C: To qualify, you must enroll in a vocational program at a California community or independent college or vocational school that is at least four months long.

8 Student Loans Loans are a reality of college! Direct Stafford Loan Funded by government Variable interest rate capped at 8.25% Federal Family Education (FFEL) Stafford Loan Funded by government Federal Perkins Loan Funded by student s school. Money must be paid back to that school. 5% interest rate

9 Student Loans Your student loan may be: Subsidized Loan is awarded on the basis of need. Interest does not accrue while in school, government subsidizes it. Unsubsidized Loan is not awarded on the basis of need Interest begins accruing immediately after funds are disbursed Payment for both types of loans are scheduled to begin 6 months after graduation.

10 Parent Loans (PLUS Loans) Student gets the money. Parents get the payments! Allows parents with good credit to borrow money to help pay for the cost of college. Families are eligible regardless of income/resources Interest rates never exceed 9% Repayment begins immediately after obtaining the funds.

11 Work Study The Federal Work-Study Program provides jobs for undergraduate students with financial need. Allows students to earn money to help pay education expenses. Students have the opportunity to work part-time with campus departments, which accommodate student schedules.

12 Scholarships May reduce the need to work or borrow. Each scholarship will have different requirements and an application needs to be filled out for each. Many resources on the internet Beware of scholarship scams or fee-forservice programs.

13 Sample Financial Aid Packages Cost of Attendance -EFC Need State $15,000 $ 3,400 $11,600 Private $30,000 $ 3,400 $26,600 Pell Grant $1,000 Cal Grant $3,000 Institutional Grant $1,975 Loan-Stafford $3,125 Institutional Scholarships $1,000 Work-Study $1,500 Total Aid $11,600 $1,000 $3,000 $9,750 $3,125 $8,000 $1,500 $26,375

14 Sample Financial Aid Packages Cost of attendance will vary by school. EFC will stay the same regardless of the school you decide to attend. Therefore, your need will vary by school. Example: State University with a total cost of $15,000 Private University with a total cost of $30,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 State Univ. Private Univ. Work-study Scholarships Loans Grants EFC

15 Issues for Undocumented Students Under state law (AB 540) approved in 2001, the UC, CSU, and community colleges can consider undocumented students for in-state tuition if: 1. They attend a California high school for at least three years, 2. Graduate from a California high school or equivalent (GED), and 3. Sign an affidavit with the college pledging to apply for permanent residency as soon as they are eligible. UC cannot award any other financial aid to AB 540 students There are some special programs offered at other individual campuses. Check with your college s financial aid office. Loans from outside agencies, special grants and/or scholarships are the best options.

16 Deadlines! Deadlines! Deadlines! Free Application for Federal Student Aid (FAFSA) Due March 2 (Can be submitted between Jan. 1 & March 2) GPA Verification Form Due March 2 See your counselor for the form Your FAFSA MUST be signed by both you and a parent, which is usually done electronically with a PIN (Personal Identification Number) Apply for your PINs today at PINs are confirmed by All info and supporting documents must be correct MARCH 2! MARCH 2! MARCH 2!

17 Anything else? Be Aware of Deadlines! Begin now. Saving for college Searching for scholarships Read everything you receive by mail or Watch for your Student Aid Report (SAR) in your inbox Don t pay anyone to find scholarships for you. Don t be afraid to borrow loans they are a good investment if used wisely. Money should not be an obstacle to obtain a college education.

18 Gettin Paid on the Web Financial Aid Info FAFSA & PIN Scholarship Searches AB 540 Info & Scholarships