1. Paying for College Financial Aid Office Irvine Valley College December 2015

2. Overview What is financial aid? Types of financial aid Comparing costs Applying for financial aid Post application info Helpful tips Additional resources

3. IVC Resources Freshman Advantage Program – Admissions application opens 12/1/15 – Complete matriculation steps by 4/15/16 – Register early and get your classes – More info at admissions.ivc.edu Fast Fridays (starts Feb. 2016) – Complete all matriculation steps in one day

4. IVC Resources (cont.)

5. Financial Aid Financial aid is funding available to assist students and their families paying for college Financial aid attempts to gap the difference between what a college costs and what a family can afford to pay Approximately 85% of first-time, full-time undergraduate students at 4-year degree granting colleges receive some sort of financial aid Financial aid includes grants/scholarships (gift aid) and loans/work-study (self-help aid)

6. Grants Generally originate from government sources (federal/state) Do not need to be repaid Need-based Typically requiring completion of FAFSA (or Dream Application for AB540 students)

7. Federal Pell Grant Low income grant Must have EFC less-than 5,198 for full-time students $5,775 award for 2015-2016; relatively constant between colleges Adjusted if less-than full-time 600% maximum eligibility (6 years full-time) www.studentaid.gov

8. California State Grant (aka Cal Grant) Low or middle income grant Must complete FAFSA and GPA verification by March 2 nd (WHS sends electronically for all students) Award amounts vary 400% maximum eligibility (4 years full-time) Must meet annual income and asset ceilings Cf. www.csac.ca.govwww.csac.ca.gov

9. UC /CSU Grants Low or middle income grant Tied to priority processing date Award amounts tied to tuition Non-renewable Non-stacking w/ Cal Grant (cannot receive both)

10. Middle Class Scholarship State awards amounts up to 20% of mandatory tuition and fees (up to 40% in 2017-2018); amounts vary by income/assets For families with income or assets up to a $150K maximum Only available at CSU and UC institutions Apply thru FAFSA or Dream App by March 2 nd http://www.csac.ca.gov/mcs.asp

11. BOG Fee Waiver Low or middle income award Must be California resident attending a California Community College Eligibility tied to info on FAFSA or Dream App Covers all enrollment fees A, B or C awards Must have financial aid need of $1104 or more to qualify

12. Scholarships Gift aid from public and private sources Criteria and award amounts vary Separate application processing Where to find? – College financial aid websites – Academic departments – High school counseling office Beware: Never pay for a scholarship!

13. Federal Work-Study Part-time employment subsidized by federal government. Must have financial need Often tied to priority date On and off-campus employment

14. Loans An investment in your future Federal Direct Loans (student and parent) Subsidized vs. Unsubsidized Private loans Can be awarded up to the cost of attendance Borrow responsibly

15. Student Cost of Attendance Comparison (2015-2016) Budget ItemIVC (w/ parent) CSUF (w/ parent) UCI (w/ parent) Chapman (w/ parent) Tuition/Fees (12 units) $1,142$6,441$14,749$48,690 Books/Supplies$1,764 Room/Board$4,770 Transportation$1,126 Personal Expenses $3,158 TOTAL$11,960$17,259$25,567$59,508

16. Applying for Financial Aid Apply for admissions to desired colleges Complete FAFSA (www.fafsa.gov) or Dream App (https://dream.csac.ca.gov/) starting January 1 st (PROFILE at select colleges), but by March 2 nd. Use as accurate information as possible (e.g. housing).www.fafsa.govhttps://dream.csac.ca.gov/ FAFSA4caster (use until January 1 st ) Cal Grant - GPAs sent by HS (or complete GPA Verification Form if needed) by March 2nd Scholarship application(s) Applications require annual renewal for each year of attendance

17. Preparing to Complete the FAFSA Complete FSA user id Compile identification info Compile 2015 income, tax and asset info Complete FOTW Worksheet (recommended) Apply early (January 1 st ); can use estimated info initially and correct later after filing taxes. Use IRS Data Retrieval Tool (DRT) when possible (2-3 weeks after filing tax returns) Dependency overrides see Financial Aid Office

18. FAFSA - 7 Section Online Form Step 1 – Student info (general) Step 2 – Student info (income & assets) Step 3 – Dependency questions Step 4 – Parent info (all) Step 5 – Student info (additional) Step 6 – School selection Step 7 – Signature(s)

19. 2016-2017 FAFSA (refer to Draft PDF)

20. FAFSA Section 1 Comments Double check the student’s SSN when entering it on the FOTW List name as it appears on SS card Information important for matching w/ admissions application (and DOB) Home state is usually where custodial parent resides Must be citizen or eligible non-citizen to receive federal aid (AB540 can receive state aid using CA Dream App) Can register with Selective Service Be sure to indicate HS completion status Grade level, degree and parent’s educational level all used to determine aid eligibility

21. FAFSA Section 2 Comments Most of info in this section will be zero for dependent students Estimate info initially and correct afterwards Best to use IRS Data Retrieval Tool (DRT) Additional Financial Info (Q44) and income adjustments Reporting educational savings accounts and distributions

22. FAFSA Section 3 Comments Title IV Dependent vs. Independent definition All ‘No’s’ listed will result in student being classified as dependent, requiring parent info and signature A ‘Yes’ will require only student info Documentation may be required verifying student’s dependency status by Financial Aid Office Special circumstances refer to Financial Aid Office for ‘dependency overrides’

23. FAFSA Section 4 Comments The parent(s) of record are: -Biological or adoptive -In case of divorce, parent with whom student lives with most during year -Stepparent (regardless of prenup) -Separated parents living is same household -Unmarried parents living in the same household

24. FAFSA Section 4 Comments (cont.) Who is not considered a parent(s) are: -Foster parent(s) or legal guardians -Grandparent(s) or other relatives unless they have adopted student Household size Tax filing status Reporting untaxed income

25. FAFSA Section 5 Comments Confirmation of receiving additional government benefits.

26. FAFSA Section 6 Comments Up to (10) schools can be listed (online); be sure to list preferred ‘qualified’ CA school first List should match schools applied to for admissions Housing status affects financial aid eligibility If applying to more than (10) schools, submit a correction with additional schools listed

27. FAFSA Section 7 Comments Parent/student certification – information verified Not receiving aid at more than one school for overlapping terms One parent must sign for dependent students; incomplete without all needed signature(s)

28. Upcoming FAFSA Changes for 2017-2018 U.S. Department of Ed going to Prior-Prior Year format (PPY) FAFSA to open in October vs. January Changes in family income can be addressed in special circumstances appeal

29. AB540/DACA AB540 – CA State residency designation – Most complete Dream App to qualify – Some are eligible to complete FAFSA – Types of assistance include BOG Fee Waiver, Cal Grant, Chafee Grant, UC Grant and Cal State University Grant DACA – Federal immigration policy – Can apply for AB540 status to qualify for state aid – Complete Dream App – Cf. www.ucsis.gov and www.e4fc.orgwww.ucsis.govwww.e4fc.org

30. What Happens After the Submitting the FAFSA? EFC (i.e. index number) generated by ED Email sent to students from ED w/ SAR Information sent to schools for processing Schools contact student acknowledging receipt of FAFSA data; additional documentation may be required to verify data Financial need is determined by school (COA – EFC = Need) Award offers made to students (make sure FAFSA data accurate to ensure correct aid awarded)

31. Determining Need

32. Sample Award Notification

33. Financial Aid Timeline Students submit FAFSA in January and corrects again after taxes filed using DRT (3 weeks after filing) College(s) receives ISIR and if you’ve applied for admission will start processing and generally email student within 2 weeks, including request for additional info CSAC notifies students of Cal Grant eligibility in beginning February (GPA and FAFSA both needed) Financial Aid Office sends award email notifications by April 1 st Student makes commitment to school and places deposit

34. Financial Aid Timeline (cont.) First bill of charges and financial aid sent (May-June) First payment due of net amount owed in July-August Funds usually disburse right before or during first week of classes (plan accordingly) Financial aid cycle repeats January 1 st for following school year

35. Helpful Tips Be sure to meet all deadlines set by college or other institutions Complete all document requests; check emails and student portal regularly Be sure to list a ‘qualified’ CA school on FAFSA Can still apply after March 2 nd Special circumstances (e.g. income loss, excessing medical costs, etc.) – See FA Office FERPA restrictions

36. Financial Aid Myths (for high schoolers) Income is too high to qualify (or my sibling didn’t qualify) The form is too hard to fill out I need to file taxes before completing the FAFSA Only students with good grades get financial aid I’ll be supporting myself after high school so I won’t need to include my parent(s) info on FAFSA

37. Additional Resources Financial aid consumer information at www.finaid.org www.finaid.org Webgrants for students (https://mygrantinfo.csac.ca.gov/logon.asp)https://mygrantinfo.csac.ca.gov/logon.asp CCC info at http://icanaffordcollege.com/http://icanaffordcollege.com/ College Navigator (https://nces.ed.gov/collegenavigator)https://nces.ed.gov/collegenavigator Free online scholarship search at www.fastweb.com www.fastweb.com Community college presentation @ WHS on 12/1/15

38. Questions?