Financial Aid NightFinancial Aid Night

2014-20152014-2015

Agenda• Cost of attendance (COA) & Expected Family

Contribution (EFC)

• Types and sources of financial aid

• AB540 and the Dream Act

• How to complete the Free Application for Federal Student Aid (FAFSA)

• Next Steps: What happens after you submit the FAFSA

• Resources and RHS financial aid help dates

What is Financial Aid? A way to pay for a college education

Government (federal & state) support for college attendance

Institutional (college) support for college attendance

Private (business, community, etc.) support for college attendance

Cost of Attendance – Expected Family Contribution = Financial Need

Cost of Attendance (COA)

Note: Costs vary from institution to institution

Standard Costs Optional Costs

Tuition and fees Student loan fees

Room and board Study-abroad

Books and Supplies Disability-related services

TransportationEmployment expenses for co-op study

Miscellaneous personal expenses

Child or dependent care

Expected Family Contribution (EFC)

• Amount a family can reasonably be expected to contribute

• Stays the same regardless of college

• Two components– Parent contribution– Student contribution

• Calculated using data from a federal application form and a federal formula

Types of financial aid

Grants - Money that does not have to be paid back. Based on financial need.

Work-study or student employment programs - federal and college.

Loans - Borrowed money that you must pay back, usually with interest.

Scholarships - Free money, usually based on a student’s area of study or merit.

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Type Where can you use it?

Requirements What does it pay for?

Cal Grant

A 4-year college 3.0 GPA, low to middle income

Tuition and Fees for:

•CSU ($5,472)•UC ($12,192)•Private Colleges ($9,223)

Cal Grant

BCCC or 4-year college

2.0 GPA, low income

• $1,473 for the 1st year• $1,473 + fees for 2nd,

3rd, and 4th years

Cal Grant

CCCC or vocational school

No required GPA

$576 plus up to $2,462 for tuition at a school other than a CCC

Cal Grants

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Other Grants Federal Pell Grant

Up to $5,550 a year Federal Supplemental Educational Opportunity Grant

Up to $4,000 a year Federal TEACH Grant

Up to $4,000 a year CHAFEE Grant

Provides up to $5,000 annually to current and former foster youth

Program Award Amount Notes

Work Study Varies by school On and off-campus employment

Perkins LoanUp to $5500 (UG)/ $8000 (Grad)

5% fixed rate student loan

Subsidized Direct Loan

$3500- $5500 (undergrad level)

Temporary elimination of interest subsidy during grace period; no loan fee rebate

Loans and Work Study

Scholarships• University-based scholarships and

grants

• Private scholarships– www.finaid.org– www.collegeboard.org

• Local Scholarships– Outside Scholarship List (updated regularly)– Local Scholarship Booklet – available 1/31– www.rosevilletigers.org - Click “Academics”

then “Career Center”

Starts in 2014-2015 for undergraduate students who are:

Attending a CSU or UC campusFrom families with income up to $150kU.S. citizens, permanent residents or AB 540Not incarceratedCalifornia residents

Students must also:Maintain a 2.0 GPA“Meet certain income and other financial aid standards”

How do students apply…?

FAFSADream Act applicationCal Grant GPA Verification is not required, but it is recommended.

How much can students get?Up to 40% of mandatory system-wide fees for students whose annual family income is up to $100,000 ...eventually.No less than 10% of mandatory system-wide fees for students whose annual family income is between $100,001 and $150,000

Based on CSU system-wide fees of $5,472, 40% would be $2,188.80. Over the next 4 years…:

Year % of 40% Maximum Award

2014-2015 35% $ 766.08

2015-2016 50% $ 1,094.40

2016-2017 75% $ 1,641.60

2017-2018 100% $ 2,188.80

Based on UC system-wide fees of $13,200, 40% would be $5,280. Over the next 4 years…:

Year % of 40% Maximum Award

2014-2015 35% $ 1,848

2015-2016 50% $ 2,640

2016-2017 75% $ 3,960

2017-2018 100% $ 5,280

The MCS is not a set amount and may vary by student and by institution.

The award amount will be determined after other awards (Pell Grant, Cal Grant, and institutional need-based grants) are made.

Up to 40% fee reduction*

Cal GRANT A and CCovers up to 100% of tuition/fees**

Cal GRANT BMay cover up to 100% tuition/fees and some

living expenses**

$150,000

$120,000

$90,000

$60,000

$30,000

$0

* When fully funded.** Based on 2013-2014 income levels, family of four.

And one more thing… “The final award amount will also be based on the number of students that are eligible for the Middle Class Scholarship and the amount of funding allocated by the State Budget. "

It all starts with the…

Free Application for Federal Student Aid

(FAFSA)

www.fafsa.gov

Dream Act Application

dream.csac.ca.gov

Attended a California high school for 3 or more full academic years between grades 9 through 12

Will graduate from a California high school (or attain a GED)

Do not have a Social Security Number or does have a DACA Social Security Number

Do not hold a valid non-immigrant visa

This is the student’s application and responsibility!

Parent information is usually required.

Apply between January 1st and March 2nd of the senior year.

Renew every year at the same time!

The FAFSA and Dream Act applications help determine ability to pay for college

FAFSA Information & TipsFAFSA Information & Tips

• File early, but no later than March 2, 2014

• Use estimated 2013 income information if taxes are not complete at time of FAFSA submission

• Student and at least one parent whose information is reported must complete and sign the FAFSA with a PIN number

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Federal PIN Federal PIN

• PIN (Personal Identification Number) serves as the electronic signature on ED documents

• Both student and one parent need PINs to sign the FAFSA electronically

• May be used to:• Check on FAFSA status• Verify and correct FAFSA data• Add additional schools to receive

FAFSA data• Change home and e-mail addresses

• If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within minutes

Apply for student and parent PINs at:

www.pin.ed.gov

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• Before starting the FAFSA, gather:o Student driver’s license or Alien Registration Cardo Student and Parent

Social Security cards

2013 W-2 Forms and records of money earned and other taxable benefits

2013 federal income tax form (even if not yet completed)

Records of untaxed income

Current bank statements

Business, farm, and other real estate records

Records of stocks, bonds, and other investments

• Complete 2014-15 FOTW Worksheet

• Create a file for copies of all financial aid documents submitted

Getting ReadyGetting Ready

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FAFSA on the Web FAFSA on the Web WorksheetWorksheet

• Use the 2014-2015 FAFSA on the Web Worksheet in preparation for submitting your FAFSA online

• Available at www.fafsa.gov

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Section 1Section 1 – Student Demographics

Section 2Section 2 – School Selection

Section 3Section 3 – Dependency Status

Section 4Section 4 – Parent Demographics

Section 5 Section 5 – Financial Information

Section 6 Section 6 – Sign and Submit

Section 7 Section 7 – Confirmation28

FAFSA FAFSA (www.fafsa.gov) (www.fafsa.gov)

Section 1Section 1

STUDENT DEMOGRAPHICSSTUDENT DEMOGRAPHICS

Section 1 - Student NameSection 1 - Student Name

• Make sure to report the student’s name exactly as it appears on the student’s Social Security card

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Section 1 - Student Social Section 1 - Student Social Security NumberSecurity Number

• Double check the student’s Social Security Number when entering it on the FOTW.

• Both student name and Social Security Number will be compared through a database match.

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Section 1 - Undocumented Section 1 - Undocumented StudentsStudents

• Check to see if he/she might be eligible for in-state tuition/fee costs

• Visit www.CalDreamAct.org to learn more about the new California Dream Act

• Check with colleges and universities about CA Dream Act institutional financial aid and private scholarships

• Apply for all other private scholarships for which the student may be eligible

For more information and a list of scholarships, go towww.latinocollegedollars.org

http://www.maldef.org/assets/pdf/Scholarship_List_2010_2011.pdf www.finaid.org/otheraid/undocumented.phtml

If the student is undocumented

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Section 1 - Selective Service Section 1 - Selective Service RegistrationRegistration

• Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid

• Answer “Register me” only if you are male, aged 18-25, and have not yet registered.

• The student may also register by going to:

www.sss.gov

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Section 2Section 2

SCHOOL SELECTIONSCHOOL SELECTION

Section 2 - School Section 2 - School SelectionSelection

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• FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information

• The student should list the California school he/she is most likely to attend FIRST

• Then list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state

• If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone using the student PIN

Section 2 - School Section 2 - School SelectionSelection

•The student will be asked to select the housing plan that best describes the type of housing the student expects to have while attending each listed school

•The choices for housing are: On Campus, With Parent, or Off Campus

•The student’s choice of housing may affect the amount of financial aid for which he/she is eligible. It is usually more expensive to live on or off campus than with parents or relatives

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Section 3Section 3

STUDENT DEPENDENCY STUDENT DEPENDENCY STATUSSTATUS

Section 3 - Determination of Student Section 3 - Determination of Student Dependency StatusDependency Status

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Section 3 - Determination of Student Section 3 - Determination of Student Dependency StatusDependency Status

• If the student checks “No” in all of the boxes, the student will be asked to go to Section 4. For FAFSA filing purposes, the student is considered a dependent student and will be required to provide parental information

• If any one of the items in this section applies to the student, he/she should will go to Section 5. The student is considered an independent student for FAFSA filing purposes and is NOT required to provide parental information

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Section 4Section 4

PARENT PARENT DEMOGRAPHICSDEMOGRAPHICS

0

12,356

Section 4 - Parent Section 4 - Parent DemographicsDemographics

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• If the answer to any question is zero or the question does not apply, enter 0:

• Report whole dollar figures:

• Recommendation: If your parents have not filed their 2013 federal tax return, use W-2 forms and/or other employment records - such as final 2013 pay check stubs - to estimate total income

• Remember, rather than miss any filing deadline, use estimated 2013 income information

(no cents)

Whose info goes on a FAFSA/Whose info goes on a FAFSA/CA Dream Act application?CA Dream Act application?

THE FAFSA & CA DREAM ACT APPLICATIONS NOW USE RELATIONSHIP OF PARENT TO STUDENT, VS. LEGAL RELATIONSHIP BETWEEN PARENTS FOR BASIS OF COLLECTING INFORelationship of Student to Parent Includes both parents’ incomes

on the app?Only includes one parent’s income on the app?

Parents married, living together YES NO

Parents not married, living together YES NO

Parent is widowed, not remarried NO YES

Parents are divorced or separated, not living together NO YES (include the parent the student lived with most during the last 12 months. If equal time, include the income from the parent who provided most of the student’s financial support during the last 12 months)

Parent and step-parent, living together YES NO

Legal guardians* NO NO

Foster Parents* NO NO

Grandparents, brothers, sisters, uncles, or aunts* NO NO

“Parent” means biological/adoptive parent – gender of biological or adoptive parents is not relevant.

*Students living with legal guardians, foster parents, or relatives are usually considered to be independent students.

Section 5Section 5

FINANCIAL INFORMATIONFINANCIAL INFORMATION

Section 5 - IRS Data Section 5 - IRS Data RetrievalRetrieval

• This question asks if parents have completed their 2013 IRS income tax return

• If parent(s) answer “Already completed,” they will be given the option to transfer their 2013 income tax information directly from IRS records to the FAFSA

• If parents indicate that they have recently filed their 2013 taxes, they may not be able to access their IRS data if they have filed taxes electronically within the last two weeks or by mail within the last eight weeks

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Application Application Filing TipsFiling Tips

•Check the FAFSA for accuracy prior to submission

•Save all work periodically

•Sign the application using student’s and one custodial parent’s PINs

•Print a copy of the FAFSA before submitting it

•Keep a copy of the Submission Confirmation Page

•Check each college’s financial aid website for other required applications (e.g., CSS/Profile)

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What Happens Next? What Happens Next? Students and the colleges the student listed will receive a

Student Aid Report (SAR)

Students who complete FAFSA and Cal Grant GPA Verification Form will receive California Aid Report (CAR)

Students and families should review SAR and CAR for important information and accuracy of data – Update and correct

Track your Cal Grants at www.webgrants4students.org

Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms

through web portals (check these OFTEN!!!)

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Special CircumstancesSpecial Circumstances• Contact the Financial Aid Office if there are

circumstances which affect a family’s ability to pay for college such as:

– Loss or reduction in parent or student income or assets

– Death or serious illness

– Natural disasters affecting parent income or assets such as the recent California wind storms, wild fires, floods, or mudslides

– 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, or

– Any other unusual circumstances that affect a family’s ability to contribute to higher education

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Summary of the Financial Aid ProcessSummary of the Financial Aid Process

• Submit all required forms, including the FAFSA and Dream Act, by EACH COLLEGE’S PUBLISHED DEADLINES (but no later than March 2)

• 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

• 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

• ASK QUESTIONS! 48

If You Need Help at Any If You Need Help at Any TimeTime

• FAFSA on the Web – Live Help

• Tel: 1-800-4-FED-AID or 1-800-433-3243

• E-mail:

www.FederalStudentAidCustomerService@ed.gov

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FREE CASH FOR FREE CASH FOR COLLEGECOLLEGE

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Cash for College Workshop

February 4th – RHS Library - 6:00 – 8:00pm

• Get help with the FAFSA, Dream Act, and Cal Grant applications

• Students who attend and submit their FAFSA may be eligible for up to a $1,000 scholarship!!!

Financial Aid Workshops

Counselors will be available in room 937 from 2:30 to 4:00 for one-on-one FAFSA

help on the following days

Wednesday, February 12th Wednesday, February 26th

Questions and Questions and AnswersAnswers

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