What is Financial Aid? Scholarships Grants Loans Employment opportunities

What is Financial Aid? Funds which are available to help pay the cost of higher education Funds are distributed in the following way: Free Money Loans Work Study Local, State, Private or Institutional Scholarships and Cal-Grants, Offers students the opportunity work in a job on or off campus Funds available for students and/or parents which must be paid back OR

Federal Government (FAFSA) State Government (CAL-GRANT) Higher Educational Institutions Other/Private Agencies So who provides the funds for Financial Aid?

Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Need

To extent they are able, parents have primary responsibility to pay for dependent child’s education Students have a responsibility to contribute to educational costs Families should be evaluated in their present financial condition Family’s estimated ability to pay educational costs must be evaluated in equitable and consistent manner, recognizing that special circumstances may affect family’s ability to pay Principles of Need Analysis

Need Varies Based on Cost

EFC for a Dependent Student Parental contribution from income and assets (as adjusted, if more than one household member in college) +Student contribution from available income and assets =EFC (expected family contribution **The amount the gov’t says your parents can pay for your education

FAFSA Free Application for Federal Student Aid  ALL students should apply whether they think they will qualify or not  Can’t get aid if you don’ apply  Schools determine financial aid they will offer based on info in FAFSA… this includes grants, loans, scholarships and work study.  You must fill one out EVERY year.  Filing period begins January 1st

FAFSA continued Apply EARLY  Money is allocated until it runs out… first come first served.  Deadline for the Cal Grant is March 2 nd

First Steps: Apply for a FAFSA PIN  PIN = your ‘digital’ signature for the application  Student AND parent  Step 1 box: “Students & Parents Apply For a PIN”  Use an that you can access – if you forget your PIN, it will be sent to this address.

Next- gather necessary information Fill out and return the GPA verification form – (you should have turned this in before the break.) You will need your Social security number (it’s on your parent’s tax forms) Tax forms from 2011 (yours and parents*).  If your financial situation is the same as last year, you can use last year’s forms & make adjustments after your parents file their taxes.  * Parent = if parents are divorced & you live part time with both, you will need the tax info for the parent you spend 51% of your time with