Presentation on theme: "Financial Aid Types Grants are money you dont have to repay, typically based on financial need. Scholarships are free money, usually based on your area."— Presentation transcript:
Financial Aid Types Grants are money you dont have to repay, typically based on financial need. Scholarships are free money, usually based on your area of study or merit. Work-study or student employment programsfederal and college. Loans are borrowed money that you must pay back, usually with interest.
Basic Steps to Financial Aid a)Prepare for college b)Apply for financial aid c)Pay for college d)Manage your money
GRANTS Cal Grants Cal Grant A: up to $12,192 Cal Grant B: up to $1,551 first year, up to $13,743 thereafter Cal Grant C: up to $3,168 Middle Class Grant Federal Pell Grant Up to $5,550 a year Federal Supplemental Educational Opportunity Grant Up to $4,000 a year Federal TEACH Grant Up to $4,000 a year
Special Programs Fee waivers and other college-based programs See your college financial aid office Work-study Federal work-study College work-study Student employment programs
FAFSA STEPS Get a Personal Identification Number (PIN) for both the student and at least one parent Sign up for your PIN anytime at FAFSA application for the college year opens January 1 st, 2013 Complete the FAFSA by March 2 nd, 2013
Get your PIN Why use a PIN? Sign FAFSA electronically Access your FSA records online Make corrections Who can apply? Students Parents
REQUIREMENTS: Social Security number Name Date of birth Address address (encouraged) Challenge question response A PIN will be issued upon submitting the request. Note: A PIN will be rejected if there is no Social Security Administration match. ALLOWS THE FOLLOWING: Apply for a PIN Check PIN status Request a duplicate PIN Access/Update address and personal information Change PIN Disable, reestablish, activate PIN Note: Never ask for or give your PIN to anyone.
FAFSA on the Web (FOTW) Using FOTW Ask Questions Browse Help Deadlines Announcements …and more
FAFSA on the Web (FOTW) Contact Us Live chat (800)
FAFSA 7 Steps 1.The Student 2.School Selection 3.Students Dependency Status 4.Parent Information for Dependent Students 5.Student Income / Assets 6.Signatures and Certification 7.Confirmation
Step 1: Student Demographics Check for: Name matches student social security card Transposed numbers Incorrect data on numeric fields Tip: Use the Help & Hints section on each page. Simple mistakes can delay determining eligibility for aid
Step 1: Student Demographics Students with a high school diploma and who have never attended college must: Identify their high school Select Confirm to find a match. Select the school from the list or select Next to continue.
Step 2: School Selection Add a School Federal School Code Search by: State City Name Housing Plans o On campus o With parent o Off campus
NET PRICE CALCULATOR Congress passed a law requiring all colleges to offer a net price calculator on their websites Allows prospective students to figure out how much it will cost them to go to college Compare net price of one school to another school
Step 3: Dependency Determination No to all questions: Makes the student dependent Must submit parent information Note: child must be supported financially more than 50%
Foster Care Select Yes if at any time since the student turned age 13, he/she was in foster care even if no longer in foster care today due to: – Adoption – Reunification – Reached the age of majority (18 yrs.) Note: documentation may be required.
Emancipated Minors Select Yes if the student: – as of today, is an emancipated minor or – was an emancipated minor immediately before turning 18 years old. Note: Documentation issued from a court in the students state of legal residence may be required.
Homeless, Unaccompanied Youth Select Yes if any time after July 1, 2013, the student meets all three criteria: Homeless or at risk of being homeless –Lacking fixed, regular and adequate housing. Includes living in shelters, motels, cars, or temporarily living with other people because you had nowhere else to go. Unaccompanied –Not living in the physical custody of a parent or guardian Youth –21 years or younger –Still enrolled in high school at the time the FAFSA is completed
Homeless, Unaccompanied Youth A student is eligible for homeless youth status if he/she meets the homeless definition and was determined to be homeless by his/her high school or school district homeless liaison, the director of a runaway or homeless youth center, or HUD Students who meet this criteria are independent A student is also eligible for homeless youth status if he/she meets the homeless definition, but was determined to be homeless by the financial aid office; Students who meet this criteria can use FAFSA on the Web to self-identify.
Step 4: Parent Information Parents must answer both demographic and financial information to determine Custodial parent(s) Ability to contribute to students education expenses
Divorced or Separated Provide parents information for the parent(s) with whom the student lived with most during the last 12 months If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student
Remarried Parent Provide information about the parent and stepparent regardless of: Agreement of nonsupport Prenuptial agreement Divorce decree designating tax filing exemptions Note: parent claiming the student on the tax return need not be the parent required to provide data on the FAFSA
Parent Information Do not provide parent information for Foster parent(s) –Student is automatically considered an independent student Grandparents, other relatives or legal guardian(s) –Colleges may use professional judgment to allow the student to file as an independent student
Parent Information For Upcoming Year Household Size: Parent provides more than 50% financial support Number in College: Student enrolled at least half-time
Parent Information Definition of a Dislocated Worker –Lost job –Laid off –Self-employed/ unemployed or underemployed –Displaced homemaker
Parent Income and Asset Information Same questions asked of students Selecting a box displays additional fields to complete
Parent Income and Asset Information Question displays if the student: – Is not eligible for an automatic zero EFC or simplified needs calculation, and – Reports a state of legal residence that allows students to skip income and asset questions
Step 5: Student 2013 Income and Assets IRS Data Transfer Transfer information directly from the IRS Requires PIN Available January 31 st After filing tax return
Income Reporting and Verification Selected students and parents must submit income and asset documentation Using IRS Data Transfer (unchanged) meets verification requirements for some income information Otherwise only an IRS Tax Return Transcript will meet verification requirements ID Theft updates
Student Income and Assets Adjusted Gross Income (AGI) Amount earned from work Taxes paid Exemptions Cash/Investments Asset Threshold
Step 5: Student Financial Information Students are asked the same questions as parents.
Step 6a: Student Sign and Submit Select Signature Method PIN or printed signature page Terms of Agreement $$$ for education expenses only Not in default on a federal student loan Not owe money Receive one Pell Grant from one college at a time
Step 6b: Parent Sign and Submit Select Signature Method PIN or printed signature page Terms of Agreement Provide documents to verify accuracy of information IRS verification
Step 7 : Confirmation Confirmation Page Confirmation # DRN Optional feature: transfer FAFSA data Eligibility information College information Next steps
Student Aid Report (SAR) Received electronically or by mail, Summarizes FAFSA information Displays the EFC and DRN (upper right-hand portion on the SAR) EFC- Expected Family Contribution; used to determine eligibility for federal aid DRN- Data Release Number; used to send SAR to additional schools
Cal Grants Overview Find out if the school you want to attend qualifies for Cal Grants
Basic Cal Grant Eligibility
Cal Grant A CSUUC IndependentFor Profit $ 5,970/yr$ 12192/yr$ 9,084/yr$4,000/yr
Cal Grant B Very low income students who: Meet the income and asset ceilings 2.00 GPA minimumAA, BA/BS and Certificate programsAnnual Awards $1473 stipend first year Fees/Tuition plus $1473 in 2 nd, 3 rd, 4 th yr Available as Entitlement & Competitive Awards
Cal Grant C Low and Middle income students who: Enroll in vocational courses of study AA and Certificate programs only Can be used for any school expenses including tuition and fees Eligibility determined only after full Cal Grant A and B consideration
Cal Grant C Priority now given based on Occupational Goal Meeting 2 of the 3: High employment need, High employment growth, and High wage
Cal Grant Renewal Eligibility Renewal participants must meet income and asset ceilings. Students must meet satisfactory academic progress standard of school
Cal Grant Income & Asset Ceilings
Cal Grant High School Entitlement Make sure to include the high school name on the FAFSA CSAC can then match between GPA and FAFSA information High School Graduation Confirmation *Required* Students can confirm on-line using WebGrants for Students Schools & school districts can assist to provide post- graduation confirmation of HS graduation Students needing to mail use the High School Graduation Confirmation form, HS transcripts or other authoritative documents
Student Notifications Recipients that submit a FAFSA & GPA will receive a California Aid Report (CAR) via E-CAR indicates Cal Grant eligibility –Sent as early as January –Letter notification will be sent if no address Mark these addresses as not junk:
California Aid Programs UC Student Aid Average grant $14,000 State University Grant Full systemwide fees California Chafee Grant Up to $5,000 a year Child Development Grant Up to $2,000 a year California National Guard Education Assistance Award $1,551 - $12,192 Law Enforcement Personnel Dependents Grant Up to $13,743 a year
Applicants should access WebGrants for Students (WGS) Use WGS to track awards, GPA and FAFSA Submission Student Notifications
WebGrants for Students (WGS) WGS is a CSAC web-based application for students that provides: – Secure, 24/7, student-friendly access to manage their Cal Grant and Chafee Grant award – Links to other related financial aid sites empowers students with critical financial aid information to ensure successful processing of grant application & maintenance of their award status The WGS URL is
Cash For College Workshop RVHS has applied to host a Cash For College Workshop for January or February 2014 The date will be announced if we are selected. If not selected we will hold a hands on FAFSA workshop in the RVHS computer lab so that parents and students have personal assistance submitting their FAFSA application online.
Thank you for attending Loretta Abbott, MSW, PPSC x1232