1. Torrance Unified School District 2012-2013 Financial Aid Workshop Presented by: Catherine Graham Director of Financial Aid Loyola Marymount University January 4, 2012

2. What will be covered this evening? Philosophy of Financial Aid Financial Aid Administrators – what is our role? Types & Sources of Financial Aid How to Apply for Financial Aid The Financial Aid Formula College Expenses – what are the costs? What is the Expected Family Contribution (EFC)? Financial Eligibility Awarding Process & Comparing Awards Tips

3. Philosophy of Financial Aid Access Parents and students have the responsibility to pay for higher education expenses to the extent they are able The aid application process should provide Financial Aid Office a consistent and equitable evaluation of a family’s financial circumstances for all that are applying Allocation of finite resources

4. Our Roles The Financial Aid Office’s Role… Stewards of federal, state and institutional financial aid dollars To administer federal, state and institutional financial assistance to students and their parents in an accurate, informative, timely and friendly manner Parent & Student’s Role… To contribute to the application, awarding and financing process throughout student’s Undergraduate Education

5. Funding Types Need-Based Funding ( must complete FAFSA) Grants Gift aid that does not need to be repaid Require aid applications Loans Borrowed funds that must be repaid with interest Separate promissory notes required Work A set amount that a student can earn by working on campus funded by the Federal Government or the college How does “work” work? Benefits?

6. Funding Types Non-Need Based Funding FAFSA Application not required Merit/Academic Scholarships Based on Admission Information Separate Application/Interview Process? Athletic Scholarships Non-Need Based Loans (Stafford, PLUS, Private) Student Loans Parent Loans Alternative Educational Loans

7. Four Primary Sources of Aid 1.Federal Programs ( FAFSA Application ) Pell Grant ($400-$5550) Supplemental Grants: SEOG ($400-$4000) Stafford Loans ($3500, $4500, $5500) Subsidized vs. Unsubsidized Perkins Loan ($1000 - $4000) Work Study (amounts vary) 2.California Grant Programs ( GPA Verification Form) Cal Grant at Risk for 12-13 New Recipients - APPLY REGARDLESS The 2012-2013 Cal Grant A awarded to students at private institutions is $9,708

8. Sources of Aid 3.Institutional Programs Scholarships Grants Loans Work 4.Outside Resources Community: Rotary, YMCA, Elks Parent’s Employer Web Sites: www.fastweb.comwww.fastweb.com Time spent on searches… Worthwhile? Outside Scholarships can replace loans/work

9. Resources for Parents Parent Programs Employer Reimbursement for Dependents Federal Plus Loan Program Payment Plans Federal IRS Educational Tax Benefits

10. Connecting Admissions & Financial Aid Process Apply for Admission AND Apply for Financial Aid Don’t wait for an admission decision to apply for financial aid Schools will prepare & send financial aid awards once student is admitted May 1, 2012 National College Decision Date

11. How to Apply… Free Application for Federal Student Aid (FAFSA) http://www.fafsa.ed.gov Required for Federal and State fund eligibility January 1, 2012 – March 2, 2012 FAFSA4caster PIN Number required for E-Signature Worksheet & Supporting Documentation Each school has their own deadlines! March 2, 2012 Estimate Information

12. How to Apply…FAFSA Follow-up Free Application for Federal Student Aid (FAFSA) http://www.fafsa.ed.gov Follow-up may be required Student Aid Report Notification Emails Worksheet & Supporting Documentation submit to institution If estimated will be ask to update with actual information Check for rejects (PIN/Signature/eligibility checks)

13. FAFSA on the Web (FOTW)

14. How to Apply Cal Grant G.P.A. Verification Form Required for State fund eligibility & awarding Check the status of your Cal Grant at https://mygrantinfo.csac.ca.gov March 2, 2012 How does Torrance High School process Cal Grant GPA Verification Forms?

15. GPA Verification Process for THS Check with High School to see which method is in place for GPA submission. √Parent signature, student signature and Social Security Number are required for paper forms. √Some schools will be using paper and some will be using electronic submission. Check! √Forms available in the back of the Auditorium. √Return completed to the THS Registrar. √Questions? Contact your student’s counselor.

16. How to Apply College Board CSS PROFILE Application Required by some Private Institutions Check websites of the schools you to which you apply On-line, two step application process March 2, 2012 (or earlier) For fee application (fee waivers available) www.collegeboard.org/profile

17. How to Apply Submit 2011 Student and Parent Federal Tax returns as requested Some, but not all, schools require Parent and Student Federal Tax Returns (if no tax return, may be required to submit a “non-filing statement”) If selected for Verification by the Department of Education you will be required to submit Federal Tax Returns Make sure all schedules are included and the Tax Returns are signed Identify your student on all supporting documentation

18. The Financial Aid Formula Cost of Attendance MINUS Expected Family Contribution (EFC) EQUALS Family Financial Aid Eligibility

19. Cost of Attendance Direct Expenses (billed directly by school) Tuition and Fees (variable by courses/major) Room & Board (varies by housing options) Indirect Expenses (not billed by school) Books Transportation Personal Expenses This is the most difficult component for families to manage.

20. The Expected Family Contribution (EFC) The Expected Family Contribution (EFC) is what the family is expected to pay according to the Federal Government and the information reported on the FAFSA. The Federal Government offers limited resources, so the entire need is not always met. Often the families do have to pay more than the estimated EFC. Institution will calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information.

21. How the EFC is Calculated Federal EFC Formula – Considers Information provided on FAFSA Income & Assets (does not include home equity) Both Parent & Student Family Members & Number in College Allowances in methodologies Special Circumstances When and how you report? Any additional information the family believes to be important that is not reflected on the FAFSA

22. The Formula with Numbers! Example #1 Private Institution Cost of Attendance$50,000 MINUS Expected Family Contribution$15,000 = Financial Need $35,000 Example #2 State Institution Cost of Attendance$15,000 MINUS Expected Family Contribution$15,000 = Financial Need $0

23. The Formula with Numbers! SchoolLMUUCLAL. B StateECC *Est. Cost/yr.$50,000$30,000$20,000$10,000 **Est. Family Contribution/yr. $10,000 ***Amount of “Need” for Fin. Aid $40,000$20,000$10,0000 *Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/or tuition. Information based on estimates provided by State information and rounded up or down. **Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE. Amount used above is for demonstration purposes only. *** “Need” is the difference between the two numbers. The financial package would include one or more of these items: Grants, Scholarships, Loans, Work/Study Program.

24. Packaging Financial Aid Awards Cost of Attendance $50,000 Expected Family Contribution$15,000 Financial Need $35,000 Financial Aid Package Stafford Loan $ 3,500 Perkins Loan $ 2,000 Work Study $ 3,000 Institutional Grant $26,500 Total Awarded $35,000 Unmet Need $0

25. The Expectations & Realities of the Awards Compare Awards from each institution! Not all awards are the same! Is the Cost of Attendance realistic? In State & Out of State Discretionary Expenses The Student Contribution ( savings, summer employment) The Parent Contribution ( PLUS LOANS ) The nuances of award funds Work, Loan, Unmet Need

26. Federal Net Price Calculator Net Price Calculator available on every college & university website –To increase transparency of awards early in cycle –Do not let results deter you from applying and completing admission and aid processes –Assist in planning

27. Award Notification Award Notification & Understanding your Award Letter Estimated Final Award Guide Accepting, Declining & Adjusting Awards On-line processes Student Rights & Responsibilities Appeals

28. Disbursing Awards Full Time Enrollment Accepting, Declining & Adjusting Awards Entrance Counseling Requirements for Loan Programs Completing Promissory Notes Finding Employment/Completing Time Sheets Satisfactory Academic Progress

29. Tips Put all deadlines on the calendar!!! File taxes early Start a financial aid file Make copies of all documents submitted for all four years Apply for a FAFSA PIN Apply Each and Every Year

30. Tips Send documents electronically if you can, PDF – gives you “electronic record of submission” Research outside agencies for scholarships Check with each school you are applying to in order to find out what information they require and what their deadlines are Review Websites Use on-line “web services tool” provided by the school

31. Scholarship & Application Services Be Cautious Limit Dependency Do your Homework Manage Expectations Consultants Scholarships Refer to institutional resources on the web

32. Thank you! Thank you for being here tonight! You are well on your way to successful financial planning and application cycle! ANY QUESTIONS?