Financial Aid Overview

Transcription

1 Financial Aid Overview ww.fafsa.ed.gov Presented by: Dorothy Nacita Santa Ana College Financial Aid Office

2 Financial Aid Myths Students with highest GPAs get all the aid Not in full time, won t qualify The form is hard to fill out I have to pay these back You have to be minority to qualify I missed the March 2nd Deadline, it s too late Income is too high, so don t bother to apply I want to save it til I transfer Sibling didn t qualify, so neither will I I already receive VA benefits, so I can t double dip.

3 Financial Aid on top of the GI Bill? Yes! You can apply for Financial Aid in addition to your GI Bill Benefits. It is NOT double dipping! Your GI Bill educational benefits will not be used against your Financial Aid eligibility

4 Watch out for scams: Guaranteed winnings Free Seminars on Financial Aid offered by organizations not associated with Financial Aid Offices is NOT the official website! They make you pay a fee to submit a free application telephone numbers As a general rule, if you MUST pay money to get money, it may be a scam.

5 How Much am I Eligible for? Basic Equation of Need Cost of Attendance (COA) - Expected Family Contribution (EFC) = Student s Financial Need (eligibility)

6 Cost of Attendance of School Tuition/Enrollment fees Room and board Books and supplies Transportation Miscellaneous personal expenses Loan fees, study abroad costs, dependent or elder care expenses, expenses associated with a disability, or expenses for cooperative education program, computer (if required for program).

7 Determining the Expected Family Contribution (EFC) Income Asset Equity (excluding home equity) Family Size Number of Family Members in College Age of Parents (for dependent students) Etc.

8 How Much am I Eligible for? Basic Equation of Need Example (COA) $16,198 - (EFC) $ 2,190 = (Need) $14,008

9 Sources of Financial Aid Federal government State governments Colleges and universities Private agencies, companies, foundations, your parents employers, etc who offer Scholarships.

10 Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest

11 Types of State Grants

12 Cal Grants Cal Grant A Entitlement Awards for students with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need and are a 2 or 4 year degree. In 2011/2012: CSU & UC schools, up to $5,472 in fees and $12,192 respectively. For private colleges, up to $9,708. Cal Grant B Entitlement Awards for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need. In 2011/2012: Up to $1,551 and helps with tuition at a CSU & UC. Cal Grant C Awards - for students from low income families pursuing vocational programs of study. Up to $576, and an additional $2,592 for tuition at a school other than a CA community college.

13 Cal Grants Cal Grant A & B Competitive Awards are for students who aren t eligible for the entitlement awards. The main difference is that these awards are not guaranteed. There is no Competitive CalGrant C Awards For more information on CalGrants, visit:

14 To apply for the CalGrant: By MARCH 2nd, 2012 Complete and Submit the Free Application for Federal Student Aid GPA Form Complete and Submit the GPA Verification Form Check with your high school or college financial aid administrator for more details on how to file the Cal Grant GPA Verification form, if you don t have at least 16 degree applicable units completed at SAC.

15 Eligibility for Cal Grants To be eligible for a Cal Grant, the student must also: be a U.S. citizen or eligible non-citizen be a California resident Be a High school Grad and pass the CAHSEE (if graduated 2007 and after and required to take by High School.) attend a California college or university

16 California Chafee Grant The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S. To be eligible, the foster youth must have been in California foster care on their 16 th birthday and not have reached their 22 nd birthday before July 1, 2010 To apply, the foster youth must complete: FAFSA California Chaffee Grant Program Application To learn more about the Chafee Grant, go to:

17 Types of Federal Need-Based Grants

18 Federal Pell Grant Maximum in up to $5,550 if full time both semesters Federal Supplemental Educational Opportunity Grant (SEOG) at SAC in up to $600 at least 1/2 time, program eligibility & amounts vary from school to school, time sensitive

19 Federal Work Study Maximum in for SAC up to $4,000 at least 1/2 time, program eligibility & amounts vary from school to school, time sensitive Employment during school Job may be on or off campus Excluded from student s total income reported on next year s FAFSA Program & amounts varies from school to school This is different from the VA workstudy

20 Other Types of Need-Based Non-Federal Grants

21 CA Board of Governor s Fee Waiver Waives $36 per unit fee No maximum Only in CA Community Colleges CSU State University Grant (SUG) Amounts vary per institution and eligibility Independent College Grants Amounts vary per institution and eligibility

22 Types of Federal Loans

23 Subsidized Direct Loans At SAC, 1st Year Maximum up to $3,500 2nd Year Maximum up to $4,500 Need based, must be at least half time Unsubsidized Direct Loans At SAC, Dependent Maximum up to $2,000 Independent Maximum up to $6,000 Must be at least half time 4 Year Universities have higher limits

24 Federal Perkins Loans Not available at SAC Administered by the school Parent Plus Loans Not available at SAC Feds check parent s credit for eligibility Loan is attached to parent s record

25 Federal Eligibility Criteria U.S. citizen or eligible non-citizen with valid Social Security # High School diploma, GED, or ability to benefit test Enroll in an eligible program Register for Selective Service (males ages 18-25) Drug Conviction required resolution completed. Demonstrate financial need.

26 How much aid will I get? Hint... File EARLY for more money!!!!!!! Here s an example: Jack filed on March 2nd Met Priority Deadline Need = $ 9,400 Pell = $ 4,310 BOGW = 600 CALB = 1,551 SEOG = 800 FWS = 2,000 Total = 9,261 Remaining Need: $ 139 Jill filed on March 15th Missed Priority Deadline Need = $9,400 Pell = $4,310 BOGW = 600 Total = 4,910 Remaining Need: $4,490 Jill had to take out loans to make ends meet: Sub Loans: $3,500 Unsub Loans:$ 990

27 But!!!! Meeting the priority deadlines don t mean you are eligible for some or all types of aid. Some Factors: Funding of grants Not meeting grant criteria Incomplete process; Never followed up with the FAO You don t have enough need to get additional grants Disqualified due to not meeting Satisfactory Academic Progress

28 Satisfactory Academic Progress Policy Here at SAC, for eligibility: Maintain 2.0 GPA or Higher Maintain a 67% completion rate (Different from School Catalog) A.A./A.S. or B.A./B.S. Degree Have not attempted 90 or more units, or 45 units if pursuing vocational certificate.

29 If UNsatisfactory... am I hopeless? No. You can appeal! Appeal Process at SAC: 1. Write an appeal statement (explanation in detail, attach proof if necessary) 2. Educational Plan 3. Counselor Program Approval 4. Submit documents to Financial Aid for the Appeal committee for approval or denial. 2&3 are obtained from an Academic Counselor

30 SAP Policy is different in other institutions Tips Always check on the Financial Aid Office s SAP Policy It s best to keep track of your progress Prepare to appeal early if needed VA SAP is different from Financial Aid SAP.

31 To Review: Types of Applications FAFSA Cal Grant GPA Verification Form Other applications or forms as required by the college such as Board of Governor s Fee Waiver CSS Financial Aid PROFILE Institutional Scholarship and/or Financial Aid Application GPA Form

32 Apply for a Federal PIN now and be ready to sign your FAFSA PIN (Personal Identification Number) serves as the electronic signature on ED documents Both student and at least one parent need PIN May be used to: Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and addresses View history of any federal aid received on If an address is provided, PIN will be ed to the PIN applicant within hours Apply for student and parent PINs TODAY at:

33 File Your Free Application For Federal Student Aid FAFSA File your FAFSA as soon as you can on or after January 1, 2011 for the Academic Year. Check with the College you will be attending for all applicable deadlines. Different colleges & universities have their own priority deadlines.

34 Santa Ana College s School Code: FAFSA allows you to put up to 10 schools to add on online FAFSA app.

35 What you will need.. To complete your FAFSA for the Academic Year, you need to gather: Student driver s license Student Alien Registration Card (if applicable) Student (and Parent, if dependent) Social Security card copies 2010 W-2 Forms and other records of money earned 2010 Federal Income Tax form (even if not completed) Records of 2010 untaxed Income (Veterans non-education benefits such as disability, VA Educational Workstudy, Death Pension, and/or Dependency & Indemnity Compensation) 2010 Taxable Combat Pay or Special Combat pay Current bank statements Business, farm and other real estate records Records of stocks, bonds and other investments Create a file for copies of all financial aid documents submitted

36 Dependent or Independent? Must I provide parent information? Not if you can answer yes to at least one of the following questions:

37 Actual shot from the FAFSA paper application, same for Were you born before January 1, 1987? As of today, are you married? (Also answer Yes if you are separated but not divorced.) At the beginning of the school year, will you be working on a master s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, graduate certificate, etc.)? Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? See Notes page Are you a veteran of the U.S. Armed Forces? See Notes page Do you have children who will receive more than half of their support from you between July 1, 2010 and June 30, 2011? 52. Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2011? At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? See Notes page Are you or were you an emancipated minor as determined by a court in your state of legal residence? See Notes page Are you or were you in legal guardianship as determined by a court in your state of legal residence? See Notes page At any time on or after July 1, 2009, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? See Notes page At any time on or after July 1, 2009, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? See Notes page At any time on or after July 1, 2009, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? See Notes page 9....

38 Special Circumstances With proper documentation, the Financial Aid office can use Professional Judgment to use more recent information based on special circumstances to benefit the student. For , may override 2010 income information with 2011 information, if 2011 income is significantly less than 2010 and would benefit the student. Make an appointment to see Dorothy for details.

39 Examples of Special Circumstances: Loss or reduction in parent or student income or assets Death or serious illness Unusual medical or dental expenses not covered by insurance Reduction in child support, social security benefits or other untaxed benefit Financial responsibility for elderly grandparents Any other unusual circumstances that affect a family s ability to contribute to higher education

40 Summary of the Financial Aid Process Submit all required forms, including FAFSA, by each college s published deadlines (but no later than March 2 for the following Fall) By March 2 submit a Cal Grant GPA Verification Form Keep a copy of all forms submitted Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student Review the California Aid Report (CAR) Watch for financial aid award notifications from colleges to which the student has been admitted. Follow up with them. Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible.

41 Flow Chart here at SAC Student Applies online FAFSA.ed.gov Application goes to Federal Processor Student receives Student Aid Report Schools receive Student Aid Report School contacts student for other docs

42 Student School Verification Resolve any Conflicting Information Satisfactory Academic Progress If eligible, Award letter is sent Accept awards in student account (Webadvisor) Disbursement of Funds

43 Questions? Santa Ana College Financial Aid Office 1530 W. 17th St., Santa Ana, Building U-221 (714) The Certifying Official in the VRC is a Financial Aid Coordinator. You can ask her about your status or help in filling out your FAFSA.