Financial Aid PresentationPresented by

Anafe RobinsonFinancial Aid Director

What is Financial Aid

Financial aid consists of funds provided to students and families to pay for postsecondary educational expenses

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Basic Premises of Financial Aid

Students and parents are considered the primary sources for funding a college education and are expected to contribute to the extent they are able

Financial aid measures a family’sability, not willingness, topay for a college education

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

• Collects demographic and financial information about the student and his or her family.

• Calculates the Expected Family Contribution (EFC)– The measure of the family’s financial strength; it is used by a college to calculate the amount of federal student aid a student is eligible to receive

The Costs of Going to College

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Tuition & Fees

Books & Supplies

Room & Board

Personal Expenses

Transportation

Establishing Financial Need

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• Financial aid eligibility is based on demonstrated financial need

• Not all colleges meet full financial need

Cost of Attendance

minus

Expected Family 

Contribution equals

Demonstrated FinancialNeed

How the Formula Works

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The cost of college varies a lot, based on type of college, living situation andvariable costs.

In the best of all possible worlds, full “need” will be met with financial aidawards made up of grants and scholarships along with reasonable amountsof work and loan. Some schools are not able to meet full need whichincreases what families pay.

*Assumes student will live at the college, away from home. Total “Costs” for students living at home are lower.

CC CSU UC Independent

Cost* $14,000 $26,000 $36,000 $55,000

EFC ‐ $500 ‐ $500 ‐ $500 ‐ $500

Need $13,500 $25,500 $35,500 $54,500

Out‐of‐State Reciprocity AgreementsAllow students to attend college out of state while paying in‐state tuition:• Western Undergraduate Exchange (WUE) www.wiche.edu/wue

• Midwestern Student Exchange http://msep.mhec.org

• Southern Regional Education Board Academic Common Market www.sreb.org

• The New England Board of Higher Education www.nebhe.org

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Sources of Financial Aid

• Federal government

• State government

• Private sources

• Civic organizations and churches

• Employers

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Types of Financial Aid

• Scholarships

• Grants

• Loans

• Employment

Gift Aid

Self-Help Aid

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Program Award Amount Notes

Pell Grant Up to $5,920 (2017‐2018 Amount)

Lifetime Eligibility 600%  (maximum)

FSEOG (grant) $100 to $4,000 Priority to Pell eligible students

TEACH Grant Up to $4,000 Requires service contract otherwise converts to unsubsidized  loan

Iraq & Afghanistan Service Grant Same as Pell Grant Department of Defense 

Work Study Varies by school On and off‐campus employment

Federal Financial Aid Programs

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Program Award Amount Notes

Perkins Loan Up to $5500 (UG)/$8000 (Grad) 5% fixed rate student loan

Subsidized DirectLoan

$3,500 ‐ $4,500 (undergrad level) Variable interest rate (2017‐2018 = 4.45%)

Unsubsidized Direct Loan

$6,000(undergrad level) Variable interest rate (2017‐2018 = 4.45%)

PLUS Loan

Up to the Cost of Attendance minus any other financial aid received

Must not have adverse credit history (2017‐2018 = 7.0%)

Federal Financial Aid Programs

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California Programs Award Amount 

Cal Grant A and B (new student tuition/fees)

Up to $12,630 (UC); $5,742 (CSU); $9,084 (Independents); $4,000 (For Profit)

Cal Grant B Access Award $1,672 (at all schools) ; 

Cal Grant C Up to $2,462 (non CCC) $1,094 (at CCC)

Middle Class Scholarship Varies by institution (UC and CSU)

Chafee Grant – foster youths Up to $5,000

California Programs

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California Programs for Community College Students

Award Amount 

CCC Board of Governors Fee WaiverWaives enrollment fees at CA Community Colleges only

Full Time Student Success Grant (FTSSG) Supplemental grant for students who received full‐time Cal Grant B payment$1,000 per year

Community College Completion Grant (CCCG)

Supplemental grant for students who received a full‐time FTSSG and full‐time Cal Grant B or C payment.$1,500 per year

California Programs

2018‐2019Cal Grant A Entitlement

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RequirementsFor high school seniors, recent high school grads, and transfer students

GPA of at least 3.0 for high school students and 2.4 for transfer studentsFamily income and assets below state ceilings

Must demonstrate financial need

Must file by March 2, 2018

Award Up to four years:

• system-wide fees at UC ($12,630) and CSU ($5,742) campuses

• as much as $9,084 toward tuition and fees at independent California colleges and universities

• may range from $4,000 to $9,084 toward tuition and fees at eligible California private career colleges and universities

2018‐2019Cal Grant B Entitlement

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RequirementsGPA of at least 2.0 for high school students and 2.4 for transfer students• Family income and assets

below state ceilings• From disadvantaged or

low income families

• Must demonstrate financial need

• Must file by March 2, 2018

Award• $1,672 stipend for living expenses for up

to four years at all California colleges and universities plus

• system-wide fees at UC ($12,630) and CSU ($5,742) campuses for 2nd – 4th years

• as much as $9,084 toward tuition and fees for 2nd – 4th years at independent California colleges

• may range from $4,000 to $9,084 toward tuition and fees at eligible California private career colleges and universities for 2nd –4th years

Possible Cal Grant and Federal Pell Maximum Awards

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If the student qualifies for Cal Grant, amounts vary depending on the college/university attended, financial need, year in college and enrollment status (full- or part-time)

If the student qualifies for the Federal Pell Grant, amounts vary depending on family contribution and enrollment status (full- or part-time)

Other eligibility requirements may apply

Cal Grant* (From $5,742 to $12,630) FAFSA or - for AB 540 students

- the Calif. Dream Act Application Verified GPA Apply by March 2, 2018

Federal Pell Grant (up to $5,920) FAFSA

= $11,662 to $18,550annually depending on the college/university

the student attends and financial need* Check for eligible schools at: www.csac.ca.gov

+

Middle Class Scholarship

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For undergraduates with family incomes of up to $165,000 and net worth of assets of up to $165,000

Requirements Award

Submit 2018-19 Free Application for Federal Student Aid (FAFSA) or, for AB 540 students, 2018-19 California Dream Act Application by March 2, 2018

Annual award amounts to be determined by the California Student Aid Commission

• attend a UC or CSU• are U.S. citizens, permanent residents,

or have AB 540 status• are California residents, and• maintain a 2.0 cumulative GPA

Student Eligibility Requirements• Must be a U.S. Citizen or eligible non‐citizen• Must have a valid Social Security Number• Must make Satisfactory Academic Progress while receiving financial aid

• Must not be in default on any federal loans• Must not owe a refund on a federal or state grant• Sign a statement of educational purpose• Register with Selective Service (males only)• Must be enrolled as a regular student in an eligible program

• No drug convictions based on Department of Education’s standards

• Must have high school diploma or equivalent 19

How to apply for financial aid

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Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov• If eligible under Assembly Bill 540 

(AB540) or DACA, students should complete the California Dream Act Application at www.caldreamact.org

Cal Grant GPA Verification Form at www.csac.ca.gov• Check with your high school or college 

counselor for more details on how to file the Cal Grant GPA Verification Form, required of all students

Must apply the FAFSA/CA Dream App every year beginning Oct 1st

When do I apply for financial aid

You must complete and submit the 2018‐2019 FAFSA or CA Dream Application before March 2, 2018.

REMEMBER:  You must renew your FAFSA or CA Dream Application starting Oct 1st every year.

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FSA ID

• Sign FAFSA electronically

• Not required, but speeds up processing

• May be used by students and parents throughout aid process, including subsequent school year

• Only the owner should create a FSA ID

https://fsaid.ed.gov/npas/index.htm

Do parents need an FSA ID?

• For dependent students, at least one custodial parent will need an FSA ID in order to sign the  FAFSA electronically

• Student and parent(s) must have different FSA IDs• Students must create their own FSA ID• Parent must create their own FSA ID• Cannot use the same email address for both parent and student FSA IDs

Check Your Cal GrantBy opening a WebGrants Account a student can: 

• Check Cal Grant award status 24/7• Confirm student’s high school graduation as required 

• Make changes to Cal Grant school choices• View how much a Cal Grant is worth at different California colleges and universities

• View Cal Grant payment history • Create a WebGrants account at: 

–www.webgrants4students.org

In addition, some colleges may request: CSS Profile

student.collegeboard.org/css-financial-aid-profileCalifornia colleges that use the CSS PROFILE include Caltech, Claremont McKenna College, Harvey Mudd College, Occidental College, Pitzer College, Pomona College, Santa Clara University, Scripps College, Stanford University, UC San Francisco and University of Southern California

2016 parent and student Federal Tax Returns (including all schedules and W-2 forms) or other income documentation, such as Federal Tax Return Transcripts

Other required forms as requested by the colleges to which the student applies

• Cost:– $25 for initial application & sent to 1 college– $16 for each additional college

CSS Profile

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What does the CSS Profile Do?

• The Profile allows schools to understand further the financial situation of the applicant family:– Asks for home equity– Asks about non‐custodial parent (in case of divorce)

– Asks about rental property, business value/income– Gives room for medical, schools, or other special circumstances expenses

FREE Scholarship Search Engines

• www.fastweb.com• www.BigFuture.CollegeBoard.org• www.scholarships.com• www.CollegeExpress.com• www.CollegeAnswer.com

FAFSA - Seven Sections

1 – Student Demographics2 – School Selection3 – Dependency Status4 – Parent Demographics5 – Financial Information6 – Sign and Submit7 – Confirmation

Dependency Determination

NO to all questions: • makes the student

“dependent”• Must submit parent

information

Note: Child must be supported financially —more than 50%

Parent Information

• Demographics• Marital status will determine what questions are asked of the parent(s)

Parents Marital Status

Never Married

Unmarried and both parents living together

Married or Remarried

Divorced or Separated

Widowed

Divorced or Separated Parents

• Provide information for the parent(s) with whom the student lived with most during the 12 months prior to filing the FAFSA

• If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student in the 12 months prior to filing the FAFSA

• If both parents are still living together, use information for both parents on FAFSA

Remarried Parent

Provide information about the custodial parent and stepparent regardless of:• Agreement of “nonsupport”• Prenuptial agreement• Divorce decree designating tax filing

exemptionsNote: A parent claiming the student on his or her tax return need not be the parent required to provide data on the FAFSANote: Children of parent and stepparent should be included in the household size and number in college questions on the FAFSA (if they provided and will continue to provide more than half of their support for the coming academic year)

NO Parental Information

Do not provide parent information for• Foster parent(s)

– Student is automatically considered an independent student

• Grandparents, other relatives, or guardian(s)– Colleges may use professional judgment to allow

the student to file as an independent student– Exception: Adoptive parents

Parent Information

• Household Size: Parent provides more than 50% financial support

• Number in College: Students enrolled at least half-time

IRS Data Retrieval Tool 

• While completing FOTW, applicant may submit real-time request to IRS for tax data

• IRS will authenticate taxpayer’s identity• If match found, IRS sends real-time results

to applicant in new browser window• Applicant chooses whether or not to

transfer data to FOTW

IRS Data Retrieval Tool 

• Available October 2017 for 2018–19 processing cycle

• Participation is voluntary

• Reduces documents requested by financial aid office

IRS Data Retrieval Tool

• Some will be unable to use the IRS DRT

• Examples include:

– No Social Security Number (SSN) was entered

– Student or parent married, but filed separately

Include DO NOT Include

• Investment property– Rental property

• Trust Funds• Money markets• Certificate of Deposits• Mutual Funds• Stocks/Stock Options• Bonds

• Home you live in• Value of life insurance• Retirement plans (401k)• Pension funds• Annuities• Non‐education IRAs• Keogh plans

Assets

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Assets• 529 College Savings Plan

– If owned by a dependent student or the student’s custodial parent, it is reported as a parent asset on the FAFSA

– If owned by anybody else, including a non‐custodial parent, grandparent, aunt or uncle, it is not reported as an asset on the FAFSA, but any distributions from such a college savings plan are reported as income to the beneficiary (the student)

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Special Circumstances

• Cannot be documented using FAFSA• Send written explanation and

documentation to financial aid office at each college

• College will review and request additional information if necessary

• Decisions are final and cannot be appealed to U.S. Department of Education

Special Circumstances

• Change in income

• Change in employment status

• Unusual medical expenses not covered by insurance

• Change in parent marital status

• Unusual dependent care expenses

• Student cannot obtain parental information

Financial Aid Resources

• FAFSA:  www.fafsa.gov• Cal Grant:  www.calgrants.org• Federal Student Financial Aid:

– www.studentaid.gov– Phone 1‐800‐4‐FED‐AID (1‐800‐433‐3243)– Email the U.S. Department of Education at:                     FederalStudentAidCustomerService@ed.gov

Summary of the Financial Aid Process• Submit all required forms, including the FAFSA, by each college’s 

published deadlines (but no later than March 2)

• 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

• Be sure to apply for financial aid this year and every year as soon as possible after October 1 to receive the best financial aid award possible

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Contact Information

Anafe RobinsonDirector of Financial Aid, Scholarships, Veterans and Foster Youth Programs

robinsa@piercecollege.edu

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