College Financial Planning Workshop I: FAFSA and Financial Aid 101 Glow Foundation 2010
College Financial Planning Workshop I: FAFSA and Financial Aid 101 Glow Foundation 2010.
Dec 25, 2015
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College Financial Planning Workshop I:
FAFSA and Financial Aid 101
Glow Foundation2010
Page 2
Introduction / Icebreaker!
Page 3
What We Will Discuss Today
Costs and Benefits of College
How Financial Aid Works – FAFSA
Scholarships, Grants, Work Study and
Loans
AB 540 Support
Financial Aid Review
Page 4
THE PRICE IS RIGHT!
Page 5
College Costs HOW MUCH??!
SAN FRANCISCO STATE UNIVERSITY: California State University Less intense application process Moderate class sizes Practice-based learning Gets you ready to work after you graduate More affordable than UCs and private colleges
Actual Cost of Attendance:
$22,830
Page 6
College Costs HOW MUCH??!
UNIVERSITY OF CALIFORNIA, BERKELEY: Part of the UC system High reputation High student-to-teacher ratio Research-based learning Gears you toward graduate school Expensive tuition
Actual Cost of Attendance:
$26,473
Page 7
College Costs HOW MUCH??!
Type of School Tuition and Fees
Room and Board
Books/ Supplies
Health Insurance/
Fee
Personal/Transportation
Total Cost of Attendance
Two-Year Community College (De Anza*)
855 10,872 1,656 - 3,996 $17,379
Four-Year Public In-State Resident (CSU – SF State)
4,740 11,970 1,734 - 4,386 $22,830
Four-Year Public Out-of-State Resident (CSU – SF State)
14,412 11,970 1,734 - 4, 386 $32,502
Four-Year Public In-State Resident (UC – UC Berkeley)
9,749 11,978 1,544 698 2,504 $26,473
Four-Year Public Out-of-State Resident (UC - UC Berkeley)
32, 418 11,978 1,544 698 2,504 $49,142
Four-Year Private (Stanford) 37, 380 11,182 1,566 1,981 2,970 $55,079
Comparison of Cost of Attendance by Type of School for the 2009-2010 Academic
Year
But, this is before Financial Aid!
Page 8
Why Should I Go To College?
More money!!
More/better job
security
More
opportunities
Personal growth
FUN!!
Level of education completed
Mean earnings in
2006
Unemployment rate
(August 2006)
Didn't finish High School
$30,146 7.10%
High School Graduate
$38,837 4.40%
Some College/ Associate’s Degree
$45,232/ $47,401
3.80%
College Graduate $67,766 2.20%
Master’s Degree 82,022 1.80%
Doctorate 115,377 1.30%
Earnings and Unemployment Rates for People 25 and Older with Different
Education Levels
College graduates earn over $800,000 more than high school graduates in average over a life time
Page 9
College Costs HOW MUCH??!
The REAL cost to you depends on the amount of financial aid you receive.
TRANSLATION:
More financial aid = Less money you pay for college
Sometimes, the school with the higher cost of attendance is more affordable.
Page 10
FAFSA BINGO
Page 11
Financial Aid 101
What is FINANCIAL AID?
Money you RECEIVE
(Free Money!)
Money you EARN
Money you BORROW
Grants (Federal, State, or College)
Scholarships
Work Study Program
Federal LoansPrivate Bank
Loans
But, before you can qualify for any type of federal aid, you need to…….
Page 12
FAFSA - Free Application for Federal Student Aid
Apply EARLY in order to receive federal and state aid (starting Jan 1st before March 2nd)
The FAFSA is used to apply for:
1.
2.
3.
Grants
Work Study
Loans
Page 13
Handout:
Financial Aid Step-by-Step
Page 14
Work on your FAFSA Worksheet and
begin your FAFSA on Jan. 1st;
NEXT SESSION: Bring in your
materials to complete the FAFSA
HOMEWORK:
Page 15
WWW.FAFSA.ED.GOV
Page 16
FAFSA Worksheet
Page 17
Apply for a PIN!
HOMEWORK:
Page 18
How to Apply for a PIN
Page 19
How to Apply for a PIN
Page 20
What Happens After I Submit the FAFSA?
Student Aid Report (SAR)
Resubmit (if you find errors) EFC
Financial Aid Award Letters!
Page 21
For FAFSA Help:
For info relating to the FAFSA, see www.finaid.org/fafsa/
1-800-4-FED-AID
For Hands-On Assistance: Cash for College Workshops (Jan ~ Mar
2) www.calgrants.org/index.cfm?navId=25 FREE and by attending you may win a $1000
scholarship!!
Page 22
Financial Aid 101-Scholarships
Scholarship Search
Page 23
Financial Aid 101-Scholarships
Do scholarships need to be repaid?
Can be merit-based, need-based, or others (e.g., ethnic/racial background)
Check on eligibility requirements
Sometimes additional materials required
Start researching ASAP and Apply, apply, apply!
Page 24
Financial Aid 101-Scholarships
Scholarship Tips: Be organized Be honest Follow instructions carefully Proofread your application Keep copies of everything you send Send in your application packet as early
as possible Others?
Page 25
Break
Page 26
Financial Aid 101-Grants
Do you need to repay grants? Federal or state funded Need-based / enrollment status General eligibility requirements:
High School Graduate U.S. Citizen Social security number
For most federal and state grants, just complete the FAFSA!
Page 27
Financial Aid 101-Grants
Federal Pell Grant Federal Supplemental
Educational Opportunity Grant (FSEOG)
Academic Competitiveness Grant (ACG)
National Science and Mathematics Access to Retain Talent Grant (SMART)
Page 28
Financial Aid 101-Grants
Cal Grant A, B, or C (DUE MARCH 2nd)Maximum of $9708/yearEligibility:
California Resident U.S. or permanent resident Enrolled at least half-time (6 or more
units) Social Security Number Attend an eligible California institution
To apply: Complete FAFSA and submit GPA verification form
Page 29
Financial Aid 101-Federal Work Study
Part-time employment on/off campus
Offered in award letter Amount you can earn
varies between schools Hourly wage must be at
least federal minimum wage
Flexible schedules for students
Page 30
Work Study Scenario
Page 31
Financial Aid 101-Federal Work StudyBenefits of Work Study
Flexible schedule-employers know you are a student first
Many FWS jobs are in the fields of your major or areas of interest
In some cases, you can study while you work (libraries, dining commons, gyms, etc.)
Page 32
Financial Aid 101-Loans
What’s a loan?
What questions do you have about loans?
Page 33
Spectrum Game
Page 34
Financial Aid 101 Recap
What is FINANCIAL AID?
Money you RECEIVE
(Free Money!)
Money you EARN
Money you BORROW
Grants (Federal, State,
or College) Scholarships
Work Study Program
Federal LoansPrivate Bank
Loans
Page 35
What if I don’t qualify for financial aid?
Aid options are available for undocumented immigrant students
Students will not qualify for federal/state aid so DO NOT COMPLETE AN ONLINE FAFSA
Page 36
Assembly Bill 540 (AB 540) Allows undocumented students to qualify for
in-state tuition in the state of California Eligibility:
1. Attend a California high school for three or more years
2. Graduated from a California high school or received a GED
3. Submit an affidavit to the university saying they will apply for legal permanent residency when they are eligible (The affidavit will
be kept by the college and remain confidential.)
To learn more about immigrant legislation and AB 540, visit www.maldef.org and www.nclr.org
Page 37
AB 540 Tips and Resources: Do not fill out any forms for federal or
state aid
Apply for as many scholarships as possible (check eligibility criteria)
Don’t make false statements about status
Talk with financial aid office
Page 38
Private Colleges:
Bryn Mawr College
Claremont McKenna College
Harvard University
Loyola Marymount University
Mills College
Mount St. Mary’s College
National Hispanic University
Occidental College
Santa Clara University
University of Puget Sound
Page 39
Recap:
Costs and Benefits of College
How Financial Aid Works – FAFSA
Scholarships, Grants, Work Study and
Loans
AB 540 Support
Financial Aid Review
Page 40
Homework:
Bring your FAFSA materials, start the FAFSA application, and
register for a PIN.
If you are not FAFSA eligible, find 2 scholarships you can apply for and
start applying
Page 41
Questions?
(Type presenter name)
(Email)
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