Presentation is loading. Please wait.

Presentation is loading. Please wait.

Presented by Katy Fitzgerald Mission College Financial Aid Foster Youth Liaison 408.855.8070

Similar presentations

Presentation on theme: "Presented by Katy Fitzgerald Mission College Financial Aid Foster Youth Liaison 408.855.8070"— Presentation transcript:

1 Presented by Katy Fitzgerald Mission College Financial Aid Foster Youth Liaison 408.855.8070

2 Types of Financial Aid  Sources Federal government State agency/government Colleges and universities Private agencies, companies, foundations and parents’ employers

3 Types of Financial Aid  Categories Gift Aid Grants: free money! Scholarships: free money! Self-help Aid Work-study: part time job Loans: must be repaid COLLEGE Financial Aid is any money given, paid or loaned to help pay for education.

4 Types of Financial Aid – Federal ● Federal Pell Grant ♦ up to $5,730 a year ● Federal Supplemental Educational Opportunity Grant ♦ up to $4,000 a year ● Federal Work Study ♦ up to $4,000 a year ● Federal Direct Loan ♦ up to $4,500 sub; up to $6,000 unsub

5 Types of Financial Aid – State Aid  Cal Grants : Cal Grant A Entitlement Awards (fees and tuition) ♦ CSU: $5,472 ♦ UC: $12,192 ♦ Private college: $9,084 Cal Grant B Entitlement Awards (+living allowance) ♦ $1,648 first year; $1,648 + [up to] $12,192 2 nd yr+ CC=$1,648 Cal Grant A & B Transfer Entitlement (CCC to 4-yr.) up to $12,192 Cal Grant C Awards (career technical programs) ♦ Up to $2,462 CC=$547 Cal Grant Competitive Awards ♦ Cal A = Minimum 3.0 GPA; Cal B = Minimum 2.0 GPA


7 Types of Financial Aid – State Aid  Middle Class Scholarship New for 2014-15 For new, continuing and transfer undergraduates Attend/plan to attend a UC or CSU campus Be a U.S. citizen, permanent resident or AB540 status Maintain 2.0 GPA Family incomes up to $150, 000  Apply as of 1/1/2014 by either completing the FAFSA or Cal Dream Act Application

8 New: Middle Class Scholarship For the 14/15, 15/16, and 16/17 school years the MCS amount is reduced 2014-15 CSU maximum is approximately $766 and for the UC $1,700 When fully implemented in 2017-18 the maximum award will be 40% of systemwide tuition fees at a UC or CSU

9 Types of Financial Aid – Gift Aid  Fee & Tuition Waivers Community College - Board of Governor’s Fee Waiver (BOG) ♦ Waives enrollment fees, FAFSA may be required ♦ CSU State University Grant (SUG) ♦ Amounts vary, FAFSA is required ♦ or UC Grant Blue & Gold Plan ♦ Amounts and application process vary ♦ Independent College Grants ♦ Amounts and application process vary ♦ or

10 Types of Financial Aid – Self-Help  Federal Work Study Campus-based aid Must be earned through work ♦ Job may be on or off campus (~18 hrs./wk) Undergraduate and graduate students No annual maximum (~$2,000 - $4,000) ♦ Funding levels vary at each institution Need-based 10

11 Types of Financial Aid – Self-Help  Loans: Federal Perkins Loan ♦ School serves as lender William D. Ford Federal Direct Loan Program ♦ Money comes from U.S. Dept. of Education ♦ Subsidized and Unsubsidized ♦ PLUS: Parent Loan for Undergraduate Student Private Loans (also known as ‘alternative’ loans) ♦ Money comes from lending institutions (banks) 11

12 Financial Aid for Specific Populations ● Middle Class Scholarship, new for 2014-15: ● Foster Youth: Chafee Grant ~ up to $5000 ● Athletes: ● Students with dependents: EOP&S/CARE and CalWORKs ● Students with disabilities: ● Military and their dependents: ● AB540 Students: California Dream Act ● Early Childhood Education/Child Development: ● Teachers: Cal Grant A & B Extended Benefits: in addition to grants, Loan Forgiveness: ● Health Occupations-Scholarships & Loan Repayment:

13 Scholarships APPLY!... A AA APPLY!... A AA APPLY! PProvider decides awarding criteria AAward may be merit or need-based or both Scholarship Tips: 1. C reate a Resume 2. G et active in the community: ♦C♦Clubs ♦C♦Community Service 3. D ocument your community service 4. P review – Write – Review your essays 5. F inish the application and turn it in on time TThere is a lot of money available that goes unclaimed!!

14 General Eligibility Criteria Status U.S citizen, permanent resident or meet AB540 criteria Valid Social Security number (Parents do not need a SS#) For CalDreamAct, no SS# is required for student or parent (ITIN okay) Males between ages 18-25 registered for Selective Service Received HS Diploma or equivalent: GED, CHSPE, Homeschooled Enrollment BOG Fee Waiver & Pell Grant will pay as low as ½ unit FSEOG, FWS, DL, Cal Grants & Chafee require at least halftime status EOP/EOP&S requires full time status (with exceptions) Must be enrolled in an eligible program of study Satisfactory Academic Progress Must complete 2/3 of units attempted cumulatively Must maintain a 2.0 ‘C’ GPA

15 Application Process  Applying for Aid When applying to an institution, a student should ask the following: What forms does the institution require? In addition to the FAFSA, does the school require the completion of an institutional form? For example, CSS Profile What are the filing deadlines for each form? What type of deadline?

16 FAFSA on the Web’s Homepage

17 California Dream Act

18 Information for Students & Parents

19 CSS Financial Aid PROFILE Registration Guide No paper registration form On-demand webinar 3 step process $25 initial application & one college report $16/add’l college

20 Application Process  CSS Financial Aid PROFILE (cont.) Not used for awarding federal financial aid May be filed earlier than the FAFSA – typically October of the Senior year Not all schools require (CA Public Colleges don’t use) Assistance is available E-mail: Not used for awarding federal financial aid May be filed earlier than the FAFSA – typically October of the Senior year Not all schools require (CA Public Colleges don’t use) Assistance is available E-mail: 20

21 Timeline of Financial Aid  Application Forms CSS/ Financial Aid Profile As early as October 1 st of the senior year Free Application for Federal Student Aid... FAFSA on the Web (FOTW) Beginning January 1 st of the senior year Cal Grant GPA Verification Form By March 2 nd of the senior year

22 Calculating Financial Aid Eligibility  Basic Equation of Need (Eligibility) Cost of Attendance (COA)  Expected Family Contribution (EFC)  Eligibility for Need-based Aid

23 Calculating Financial Aid Eligibility  Cost of Attendance / Allowances Standard Allowable Costs: Tuition and fees: $ 1,358 Room and board: $ 4,599 Books and supplies: $ 1,746 Transportation: $ 1,134 Misc. personal: $ 3,132 Total standard allowance: $11,969 (based on 14-15 ‘at home’ COA) Additional Allowable Costs: Dependent care Study-abroad Disability-related Employment expenses for co-op study Student loan fees

24 Calculating Financial Aid Eligibility  Expected Family Contribution (EFC) What Is It? Need analysis is the formula used in determining a family’s EFC EFC is the measure of a family’s financial strength In the calculation of Expected Family Contribution generated from the FAFSA: ♦ Number in household size ♦ Adjusted gross income ♦ Number of dependents in college ♦ Age of the older parent (dependent students) ♦ Assets other than the family home

25 Special Circumstances Adjustments may be made to information on a case-by-case basis Special circumstances may include changes to  Dependency status  Income and assets  Child support  Number in household or college  Private elementary/secondary tuition  Medical or dental expenses (not covered by insurance)

26 Cost of Attendance* w/parents off campus on campus Comm. Coll.(CC)$11,969$18,746 n/a Cal.State Univ.(CSU)$16,606$23,714$25,020 Univ. of Cal. (UC)$25,671$30,183$34,356 Private (SCU,USC)$54,423$61,200$61,638 * Costs may not be actual

27 Actual Tuition & Fees* Per Year Comm. Coll.(CC)$ 1,104(Mission College) Cal.State Univ.(CSU)$ 5,472(San Jose State) Univ. of Cal. (UC)$11,220(Berkeley) Private $43,812(Santa Clara) * Subject to change at any time

28 Sample Financial Aid Package  Community College Half-time Enrollment Pell Grant $2865 SEOG $ 500 Cal Grant B $ 824 Work Study $2000 Loan $3500 Full-time enrollment Pell Grant $5730 SEOG $ 500 Cal Grant B $1648 EOPS $ 500 Work Study $2000 Scholarship $2000 Loan $3500 +BOGW for Enrollment Fees ($1104.00 / 12 units)

29 Quick Tips & What’s Next? You must apply/re-apply for financial aid every year  Review your application results for questions, assumptions, any action required Check student portal for additional documents requested  Missing documents or clarification needed Universities will start packaging late in March, early April  Compare award offers Community Colleges typically package over summer months Check Cal Grant status at  Click on “WebGrants for Students” Apply for scholarships: colleges, community organizations, etc. Parents: File taxes early; use IRS Link on FAFSA  Delay of filing taxes can jeopardize best award offer  Estimate income, submit early, correct after taxes final

30 Questions?? Thank you!

Download ppt "Presented by Katy Fitzgerald Mission College Financial Aid Foster Youth Liaison 408.855.8070"

Similar presentations

Ads by Google