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Investing in Your Future. Workshop Agenda The Financial Aid Equation The Basic Formula Types of Financial Aid Scholarships, Grants, Work-Study & Loans.

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Presentation on theme: "Investing in Your Future. Workshop Agenda The Financial Aid Equation The Basic Formula Types of Financial Aid Scholarships, Grants, Work-Study & Loans."— Presentation transcript:

1 Investing in Your Future

2 Workshop Agenda The Financial Aid Equation The Basic Formula Types of Financial Aid Scholarships, Grants, Work-Study & Loans How to Apply for Financial Aid Free Scholarship Searches

3 What Financial Aid Offers Access to funds to help pay for 4 year public and independent colleges Community colleges Private career colleges Choice among schools Choose the best academic, cultural, and social fit rather than the least expensive program

4 What are the Basic Concepts Cost of Attendance Expected Family Contribution Financial Need

5 Cost of Attendance Tuition & Fees Books & Supplies Room & Board Personal Expenses Transportation

6 Expected Family Contribution The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to pay from income and assets over time.

7 * Financial Need equals Financial Aid Eligibility. Cost of Attendance (COA) - Expected Family Contribution (EFC) = Determined Financial Need * What is Financial Aid

8 Federal Government State Government Colleges & Universities Private Agencies & Organizations Sources of Financial Aid

9 Merit Based Aid Scholarships – money awarded based upon merit and/or special talent that the student does not need to repay. Need Based Aid Grants – money awarded based upon need that the student does not need to repay. Loans – money borrowed by the student to be repaid with interest after graduation. Work Study – money earned by the student as payment for work performed on-campus or off-campus. Types of Aid

10 Contact the Financial Aid Office immediately if there is a: Loss of a job Decrease in salary Death or serious illness in family Change in your housing plans for the school year Any other circumstances that reduce the family’s ability to pay for education expenses. Special Circumstances

11 The Higher Education Opportunity Act (HEOA) of 2008 requires each institution that participates in Title IV federal student aid programs to post a net price calculator on its website using institutional data to provide estimated price information to current and prospective undergraduate students and their families based on a student’s individual circumstances. Net Price Calculator

12 The Net Price Calculator (NPC) is required for all Title IV institutions that enroll full-time, first-time degree- or certificate- seeking undergraduate students. The NPC allows students to calculate an estimated net price of attendance at an institution, based on what similar students paid in a previous year. Cost of Attendance (COA) – Grant and Scholarship Aid = The Net Price Net Price Calculator

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14 Other Helpful On-line Resources: Use the EFC Calculator to get an estimate of the family’s contribution Click on Pay for College > Tools & Calculators > EFC Calculator Provides useful data regarding costs, net price, retention & graduation rates, majors, default rates, campus security and other pertinent university information Enter university/college name in ‘Name of School’ field > Follow the instructions shown above the results of the school search

15 Application for Federal Student Aid (FAFSA) College Scholarship Service (CSS) PROFILEwww.collegeboard.org Other Required Items For example: Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation How Students Apply

16 By March 2, 2015 complete and submit the FAFSA The Cal Grant GPA Verification Form, check with your school for more details. Cal Grant Programs

17 Cal Grant A assists with tuition and fees at public and independent colleges. Cal Grant B provides a living allowance and tuition and fee assistance for low-income students. Cal Grant C awards assist with tuition and training costs for occupational, technical, and vocational programs. Cal Grant Programs

18 The California Community College Board of Governors’ Enrollment Fee Waiver (BOGW) waives the California Community College’s enrollment fee for California residents: Who are eligible for need – based financial aid, or Who receive CalWORKs/TANF, SSI, or General Assistance payments, or Whose family income falls below published income ceilings Learn more about the BOGW at Community College

19 The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S. To be eligible, the foster youth must have been in California foster care between ages and not yet 22 years old. California Chafee Grant for Foster Youth

20 You are an AB 540 eligible student if you have met the following items: Attended a California (CA) High School for 3 or more years Graduated from a CA high school or attained the equivalent of graduation, such as passed the GED, or CA High School Proficiency Exam; Registered or are currently enrolled at an accredited CA college or university; and Filed an affidavit with your college or university stating that you have or intend to file an application to legalize your immigrations status, if applicable. https://dream.csac.ca.gov/ The California Dream Act (AB 540 students)

21 CA Dream Application (similar to the FAFSA) https://dream.csac.ca.gov/ GPA Verification Form (check with High School college counselor) Submitted by your school to California Student Aid Commission (CSAC) electronically; or Submitted by the student via US Postal Mail (Cal Grant GPA Verification Form is available through the Dream Act Application) Application Deadline: March 2, 2015 How Students Apply for the Dream Act

22 Available from colleges, companies, community- based groups and other organizations Usually require separate applications May require transcript, essay, interview, or audition Check with your high school about scholarship opportunities Beware of scholarship search companies that charge a fee Use free scholarship search websites Scholarships

23 These sites also contain helpful financial aid information Free Scholarship Searches

24 Beware false claims! –“Thousands of dollars in scholarships go unclaimed each year” –“Guaranteed or your money back!” –“Give me your credit card or bank account number to hold this scholarship” –“The scholarship will cost some money” –“You’ve been selected...” –“You’re a finalist in a contest” (that you never entered) Don’t Be Fooled!

25 Make a list of colleges that have programs that interest you Consult with your school counselor If possible, don’t make a final decision about which school you will attend until you have visited the colleges Consider all factors – not just cost – when making the final decision Before you Decide

26 Questions ?


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