Beverly Hills High School 2015-2016 Financial Aid Workshop Presented by: Catherine Graham Director of Financial Aid Loyola Marymount University October.

Beverly Hills High School

2015-2016 Financial Aid Workshop

Presented by:Catherine Graham

Director of Financial AidLoyola Marymount University

October 21, 2014

What will be covered this evening?

Why Financial Aid?

Types & Sources of Financial Aid

Admission Processes

How to Apply for Financial Aid• The Financial Aid Formula • College Expenses – what are the costs?• What is the Expected Family Contribution (EFC)?• Financial Eligibility

Awarding Process & Comparing Awards

Why Financial Aid?

Access

Parents and students have the responsibility to pay for higher education expenses to the extent they are able

The aid application process should provide Financial Aid Office a consistent and equitable evaluation of a family’s financial circumstances for all that are applying

Allocation of finite resources

Our Roles

The Financial Aid Office’s Role… Stewards of federal, state and institutional

financial aid dollars To administer federal, state and institutional

financial assistance to students and their parents in an accurate, informative, timely and friendly manner

Parent’s Role… To contribute to the application, awarding and

financing process throughout student’s Undergraduate Education

Your Senior Year - Make it count!

Student Role… Your senior year DOES COUNT!! Grade Improvements SAT Re-do’s All acceptances PROVISIONAL dependent upon final

semester grades Weak Senior schedule – jeopardizes acceptance at

competitive schools Change in schedule – MUST notify colleges Campus Tours & Visits Employment – Saving for College Expenses Resume Preparation for College Job

Funding Types

• Need-Based Funding (must complete FAFSA)Grants

• Gift aid that does not need to be repaid• Require aid applications

Loans• Borrowed funds that must be repaid with

interest• Separate promissory notes required

Work• A set amount that a student can earn by

working on campus funded by the Federal Government or the college

• How does “work” work? Benefits?

Funding Types

• Non-Need Based Funding

FAFSA Application not required

Merit/Academic Scholarships• Based on Admission Information• Separate Application/Interview Process?

Athletic Scholarships

Non-Need Based Loans (Stafford, PLUS, Private)• Student Loans• Parent Loans• Alternative Educational Loans

Four Primary Sources of Aid

1. Federal Programs (FAFSA Application) Pell Grant ($587-$5730) Supplemental Grants: SEOG ($400-$4000) Stafford Loans ($3500, $4500, $5500)

• Subsidized vs. Unsubsidized

Perkins Loan ($1000 - $4000) Work Study (amounts vary)

2. California Grant Programs Cal Grant

• Amounts vary by school segment• Separate application

Sources of Aid

3. Institutional Programs Scholarships Grants Loans Work

4. Outside Resources Community: Rotary, YMCA, Elks Parent’s Employer Web Sites: www.fastweb.com Time spent on searches… Worthwhile? Outside Scholarships can replace loans/work

Resources for Parents

• Parent Programs

Employer Reimbursement for Dependents

Federal Plus Loan Program

Payment Plans

Federal IRS Educational Tax Benefits

Savings – 529 Plans

Connecting Admissions & Financial Aid Process

• Apply for Admission

AND

• Apply for Financial AidDon’t wait for an admission decision to apply

for financial aidSchools will prepare & send financial aid

awards once student is admitted

May 1, 2015 National College Decision Date

Admission @ CSU

• Apply on-line Oct 1- Nov 30; One application for all CSU’s

• Require: Completion of “A- G Requirements” $55 application fee per campus

• After submitting the application each school will notify you when to send transcripts and any supporting documents

Admission @ UC

• Apply on-line Nov 1- 30; One application for all UC’s

• Require: 2 Essays Test Scores $70 application fee per campus

• Once Admitted Transcripts Letters of Recommendation maybe requested as a

supplemental review

Admission @ Private (Independent)

• May apply on-line NOW through school’s website• Require: Essay Resume of Extracurricular Activities Letters of Rec. Counselor Teacher Secondary School Report (Counselor) Mid Year Report (7th semester grades-Counselor) Transcript ($3/school)

Where are you applying?

• Your school choices– Safety– Target– Reach

Question? Which schools are you considering and which category do they fall into?

SAT & ACT Testing - additional opportunities

• In your senior year, you can continue to test

• SAT TESTING

– http://sat.collegeboard.org

• ACT TESTING

– http://www.actstudent.org/

Back to Financial Aid; How to Apply…

• Free Application for Federal Student Aid (FAFSA)http://www.fafsa.ed.govRequired for Federal and State fund eligibilityJanuary 1, 2015 – March 2, 2015FAFSA4casterPIN Number required for E-SignatureWorksheet & Supporting DocumentationEach school has their own deadlines!

• March 2, 2015• Estimate Information

How to Apply…FAFSA Follow-up

• Free Application for Federal Student Aid (FAFSA)http://www.fafsa.ed.govFollow-up may be requiredStudent Aid ReportNotification EmailsWorksheet & Supporting Documentation submit to

institutionIf estimated will be ask to update with actual

informationCheck for rejects (PIN/Signature/eligibility checks)

FAFSA on the Web (FOTW)

Cal Grant Program - How to Apply

• Cal Grant G.P.A. Verification Form --

Required for State fund eligibility & awarding

Cal Grant GPA will be submitted electronically

Complete “cal grant gpa information release” survey in Naviance by January 15

March 2 – State deadlineCheck the status of your Cal Grant at

https://mygrantinfo.csac.ca.gov

Middle Class Scholarship (CSAC)

The Middle Class Scholarship (MCS) is a program that provides undergraduate students with family incomes up to $150,000 a scholarship to attend UC or CSU campuses

Must be a California resident attending a UC or CSU; be a U.S. citizen, permanent resident or have AB 540* student status; meet certain income and other financial aid standards; maintain satisfactory academic progress

Students must apply for financial aid(FAFSA or Dream Act) by the March 2nd Deadline

How Much? For Academic Year 2015-16,10-20% of mandatory tuition and fees.

The award is determined after you are awarded any federal Pell Grant, Cal Grant and institutional need-based grants for which you are eligible. The final award amount will be based on the number of students eligible for the MCS statewide and the funding allocated by the State Budget.

College Board CSS Profile - How to Apply

• College Board CSS PROFILE Application

Required by some Private InstitutionsCheck websites of the schools you to

which you applyOn-line, two step application processMarch 2, 2015 (or earlier)For fee application (fee waivers available)www.collegeboard.org/profile

How to Apply – Supporting Documentation

• Submit 2014 Student and Parent Federal Tax Transcripts

Some, but not all, schools require Parent and Student Federal Tax Transcripts (if no tax return filed, may be required to submit a “non-filing statement”)

If selected for Verification by the Department of Education you will be required to submit Federal Tax Transcripts

File Tax Returns Early if possible!

The Financial Aid Formula

Cost of Attendance

MINUS

Expected Family Contribution (EFC)

EQUALS

Family Financial Aid Eligibility

Cost of Attendance

• Direct Expenses (billed directly by school)

Tuition and Fees (variable by courses/major)Room & Board (varies by housing options)

• Indirect Expenses (not billed by school)BooksTransportationPersonal ExpensesThis is the most difficult component for

families to manage.

The Expected Family Contribution (EFC)

• The Expected Family Contribution (EFC) is what the family is expected to pay according to the Federal Government and the information reported on the FAFSA.

• The Federal Government offers limited resources, so the entire need is not always met.

• Often the families do have to pay more than the estimated EFC.

• Institution will calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information.

How the EFC is Calculated

• Federal EFC Formula – Considers

Information provided on FAFSA Income & Assets (does not include home equity)

Both Parent & Student Family Members & Number in College Allowances in methodologies

• Special Circumstances When and how you report? Any additional information the family believes to be

important that is not reflected on the FAFSA

The Formula with Numbers!

Example #1 Private InstitutionCost of Attendance $50,000

MINUS

Expected Family Contribution $15,000

= Financial Need $35,000

Example #2 State InstitutionCost of Attendance $15,000

MINUS

Expected Family Contribution $15,000

= Financial Need $0

The Formula with Numbers!

School Private UC CA State Community

*Est. Cost/yr. $50,000 $30,000 $20,000 $10,000

**Est. Family Contribution/yr.

$10,000 $10,000 $10,000 $10,000

***Amount of “Need” for Fin. Aid

$40,000 $20,000 $10,000 0

*Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/ortuition.  Information based on estimates provided by State information and rounded up or down.

**Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE.

            Amount used above is for demonstration purposes only.

*** “Need” is the difference between the two numbers.  The financial package would include one or             more of these items: Grants, Scholarships, Loans, Work/Study Program. 

Packaging Financial Aid Awards

Cost of Attendance $50,000

Expected Family Contribution $15,000

Financial Need $35,000

Financial Aid Package

Stafford Loan $ 3,500 Perkins Loan $ 2,000 Work Study $ 3,000 Institutional Grant $26,500

Total Awarded $35,000

Unmet Need $0

The Expectations & Realities of the Awards

Compare Awards from each institution!• Not all awards are the same!

Is the Cost of Attendance realistic?• In State & Out of State• Discretionary Expenses

The Student Contribution (savings, summer employment)

The Parent Contribution (PLUS LOANS)

The nuances of award funds• Work, Loan, Unmet Need

Federal Net Price Calculator

• Net Price Calculator available on every college & university website

– To increase transparency of awards early in cycle

– Do not let results deter you from applying and completing admission and aid processes

– Assist in planning

Award Notification

• Award Notification & Understanding your Award Letter

EstimatedFinalAward GuideAccepting, Declining & Adjusting AwardsOn-line processesStudent Rights & ResponsibilitiesAppeals

Disbursing Awards

Full Time Enrollment

Accepting, Declining & Adjusting Awards

Entrance Counseling Requirements for Loan Programs

Completing Promissory Notes

Finding Employment/Completing Time Sheets

Satisfactory Academic Progress

Tips

Put all deadlines on the calendar!!!

File taxes early

Start a financial aid file• Make copies of all documents submitted for all

four years

Apply for a FAFSA PIN

Apply Each and Every Year

Tips

Send documents electronically if you can, PDF – gives you “electronic record of submission”

Research outside agencies for scholarships

Check with each school you are applying to in order to find out what information they require and what their deadlines are

Review Websites

Use on-line “web services tool” provided by the school

Scholarship & Application Services

Be Cautious

Limit Dependency

Do your Homework

Manage Expectations• Consultants• Scholarships

Refer to institutional resources on the web

Thank you!

• Thank you for being here tonight!

• You are well on your way to successful financial planning and application cycle!

ANY QUESTIONS?