1. FINANCIAL AID 101
The Basics

2. Topics We’ll Cover Today
What is Financial Aid
Determining Costs and Family Contributions
Different Types and Sources of Financial Aid
Applying for Aid with FAFSA Information
Special Circumstances
Accepting Aid
Receiving Aid

3. WHAT IS FINANCIAL AID?

4. Financial Aid
Funds provided to students and families to help pay for postsecondary educational expenses
Grants, Loans, Scholarships, and Work-Study

5. HOW MUCH MONEY WILL I NEED TO PAY FOR MY EDUCATION?

6. Cost of Attendance (COA)
Direct costs (tuition, fees, on-campus housing)
Indirect costs (books and supplies, transportation, off-campus housing, personal expenses)
Direct and indirect costs are combined into COA
Varies widely from college to college

7. WHAT IF I CAN’T AFFORD THE COST OF ATTENDANCE?

8. Expected Family Contribution (EFC)
Amount family can reasonably be expected to contribute
Stays the same regardless of college
Two financial components
Parent contribution
Student contribution
Calculated using data submitted on the FAFSA
Notification received on the Student Aid Report after submitting the FAFSA

9. Financial Need – Expected Family Contribution = Financial Need
Cost of Attendance
– Expected Family Contribution
= Financial Need

10. WHAT ARE THE DIFFERENT TYPES OF FINANCIAL AID?

11. Categories of Financial Aid
Need-based
Non need-based

12. Types of Financial Aid
Scholarships
Grants
Loans
Employment/Work-Study

13. Scholarships Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic

14. Grants Money that does not have to be paid back
Usually awarded on the basis of financial need but sometimes merit as well

15. Loans Money students and parents borrow to help pay college expenses
Repayment usually begins after education is finished
Only borrow what is really needed
Look at loans as an investment in the future

16. Employment/Work-Study
Allows students to earn money to help pay educational costs
A paycheck
Non-monetary compensation, such as room and board

17. WHAT ARE SOME OF THE MAJOR FINANCIAL AID PROGRAMS?

18. Cal-Grant Cal Grant A Cal Grant B Cal Grant C
Awards up to $12,192
3.0 high school/2.4 college GPA and financial need
For undergraduates at a CSU, UC, and some independent institutions
Cal Grant B
Awards up to $1,473 for the first year, and up to $12,192 for the following years
2.0 high school GPA and financial need
Can be awarded while at a CCC and reserved until transfer
Cal Grant C
Awards up to $3,009
Use at a CCC for a technical program or technical/career school
Apply with the Following Forms by March 2nd
FAFSA or California Dream Act Application (undocumented students)
GPA Verification Form

19. Pell Grant Awards up to $5,550 For undergraduates
Can be used at many schools throughout the USA
Financial need
Apply using the FAFSA

20. Federal Supplemental Educational Opportunity Grant
Awards up to $4,000
For undergraduates
Can be used at many schools throughout the USA
Not all schools offer the FSEOG
Financial need
Apply using the FAFSA

21. University of California Student Aid
Referred to as the BLUE + GOLD Opportunity Plan
Average award was $14,500 in AY
For undergraduates and graduates
Nearly two-thirds of all undergraduate students receive UC grant and scholarship aid
Can be used only at a UC
Apply using the FAFSA
Financial need

22. California State University Grant
Awards up to full system-wide fees
For undergraduates and graduate
Can be used only at a CSU
Apply using the FAFSA
Financial need

23. Board of Governors Fee Waiver
Waives registration fees
Can be used only at a California Community College
Fee waiver application at
Application accepted throughout the year
Financial need

24. Chafee Grant
Awards up to $5,000 in addition to other federal or state aid your may receive
Must have been in foster care from ages and is not yet 22
Can be used at any eligible California institution
Apply using the FAFSA, GPA Verification form, and Chafee Grant application at
Financial need

25. EOPS & EOP Grants
Awards vary; up to $2,000 annually but the average award is $900 per student (EOP)
Intended for California Community College students (EOPS) or CSU students (EOP)
Financial need and educationally disadvantaged
Contact the EOP/EOPS office at your intended college

26. Non-Resident Tuition Waive non-resident tuition costs
Intended for undocumented or non-CA resident students
Requirements
Must have attended a CA high school for 3 years
Must have graduated from a CA high school or attained the equivalent
Must file an affidavit stating the intent to legalize the immigration status
Contact the college’s financial aid office for more information

27. WHERE DOES THE AID COME FROM?

28. Sources of Financial Aid
Federal government
States
Private Sources
Civic Organizations and Churches
Employers

29. Federal Government Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply every year using the Free Application for Federal Student Aid (FAFSA)
Common Programs: Pell Grant, Work-Study, Perkins Loans, etc.

30. State Aid Residency requirements
Awarded aid on the basis of both merit and need
Use information from the FAFSA, California Dream Act Application and/or the GPA Verification Form
Deadline to apply – March 2nd
Common Programs: Cal Grant, Chafee Grant, etc.

31. Private Sources Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
Typically offer scholarship aid

32. Civic Organizations & Churches
Research what is available in the community
Application process is usually spring of senior year
Typically offer scholarship aid; small scholarships add up!

33. Employers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their own employees

34. HOW DO I APPLY FOR MOST FINANCIAL AID?

35. FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

36. FAFSA
A standard form that collects demographic and financial information about the student and family
May be filed electronically or using paper form as early as January 1st
Should be renewed annually.
Available in English and Spanish
The sooner you and your parents complete your tax return, the easier it’ll be to complete the FAFSA

37. FAFSA
Information used to calculate the Expected Family Contribution or EFC
The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
Colleges use EFC to award financial aid

38. FAFSA
May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid
For the academic year, the FAFSA may be filed beginning January 1, 2013
Deadline for Cal Grant consideration is March 2nd (September 2nd for the community college)
Colleges may set FAFSA filing deadlines for other aid; check with the college for their definition of deadline: processed or submitted.

39. FAFSA on the Web
FAFSA on the Web Worksheet:
Used as “pre-application” worksheet
Questions follow order of FAFSA on the Web

40. FAFSA on the Web Good reasons to file electronically:
Built-in edits to prevent costly errors
Skip-logic allows student and/or parent to skip unnecessary questions
More timely submission of original application and any necessary corrections
More detailed instructions and “help” for common questions
Ability to check application status on-line
Simplified application process in the future

41. FAFSA Personal Identification Number (PIN)
Web site:
Sign FAFSA electronically
Can request PIN before January 1, 2013
Not required, but speeds processing
May be used by students and parents throughout aid process, including subsequent school years

42. What You’ll Need to Complete the FAFSA
Student’s driver’s license
Student’s Alien Registration Card
Student’s and Parent’s
Social Security cards
2012 W-2 Forms and records of money earned and other taxable benefits
2012 federal income tax form (even if not yet completed)
Records of untaxed income
Current bank statements
Business, farm, and other real estate records
Records of stocks, bonds, and other investments

43. FAFSA Signatures Required Format Student
One parent (dependent students)
Format
Electronic using PIN
Signature page
Paper FAFSA

44. Frequent FAFSA Errors Social Security Numbers
Divorced/remarried parental information
Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid
Household size
Number of household members in college
Real estate and investment net worth

45. FAFSA Processing Results
Central Processing System (CPS) notifies student of FAFSA processing results by:
Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s address was not provided
SAR Acknowledgement if filed FAFSA on the Web and student’s address was not provided. Students with a PIN can view their SAR online at
notification containing a direct link to student’s on-line SAR if student’s was provided on paper or electronic FAFSA

46. FAFSA Processing Results
Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
College reviews ISIR
May request additional documentation, such as copies of federal tax returns

47. Student Aid Report Review data for accuracy
Update estimated information when actual figures are available

48. Making Corrections
If necessary, corrections to FAFSA data may be made by:
Using FAFSA on the Web ( if student has a PIN;
Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or
Submitting documentation to college’s financial aid office

49. Special Circumstances
Cannot report on FAFSA
Send explanation to financial aid office at each college
College will review special circumstances
Request additional documentation
Decisions are final and cannot be appealed to U.S. Department of Education

50. Special Circumstances
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parent information

51. CALIFORNIA DREAM ACT APPLICATION

52. California Dream Act Application
Starting in January 2013 for the school year, eligible undocumented students can apply for state-funded financial aid (institutional grants, community college fee waivers, Cal Grant and Chafee Grant ) using the Dream Act Application under AB 131.
CA law requires that the financial eligibility for students who meet AB 131 criteria (eligible for AB 540 and state-funded financial aid) be calculated in the same manner as any other student receiving CA state financial aid.

53. California Dream Act Application
The California Student Aid Commission will process the Dream App.
Any aid received can only be used at eligible California institutions.
Completing the Application
Online: (Best Option)
Paper: (888)
California PIN:
Needed for the student and the parent
Serves as an electronic signature
You can get a PIN after you complete your application

54. California Dream Act Application
AB540 Eligibility
Attended a CA high school for 3 or more years
Have or will obtain a CA diploma or G.E.D, or passed the CA High School Proficiency Exam
Will or currently attend an accredited institution of public higher education in California
File or plan to file an affidavit stating that he/she will apply for legal residency as soon as possible
Not hold a valid non-immigrant visa

55. Parent and Student Documents (where applicable)
W-2 forms and other 2012 records of income
2012 income tax return(s)
Records of child support paid
Records of student grant, scholarship and fellowship aid, including AmeriCorps awards included in tax records
Current stock, bond, and other investment records
Current business and farm records
Current bank statements

56. After Applying… CSAC will
analyze your Application
calculate an EFC for you
sent the results of your application to the schools you list on your application
You can check your application status or make corrections by going to
Each school you list on the application will send you a notice of the types and amounts of aid you’re eligible to receive

57. CAL GRANT GPA VERIFICATION

58. Cal Grant GPA Verification Form
Must be completed in addition to the FAFSA or Dream Act Application for Cal Grant consideration
Can be submitted between Nov. 1 and March 2
Online vs. Paper
Most counselor’s submit online
Paper can be downloaded at (counselor must complete a portion unless an ACT, SAT, or GED test score is submitted)
Check with your counselor about the status of your form submission

59. CSS/FINANCIAL AID PROFILE

60. CSS/Financial Aid Profile
More than 500 colleges, universities, graduate and professional schools, and scholarship programs use the information collected on the PROFILE to determine eligibility for nonfederal student aid funds.
Register at PROFILE Online at Registration requires a College Board online account.
Apply by the date designated by your college of choice.
You are charged an application fee of $9, plus $16 for each college or scholarship program to which you want information sent.

61. $HOW ME THE MONEY

62. Show Me the Money Award Notification
After corrections have been made and requested paperwork has been submitted
Typically in April
Each college you listed on your FAFSA (that you have been or will be accepted to) will provide you with an evaluation of your eligibility for financial aid
Offers may include the college’s COA, your EFC, and the amount that will be covered by a mix of grants, work-study, loans, or other aid.
Your offers will typically vary from college to college.

63. Show Me the Money Accepting Aid
You may want to wait until you’ve heard from each one before making a decision—but don’t wait so long that you miss deadlines.
You may want to accept one college’s offer while waiting to hear from the school of your choice. Just be sure to let the first college know if you decide later to decline its offer.
You don’t have to accept your entire student aid package. Select the aid you want.
If you’re offered a loan, remember that accepting a loan means accepting the responsibility of repaying it.

64. Show Me the Money Disbursements
College takes their share for any outstanding balance, such as tuition and orientation fees
You get what’s left over for books, supplies, rent, or other college related fees

65. QUESTIONS?