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Investing in Your Future. Workshop Agenda The Financial Aid Equation The Basic Formula Types of Financial Aid Scholarships, Grants, Work-Study & Loans.

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Presentation on theme: "Investing in Your Future. Workshop Agenda The Financial Aid Equation The Basic Formula Types of Financial Aid Scholarships, Grants, Work-Study & Loans."— Presentation transcript:

1 Investing in Your Future

2 Workshop Agenda The Financial Aid Equation The Basic Formula Types of Financial Aid Scholarships, Grants, Work-Study & Loans How to Apply for Financial Aid Free Scholarship Searches

3 What Financial Aid Offers Access to funds to help pay for 4 year public and independent colleges Community colleges Private career colleges Choice among schools Choose the best academic, cultural, and social fit rather than the least expensive program

4 What are the Basic Concepts Cost of Attendance Expected Family Contribution Financial Need

5 Cost of Attendance Tuition & Fees Books & Supplies Room & Board Personal Expenses Transportation

6 Expected Family Contribution The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to pay from income and assets over time.

7 * Financial Need equals Financial Aid Eligibility. Cost of Attendance (COA) - Expected Family Contribution (EFC) = Determined Financial Need * What is Financial Aid

8 Federal Government State Government Colleges & Universities Private Agencies & Organizations Sources of Financial Aid

9 Merit Based Aid Scholarships – money awarded based upon merit and/or special talent that the student does not need to repay. Need Based Aid Grants – money awarded based upon need that the student does not need to repay. Loans – money borrowed by the student to be repaid with interest after graduation. Work Study – money earned by the student as payment for an on-campus job. Types of Aid

10 The EFC will be divided among the children enrolled in school. Where the sibling(s) is/are enrolled will be taken into consideration. Parents enrolled in college or siblings in graduate school are not considered in the analysis. How Number in College Affects Your Familys Contribution

11 FAFSA (Free Application for Federal Student Aid) CSS Financial Aid Other Required Items Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation How Students Apply

12 February 10 th College Scholarship Service (CSS) Profile Free Application for Federal Student Aid (FAFSA) Provide Additional Documents or Information when Requested 2013 Federal Income Tax Return Information CSS Noncustodial Parent Profile Applying for USC Financial Aid

13 The Higher Education Opportunity Act (HEOA) of 2008 requires each institution that participates in Title IV federal student aid programs to post a net price calculator on its website using institutional data to provide estimated price information to current and prospective undergraduate students and their families based on a students individual circumstances. The net price calculator is required for all Title IV institutions that enroll full-time, first-time degree- or certificate-seeking undergraduate students. Net Price Calculator

14 Contact the Financial Aid Office immediately if there is a: Loss of a job Decrease in salary Death or serious illness in family Change in your housing plans for the school year Any other circumstances that reduce the familys ability to pay for education expenses. Special Circumstances

15 By March 3 rd, complete and submit the FAFSA The Cal Grant GPA Verification Form, check with your school for more details. Cal Grant Programs

16 Cal Grant A assists with tuition and fees at public and independent colleges. Cal Grant B provides a living allowance and tuition and fee assistance for low-income students. Cal Grant C awards assist with tuition and training costs for occupational, technical, and vocational programs. Cal Grant Programs

17 The California Community College Board of Governors Enrollment Fee Waiver (BOGW) waives the California Community Colleges enrollment fee for California residents: Who are eligible for need – based financial aid, or Who receive CalWORKs/TANF, SSI, or General Assistance payments, or Whose family income falls below published income ceilings Learn more about the BOGW at Community College

18 The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S. To be eligible, the foster youth must have been in California foster care between ages 16-18 and not yet 22 years old. California Chafee Grant for Foster Youth

19 Available from colleges, companies, community- based groups and other organizations Usually require separate applications May require transcript, essay, interview, or audition Beware of scholarship search companies that charge a fee Check with your high school about scholarship opportunities Use free scholarship searches Scholarships

20 These sites also contain helpful financial aid information Free Scholarship Searches

21 Funded by the Bill and Melinda Gates Foundation Renewable for all undergraduate study Application and more information available at Gates Millennium Scholarship

22 Beware false claims! –Thousands of dollars in scholarships go unclaimed each year –Guaranteed or your money back! –Give me your credit card or bank account number to hold this scholarship –The scholarship will cost some money –Youve been selected... –Youre a finalist in a contest (that you never entered) Dont Be Fooled!

23 Make a list of colleges that have programs that interest you Consult with your school counselor If possible, dont make a final decision about which school you will attend until you have visited the colleges Consider all factors – not just cost – when making the final decision Before you Decide

24 Questions ?

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