Applying for Financial Aid 2013-2014 Applying for Financial Aid 2013-2014 Mt. San Antonio College Financial Aid Office.

Applying Applying for for

Financial AidFinancial Aid 2013-2014 2013-2014

Mt. San Antonio College

Financial Aid Office

Financial Aid MythsFinancial Aid Myths

• GPA too low…

• Sibling did not qualify…

• Family income is too high…

• The paperwork is too complicated…

Etc…

SCAM Alert:SCAM Alert: “Billions of Dollars Unclaimed”“Billions of Dollars Unclaimed”

• Scholarship Search Companies• Warning signs of a possible scam

CAUTION: As a general rule, if you must pay money to get money, it might be a scam.

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Who Wants Who Wants A Million Dollars?A Million Dollars?

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What Financial Aid What Financial Aid Offers?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

Cost of AttendanceCost of Attendance

• 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).

Determining the Expected Family Determining the Expected Family Contribution (EFC)Contribution (EFC)

• Income

• Asset Equity (excluding home equity)

• Family Size

• Number of Family Members in College

• Age of Parents (for dependent students)

How Much am I Eligible for?How Much am I Eligible for?Basic Equation of NeedBasic Equation of Need

Cost of Attendance (COA) Expected Family Contribution (EFC)

_________________________________

Student’s Financial Need (eligibility)

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How The Formula WorksHow The Formula Works CC CSU UC Private

Cost $ 18,200 $24,958 $47,464 $45,700EFC - 500 - 500 - 500 - 500Need $ 17,700 $24,458 $46,964 $45,200

In the best of all possible worlds, full “need” will be met with a financial aid package made up of grants and scholarships along with reasonable amounts of work and loan. Some schools are not able to meet full need.

Federal government

State government

Colleges and universities

Private agencies, companies, foundations, your parents’ employers, etc…

Sources of Financial AidSources of Financial Aid

Types of AidTypes of 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

Cal GrantsCal GrantsCal 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 attending a 4 year University.

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

Cal Grant C Awards - for students from low income families pursuing vocational programs of study

Eligibility for Cal GrantsEligibility 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 2006 and after and required to take by High School.)

– attend a California college or university in 2013-2014

2013-2014 Cal Grant 2013-2014 Cal Grant Application RequirementsApplication Requirements

Check with your high school or college counselor for more details on how to file the Cal Grant GPA Verification form

The Cal Grant GPA Verification Form

By March 2, 2013: Complete and Submit the Free Application

for Federal Student Aid

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California Dream ActAllows students who meet AB 540 criteria to apply

for & receive non state-funded scholarships at the public colleges and universities, including

scholarships funded through private donors, alumni contributions, or individual departmental efforts

• Allows students who meet AB 540 criteria to Apply for & receive institutional grants Apply for & receive Board of Governors fee

waivers at the California Community Colleges Apply for & receive state financial aid, including

Cal Grants and Chafee Foster Youth Grants 15

California Chafee GrantCalifornia Chafee GrantCalifornia Chafee GrantCalifornia 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 16th birthday and not have reached their 22nd birthday before July 1, 2012

To apply, the foster youth must complete:- 2013-2014 FAFSA- California Chaffee Grant Program Application

To learn more about the Chafee Grant, go to

www.chafee.csac.ca.gov

Federal Eligibility CriteriaFederal Eligibility CriteriaFEDERAL

• 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.

Federal Need-Based GrantsFederal Need-Based Grants

Federal GrantsPell Grants ($5,550 Max per year)

Supplemental Educational Opportunity Grant (SEOG) ($4,000 MAX PER YEAR depending on the College)

Federal Work Study

Other Need-Based GrantsOther Need-Based Grants

College Grants Community College Board of Governors’ (BOG) Fee Waiver

- Waives the California Community Colleges’ enrollment fee for financially needy California residents

- To learn more about this BOG Fee Waiver, go to:

www.icanaffordcollege.com

CSU State University Grant (SUG) – amounts vary

UC Grant – amounts vary

Independent College Grants - amounts vary

OTHER FINANCIAL AID OTHER FINANCIAL AID RESOURCES FOR STUDENTSRESOURCES FOR STUDENTS

• BOARD OF GOVERNORS FEE WAIVER (BOGW)– Fee Waiver

• PRIVATE SCHOLARSHIPS – Mt. SAC– Private Donors

• EDUCATIONAL OPPORTUNITY PROGRAM (EOP&S)

– Book Grants

• BRIDGE Program

– Summer Academy– Freshmen

Experience

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What are scholarships?What are scholarships?

Scholarship: A financial award that does Scholarship: A financial award that does not not

have to be repaid. have to be repaid.

• Scholarships are generally made based Scholarships are generally made based on an applicant meeting certain on an applicant meeting certain eligibility criteria. eligibility criteria.

• Scholarships usually require Scholarships usually require competition for the award.competition for the award.

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How to Win a ScholarshipHow to Win a Scholarship

• Know how to research scholarship Know how to research scholarship opportunitiesopportunities

• Be prepared and organized in the Be prepared and organized in the application processapplication process

• Write a unique and compelling Write a unique and compelling personal statement/essaypersonal statement/essay

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Register On-lineRegister On-line

www.fastweb.comwww.fastweb.com

www.collegeboard.comwww.collegeboard.com

www.financialaid.comwww.financialaid.com

www.collegenet.com www.collegenet.com

www.nextstudent.comwww.nextstudent.com

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Scholarship List-serveScholarship List-serve

To request bi-monthly email updates, To request bi-monthly email updates, send an email to:send an email to:

[email protected]@mtsac.edu

Advantages:Advantages:• Application release priorityApplication release priority• Workshop schedulesWorkshop schedules

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Recent Changes to the Student Aid

Programs• Eligibility of Students Without a High School

Diploma– You will no longer have the option of becoming eligible

for federal student aid by passing an approved test or completing at least six credit hours

•Federal Pell Grant Program — Duration of Eligibility–

Once you have received a Pell Grant for 12 semesters, or the equivalent, you will no longer be eligible for additional Pell Grants.

www.studentaid.ed.gov

Types of ApplicationsTypes of ApplicationsFAFSA

Cal Grant GPA Verification Form

Other applications or forms as required by the college such as

– 2012 federal tax returns (along with schedules and W-2s) or other income documentation

GPA Form

– CSS Financial Aid PROFILE

– Institutional Scholarship and/or Financial Aid Application

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Apply for a Federal PIN

Want to process your application quicker?

– Obtain a PIN– Check on FAFSA status– Correct FAFSA data

– Use as the electronic signature on all ED documents

Apply for TODAY at:

www.pin.ed.gov

File Your File Your Free Application For Free Application For Federal Student AidFederal Student Aid

“FAFSA”“FAFSA”File your FAFSA as soon as you can after File your FAFSA as soon as you can after January 1, 2013.January 1, 2013.

AT: www.FAFSA.ED.GOVAT: www.FAFSA.ED.GOV

Check with the College you will be attending for Check with the College you will be attending for All applicable deadlines.All applicable deadlines.

What you will need…..What you will need…..To complete your FAFSA, you need to gather:– Student driver’s license – Student Alien Registration Card (if applicable)– Student and Parent

Social Security cards

2012 W-2 Forms and other records of money earned

2012 federal income tax form (even if not completed)

Records of untaxed income

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

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Students Students Dependency DeterminationDependency Determination

Student’s dependency status:

• To determine if a student is Dependent or Independent for purposes of Financial Aid

• If Dependent, a student must provide Parent information on the FAFSA application

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With the IRS tool you can transfer your tax information directly

into your FAFSA!

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Step 2Step 2

Determination of Student Dependency StatusDetermination of Student Dependency Status

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The answers to these questions will determine The answers to these questions will determine

if you need to include your parent’s if you need to include your parent’s

information and signature on your FAFSA.information and signature on your FAFSA.

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Step 3Step 3Parent InformationParent Information

See Page 3 of FAFSA on the Web Worksheet about who is considered a parent

– Biological or adoptive parent(s)

– In case of divorce or separation, provide information about the parent and/or stepparent the student lived with more in the last 12 months

– Stepparent (regardless of any prenuptial agreements) 34

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Step 3 Step 3 Who is Not a ParentWho is Not a Parent

• Do not provide information on:– Foster parents or legal guardians

• If the student is in foster care or has a legal guardian (and can provide documentation regarding this), he/she is automatically considered an independent student

– Grandparents or other relatives are not considered parents unless they have adopted the student

– Colleges may use Professional Judgment to allow the student to file as independent

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Special CircumstancesSpecial CircumstancesContact the Financial Aid Office if there is:– 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

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How much aid will I get?

Priority StudentDeadline: 4/15/13

Budget $18,147PELL = $ 5,550BOGW = $ 1,104EOP&S = $ 200SEOG = $ 500FWS =$ 4,000 TOTAL= $11,354

Short Fall $ 6,793

All Students who file after deadline

Budget $18,147Pell = $ 5,550BOGW = $ 1,104

TOTAL= $ 6,654

Short fall $ 11,493

Summary of the Summary of the Financial Aid ProcessFinancial Aid Process

Submit all required forms, including 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 January 1 to receive the best financial aid award possible

ASK QUESTIONS!

The Financial Aid Information The Financial Aid Information www.finaid.orgwww.finaid.org

or or www.studentaid.ed.govwww.studentaid.ed.govAccurate, Comprehensive and Objective

Information• Links to Free Scholarship Searches

– www.fastweb.com and www.SCHOLARSHIPS.com • Scholarship Scam Alerts

• Financial Aid Consultant Guide• Loan Calculators

• Strategies--Maximizing Aid Eligibility • Answers to Frequently Asked Questions

Mt. SAC: Financial Aid Office (909) 594-5611 ext. 4450

Web: www.mtsac.edu/students/finaid/

- Federal Processor(800) 4-FED-AID(319) 337-5665

- Cal Grant(888) CA-GRANT(888) 224-7268