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Applying for Financial Aid 2009-2010. Sponsored by: Presented by: 2.

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Presentation on theme: "Applying for Financial Aid 2009-2010. Sponsored by: Presented by: 2."— Presentation transcript:

1 Applying for Financial Aid

2 Sponsored by: Presented by: 2

3 3 What Will You Learn Today? Types and sources of financial aid Required financial aid application forms How to complete the Free Application for Federal Student Aid (FAFSA) and the Cal Grant GPA Verification Form Answers to your individual questions

4 4 Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest

5 5 Federal government State government Colleges and universities Private agencies, companies, foundations, and your parents employers Sources of Financial Aid

6 6 Cal Grants Cal Grant A Entitlement Awards – for high school seniors and recent high school grads with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, who demonstrate financial need Cal Grant B Entitlement Awards – for high school seniors and recent high school grads with a GPA of at least 2.0, who come from disadvantaged or low income families, whose family income and assets are below the state ceilings, and who demonstrate financial need Cal Grant C Awards - for students from low income families pursuing vocational programs of study

7 7 Eligibility for Cal Grants To be eligible for a Cal Grant, the student must also: be a U.S. citizen or eligible noncitizen be a California resident attend an accredited California college or university in at least half-time

8 8 parents have been legal residents of California for one year immediately prior to March 2, 2009, or student has lived in California with other legal California residents, other than parents, for two years immediately prior to March 2, 2009, or parents in the Armed Forces are stationed in California on active duty at the time the student enrolls in college, or parents military home of record is California. Residency and Cal Grant Eligibility for If unmarried and under 18 years of age, the student will be considered a legal resident of California if : If married or 18 years of age or older, the student establishes his/her own residence status. The student must be a legal resident of California for one year prior to March 2, 2009.

9 Cal Grant Application Requirements Check with your high school or college counselor for more details on how to file the Cal Grant GPA Verification Form By March 2, 2009, complete and submit: Free Application for Federal Student Aid (FAFSA) Cal Grant GPA Verification Form

10 10 California Chafee Grant 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 based on available funding To be eligible, foster youth must have been in California foster care on their 16 th birthday and not have reached their 22 nd birthday before July 1, 2009 To apply, the foster youth must complete: FAFSA California Chafee Grant Program Application To learn more about the Chafee Grant, go to:

11 11 Need-Based Grants Federal Grants Pell Grants $ 4,731 maximum per year Academic Competitiveness Grants $750 for the first year $1,300 for the second year Supplemental Educational Opportunity Grants (SEOG) $4,000 maximum per year

12 12 Need-Based Grants Community College Board of Governors (BOG) Fee Waiver Waives the California Community Colleges enrollment fee for financially needy California residents To learn more about this BOG Fee Waiver, go to CSU State University Grant (SUG) – amounts vary UC Grant – amounts vary Independent College Grants - amounts vary

13 Types of Applications FAFSA Cal Grant GPA Verification Form Other applications or forms as required by the college such as 2008 federal tax returns (along with schedules and W-2s) or other income documentation CSS Financial Aid PROFILE Institutional Scholarship and/or Financial Aid Application 13

14 14 FAFSA Information & Tips File early, but no later than March 2, 2009 Use estimated 2008 income information if taxes are not complete at time of FAFSA submission Student and at least one parent whose information is reported must complete and sign the FAFSA

15 15 Federal PIN PIN (Personal Identification Number) serves as the electronic signature on ED documents Both student and at least one parent need PINs to sign the FAFSA electronically May be used to: Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and addresses If an address is provided, PIN will be ed to the PIN applicant within hours Apply for student and parent PINs TODAY at:

16 16 Getting Ready Before starting the FAFSA, gather: Student drivers license Student Alien Registration Card Student and Parent Social Security cards 2008 W-2 Forms and other records of money earned 2008 federal income tax form (even if not completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted

17 17 The FOTW Worksheet A Five Section Form Section 1–is about the student Section 2–determines student dependency status Section 3–collects parental information for dependent students Section 4–collects student finances and information about the independent student Section 5–allows students to list up to ten schools to receive information from the FAFSA

18 Section 1 (page 2) STUDENT INFORMATION

19 19 Section 1 Your Last Name The FOTW will ask for the students first and last name as well as a middle initial Make sure to report the students name exactly as it appears on the students Social Security Card Jones

20 20 Section 1 Your Social Security Number Double check your Social Security Number when entering it on the FOTW. Both your name and Social Security Number will be compared through a database match

21 21 If U.S. citizen, status will be confirmed by Social Security match If eligible noncitizen, status will be confirmed by Department of Homeland Security (DHS) match. This includes: U.S. permanent residents with I-551 Conditional permanent residents with I-551C Eligible noncitizens with I-94 If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for institutional funds Section 1 Citizenship Status

22 22 Section 1 Alien Registration Number If eligible noncitizen, write in your eight- or nine-digit Alien Registration Number (ARN) Precede an eight digit ARN with a zero Copy of Permanent Registration Card might be requested by the financial aid office

23 23 Section 1 Citizenship Status if you are applying to any California public college or university, check to see if you might be eligible for in-state tuition costs check with colleges and universities to see if institutional financial aid is available apply for all private scholarships for which you may be eligible watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students start inquiring in elementary, middle or high school to see if it is possible for younger students to become permanent residents For more information and a list of scholarships, go to NOTE: if you are undocumented

24 24 Section 1 Your State of Legal Residence Residency relates to your permanent home state if you are dependent, the state of legal residence is usually the state in which your custodial parents live State of legal residence is also used to determine eligibility for state grants in the need calculation to determine the appropriate allowance for state and other taxes paid by that states residents CA

25 25 Section 1 Selective Service Registration Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid Answer Register me only if you are male, aged 18-25, and have not yet registered. You may also register by going to :

26 26 Answer No if you have never received federal student grants, federal student loans or federal work-study You should also answer No if you have never attended college. If you answer No to this question, skip question 23 Section 1 Federal Student Aid Question

27 27 Answer Yes if you have been convicted of possessing or selling illegal drugs while you were receiving federal student financial aid Answer No if: You have no drug-related convictions of any kind but simply received student financial aid while a college student Conviction was for alcohol or tobacco Conviction was removed from your record or occurred before age 18 (unless tried as an adult) Section 1 Drug Conviction Question

28 28 Section 1 Parents Educational Level Indicate highest level of schooling completed by your biological or adoptive parents (for state award purposes only) Use birth parents or adoptive parents - not stepparents or foster parents This definition of parents is unique to these two questions

29 29 Indicate your most immediate degree or certificate objective for Section 1 Degree Objective

30 30 Section 1 Your Expected Enrollment Status at the Start of the Academic Year Report your enrollment plans for the college you are most likely to attend If unsure, report Full-time

31 31 Section 1 Work-Study and Student Loans If you are interested in either work-study (student employment) or student loans, or both, mark the appropriate box Indicating interest does not obligate you to either work or borrow, nor will it cause you to lose grants and scholarships Answering neither may restrict some options for limited work-study or loan funds

32 Section 2 (page 3) STUDENT DEPENDENCY STATUS

33 33 Section 2 Determination of Student Dependency Status

34 34 Section 2 Determination of Student Dependency Status

35 35 Section 2 Determination of Student Dependency Status If you answer no to all questions in this section, go to Section 3. For FAFSA filing purposes, you are considered a dependent student and are required to provide parental information If you answer yes to any question in this section, skip Section 3 and go to Section 4. You are considered an independent student for FAFSA filing purposes and are NOT required to provide parental information

36 Section 3 (page 4) PARENTAL INFORMATION

37 37 Section 3 Parental Information See Page 4 of FAFSA on the Web Worksheet about who is considered a parent –Biological or adoptive parent(s) –Stepparent (regardless of any prenuptial agreements)

38 38 Section 3 Parental Information Do not provide information on: –Foster parents If the student is in foster care, he/she is automatically considered an independent student –Legal guardians or grandparents or other relatives The student must attempt to get biological parental information Colleges may use Professional Judgment to allow the student to file as independent

39 39 Section 3 Parental Information, $ 0 If the answer to any question is zero or the question does not apply, enter 0: Report whole dollar figures: Recommendation: If your parents have not filed their 2008 federal tax return, use W-2 forms and/or other employment records to estimate total income 1 2 $ (no cents),

40 40 Section 3 Parents Marital Status as of Today Month and Year Your Parents were Married, Separated, Divorced, or Widowed M M Y Y Y Y

41 41 Section 3 Parent Address Fill in your parents address that will be valid at least until you start college If you provide your parents address, the FAFSA processor will let them know your FAFSA has been processed

42 42 Section 3 Fathers and Mothers SSN, Last Name, and Dates of Birth NOTE:Provide this information for your parent(s) who complete Section 3 of the worksheet JONES PARKER

43 43 Section 3 Parents State of Legal Residence Indicate the two-digit state code for your parents permanent address Leave question 74 blank if at least one of your parents whose information is used on this form began living in the state before January 1, 2004 CA M M Y Y Y Y

44 44 Section 3 Parents Tax Return Filing Status for 2008 Indicate your parents current tax filing status for 2008 Which tax return did or will your parents file for 2008? Even if your parent(s) did not file a 1040A or 1040EZ, read the instructions to see if they would have been eligible to do so The FOTW Web site will ask if your parents have completed their 2008 tax return

45 45 Section 3 Parents Household 2008 Federal Benefits Indicate if you, your parents, or anyone in your parents household received benefits in 2008 from any of the federal programs listed

46 46 Section 3 Parent Dislocated Worker A person may be considered a dislocated worker if he or she: 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 is a displaced homemaker

47 47 Section 3 Parent 2008 Adjusted Gross Income Reminder: If the answer is zero or the question does not apply, enter 0 If your parents have not yet filed their 2008 federal tax return information, it is fine to estimate information for these questions If your parents have completed their 2008 federal tax return, use 2008 tax return information to complete this item. Pay attention to specific line- items on 2008 federal tax return, if completed 45, 250

48 48 Section 3 Money Earned from Work by Parent(s) in 2008 Use W-2 forms and other records to list all income in 2008 earned from work (including income earned from self-employment) 45, , 500

49 49 Section 3 Parents Income Tax Paid in 2008 What was the amount your parents paid in income tax for 2008? –Use U.S. Income tax paid (or to be paid) not the amount withheld from your parents paychecks 2, 130

50 50 Section 3 Parents 2008 Tax Exemptions Enter your parents exemptions for 2008 Exemptions can be found on their IRS tax return Be sure to include all persons being claimed on your parents 2008 federal tax return, regardless of whether they are included in your parents household size question 05

51 51 Section 3 Parents Household Information for Include in your parents household: yourself your parent(s) your parents other dependent children, if your parents provide more than half their support or the children could answer no to every question in Section 2, regardless of where they live other people, if they now live with your parents and will continue to do so from 7/1/09 through 6/30/10, and if your parents provide more than half their support now, and will continue to provide support from 7/1/09 through 6/30/10 05

52 52 Section 3 Family Members Attending College in NOTE: Some financial aid offices will require proof that other family members are attending college Always include yourself even if you will attend college less than half-time in Include other household members only if they will attend at least half time in in a program that leads to a college degree or certificate Never include your parents 2

53 53 Section Additional Financial Information 12,600 10,200 2,500 Enter the total from this Additional Financial Information Sheet on Question 94 on page 5, Section 3

54 54 Section Untaxed Income 1,700 6, Enter the total from this 2008 Untaxed Income Sheet on Question 95 on page 5, Section 3

55 55 Section 3 Parent Asset Information NOTE: Some financial aid offices may request supporting documentation for the answers to these questions List the net value of your parents assets as of the day you complete the FAFSA If net worth is one million dollars or more, enter If net worth is zero, enter $ 9 9 9, 9 $ 0,

56 56 Section 3 Parent Cash, Savings, and Checking Report the current balance of your parents cash, savings, and checking accounts as of the day you complete the FAFSA 2, 155

57 57 Section 3 Parent Investments bonds and other securities Coverdell IRAs 529 plans owned by parents installment and land sale contracts commodities, etc. Net Worth means current value minus debt Investments include: real estate (other than parents home) trust funds UGMA and UTMA accounts money market and mutual funds certificates of deposit stocks and stock options 7, 900

58 58 Section 3 Parent Business and Investment Farms NOTE: DO NOT include the home you live in, the value of life insurance and parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or the value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees Business/Investment Farm includes: – market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral 23,600

59 Section 4 (page 6) STUDENT FINANCES

60 60 Section 4 Student Finances Questions (34 – 40) are identical to the parent financial questions we covered in Section 3 In these questions in Section 4: Report your 2008 income If you are single, ignore references to spouse If you are married, report spouses income and assets

61 61 Section 4 Student Veterans Education Benefits For more information on Veterans Education Benefits, contact the VA at: (800) or

62 62 Section 4 Student Finances (Independent Students) Answer questions (96 – 103) in Section 4 only if you answered yes to at least one question in Section 2 – Student Dependency Status

63 63 Section 4 Student Finances (Independent Students) Include in your household: you (and your spouse if married) your children, if you will provide more than half their support other people, if they now live with you and you provide more than half their support, and will continue to provide that level of support from 7/1/09 through 6/30/10

64 64 Section 4 Student Finances (Independent Students) Count yourself even if you will attend college less than half-time in Include others only if they will attend at least half-time in in a program that leads to a college degree or certificate

65 65 Section 4 Household Federal Benefits (Independent Students) Indicate if you, your spouse, or anyone in your household received benefits in 2008 from any of the federal programs listed

66 66 Section 4 Dislocated Worker (Independent Students) A person may be considered a dislocated worker if he or she: 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 is a displaced homemaker

67 Section 5 (middle of page 7) COLLEGES TO RECEIVE INFORMATION

68 Section 5 School Information First, list the California school you are most likely to attend, and then list others to which you are applying for admission

69 69 Section 5 School Information List up to ten schools to which you are applying For faster and more accurate processing, write in both the Title IV school code and the school name Check with each colleges financial aid office, your high school counselor, or the U.S. Department of Educations website (www.fafsa.ed.gov) for a listing of federal school codes of the colleges to which you are applying Select the housing plan that best describes the type of housing you expect to have while attending each listed school

70 Section 5 School Information List at least one California college or university first In Question 97, list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone Strategies for Listing Colleges NOTE: Each UC and CSU campus must be listed separately 70

71 71

72 72 TYPES OF FAFSAs FAFSA on the Web Paper FAFSA

73 73 FAFSA ON THE WEB Internet application used by students and parents to complete electronic FAFSA at Processed more quickly than paper version Sophisticated on-line edits so that errors are less likely to be made Student and at least one custodial parent should get a federal PIN at

74 74 Application Filing Tips FAFSA on The Web Gather necessary documents ahead of time Complete a FAFSA on the Web Worksheet available at Allow ample time to complete form for submission by deadline Check the FAFSA for accuracy prior to submission Save all work periodically Sign the application using student and at least one parents PIN Print out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page

75 75 File early and meet all deadlines Check the FAFSA for completeness and accuracy Sign and date FAFSA Make a copy of the FAFSA before mailing Mail the FAFSA Do not write any comments on the FAFSA Do not include letters, tax forms, or worksheets Use regular mail (not Registered or Certified) Obtain a U.S. Postal Service Certificate of Mailing (cost is only $1.05) Application Filing Tips Paper FAFSA

76 76 Student Aid Report (SAR) Regardless of whether the student uses FAFSA on the Web or submits a paper FAFSA, a SAR will be sent to the student –An electronic SAR will be sent if student provides an address –A paper SAR will be mailed if no student address is provided An electronic copy of the data will be sent to each college or university listed by the student in Section 5

77 77 What Happens Next? Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR) Students and families review SAR and CAR for important information and accuracy of data Colleges match admission records with financial aid applications and determine aid eligibility Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

78 78 Special Circumstances Contact the Financial Aid Office if there is: –Loss or reduction in parent or student income or assets –Death or serious illness –Natural disasters affecting parent income or assets –Unusual medical or dental expenses not covered by insurance –Reduction in child support, social security benefits or other untaxed benefit –Financial responsibility for elderly grandparents –Any other unusual circumstances that affect a familys ability to contribute to higher education

79 79 Summary of the Financial Aid Process Submit all required forms, including the FAFSA, by each colleges published deadlines (but no later than March 2) By March 2, submit a Cal Grant GPA Verification Form Keep a copy of all forms submitted Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student Review the California Aid Report (CAR) Watch for financial aid award notifications from colleges to which the student has been admitted Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible ASK QUESTIONS!

80 80 Questions and Answers


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