Financial Aid Night. Presented By Anna Minniece Irvine Valley College. Education is not expensive, it's priceless."

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1 Financial Aid Night Presented By Anna Minniece Irvine Valley College Education is not expensive, it's priceless." 1

2 2

3 Agenda What is Financial Aid? Application Process How Financial Aid Need is Determined Types of Financial Aid The Award Letter Timeline of the Financial Aid Process Helpful Websites 3

4 What is Financial Aid? Financial Aid is a general term colleges use to describe all of the programs that help families pay for college or vocational training. Gift Aid Self Help Grants and Scholarships (free money) Work study (job opportunity to earn money) Loans (money borrowed that must be repaid) 4

5 Financial Aid Myths Students with the highest GPA s get all the aid Income is too high to qualify Friend/sibling did not qualify Cost is the only way to compare colleges 5

6 Role of the Financial Aid Office Determines eligibility for financial aid Packages aid Provides an award notification detailing the programs and amount from each program for which the student is eligible 6

7 Application Process All Schools: Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family. File electronically on the Web at : Or paper application form Cal Grant - Grade Point Average (GPA) Verification Form or School Must Submit GPA Electronically. Deadline is March 2, 2013 Some Schools: Institutional Aid Application Many schools that offer institutional financial aid require an institutional aid application in addition to the FAFSA. Check with the school you are interested in for details. 7

8 FAFSA on the Web: 8

9 To Register for a PIN: 9

10 FAFSA Pin (SFA PIN) Allows parent and student to sign FAFSA electronically Speeds Processing May be used by students and parents throughout aid process. Including subsequent school years. 10

11 FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: notification containing a direct link to student s online SAR if student s was provided on paper or electronic FAFSA SAR Acknowledgement if filed FAFSA on the Web and student s address was not provided. Institutional Student Information Record (ISIR) is sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted 11

12 What s Next? After you have received your SAR The schools you listed on the FAFSA may send you a request for further documentation (tax forms, citizenship verification, etc.) If necessary, corrections to the FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN Updating paper SAR Submitting documentation to college s financial aid office You will then receive an award packet from your college indicating the type of aid you are being offered. 12

13 Important Tips Find out application and deadline requirements Be accurate, complete and legible Make copies of all completed forms Comply with all information requests Meet deadlines 13

14 Is There Life After Missed Yes but Deadlines Award letters may be delayed Certain funds may be unavailable: Institutional Grants and Scholarships Free Federal Money (FSEOG) Work-Study Lower interest loan (ex. Federal Perkins Loan) A verified GPA must be submitted by March 2, 2013 for Cal Grant eligibility. 14

15 How Financial Aid Need is Determined 15

16 Factors in Need Analysis Income Asset Equity (excluding home equity) Family Size Number of Family Members in College excluding parent(s) Age of Parents 16

17 Definition of Financial Need Cost of Attendance (COA for one year) - Expected Family Contribution (EFC) = Student s Financial Need (eligibility) 17

18 COMPONENT #1 Cost of Attendance Tuition and fees Room and board Books and supplies, equipment, transportation, and miscellaneous personal expenses Loan fees 18

19 COMPONENT #2 Expected Family Contribution Parents available income Parent s income supplement from assets Student s contribution = Expected Family Contribution (EFC) 19

20 Parental Information If parents are both living and married to each other, use both parents. If parent is widowed or single, use that parent only. If parents are separated or divorced. Use the parent with whom the student has lived, or from whom the student has received the most support, for the past 12 months If that parent has remarried, step-parent information must be included, whether or not that person is actually supporting the student. 20

21 Need Varies Based on Cost $10,000 $7,000 1 $8,000 X $5,000 2 $5,000 Y $2,000 3 $3,000 Z EFC EFC Cost of Expected Family Need Attendance Contribution (Variable) (Variable) (Constant) 21

22 Special Circumstances Drop in Family Income Disability or Death of a Family Member Divorce/Separation of Parents Any Other Special Circumstances All appeals go directly to the Financial Aid Office 22

23 Types of Financial Aid Gift Aid Self Help Aid Loans & Employment 23

24 Federal Pell Grant Program Awarded to eligible undergraduates pursuing an undergraduate certificate or degree Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status For , for EFCs between 0 and 4041, the Pell Grant range was $5500 (max) $ 400 (min). 24

25 Federal Supplemental Education Campus-based aid Opportunity Grant (FSEOG) For undergraduates pursuing first undergraduate degree or certificate Priority to students with exceptional financial need (i. e. students with the lowest EFCs at that school) Amounts vary by school 25

26 Cal Grants Cal Grants are for California residents, attending a California college or university who demonstrate financial need, meet the program and academic requirements, and apply on time. There are income and asset ceilings associated with the Cal Grant program. Cal Grant A Cal Grant B Cal Grant C 26

27 Scholarship Resources School need-based and non-need based programs Academic, athletic, and other talent-based scholarships and grants Private business scholarships Civic organization scholarships Local library resources Local businesses and civic organizations Parents places of employment FASTWEB- 27

28 Work Study Undergraduate or graduate students are eligible. Employment on or off campus (most are on campus). Eligible employers School Federal, state, or local public agency Private non-profit organization For-profit organization 28

29 Federal Perkins Loan Interest rate: 5% (upon repayment). Subject to school s FAFSA priority application deadline Eligible Students Undergraduate or graduate students Priority to exceptional need Loan amount varies Maximum annual loan $5,500 undergraduate students $8,000 graduate and professional degree students 29

30 Federal Direct Loan Subsidized and Unsubsidized School determines loan eligibility and delivers loan proceeds to the student Subsidized Stafford: Must demonstrate need Unsubsidized Stafford: Need is not a consideration Annual loan limits for dependent students (combined subsidized and unsubsidized): $5,500 for Freshmen Students (no more than $3500 of that is Subsidized) $6,500 for Sophomore Students (no more than $4500 of that is Subsidized) $7,500 for Juniors and Seniors (no more than $5500 of that is Subsidized) 30

31 Federal Plus Loan Parent Loan for Undergraduate Students Parent of a dependent undergraduate student Annual loan limit = COA minus other aid Repayment begins on the date of the last disbursement of the loan (generally 30 days after the disbursement). A requirement that applicant not have an adverse credit history. Up to 4% in fees, based on the principal Interest rate is fixed at 8.5%. 31

32 The Award Letter Provides Important Information Types and amounts of aid offered Specific program information Student responsibilities Conditions governing awards Opportunity to accept or decline awards 32

33 Financial Aid Timetable Apply for Aid (January-February 2013) Receive Award Letter (April-May) Comply with Information Requests (April-May) Verification & Coordination (summer) Financial Aid Disbursement (start of first term) Re-apply for aid (January-February 2014) 33

34 Helpful Web Sites Scholarship Searches EFC estimator Cal Grants Department of Education 34

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