Keys to Understanding FINANCIAL AID What are the different types of financial aid? What is the FAFSA? What will my parents and I be expected to contribute? Will I qualify for financial aid?

What is Financial Aid? Scholarships (free $) Grants (free $) Loans (low, subsidized interest) Part-time employment (Work study) These resources are available to help families meet the cost of enrolling at the institution of choice.

Sources of Financial Aid FederalStateInstitutionalPrivate “financial need” is the primary criteria for eligibility Scholarships - merit consideration Parent loans - credit worthiness

Scholarships- gifts in recognition of academic achievement or special talents Indicate interest in scholarships when completing college applications Complete the SCHS Scholarship Application Check out private organizations, but beware of “fee-for-service” Many resources on the Web May reduce amount of loans/work study

Grants: gifts of money--primarily need- based College/University Grants Federal Pell Grant –Awards of $400-$4,050 a Year Federal Supplemental Educational Opportunity Grant (SEOG) –These grants are limited, but could be an award of $100-$4,000 in addition to Pell Grant

Grants: gifts of money primarily need- based Cal Grants –See page 6 in “Fund your Future” workbook –Apply whether you think you will qualify or not FAFSA & GPA Verification are required –Apply early in January (absolute deadline is March 2) –GPA Verification is done electronically—be sure the SCHS Registrar has your Social Security number

Grants: gifts of money primarily need- based Cal Grant A –Minimum GPA to qualify is 3.0 –If going to Community College, can be held in reserve for up to 3 years until you transfer to 4-year college –Make sure you list a 4-year university on your FAFSA application Cal Grant B –Minimum GPA to qualify is 2.0 –If going to Community College, can be held in reserve for up to 3 years until you transfer to 4-year college –Make sure you list a 4-year university on your FAFSA application

Grants: gifts of money primarily need- based Cal Grant C –For those students pursuing Career or Technical education. –No minimum GPA, however, still do the GPA Verification as your GPA can earn you additional points. –Awards are available for up to 2 years

Free Application for Federal Student Aid-- FAFSA FAFSA--Go online to –Used to determine your Estimated Family Contribution (EFC) and ultimately your financial need –Filing period is January 1-March 2 (file as early in January as possible) Parent & student should apply for your PIN at weeks before starting FAFSA –Needed for electronic signatures for online FAFSA –Attend FAFSA workshop in Jan/Feb.

Cost Comparisons Typical 9 Month Costs in Community College: $ 9,066 (live at home) CSU campus$20,000 UC campus $29,450 Private campus $45,000 Costs includes: tuition, fees, room and board, books, supplies, transportation and personal expenses, such as clothing, laundry, and entertainment.

How much financial assistance might I qualify for? Most financial aid is awarded based on your financial need Cost of going to college (student budget) - Expected Family Contribution (EFC) = Financial need

Websites (do the FAFSA on line) (will list local sites for “Cash for College” workshops; help completing the FAFSA) (a good site to estimate your financial aid eligibility) (free site for scholarship searches)