Financial Aid 101

Cost of Attendance Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses May also include allowance for: Child care Costs associated with a disability Rental or purchase of computer

Basic Equation of Need Expected Family Contribution (EFC) Cost of Attendance (COA) Expected Family Contribution (EFC) Student’s Financial Need (eligibility) A college or university determines the student’s eligibility for need-based types of aid by using the following basic equation. This basic equation is made up of two components— 1) The first component is the Cost of Attendance (COA) Each college has its own student budget or cost of attendance which includes tuition, fees, books, supplies, housing, food, transportation and personal expenses for the year. The COA will vary depending upon where the student will live (with parents, on or off campus) and the college attended. 2) The second component is the family’s Expected Family Contribution (EFC) When applying for federal student aid, the information reported on the FAFSA is used in a formula (Federal Methodology) established by the U.S. Congress. The formula determines the family’s expected family contribution (EFC), an amount the government says the family is able to contribute toward the student’s education. In reality, this may not be what the student can or even will pay, but is a figure used to determine eligibility for need-based types of aid. I encourage families to think of the EFC has a bench mark or index number the school uses in determining their eligibility. Each college the student applies to will subtract the EFC from the COA to determine the student’s eligibility for need-based aid. A student is eligible for need-based aid if the EFC is less than the COA.

Grant Programs FEDERAL STATE PELL CAL GRANTS (B or C) FSEOG Federal Work Study CHAFEE STATE CAL GRANTS (B or C) Full Time Student Success Grant (FTSSG) CAL Grant Transfer Program BOARD OF GOVENORS FEE WAIVER (BOGW)

Scholarships Additional FREE money to help pay for educational expenses. May come from various external organizations Community Government May be merit-based or need-based January-March: www.westvalley.edu/services/financialaid/scholarships.html www.maldef.org www.collegeboard.com www.fastweb.com

Steps to Apply for Financial Aid Create a FSA ID at: www.fsaid.ed.gov or via the FAFSA Student needs a FSA ID Parents need a FSA ID (If you are considered a “Dependent” student) The FSA ID is your electronic signature for the FAFSA and other Federal Student Aid related websites. Social Security Number Last name, First name, Middle initial Date of Birth Address E-mail Select and Answer 4 Challenge Question Apply to FAFSA at: www.fafsa.ed.gov OR California Dream Act Application at: http://www.csac.ca.gov/dream_act.asp Receive confirmation of submission Follow-up with any requested documents

Attend a workshop Financial Aid Presentation: Mon., Oct. 17at 6:30pm Workshop: TBD What’s Needed: FSA IDs Student & Parent(s) Parent(s) & Student Social Security Numbers Parent(s) & Student Dates of Birth Parent(s) & Student Financial Information 2015 Federal Tax Return W-2s Untaxed income information and Investment records

Federal Philosophy Family is responsible to pay for student’s education To the extent they are financially able Who gets to decide what “financially able” means? You or the feds?

Dependency Status Student’s dependency status: If all “No” responses, student is dependent & requires parent information 24 years of age or older Completed first BA/BS degree Married Parent of a child for whom you are providing 50% or more of the financial support On Active Duty / A Veteran At age 13 or older were a ward of the court, an orphan (both parents deceased), or in foster care Emancipated minor In legal guardianship Unaccompanied youth, homeless, or self-supporting and at risk of being homeless

2015 2015

What Happens After Applying? Students receive Student Aid Report (SAR) from federal processor ê If necessary, corrections to FAFSA data may be made by using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN Students who complete the FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR) Colleges receive Institutional Student Information Record (ISIR) that the student listed on the FAFSA Colleges match admission records with the ISIR and determine financial aid eligibility Colleges notices of financial aid eligibility to admitted students who have completed all required financial aid forms Each school listed on the SAR will also receive the information electronically. If the student does not receive the SAR within three weeks, they should contact the federal processor to check on the status of the FAFSA; they should call 1 800 4 FED AID; that’s 1 800-433-3243 or check on the status of their FAFSA by going to FOTW and using their PIN. When the California Student Aid Commission evaluates the student’s FAFSA and GPA Verification Form, the student will receive a California Aid Report (CAR) that will provide them information about their Cal Grant eligibility. Once each school receives the electronic SAR and all other required financial aid forms, and confirms the student’s admission status, the financial aid office will determine the student’s financial aid eligibility. Some schools may request that the student submit income documentation such as student and parent 2005 federal income tax returns including W-2s and all schedules and attachments before sending the student a final determination of eligibility. The school will use this and any other requested information to verify the accuracy of the data provided on the FAFSA. Schools understand that many families have used estimated data. A financial aid notification (commonly referred to as an award letter) describing the amounts and sources of aid the student has been awarded will be sent when the student’s financial aid application is complete. Most schools will wait until the student has been accepted for admission to notify him or her about financial aid eligibility. In some cases, the student will be required to sign and return a copy of the financial aid award notification, indicating whether they accept or decline each source of aid. If family circumstances have changed since the student first completed the financial aid application, they should make sure to contact the financial aid office at each school.

Professional Judgment If you have a change in: Dependency Status Income and Assets Child Support Number in Household or College Private elementary/secondary school tuition Medical or dental expenses (not covered by insurance) *Contact your Financial Aid office for more details