investing in your future. workshop agenda the financial aid equation the basic formula types of...
TRANSCRIPT
Investing in Your Future
Workshop Agenda
• The Financial Aid Equation• The Basic Formula
• Types of Financial Aid• Scholarships, Grants, Work-Study & Loans
• How to Apply for Financial Aid
• Free Scholarship Searches
What Financial Aid Offers
• Access to funds to help pay for• 4 year public and independent colleges• Community colleges• Private career colleges
• Choice among schools• Choose the best academic, cultural, and social fit rather than the
least expensive program
What are the Basic Concepts
• Cost of Attendance
• Expected Family Contribution
• Financial Need
Cost of AttendanceTuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
Expected Family Contribution
The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to pay from
income and assets over time.
* Financial Need equals Financial Aid Eligibility.
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Determined Financial Need*
What is Financial Aid
•Federal Government
•State Government
•Colleges & Universities
•Private Agencies & Organizations
Sources of Financial Aid
Merit Based Aid• Scholarships – money awarded based upon merit and/or
special talent that the student does not need to repay.
Need Based Aid• Grants – money awarded based upon need that the
student does not need to repay.• Loans – money borrowed by the student to be repaid with
interest after graduation.• Work Study – money earned by the student as payment
for an on-campus job.
Types of Aid
• The EFC will be divided among the children enrolled in school.
• Where the sibling(s) is/are enrolled will be taken into consideration.
• Parents enrolled in college or siblings in graduate school are not considered in the analysis.
How Number in College Affects Your Family’s Contribution
• FAFSA (Free Application for Federal Student Aid)www.fafsa.gov
• CSS Financial Aid PROFILE
www.collegeboard.org
• Other Required Items• Parent and student IRS Federal Tax Returns (including
schedules and W-2 forms) and/or income documentation
How Students Apply
February 10th • College Scholarship Service
(CSS) Profile• Free Application for Federal
Student Aid (FAFSA)
Provide Additional Documents or Information when Requested
• 2013 Federal Income Tax Return Information
• CSS Noncustodial Parent Profile
Applying for USC Financial Aid
The Higher Education Opportunity Act (HEOA) of 2008 requires each institution that participates in Title IV federal student aid
programs to post a net price calculator on its website using institutional data to provide estimated price information to current and prospective undergraduate students and their
families based on a student’s individual circumstances. The net price calculator is required for all Title IV institutions that enroll full-time, first-time degree- or certificate-seeking undergraduate
students.
Net Price Calculator
• Contact the Financial Aid Office immediately if there is a: • Loss of a job• Decrease in salary• Death or serious illness in family• Change in your housing plans for the school year• Any other circumstances that reduce the family’s
ability to pay for education expenses.
Special Circumstances
• By March 3rd, complete and submit• the FAFSA• The Cal Grant GPA Verification Form, check
with your school for more details.
Cal Grant Programs
• Cal Grant A assists with tuition and fees at public and independent colleges.
• Cal Grant B provides a living allowance and tuition and fee assistance for low-income students.
• Cal Grant C awards assist with tuition and training costs for occupational, technical, and vocational programs.
Cal Grant Programs
• The California Community College Board of Governors’ Enrollment Fee Waiver (BOGW) waives the California Community College’s enrollment fee for California residents:• Who are eligible for need – based financial aid, or• Who receive CalWORKs/TANF, SSI, or General Assistance
payments, or• Whose family income falls below published income ceilings
• Learn more about the BOGW at
www.icanaffordcollege.com
Community College
• 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 between ages 16-18 and not yet 22 years old.
www.chafee.csac.ca.gov
California Chafee Grant for Foster Youth
• Available from colleges, companies, community-based groups and other organizations
• Usually require separate applications• May require transcript, essay, interview, or audition• Beware of scholarship search companies that
charge a fee• Check with your high school about scholarship
opportunities• Use free scholarship searches
Scholarships
www.fastweb.comwww.finaid.org
www.collegeboard.comwww.scholarships.com
These sites also contain helpful
financial aid information
Free Scholarship Searches
• Funded by the Bill and Melinda Gates Foundation
• Renewable for all undergraduate study
• Application and more information available at
www.gmsp.org
Gates Millennium Scholarship
Beware false claims!– “Thousands of dollars in scholarships go
unclaimed each year”– “Guaranteed or your money back!”– “Give me your credit card or bank account
number to hold this scholarship”– “The scholarship will cost some money”– “You’ve been selected. . .”– “You’re a finalist in a contest” (that you never
entered)
Don’t Be Fooled!
• Make a list of colleges that have programs that interest you
• Consult with your school counselor• If possible, don’t make a final decision about which
school you will attend until you have visited the colleges
• Consider all factors – not just cost – when making the final decision
Before you Decide
Questions
?