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Presentation on theme: "NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. PAYING."— Presentation transcript:

1 NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. PAYING FOR COLLEGE Financial Aid Basics La Jolla High School Counseling Department Presentation

2 What is Financial Aid, and where does it come from?  Financial Aid is monetary assistance to pay for college.  It can be need based, or non-need based (also known as merit aid).  It can come from the Federal government, the state in which you live, the college itself, private organizations or companies.

3 Types of Financial Aid:  Grants (money that does not need to be paid back)  Loans (which need to be paid back with interest – may be government subsidized loans such as the Stafford Loan, PLUS loan or private loans)  Federal Work Study (on campus jobs where the students work and earn money to pay college expenses)  Scholarships (do not need to be paid back – can come from companies, organizations or the colleges themselves)

4 How to apply for financial aid?  Determine which forms your colleges require  Almost all require the Free Application for Federal Student Aid (FAFSA) – or the Dream Act.  Some (mostly private) colleges also require the CSS Profile, administered by College Board –  A few colleges have their own forms so check the financial aid pages of your schools’ websites!  NOTE: Financial aid forms must be filed each year.


6 How much financial aid will I qualify for? In general, it depends on your financial need. Financial need is determined by information submitted on financial aid application forms (FAFSA/Dream Act and Profile) The amount the student/family is expected to contribute to the cost of college each year is called the Expected Family Contribution (EFC) EFC comes from what you report on FAFSA Cost of Attendance (COA) is tuition, fees, room and board, transportation, etc. COA – EFC = financial need For an early estimate of Federal aid, go to

7 What about State financial aid?  Cal Grants—3 Types: A, B, and C.  School submits your info and you may be eligible!  If you list a California college or university on your FAFSA, you will automatically be considered for a CalGrant, as Ms. Solberg submits all GPAs required for Cal Grants by the March 2 deadline.  Remember, this is aid for students going to college in California – Community Colleges, UC’s, CSU’s, private colleges or accredited career colleges

8 Getting Started with the FAFSA or Dream Act  To begin, go to or  It is FREE.  Create a password which will allow you to save as you go or complete later, as it can be a long process.  Be aware that the name and Social Security number on your FAFSA MUST match that on your Social Security card. Do not use nick-names.  Make sure you are completing the application for the correct school year (2015-2016).  Your application should be submitted as soon as possible. There is only so much money, and it is distributed on a first come, first served basis.

9 What information will I need to complete the FAFSA?  You will need to do this with your parent(s)/guardian(s)  Use the FAFSA worksheet to assemble the information you need to report.  FAFSA worksheet: worksheet.pdf worksheet.pdf

10 An essential resource for FAFSA assistance:  Federal Student Aid – An office of the US Department of Education:

11 Your FAFSA Personal Identification - PIN  Apply for a Personal Identification Number (PIN) at  Both parent and student need a PIN – it is your electronic signature and provides access to private information and secures against identity theft. Keep your PIN private. PIN remains the same each year.  The PIN is not the same as the password information you create when you begin your FAFSA.

12 Step-by-step FAFSA Instructions – A free downloadable guide:  Edvisors:

13 What about the CSS Profile? Which college require that??  Administered by The College Board, over 400 schools require the Profile.  th=/profile/pdfs/1415_profile_regist_guide.pdf th=/profile/pdfs/1415_profile_regist_guide.pdf

14 What is the difference between the FAFSA and the CSS Profile?  The FAFSA is free to submit – there is a cost to submit the Profile.  The Profile requires additional information. For example, the FAFSA does not ask about the value of your home, but the CSS Profile does.  For information on completing the Profile, go to for-college/financial-aid-101/how-to-complete-the-css-financial-aid-profile for-college/financial-aid-101/how-to-complete-the-css-financial-aid-profile

15 Financial Aid from Colleges  Need-based financial aid can be awarded by colleges in addition to aid that the Federal or state government provides (FAFSA/Dream Act required).  Many colleges give merit aid (non-need based) to students they are hoping will attend, such as those with high grades or special talents (ex: recruited athletes or musicians).  Many colleges have special institutional honors or scholarships – some of which have additional requirements, applications and essays. Check your schools’ websites!  Some colleges have priority filing deadlines for scholarships – check all dates and deadlines!

16 Scholarships – don’t leave money on the table!  Be proactive  Check with your parents’ place of employment – many companies offer scholarships to employees’ children  Military - If parent is active duty, retired or disabled military, scholarships exist  Use the web and Naviance to research and apply for scholarships:       

17 Scholarships – don’t leave money on the table!  Several La Jolla High Scholarships, only for LJHS Seniors!  Apply in the Spring, interviews in April.  Check the bulletin for updates/application.  Good luck!

18 What to do once you’ve applied for financial aid  You will receive your Student Aid Report (SAR) which summarizes the information you submitted on the FAFSA/Dream Act.  Student (and parent) review the SAR for complete and accurate information – make any changes/corrections, including adding additional colleges to your list. (10 at a time.)  If FAFSA was filed with estimated tax information, enter actual tax information after 1040 is filed.  After you have been accepted, colleges will send you an offer of financial aid. Should you have questions, contact the Financial Aid office at the college.

19 Example of Student Aid Report

20 Example of an award letter…

21 Role of the College Financial Aid Office  Determine Cost of Attendance (COA)  Evaluate and verify Expected Family Contribution (EFC)  Offer financial aid based on COA and EFC  Counsel families on financial aid issues  Bottom line: there are actual humans who work in college financial aid offices – don’t be afraid to call and ask them questions!

22 Avoid Financial Aid Scams!  You do NOT need to pay anyone to file the FAFSA for you – remember it is the FREE Application for Federal Student Aid  The official websites of the government end in “.gov” and colleges end in “.edu” – do not get fooled by!  Do NOT believe any company or person who says they “guarantee” to find you scholarships or money for college  Do NOT give credit card, social security number or other personal information to someone who claims to be able to secure you free money for college

23 Final Advice after you’re accepted -  Be sure to read your financial aid award letter carefully  You do not need to accept all parts of the offer (if you don’t want loans offered and have other alternatives, don’t accept them).  If you have questions about the award, call the college financial aid office  Attend March 24, 2015 college evening presentation about how to weigh options and make your final college choice.

24 Financial Aid Web Resources:  National Association of College Admission Counseling:  Federal Student Aid – An Office of the US Department of Education:  Free Application for Federal Student Aid –  California Student Aid Commission –  The College Board –

25 Financial Aid Game Video

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