Funding Your Future Financial Aid Overview. Topics Introduction What is financial aid? Sources of financial aid Limitations of federal aid programs FAFSA/Dream.

Funding Your FutureFinancial Aid

Overview

Topics

Introduction What is financial aid? Sources of financial aid Limitations of federal aid programs FAFSA/Dream Act Application & Processing Whose info goes on a FAFSA/CA Dream Act Application? Eligibility requirements for Federal and State aid When & Where to apply for 2015-16? What happens next? Where do I get help? Other information Consumer Information

What is financial aid?

Financial aid are funds provided to students and families to help pay for postsecondary educational expenses

Sources of Financial Aid

Federal and State Grants

Student Loans

Work Study

Private sources-scholarships

SLO County High School Graduates All future Promise students will be

guaranteed fee-free fall & spring Deadline- August 3rd, 2015 Guaranteed to all students who complete

ALL Cuesta Promise steps regardless of income or GPA

1. Submit your Cuesta College admissions application

2. Submit your Promise scholarship application

3. Apply for FAFSA or the Dream Act

4. Complete the Cuesta College assessment process

5. Complete the Cuesta College online orientation

6. Register for your classes

The Promise is yours! Check your email for announcements and updates.

STEPS

Common Federal Programs

Federal Loans

-Subsidized

-Unsubsidized PLUS- Parent

Loan

Pell Grant Federal

Supplemental Opportunity Grant

Federal Work Study

Teach Grant

Limitations of Federal Aid Programs

Pell Grant – 6 full-time years Direct Subsidized Loans - 150% of the

length of academic program before they may lose interest subsidy

Common CA State Programs

Board of Governors Fee Waiver Cal-Grants Chafee Grant University Grants Middle Class Scholarship for UC & CSU AB 540 BOGW & Cal Grants

Board of Governors Fee Waiver

Waives enrollment fees at California Community Colleges

You must complete online FAFSA or Cal Dream Act

Cal-Grants

Cal Grant A – Pays tuition at a CSU or UC

Cal Grant B - Pays tuition at a CSU or UC and pays an access fee at a California Community College

Cal Grant C – Pays for vocational programs

Chafee

Available for foster-youth in the Independent Living Program (ILP)

Must complete an online application

Limited funds

University Grants

Available at private and public universities

Funds may be limited Follow-up with your school of

choice

Middle Class Scholarship Program

New, transfer and returning undergraduate students

University of California or California State University

Family income of up to $150,000 Complete the FAFSA or Cal Dream Act

application

California State Programs

Residency requirements Aid awarded on the basis of both GPA

and financial need Must complete the FAFSA or Cal

Dream Act application Deadline March 2nd each year

AB540

Allows non-resident students to receive state grant opportunities

Must complete application at college/university

Admissions Office determines eligibility

Student is able to complete the FAFSA or Cal Dream Act application

Scholarships

Awarded on the basis of skills, GPA or unique characteristic

Free money Foundations, high schools,

businesses, charitable organizations, employers, unions

Deadlines vary

Application & Processing

www.fafsa.govwww.fafsa.gov

© 2014 CASFAA

Why use a PIN?• Sign FAFSA

electronically• Access your FSA

records online• Make corrections

Who can apply?• Students• Parents

2015-2016 Application Processing

Personal Identification Number (PIN)

Access the PIN Website

www.pin.ed.govwww.pin.ed.gov

© 2014 CASFAA

FSA ID to Replace FSA PIN!

What this means: Where to use an FSA ID:

New login process User-selected username User-selected password Replaces the FSA PIN Eliminates need to supply

SSN and date of birth for login

Available in Spring 2015(after March 2nd)

FAFSA on the Web NSLDS Student Access StudentLoans.gov StudentAid.gov TEACH Grant website

© 2014 CASFAA

Cal Dream Act Applicationhttp://www.csac.ca.gov/dream_act.asphttp://www.csac.ca.gov/dream_act.asp

Cal Dream Act Application

Only for AB540 students who do not have a SSN

Students complete this instead of the FAFSA

DOMA and FAFSA/CA Dream Act applications

FAFSA & CA Dream Act applications: Language is gender neutral – Parent 1, Parent 2 as designated by filers, not processor.

FAFSA/CA Dream Act applications now collect the information of unmarried parents living together and parents or parent/step-parent in a legally recognized same-sex marriage.

© 2014 CASFAA

Whose info goes on a FAFSA/CA Dream Act application?

The FAFSA & CA Dream Act applications now use the relationship of the parent to the student, vs. the legal relationship between parents for the basis of collecting informationRelationship of Student to Parent Includes both parents’ incomes

on the app?Only includes one parent’s income on the app?

Parents married, living together YES NO

Parents not married, living together YES NO

Parent is widowed, not remarried NO YES

Parents are divorced or separated, not living together NO YES (include the parent the student lived with most during the last 12 months. If equal time, include the income and assets from the custodial parent who provided most of the student’s financial support during the last 12 months)

Parent and step-parent, living together YES NO

Legal guardians* NO NO

Foster Parents* NO NO

Grandparents, brothers, sisters, uncles, or aunts* NO NO

“Parent” means biological/adoptive parent – gender of biological or adoptive parents is not relevant.*Students living with legal guardians, foster parents, or relatives are usually considered to be independent students, unless adopted.

© 2014 CASFAA

Eligibility Requirements for Federal and State Aid

Be a U.S. citizen or eligible non-citizen

***Have a valid social security

number***

Register with Selective Service

High school diploma/GED/home

schooled

Enrolled in an eligible degree or

certificate program

When & Where to apply for 2015-16?

Complete the FAFSA online at www.fafsa.gov or

Cal Dream Act Application online at www.csac.ca.gov/dream_act.asp

Applications are available starting January 1st

Colleges may set their own deadlines

Frequent Application Delays

Transposed Social Security Numbers Marital status Income information Taxes paid Household size Number in college Asset information missing Missing student/parent signatures

What happens next?

Student will receive a Student Aid Report (SAR); make corrections

Student will have an Expected Family Contribution (EFC)

School may require student/parent to submit additional documentation

Need Varies Based on Cost

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Va ria b le ) (Va ria b le ) (Co ns ta n t)

1

2

3

EFC EFC

How can I help as a parent?

Complete income taxes early Use the IRS Data Retrieval Tool Request IRS Transcripts Online: www.irs.gov

Transcript Type: Return Transcript

Phone number: 1-800-908-9946 Have your son/daughter follow-up with the

financial aid office!

Where can I get help?

Cash for College Workshop:

February 10th Cuesta SLO Campus

(from 5pm to 8pm at Bldg. 3400)

FAFSA, Cal Dream Act, Cuesta Scholarship Application

Special Circumstances

Change in employment status Medical expenses Unusual dependent care expenses Loss of parent or student income Any other unusual circumstances

that affect a family’s ability to contribute to higher education

Electronic Payments

Students have options to receive financial aid disbursements or tuition refunds:

Receive disbursement on a debit card

Direct deposit into a personal bank account

Request a paper check

Consumer Information

College Navigatorhttp://nces.ed.gov/collegenavigator/

College Scorecardhttp://scorecard.cccco.edu/scorecardrates.aspx?CollegeID=641

Shopping Sheet Your student portal

StudentAid.govhttps://studentaid.ed.gov/

FSA Social Mediahttp://www.financialaidtoolkit.ed.gov/tk/outreach/social-media.jsp

Net Price Calculator http://www.cuesta.edu/student/aboutmoney/finaid/resources/Net_Price_Calculator.html

© 2014 CASFAA

College Navigator ToolCollegeNavigator.gov

© 2014 CASFAA

College Scorecardcollegecost.ed.gov

© 2014 CASFAA

© 2014 CASFAA

Shopping Sheet

Standardized, clear, and concise format for personalized financial aid offers

Better understanding of the costs of college before making a final decision on where to enroll

Identifies the types and amounts of aid qualified for and allows for easy comparison of aid packages

Consumer comparison tool Transparently provides information

to students

© 2014 CASFAA

StudentAid.gov

© 2014 CASFAA

Twitter.com/FAFSA

© 2014 CASFAA

Facebook

© 2014 CASFAA

Net Price Calculator

© 2014 CASFAA

Questions?

Cuesta College

www.cuesta.edu

805-546-3143