CSU HS Counselor 2007

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Financial Aid101

What does it cost?2012-13 Cost of Attendance* (9 months)

At Home On Campus Off Campus

Fees $7,025 $7,025 $7,025Books/Supp $1,666 $1,666 $1,666Room/Board $4,326 $10,900 $11,493 Trans $1,413 $1,245 $1,444Personal $2,708 $2,576 $2,671TOTAL $17,139 $23,412 $24,299

* Systemwide averages, actual amounts will vary by CSU campus.

How much does the student really pay?

• Actual tuition and fees • On Campus room & board expenses (if applicable)

• Parking (if applicable)

• Cost of books

Each student’s expenses will vary based on their individual circumstances. The Cost of Attendance is an estimate of how much it will cost to live for 9-months of enrollment.

What are my options?

• Parents often can help pay for some/all expenses• Employment• Scholarships• Financial Aid• Federal, State and Institutional

• GI Bill• 529 College Savings Plans

Financial Aid• The Free Application for Federal Student Aid (FAFSA) or

DREAM application is used to calculate an Expected Family Contribution (EFC). This number is used to determine financial aid eligibility.• Gift Aid• Scholarships

• Students should check with the institution if they need to complete a separate application

• Grants• Self-help Aid• Loans• Employment opportunities

Types of Gift Aid (Federal-FAFSA)

• Federal Pell Grant• Federal Supplemental Educational Opportunity

Grant (FSEOG)• Iraq & Afghanistan Service Grant

Types of Gift Aid (State-FAFSA or DREAM)

• Cal Grants (A & B)• Chafee Grant• CSU - State University Grant (SUG)• CSU - Educational Opportunity Program (EOP)• Community Colleges – Board of Governor’s

Grant (BOGG)• UC – University Grant

Types of Self–Help Aid (Federal-FAFSA)

• Federal Work-Study (FWS)• Federal Perkins Loan• Federal Direct Loans• PLUS (parent) Loan

1. Student/family file the FAFSA • FAFSA.gov available beginning January 1•Student and parent can sign the form electronically with a federal “PIN”•Student and parent can use IRS data retrieval tool

If the student is NOT eligible for the FAFSA, but is eligible for DREAM

2. Student/family file the DREAM application• Dream application available beginning January 1• Student and parent can sign the form electronically with a “PIN”

Students filing a FAFSA or DREAM should also file for Cal Grant

3.File a Cal Grant GPA Verification Form•High School can submit the GPA electronically on behalf of the student OR the parent(s)/student can file a paper form with CSAC

March 2nd is the priority deadline

for submitting a FAFSA, DREAM, and Cal Grant Application

How to Apply for Financial Aid

NEW: DREAM Application

Students without lawful immigration status, who qualify for an AB540 nonresident tuition exemption:

1. File for state and institutional need based scholarships and grants by filing a California Dream Act application at www.CalDreamAct.org.

2. Some campuses may also have a separate institutional scholarship application that must be filed in addition to the DREAM and FAFSA applications

•The Admission application fee waiver is also being extended to students without lawful immigration status, who will qualify for an AB540 nonresident tuition exemption & meet the income guidelines

NEW: DREAM Application AB 540 General Requirements

• The student must have attended a HS (public or private) in CA for 3 or more years,

AND• The student must have graduated from a CA HS or

attained the equivalent (GED and CA HS proficiency exam also qualify),

AND• File an AB540 Affidavit (California Non-Resident Tuition

Exemption Request form) with the college or university• Available in the Admissions & Records office of each CSU

FAFSA- PIN Registration

• Federal PINs are used to sign the FAFSA by the parent and student electronically

• Web site: www.pin.ed.gov

• No Deadline

• May be used for signing electronic FAFSA in future years

Students contribute through working and borrowing Parents are asked to contribute based on their financial

ability Low-income parents are often asked to contribute zero

Universities combine the different forms of financial aid for students Offer a combination of federal, state, or university

grants and scholarships to eligible students Assist families seeking loans to help meet their

contribution

Financing College is a PartnershipFinancing College is a Partnership

• Respond immediately to all requests for follow-up documents, including from the admissions office

• Find out how the college will communicate with the student – many rely on a student checking their email and school portal for document requests and award notices

• Families should hear about their award in time to make an informed decision by the time the university asks them to commit (often May 1)

What Happens Next?

Special Circumstances

• Parent/Student Loss of Employment • Death of a Parent • Parents Divorce/Separation• Student Estrangement from Parents• Homeless students• Other: Students with unique situations may

contact the financial aid department at a CSU campus for guidance

Changes in Aid

• Pell grant limited to 6 years• Some students without lawful immigration status

(those eligible under AB540) may begin applying now for state funded aid that will be available to them in January 2013• Cal Grant changes

CSU Financial Aid 2010-11

• 284,000 CSU Students received aid (70% of all students)• More than $3.1 Billion in Total Aid• 53% of All undergraduates, tuition covered by grants,

scholarships or waivers• $462 million in State University Grant to 123,000 +

students

• For the 2012-13 academic year, anticipate close to $700 million in State University Grant awards

Financial Aid Myth Busters• College is too expensive! We can’t afford it…

• More than $383 million in State University Grants were awarded to cover Tuition Fees

• The average Undergraduate student, who applied for aid, received $7,821 in scholarships and grants alone.• 2012-13 Tuition is $5,970 + the Average Campus fees of

$1040=$7,010 • You could potentially cover 100% of your tuition & fees at your

school and have money for books

Financial Aid Myth Busters• What about all that student loan debt we keep hearing about?

• CSU average loan indebtedness at the time of graduation is $15,804 while the national average is $25,250 and the California average is $18,113 • We are 37% below the nation in debt and 13% below other

California universities• Likewise our students are less likely to borrow money.

Currently 67% of all students in the nation borrow loans while at the CSU only 42% borrow

• 58% of CSU bachelor’s recipients graduate with $0 loan debt• You are not required to borrow loans

• Loans are considered financial aid, but should be borrowed wisely

Financial Aid Myth Busters• More general information (that is often misunderstood):

• Never pay for someone to complete the FAFSA for you or “find” scholarships for you. The internet and your local library offer free scholarship search engines and the premise of the FAFSA is that it’s free

• Students whose parents served in the military could make use of their parents’ GI Bill if their parent did not use it. Contact the local VA department for more information

• Funding is available for foster youth through the Chafee Grant program and most campuses will help foster youth with finding affordable housing

Helpful Websites

• FAFSA: http://www.fafsa.gov/• Cal Grants: http://www.calgrants.org/• Dream Application: www.CalDreamAct.org• Department of Education - Student guide:

http://www.studentaid.ed.gov/• CSU campus websites:

http://calstate.edu/sas/fa_campus_url.shtml• CA Colleges and Career planning:• http://www.californiacolleges.edu/

Questions???

www.calstate.edu