Financial Aid and Paying for College Financial Aid Office College of the Desert January 2015
Financial Aid and Paying for College
Financial Aid OfficeCollege of the Desert
January 2015
• What is financial aid?• Applying for financial aid• Helpful tips• Resources
Overview
• Financial aid can help to pay for college expenses: tuition, room and board, books and supplies, transportation and miscellaneous expenses.
• Financial aid makes up the difference between what college costs and what a family can afford to pay.
• Approximately 2/3 of full-time undergraduate college students receive some sort of financial aid.
• There are three main types of financial aid: – Grants and scholarships– Work-study– Loans
Financial aid
• Originate from federal/state government and institutional sources
• Do not need to be repaid or earned• Include the Federal Pell Grant, State
Cal Grant, Chaffey grant, CSU Grant (SUG) and UC Grant
• Need-based• Require FAFSA
Grants
• Low income grant• EFC range of 0 to 5198 for full-time students• $5,775 full-time award for 15-16 (EFC=0)• Award amount relatively constant between
colleges• Award adjusted if less-than full-time• 600% max timeframe (6 full-time years)
Federal Pell Grant
• Low income grant; must be awarded Pell Grant first
• Award amounts vary between colleges ($500 to $2,000)
• Tied to priority processing date• May be directed towards high cost programs
Federal SEOG Grant
• Low or middle income grant• Must complete FAFSA/ and GPA verification
by March 2nd
• Award amounts vary between colleges and programs (go to www.csac.ca.gov)
• Renewable up to 4 years• Must meet annual income and asset ceilings
State Cal Grant
• Low or middle income grant• Tied to priority processing date• Award amounts vary between colleges and
programs (comparable to Cal Grant)• Non-renewable • Non-stacking w/ Cal Grant (Can’t receive
both)
CSU Grant or UC Grant
• Low or middle income award • Must be California resident attending a
California Community College• Eligibility tied to info on FAFSA • Covers all enrollment fees• A, B or C awards• Must have financial aid need of $1104 or more
BOG Fee Waiver
• Part-time employment• Must have financial need• Often tied to priority date• On and off-campus employment
Federal Work Study
• Gift aid from public and private sources• Criteria and award amounts vary • Separate application processing• Where to find?– Financial Aid office website (COD scholarship application– Pathways to Success(www.cvpts.com)
• Beware: Never pay for a scholarship
Scholarships
• Federal Direct Loans (student and parent)• Subsidized vs. unsubsidized (at 4 year
institutions)• Private loans• Can be awarded up to the cost of
attendance• Borrow responsibly
Loans
• Apply for admissions to desired colleges
• Complete FAFSA/Dream Act application starting January 1st
• Cal Grant GPA Verification Form• Scholarship application(s)
Applying for Financial Aid
• California Dream Act – AB540 – AB 130 & AB 131
• Type of Assistance– BOG fee waiver, Cal grant, Chafee Grant, UC Grant,
and Cal State University grant• Application:– dream.csac.ca.gov– Submit by March 2nd
California Dream Act
• Apply early, meet deadlines and complete all documentation
• Can estimate tax information on FAFSA and correct later using IRS DRT
• Verify all FAFSA, PROFILE or other data is accurate—affects eligibility
• Check www.webgrants4students.org for Cal Grant status
Helpful Tips
• Check student portal, campus email account and Financial Aid Office website regularly
• If dropping below full-time, contact the Financial Aid Office to see how this affects your financial aid
• Apply early and complete all paperwork to ensure your receive your funds when you need them
• Be sure to maintain Satisfactory Academic Progress standards
Helpful Tips (cont.)
• College financial aid office and high school counseling office
• FAFSA - www.fafsa.gov • College Board/PROFILE – www.collegeboard.org • CA Student Aid Commission – www.csac.ca.gov• US Dept. of Education – http://studentaid.ed.gov• General Financial Aid Info – www.finaid.org
Resources
Questions?