Presentation on theme: "Welcome! Financial Aid & Scholarships Vonda Garcia, Director."— Presentation transcript:
Welcome! Financial Aid & Scholarships Vonda Garcia, Director
Cost of Attending College How to Apply for Financial Aid Types of Aid Available AGENDA We will review:
Community Colleges$11,445 - $17,889 CSUs $17,139 - $24,299 UCs$23,600 - $31,700 Private Schools $42,451 - $50,470 Cost of Attendance may be found on every school’s website. ESTIMATED COLLEGE COSTS
WHAT IS THE COST OF ATTENDANCE? Direct Tuition & Fees Books & Supplies Housing (on- campus) Indirect Food Housing (off- campus) Transportation Personal Expenses
WITH PARENTON-CAMPUSOFF-CAMPUS Tuition & Fees$6,800 Books & Supplies $1,665 Food & Housing $4,407$11,708$10,962 Transportation$1,170$893$1,316 Misc/Personal$3,105$2,521$2,844 Loan Fee$75 Total$17,222$23,662 CSU SAN MARCOS ESTIMATED COST OF ATTENDANCE (COA) Assumes California Resident Enrolled Full-Time Based on Figures
HOW DO I APPLY ? US Citizen Eligible Non-Citizen Complete the FAFSA Not US Citizen AND Not Eligible Non-Citizen Complete the DREAM Application
Complete a FAFSA each Academic Year! FAFSA Free Application for Federal Student Aid FAFSA website and FAFSA Worksheets – Available in English and Spanish HOW DO I APPLY ?
STUDENT FINANCIAL AID PERSONAL IDENTIFICATION NUMBER (PIN) Student and Parent must sign FAFSA Request PIN PIN remains the same for student and parent all through college years Web site:
Student driver’s license Student and Parent: o Social Security cards o 2012 W-2 Forms and other records of money earned o 2012 federal income tax form (even if not completed) o Records of 2012 untaxed income Current bank statements o Business, farm and other real estate records o Records of stocks, bonds and other investments GETTING READY
If delayed in filing federal tax return, file FAFSA with ‘estimated’ income to meet priority filing date of March 4, IMPORTANT TAX INFORMATION!
FAFSA: IRS DATA RETRIEVAL For 2012, have your parents completed their IRS income tax return or another return?
FAFSA: IRS DATA RETRIEVAL
Data for students: Tax filing status Adjusted gross income (AGI) for 2012 Earnings (wages, tips) from 2012 Benefits received from federal programs Untaxed income Asset information FAFSA: FINANCIAL INFORMATION
Student information: Selective Service registration Requirement for males between ages of 18 and 25; for more info go to website Drug conviction status COMMON QUESTIONS FAFSA: STUDENT DEMOGRAPHICS
FAFSA: DEPENDENCY STATUS One Yes Independent All No Dependent
Which parent? FAFSA provides guidance on who would be considered as the ‘parent’ for financial aid purposes. Biological Parent Adoptive Parent Step-Parent FAFSA: PARENT DEMOGRAPHICS
Dislocated Worker Is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation; Has been laid off or received a lay-off notice from a job; was self employed but is now unemployed due to economic conditions or natural disaster; or Is displaced homemaker. A displaced homemaker is generally a person who previously provided unpaid services to the family (i.e. a stay-at-home mom or dad), is no longer supported by the husband or wife, is unemployed or underemployed and is having trouble finding or upgrading employment FAFSA: PARENT DEMOGRAPHICS
Additional financial resources: Did anyone in the parent’s household receive benefits from any of the federal programs listed? Untaxed Income FAFSA: FINANCIAL INFORMATION
Asset data for students and parents: Cash, savings, and checking accounts Net worth of investments Net worth of business and farm FAFSA: FINANCIAL INFORMATION
Federal School Code for Each College CSU San Marcos is If more than 10 colleges, submit and add more colleges later Housing Plans for Each College At Home Off-Campus On-Campus SCHOOL SELECTION
Required Signatures: Student One parent (Dependent Students) Electronic using PIN (most frequently used) Signature page (least frequently used) Paper FAFSA (not recommended, but available by phoning or printing online) SIGN AND SUBMIT
What happens next? Signed FAFSA sent to Federal Processor Federal Processor sends information to College/University within 2-3 weeks. College/University will contact student directly FAFSA PROCESSING RESULTS
If necessary, corrections to FAFSA data may be made on: Updating paper Student Aid Report (SAR) Submitting documentation to college’s financial aid office MAKING CORRECTIONS
Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information SPECIAL CIRCUMSTANCES
Income Assets Family size Number in College Age of the older parent Adjustments to EFC may be made by a Financial Aid Office due to Verification and/or Special Circumstances that limit ability to pay MAIN COMPONENTS OF THE EFC
Not a bill Amount family can reasonably be expected to contribute to educational costs Stays the same regardless of college Two components –Parent contribution –Student contribution Calculated using data from a federal application form (FAFSA) and a federal formula WHAT IS THE EXPECTED FAMILIY CONTRIBUTION (EFC)?
FINANCIAL NEED Cost of Attendance Expected Family Contribution (EFC) Financial Need Tuition & Fees Books & Supplies Room & Board Transportation Loan Fees Personal/Misc. EFC determines eligibility for need-based aid EFC is not an amount the student or parent(s) must pay Financial Need is the difference between the COA and the EFC. Need will be different at each school.
CATEGORIES OF FINANCIAL AID Need-based aid – Grants – Federal Work-Study Program – Subsidized Loans – Scholarships based on need Non need-based aid – Unsubsidized Loans – Parent PLUS Loans – TEACH – Scholarships without regard to need
Money that does not have to be repaid Need-based aid Federal Grants Pell Grant Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education Grant (TEACH) State Grants Cal Grant Educational Opportunity Program Institutional Grants State University Grant GRANTS
LOANS Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Additional information at Dependent* Students (Maximum amount: $31,000) Grade Level Combination of Subsidized and Unsubsidized Freshmen$5,500 Sophomore$6,500 Junior$7,500 Senior$7,500 * Independent Students eligible for higher loan amounts
LOANS Subsidized Loans: No interest while in school 3.4% Interest Rate Unsubsidized Loans: Accrues interest while in school 6.8% Interest Rate Parent PLUS: Parent is responsible to repay. Accrues Interest while in school 7.9% Interest Rate
Allows student to earn money to help pay educational costs On campus or off-campus employment opportunities Must work to earn a paycheck Flexible work hours for students Provides work experience EMPLOYMENT
California Student Aid Commission (CSAC) administers Cal Grant program. Web site Student must: Be a California resident attending a California college Apply by the March 2 nd deadline (FAFSA and verified GPA) Have financial need Meet income and GPA requirements for at least one program CSAC utilizes information from the FAFSA Complete Cal Grant GPA Verification Form (usually sent to California Student Aid Commission by student’s HS Guidance Office) Deadline is March 2 nd 2013 CALIFORNIA STATE PROGRAM CAL GRANT
SCHOLARSHIP Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristics Most community scholarships have application periods and deadlines from December through March for awards for the following fall semester/quarters. Spend some time on the internet searching for scholarships based on your major, ethnicity or a special talent, such as playing a musical instrument. Never pay money to apply for a scholarship or pay to have someone else search for scholarships. There are many FREE resources out there to assist you.
March 4 th 2013 Deadline One application for over 100 different scholarships at CSUSM only Check with other colleges for college specific scholarship information. CSUSM GENERAL SCHOLARSHIP
FREE SCHOLARSHIP SERVICES www. Maldef.org
Saturday, February 23, 2013 Hosted by CSU San Marcos and Cal-SOAP 9am-12 noon 333 S. Twin Oaks Valley Road San Marcos, CA – Your High School Guidance Office will receive additional location info & updates from Cal-SOAP to share with Seniors and family members CASH FOR COLLEGE Register online at: Contact Info for Cal SOAP: Phone: Fax:
(760) Craven Hall Room 3900 Cougar Central School Code: CSUSM FINANCIAL AID CONTACT INFORMATION