FINANCIAL AID for Junior Parents: The Basics. April 22, 2015

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1 FINANCIAL AID for Junior Parents: The Basics April 22, 2015

2 What is Financial Aid? Cost of Attendance (COA) - Expected Family Contribution (EFC) Student s Financial Need (eligibility) Financial Aid -- resources that will cover the student s need.

3 Cost of Attendance! Tuition and fees! Room and board! Books and supplies! Transportation! Miscellaneous personal expenses

4 Estimated Family Contribution (EFC) Calculated from information provided on the Financial Aid Forms.! Families are evaluated by their present financial situation (2015)! Parents are responsible for helping to pay for a dependent child s education.! Students share the responsibility of helping pay for their educational costs.

5 What is considered in EFC?! Income and earnings! Number in family at home! Number of dependent students in college! Age of the older parent! Assets outside of the family home

6 FAFSA EFC (federal formula)! Does not look at home equity! Considers ONLY custodial parent! Includes step parent! Individual Colleges are likely to consider home equity and non custodial parent information and will ask for this information on PROFILE

7 EFC CALCULATOR! Calculators> Expected Family Contribution and Financial Aid Calculator! Under College Planning > Pay for College > Tools and Calculators

8 What is Financial Aid? Cost of Attendance (COA) - Expected Family Contribution (EFC) Student s Financial Need (eligibility) FINANCIAL AID contributes toward NEED.

9 Need depends on cost Stanford COA : 60,000 EFC : 15,000 Need = 45,000

10 Need depends on cost Stanford COA : 60,000 EFC : 15,000 Need = 45,000 USF COA : 53,000 EFC : 15,000 Need = 38,000

11 Need depends on cost Stanford USF UCSC COA : 60,000 COA : 53,000 COA : 35,000 EFC : 15,000 EFC : 15,000 EFC : 15,000 Need = 45,000 Need = 38,000 Need = 20,000

12 Need depends on cost Stanford USF UCSC SFSU COA : 60,000 COA : 53,000 COA : 35,000 COA : 24,000 EFC : 15,000 EFC : 15,000 EFC : 15,000 EFC : 15,000 Need = 45,000 Need = 38,000 Need = 20,000 Need = 9,000

13 Calculate Cost of College Net Price Calculator on website of individual college

14 How is Need Met through FA? FINANCIAL AID PACKAGES Gift Aid Self Help Grants Scholarships Loans Work Study

15 Where does the money come from?! Federal government! State government (for CA schools)! Colleges and universities! Private agencies, companies, foundations and parents employers

16 How is Need Met? FINANCIAL AID PACKAGES Gift Aid Self Help Grants Scholarships Loans Work Study

17 GRANTS! PELL GRANTS up $5,700 (eligibility: EFC less $5000)! CAL GRANT up $12,000 (eligibility: family of 4 up $87,000 income)! INSTITUTIONAL GRANTS AND SCHOLARSHIPS determined by school (from $0.00 to covering full need)

18 How is Need Met? FINANCIAL AID PACKAGES Gift Aid Self Help Grants Scholarships Loans Work Study

19 Scholarships! Merit Scholarships! Offered at many colleges.but! Not offered at many highly selective schools! Automatic consideration or additional application! Athletic Scholarships not offered at Division 3 schools! Outside Scholarships Fastweb.com! NEVER pay for scholarship search service!!

20 How is Need Met? FINANCIAL AID PACKAGES Gift Aid Self Help Grants Scholarships Loans Work Study

21 LOANS! STAFFORD! SUBSIDIZED! UNSUBSIDIZED! PERKINS! PLUS (Parents)! PRIVATE

22 LOANS: STAFFORD! Subsidized (Need-based)! Government pays interest while in school! 2015 fixed at 4.66%! Unsubsidized (Not need-based)! Can defer interest while in school add to loan amount! fixed at 4.66% Annual and aggregate loan limits ($5500 first year; $31000 total) 6-month grace period after graduation, 10 year repayment

23 LOANS: PERKINS! Priority given to those with exceptional need! Fixed interest rate of 5%! 9 month grace period, 10 year repayment.! Deferment and cancellation provisions for teaching, nursing, law enforcement, etc.! Can borrow up to $5500/year $27,500 total! College/university is lender not all colleges participate

24 LOANS: PLUS! Parents of undergraduates! 10 Year Repayment period, begins after loan is disbursed! Fixed rate of 7.21%! Loan Limit ü Up to COA less all other aid (Should not be included as part of FA package!)

25 PRIVATE LOANS! Not Title IV (federal) aid! Also known as alternative loans! May require a co-signer! Loan fees and interest rate can be higher than Stafford or PLUS loan! Institutional Loans

26 Loan Calculators! Student Loan Calculator! https://bigfuture.collegeboard.org/pay-for-college/ loans/student-loan-calculator! Parent Debt Calculator! https://bigfuture.collegeboard.org/pay-for-college/ loans/parent-debt-calculator

27 How is Need Met? FINANCIAL AID PACKAGES Gift Aid Self Help Grants Scholarships Loans Work Study

28 WORK STUDY! Government subsidized, guaranteed on campus job for student to earn money toward paying the COA.! Summer work is also expected as student self help.

29 HENRY COLLEGE COA GRANT STUDENT LOAN WORK STUDY EFC WHAT FAMILY NEEDS TO PAY A $50,500 $30,500 $7500 $2500 $10,000 $10,000 B $54,700 $24,000 $5500 $10,000 $25,200 GAP C $34,000 $14,500 $9500 $10,000 $10,000 D $56,000 $45,000 $5500 $3000 $10,000 $2500 Qualifies for Perkins Loan Merit Scholarship

30 SAM COLLEGE COA GRANT STUDENT LOAN WORK STUDY EFC WHAT FAMILY NEEDS TO PAY $$ U $60,500 $50, $10,000 $10,000 B $54,700 $46,200 $5500 $3,000 $10,000 $0 Merit Scholarship C $34,000 $14,500 $ $10,000 $14,000 D $56,000 $20,000 $5500 $2500 $10,000 $28,000 GAP

31 HOW TO APPLY?! FAFSA Free Application for Federal Student Aid! Cal Grant GPA Verification Form! CSS Profile! https://profileonline.collegeboard.com! Individual College Applications

32 FAFSA! ONLINE in December! Due after January 1, ASAP! Based on information from the year before filing (2015) Male students Register with Selective Service

33 Cal Grant GPA Verification! For colleges in California! Filled out by student and counselor.! Must be submitted before March 2.

34 CSS Profile! Available at College Board website! Due when application is due.! 2 step process:! Registration ($9.00)! Each school s application ($16.00)! Very likely to consider home equity! Very likely to REQUIRE non custodial parent to fill it out.

35 Individual Applications! Check with each school!! Will probably need completed tax returns soon after January 1.

36 Special Circumstances Submit Forms Contact individual Financial Aid Office

37 What to ask colleges?! Are you Need Blind in your admissions process?! Do you Meet Need for students who demonstrate need?! What do you consider when you calculate your EFC? (ie. home equity, cost of living, non-custodial parent )! What forms do I need and when are they due?

38 Finally! Talk to students and set realistic expectations especially about loans! Start early! Do not hesitate to call FA office at college! Be optimistic, but realistic! You will not know if you do not apply

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