1. Financial Aid Presentation PCS December 2011 Liz Martin-Garcia 831.459.4391 work 831.334.1416 cell

2. Purpose of Financial Aid Everyone has the access to attend college or a trade school Everyone has the access to attend college or a trade school You have the choice of which school to attend You have the choice of which school to attend

3. Role of Financial Aid Financial aid pays the cost of attending college Financial aid pays the cost of attending college Cost to attend is different for different schools Cost to attend is different for different schools Financial aid offered may be different at different schools Financial aid offered may be different at different schools

4. What is Cost of Attendance (COA) Tuition$14,877 Housing and Food 14,727 Books 1,401 Transportation 678 Personal Expenses 1,350 Total $33,033

5. FAFSA determines family contribution Student contribution from income & assets +Parent contribution from income & assets EFC Cost of attendance (coa) - Expected family contribution (efc) Eligibility for need based aid EFC is an attempt to measure ability not willingness to contribute

6. Student and Parent Income Student and Parent Income Taxable Income (or wages if non filer) Taxable Income (or wages if non filer) Untaxed income (child support, voluntary contribution to 401k, 403B, IRA, KEOGH etc.) Untaxed income (child support, voluntary contribution to 401k, 403B, IRA, KEOGH etc.) Excludes untaxed social security benefits, SSI, HUD, food stamps, TANF Excludes untaxed social security benefits, SSI, HUD, food stamps, TANF

7. Student and Parent Assets Cash, savings and checking account balances Cash, savings and checking account balances Net worth of investments Net worth of investments Net worth of parents’ current businesses if more than 100 employees Net worth of parents’ current businesses if more than 100 employees Investment farms (not a farm in which the family lives on and operates Investment farms (not a farm in which the family lives on and operates Always report your assets- Do not skip Always report your assets- Do not skip

8. Investments Real estate (do not include the home you live in) Real estate (do not include the home you live in) Trust Funds Trust Funds UGMA&UTMA UGMA&UTMA Money market funds Money market funds Certificate of deposit (CD’s) Certificate of deposit (CD’s) Stocks and stock options Stocks and stock options Bonds, other securities Bonds, other securities Cordell savings accounts Cordell savings accounts 529 college savings plans 529 college savings plans The refund value of 529 state prepaid tuition plans The refund value of 529 state prepaid tuition plans Installment &land sale contracts including mortgages held) Installment &land sale contracts including mortgages held) Commodities, etc Commodities, etc

9. Same Student Different Schools JCCSUUCPrivate Budget$15,00025,00033,00058,000 EFC 11,00011,00011,00011,000 Need 4,00014,00022,00047,000 Quantity vs. quality of offer Quantity vs. quality of offer Additional assistance Additional assistance Need blind Need blind

10. Types of Financial Aid Grants – free money Grants – free money Scholarships – free money Scholarships – free money Loans – must pay back after graduation (avoid private loans at all costs) Loans – must pay back after graduation (avoid private loans at all costs) Workstudy – job where you earn a paycheck Workstudy – job where you earn a paycheck

11. How to Apply FAFSA -Priority filing: January 1 st to March 2 nd FAFSA -Priority filing: January 1 st to March 2 nd Must apply every year Must apply every year IRS retrieval or tax transcript IRS retrieval or tax transcript Requested verification documents Requested verification documents Cal Grant GPA verification by March 2 nd Cal Grant GPA verification by March 2 nd CSS Profile for some private colleges CSS Profile for some private colleges

12. Survival Tips Meet all deadlines especially MARCH 2 nd Meet all deadlines especially MARCH 2 nd FAFSA - always dot gov never dot com FAFSA - always dot gov never dot com Apply for Campus & Outside Agency Scholarships - Never pay! Apply for Campus & Outside Agency Scholarships - Never pay! Change in circumstances Change in circumstances Strategies - gifts, insurance, RA’s, family plan, food stamps, etc. Strategies - gifts, insurance, RA’s, family plan, food stamps, etc. Seek advice from college financial aid professionals (should be free) Seek advice from college financial aid professionals (should be free)

13. Thank you! Questions? Questions?