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2/13/20141 Paying for College Presented by Mary Snyder EdFund.

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Presentation on theme: "2/13/20141 Paying for College Presented by Mary Snyder EdFund."— Presentation transcript:

1 2/13/20141 Paying for College Presented by Mary Snyder EdFund

2 2/13/20142 Basis of Federal, State, College and University Financial Aid Programs and Calculations: It is the familys responsibility to pay for higher education expenses to the extent they are able. Financial aid programs have been designed to make up the difference between the familys ability to pay for college and the cost of a college education.

3 High school diploma or GED Social Security number Selective Service registration U.S. citizen/ eligible non-citizen status Admitted and enrolled as a student Not have recent conviction for drug crimes Additional requirements (e.g. meet deadline) In future years: Make Satisfactory Academic Progress (SAP)

4 Forms & Timeline 2/13/20144

5 Web site: Sign FAFSA electronically Can request PIN before January 1, 2010 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years

6 Application Process Applying for Aid 2/13/20146

7 Application Processing FAFSA on the Web (FOTW) 7

8 Registration Guide –No paper registration or form https://profileonline. jsp –2-step process $9 online registration $16 per school Application Process CSS Financial Aid PROFILE 2/13/20148

9 9 Timeline of Financial Aid Forms CSS/ Financial Aid Profile (school option) –As early as October 1 of the senior year Free Application for Federal Student Aid... FAFSA on the Web (FOTW) –Beginning January 1 of the senior year Cal Grant GPA Verification Form – By March 2 of the senior year

10 FAFSA completed by March 2 of the senior year (or earliest school deadline) Student Aid Report (SAR) received by student and institution Financial Aid Award Letters sent to students between February and April Funds released to student beginning of fall term Aid is disbursed equally over semesters/quarters 2/13/201410

11 Biological or adoptive Living and married to each other Answer questions about both parents Widowed or single Answer questions about that parent Divorced or separated Custodial parent Stepparent Regardless of prenuptial agreement 2/13/201411

12 A student is dependent unless s/he can answer yes to any of the following questions: 24 years of age or older? Married (as of the day student completes the FAFSA)? Working on masters or doctorate program? Veteran of the armed forces or currently serving on active duty? Dependent other than a spouse for whom a student provides more than half of the support? Are, or were, in foster care or were a ward or dependent of the court at any time when you were 13 or older? Are, or were, an emancipated minor or in a legal guardianship as determined by the court in your state of legal residence? Are a self-supporting unaccompanied youth who is homeless or at risk of homelessness? 2/13/201412

13 Overrides are granted based on special circumstances, child abuse, abandonment, etc. These do not qualify as unusual circumstances Parents refuse contribution to education Parents unwilling to provide information on the application or for verification Parents not claiming the student as a dependent for income tax purposes Student demonstrating total self-sufficiency 2/13/201413

14 Calculating Need 2/13/201414

15 Y Income and assets reflect familys financial strength Y Exclusions include: retirement accounts, home equity Y Similar treatment for similar circumstances Y Unusual family circumstances are considered Y Accept present financial situation

16 2/13/201416 Basic Equation of NEED Cost of Attendance (COA) -- Expected Family Contribution (EFC) = Students Financial Need (Eligibility)

17 2/13/201417 Cost of Attendance (COA) Standard allowable costs: Tuition and feesRoom and board Books and suppliesTransportation Misc. personal expenses Additional allowable costs: Dependent care Study-abroad Disability-related Student loan fees Employment expenses for co-op study

18 2/13/201418 Expected Family Contribution (EFC) Calculated from information provided on the FAFSA Families are evaluated by their present financial situation Parents are responsible for helping to pay for a dependent childs education Students share the responsibility of helping pay for their educational costs

19 2/13/201419 EFC Calculators Click on Calculators Click on Expected Family Contribution and Financial Aid Calculator Under For Students Click on Pay for College Click on Financial Aid Easy Planner

20 1 2 1 3 1 2 3 EFC COA (variable) - EFC (constant) = Need (variable)

21 2/13/201421 Private 4-year COA $39,596 - EFC $1,000 = Need $38,596 Private 4-year COA $39,596 - EFC $1,000 = Need $38,596 Public 4-year COA $22,953 - EFC $ 1,000 = Need $21,953 Public 4-year COA $22,953 - EFC $ 1,000 = Need $21,953 Public 2-year COA $16,068 - EFC $1,000 = Need $15,068 Public 2-year COA $16,068 - EFC $1,000 = Need $15,068 Need and Eligibility Depend on Cost

22 Cost of Education$24,000 EFC $ 4,000 Need $20,000

23 2/13/201423 Types of Financial Aid Types of Financial Aid

24 Types of Financial Aid Categories Gift Aid Grants Scholarships Self-Help Aid Work-Study Loans Financial Aid is any money given, paid or loaned to help pay for education. COLLEGE 2/13/201424

25 Federal government State agency/government Colleges and universities Private agencies, companies, foundations and parents employers Types of Financial Aid Sources 2/13/201425

26 Federal grants (Pell, FSEOG, ACG, SMART) Cal Grants (A, B & C) Federal Subsidized Stafford loan Federal Perkins loan Federal Work-Study Some institutional scholarships and part-time employment programs Types of Financial Aid Need-Based Aid 2/13/201426

27 Some institutional scholarships, including athletic and merit-based scholarships Some private-sector scholarships Federal Unsubsidized Stafford/Direct loan (student) Federal PLUS loan (parent) Some institutional part-time employment programs Types of Financial Aid Non-Need-Based (merit) Aid 2/13/201427

28 Not Federal aid Also known as alternative loans Credit- and income-based loan –May require a co-signer Loan fees and interest rate usually higher than Stafford or PLUS loan –Lender assumes the risk of default Private Loans Types of Financial Aid – SELF-HELP 2/13/201428

29 2/13/201429 Circumstances and Appeals SPECIAL CIRCUMSTANCES loss of job, change in job loss of assets major financial hardship (medical, house) in some cases, other private K-12 tuition or expenses APPEALS based on real financial situation, has to be documented cannot be we need more money, has to be specific takes place after the financial aid award has been received Contact the FA Office for specifics

30 2/13/201430 Financial Aid Can Change From Year to Year Number in household or college change Divorce, marriage, death Family income or assets dramatically change parent loses job parent no longer receives child support parent receives bonus or vacation buy-out parent retires or gets a promotion-salary increase parent cashes out on retirement program someone wins the lottery!

31 What forms does the college require? What are the deadlines for applying? Is there a separate process for scholarships? Does the college offer merit-based scholarships? How does the college apply outside scholarships? Does the college package to need? Questions to Ask Colleges 2/13/201431

32 Y Apply for financial aid even if you think you wont qualify or wont get enough Y Apply each year; aid is for 1 year at a time Y Complete your tax returns ASAP Y Read the instructions and call with questions Y Meet all deadlines; get a certificate of mailing

33 Y Keep separate files for each school Y Keep copies of everything; keep notes of conversations & actions Y Open and read all correspondence immediately Y Submit appeals directly to the college FAO

34 In person Your school (FAFSA Workshop for seniors) California Cash for College workshops (Jan. & Feb.) Online at Click on the Live Help button Phone: 800.433.3243 M-F until 9:00 pm Pacific Time Extended weekend hours

35 Federal Aid CA State Aid Scholarships College Planning Other

36 2/13/201436 Questions Mary Snyder

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