Mission College Financing Your College Education Rita Grogan, Director Student Enrollment & Financial Services [email protected] 408-855-5072
Jan 05, 2016
Mission CollegeFinancing Your College Education
Rita Grogan, DirectorStudent Enrollment & Financial Services
[email protected] 408-855-5072
What You’ll Learn Today Planning for college
Types of financial aid
Gift aid
Self-help aid
Application process
FAFSA
California Dream Act
CSS Financial Aid PROFILE
Calculating your eligibility
Cost of attendance
Awarding & packaging
What’s next?
What we should have done!
$100 per month to each child’s college savings account AT BIRTH!(In some cases, we should have started before birth!)
WHY? Parents have the first responsibility to provide for
their dependent child’s educational costs.
Don’t “should” on yourself!
Life happens and we don’t always get to what we “should” have done or hoped to do!
Commitment to high-quality educational choices at the K-12 level are made that impact our ability to save!
Time “slips” by faster than we thought it could!(It happens to those of us who are financial aid professionals, too!)
What now?
Maybe I didn’t plan enough.• What can my child look forward to
now for college costs payment options?
• What can I afford?
Financial Aid - Sources
Federal governmentState agency/governmentColleges and universitiesPrivate agencies, companies, foundations and
parents’ employers
Financial Aid - Categories
Gift Aid
Grants: Free money!
Scholarships: Free money!
Self-help Aid
Work-study: part-time job
Loans: must be paid back
Financial Aid is any money given, paid or loaned to help pay for education.
Types of Financial Aid – Gift Aid
Federal Grants: Federal Pell Grant
up to $5,645 a year
Federal Supplemental Educational Opportunity Grant up to $4,000 a year
Federal TEACH Grant up to $4,000 a year
Iraq & Afghanistan Service Grant up to $5,645
Types of Financial Aid – Gift Aid
California State Grants: Cal Grant A Entitlement Awards (fees and tuition)
CSU: $5,472 UC: $12,192 Private college: $9,084
Cal Grant B Entitlement Awards (+living allowance) $1,473 first year; $1473 + [up to] $12,192 2nd yr+ CC=$1,473
Cal Grant A & B Transfer Entitlement (CCC to 4-yr.) up to $12,192 Cal Grant C Awards (career technical programs)
Up to $2,462 CC=$547
Cal Grant A Competitive Awards Minimum 3.0 GPA
Cal Grant B Competitive Awards Minimum 2.0 GPA
Types of Financial Aid – Gift Aid
New for 2014-15For new, continuing and transfer undergraduates Attend or plan to attend a UC or CSU campusBe a U.S. citizen, permanent resident or AB540 statusMaintain 2.0 GPAFamily incomes up to $150, 000
Apply as of 1/1/2014 by either completing the FAFSA or Cal Dream Act Application
Middle Class Scholarship
New: Middle Class Scholarship
For the 14/15, 15/16, and 16/17 school years the MCS amount is 2014-15 CSU maximum is approximately $766
and for the UC $1,700
When fully implemented in 2017-18 the maximum award will be 40% of systemwide tuition fees at a UC or CSU
Types of Financial Aid – Gift Aid
Fee & Tuition Waivers Community College - Board of Governor’s Fee Waiver (BOG)
Waives enrollment fees, FAFSA may be required www.icanaffordcollege.com
CSU State University Grant (SUG) Amounts vary, FAFSA is required www.calstate.edu or csumentor.edu
UC Grant Amounts and application process vary www.universityofcalifornia.edu
Independent College Grants Amounts and application process vary www.aiccu.edu or www.aiccumentor.org
Financial Aid forSpecific Populations● Middle Class Scholarship, new for 2014-15: www.csac.ca.gov
● Foster Youth: Chafee Grant ~ up to $5000: www.chafee.csac.ca.gov
● Athletes: www.ncaaclearinghouse.net
● Students with dependents: EOP&S/CARE and CalWORKs
● Students with disabilities: www.heath.gwu.edu
● Military and their dependents: www.gibill.va.gov
● AB540 Students: California Dream Act www.caldreamact.org
● Early Childhood Education/Child Development: www.csac.ca.gov
● Teachers: Cal Grant A & B Extended Benefits: www.calgrants.org
in addition to grants, Loan Forgiveness: www.teachforamerica.org
● Health Occupations-Scholarships & Loan Repayment: www.healthprofessions.ca.gov
Types of Financial Aid – Gift Aid
Institutional and Private Grants & ScholarshipsProvider decides on
Awarding criteria Application deadline Forms or applications
Awards may be Merit-based (academic performance-GPA) Need-based (financial need) Combination of the two
Scholarships
APPLY! . . . APPLY! . . . APPLY!
No excuses . . . There is a lot of money available that goes unclaimed
Scholarship Tips:
Create a Resume Get active in the community:
Clubs Community Service
Document your community service Preview – Write – Review your essays Finish the application and turn it in on time
Types of Financial Aid – Self-Help
Federal Work Study
Campus-based aidMust be earned through work
Job may be on or off campus (~18 hrs./wk)Undergraduate and graduate studentsNo annual maximum (~$2,000 - $3,500)
Funding levels vary at each institutionNeed-based
Types of Financial Aid – Self-Help
Loans:Federal Perkins Loan
School serves as lender
William D. Ford Federal Direct Loan Program Money comes from U.S. Dept. of Education
Private Loans (also known as ‘alternative’ loans)Money comes from lending institutions (banks)
Types of Financial Aid – Self-Help
Direct Loan (DL) Program Includes: Subsidized Stafford Loan (Need-based)
Unsubsidized Stafford Loan (Not Need-based)
PLUS Loan (Parent Loan for Undergraduate Student)
Annual and aggregate loan limits apply 6-month grace period
General Eligibility Criteria
Status
U.S citizen, permanent resident or meet AB540 criteria
Valid Social Security number (Parents do not need a SS#)
For CalDreamAct, no SS# is required for student or parent
Males between ages 18-25 registered for Selective Service
Received HS Diploma or equivalent: GED, CHSPE, Homeschooled
Enrollment
BOG Fee Waiver & Pell Grant will pay as low as ½ unit
FSEOG, FWS, DL, Chafee & Cal Grants and loans require at least halftime status
EOP&S requires full time status (with exceptions)
Must be enrolled in an eligible program of study
Satisfactory Academic Progress
Must complete 2/3 of units attempted cumulatively
Must maintain a 2.0 ‘C’ GPA
Application Process
When applying to an institution, a student should ask the following:
What forms does the institution require? In addition to the FAFSA, does the school require
the completion of an institutional form? For example, CSS Profile
What are the filing deadlines for each form? What type of deadline?
Applying for Aid
FAFSA on the Web’s Homepage
www.fafsa.gov
California Dream Actwww.caldreamact.org
Dependency Status -FAFSAIf students are NOT able to check any of the boxes below, parents income and asset information will be required to complete the FAFSA process.
The above was from the 13-14 application so the “born before” date will be updated on the 2014-15 application.
Questions About Assets
Information for Students & Parents www.studentaid.ed.gov
CSS Financial Aid PROFILE https://profileonline.collegeboard.com
CSS Financial Aid PROFILE
Registration Guide No paper
registration form
3 step process
$25 initial application & one college report
$16/add’l college
CSS Financial Aid PROFILE
Not used for awarding federal financial aidMay be filed earlier than the FAFSA – typically
October of the Senior yearNot all schools require (California Public Colleges don’t use)
Assistance is available E-mail: [email protected]
https://www.profileonline.collegeboard.com/
Timeline of Financial Aid Application Forms
CSS/ Financial Aid Profile As early as October 1st of the senior year
Free Application for Federal Student Aid
. . . FAFSA on the Web (FOTW) Beginning January 1st of the senior year
Cal Grant GPA Verification Form By March 2nd of the senior year
Calculating Financial Aid Eligibility Cost of Attendance* / Allowances
Standard Allowable Costs:
Tuition and fees: $ 1,358
Room and board: $ 4,518
Books and supplies: $ 2,460
Transportation: $ 1,179
Misc. personal: $ 3,096
Total standard allowance: $12,611(based on 13-14 ‘with parent’ COA)
(13-14 ‘off campus’ COA $19,253)
Additional Allowable Costs:
Dependent care
Study-abroad
Disability-related
Employment expenses for
co-op study
Student loan fees
*Costs shown are CA community college average expenses.
Calculating Financial Aid Eligibility Expected Family Contribution (EFC) What Is It?
Need analysis is the formula used in determining a family’s EFC
EFC is the measure of a family’s financial strength
What is in the calculation of Expected Family Contribution generated from the FAFSA?: Number in household size Adjusted gross income Number of dependents in college Age of the older parent Assets other than the family home
Calculating Financial Aid Eligibility Expected Family Contribution (EFC)
Federal EFC will be same at all schools
Federal financial aid eligibility varies based on institution’s Cost Of Attendance
Some schools may use institutional methodology (ex, Profile calculations) to award their own institutional funds
Cost of Attendance*
w/parents off-campus on-campus
Comm. Coll.(CC) $12,611 $19,253 n/a
Cal.State Univ.(CSU) $16,442 $24,642 $24,223
Univ. of Cal. (UC) $24,092 $28,858 $33,320
Private (SCU,USC) $52,725 $59,367 $59,655
*Costs may not be actual
Calculating Financial Aid Eligibility Basic Equation of Need (Eligibility)
Cost of Attendance (COA)- Expected Family Contribution (EFC)
=Eligibility for Need-based Aid
Awarding & Packaging
Federal awarding guidelines Pell Grant is awarded first
External Scholarships or Grants
Campus-based aid awarded in any order school chooses
Subsidized Stafford loan eligibility is calculated before unsubsidized
BUT - Institutions have different awarding policies
Sample Financial Aid Package
Full-time EnrollmentPell Grant $5,645SEOG $ 500Cal Grant B $1,473Work Study $2,000Scholarship $2,000Loan $3,500
Special Circumstances
Adjustments may be made to information on a case-by-case basis AFTER you file your FAFSA
Special circumstances may include changes to Dependency status Income and assets Child support Number in household or college Private elementary/secondary tuition Medical or dental expenses (not covered by
insurance)
Quick Tips & What’s Next?
You must apply/re-apply for financial aid every year
Review your application results for questions, assumptions, any action required
Check student portal for additional documents requested
Missing documents or clarification needed
Universities will start packaging late in March, early April
Compare award offers
Community Colleges typically package over summer months
Check Cal Grant status at www.csac.ca.gov
Click on “WebGrants for Students”
Apply for scholarships: colleges, community organizations, etc.
Parents: File taxes early; use IRS Link on FAFSA
Delay of filing taxes can jeopardize best award offer
EFC Calculators
www.finaid.org Click on Calculators Click on Expected Family Contribution and Financial Aid Calculator
www.fafsa4caster.ed.gov Will need a to create a password
www.Collegeboard.com Under “For Parents”, click on Pay for College Click on Financial Aid Easy Planner Estimate your Share
Resources
www.icanaffordcollege.com www.studentaid.ed.gov www.federalstudentaid.gov www.csac.ca.gov www.calgrants.org www.caldreamact.org www.collegeboard.com www.going2college.org www.roybal-allard.house.gov/Students www.maldef.org
Thank you!
Questions?