Financial Aid Presentation - Presented by Anafe Robinson Financial Aid Director
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Financial Aid Presentation
Presented by
Anafe Robinson
Financial Aid Director
What is Financial Aid
Financial aid consists of
funds provided to students
and families to pay for
postsecondary educational
expenses
2
Basic Premises of Financial Aid
Students and parents are considered the
primary sources for funding a college education
and are expected to contribute
to the extent they are able
Financial aid measures a family’s
ability, not willingness, to
pay for a college education
3
The FAFSA
• Free Application for Federal Student Aid
(FAFSA)
• Collects demographic and financial
information about the student and his or her
family.
• Calculates the Expected Family Contribution
(EFC)
– The measure of the family’s financial strength; it is
used by a college to calculate the amount of federal
student aid a student is eligible to receive
The Costs of Going to College
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
5
Establishing Financial Need
Expected Demonstrated
Family Financial
minus equals
Contribution Need
Cost of Attendance
• Financial aid eligibility is based on demonstrated financial
need
• Not all colleges meet full financial need
6How the Formula Works
CC CSU UC Independent
Cost* $14,000 $26,000 $36,000 $55,000
EFC ‐ $500 ‐ $500 ‐ $500 ‐ $500
Need $13,500 $25,500 $35,500 $54,500
The cost of college varies a lot, based on type of college, living situation and
variable costs.
In the best of all possible worlds, full “need” will be met with financial aid
awards made up of grants and scholarships along with reasonable amounts
of work and loan. Some schools are not able to meet full need which
increases what families pay.
*Assumes student will live at the college, away from home. Total “Costs” for
students living at home are lower.
7Out‐of‐State Reciprocity Agreements
Allow students to attend college out of state while
paying in‐state tuition:
• Western Undergraduate Exchange (WUE)
www.wiche.edu/wue
• Midwestern Student Exchange
http://msep.mhec.org
• Southern Regional Education Board Academic
Common Market www.sreb.org
• The New England Board of Higher Education
www.nebhe.org
8Sources of Financial Aid
• Federal government
• State government
• Private sources
• Civic organizations and churches
• Employers
9Types of Financial Aid
• Scholarships
Gift Aid
• Grants
• Loans
Self-Help Aid
• EmploymentFederal Financial Aid Programs
Program Award Amount Notes
Pell Grant Up to $5,920 (2017‐2018 Lifetime Eligibility 600% (maximum)
Amount)
FSEOG (grant) $100 to $4,000 Priority to Pell eligible students
Requires service contract otherwise
TEACH Grant Up to $4,000
converts to unsubsidized loan
Iraq & Afghanistan
Same as Pell Grant Department of Defense
Service Grant
Work Study Varies by school On and off‐campus employment
11Federal Financial Aid Programs
Program Award Amount Notes
Up to $5500 (UG)/
Perkins Loan 5% fixed rate student loan
$8000 (Grad)
Subsidized Direct $3,500 ‐ $4,500
Variable interest rate (2017‐2018 = 4.45%)
Loan (undergrad level)
Unsubsidized Direct $6,000
Variable interest rate (2017‐2018 = 4.45%)
Loan (undergrad level)
Up to the Cost of
Attendance minus any Must not have adverse credit history (2017‐
PLUS Loan
other financial aid 2018 = 7.0%)
received
12California Programs
California Programs Award Amount
Up to $12,630 (UC); $5,742 (CSU); $9,084
Cal Grant A and B (new student (Independents); $4,000 (For Profit)
tuition/fees)
Cal Grant B Access Award $1,672 (at all schools) ;
Cal Grant C Up to $2,462 (non CCC) $1,094 (at CCC)
Middle Class Scholarship Varies by institution (UC and CSU)
Chafee Grant – foster youths Up to $5,000
13California Programs
California Programs for Community Award Amount
College Students
Waives enrollment fees at CA Community
CCC Board of Governors Fee Waiver Colleges only
Full Time Student Success Grant (FTSSG) Supplemental grant for students who
received full‐time Cal Grant B payment
$1,000 per year
Community College Completion Grant Supplemental grant for students who
(CCCG) received a full‐time FTSSG and full‐time Cal
Grant B or C payment.
$1,500 per year
142018‐2019
Cal Grant A Entitlement
Requirements Award
For high school seniors, recent high Up to four years:
school grads, and transfer students • system-wide fees at UC ($12,630)
GPA of at least 3.0 for high school and CSU ($5,742) campuses
students and 2.4 for transfer • as much as $9,084 toward tuition
students and fees at independent California
Family income and assets below colleges and universities
state ceilings • may range from $4,000 to $9,084
toward tuition and fees at eligible
Must demonstrate financial need
California private career colleges
Must file by March 2, 2018 and universities
152018‐2019
Cal Grant B Entitlement
Requirements Award
GPA of at least 2.0 for high • $1,672 stipend for living expenses for up
school students and 2.4 for to four years at all California colleges
transfer students and universities plus
• Family income and assets • system-wide fees at UC ($12,630) and
below state ceilings CSU ($5,742) campuses for 2nd – 4th years
• From disadvantaged or • as much as $9,084 toward tuition and fees
low income families for 2nd – 4th years at independent
California colleges
• Must demonstrate • may range from $4,000 to $9,084 toward
financial need tuition and fees at eligible California private
career colleges and universities for 2nd –
• Must file by March 2, 2018 4th years
16Possible Cal Grant and Federal Pell
Maximum Awards
If the student qualifies for
Cal Grant, amounts vary
Cal Grant* (From $5,742 to $12,630)
depending on the FAFSA or - for AB 540 students
college/university - the Calif. Dream Act Application
attended, financial need,
year in college and
Verified GPA
enrollment status (full- or Apply by March 2, 2018
part-time)
If the student qualifies for
+
Federal Pell Grant (up to $5,920)
the Federal Pell Grant,
amounts vary depending FAFSA
on family contribution and
enrollment status (full- or
part-time)
= $11,662 to $18,550
annually depending on the college/university
Other eligibility the student attends and financial need
requirements may apply
* Check for eligible schools at: www.csac.ca.gov
17Middle Class Scholarship
For undergraduates with family incomes of up to
$165,000 and net worth of assets of up to $165,000
Requirements Award
Submit 2018-19 Free Application for Annual award amounts to be
Federal Student Aid (FAFSA) or, for AB determined by the California
540 students, 2018-19 California Dream Student Aid Commission
Act Application by March 2, 2018
• attend a UC or CSU
• are U.S. citizens, permanent residents,
or have AB 540 status
• are California residents, and
• maintain a 2.0 cumulative GPA
18Student Eligibility Requirements • Must be a U.S. Citizen or eligible non‐citizen • Must have a valid Social Security Number • Must make Satisfactory Academic Progress while receiving financial aid • Must not be in default on any federal loans • Must not owe a refund on a federal or state grant • Sign a statement of educational purpose • Register with Selective Service (males only) • Must be enrolled as a regular student in an eligible program • No drug convictions based on Department of Education’s standards • Must have high school diploma or equivalent 19
How to apply for financial aid
Free Application for Federal Student Aid
(FAFSA) at www.fafsa.ed.gov
• If eligible under Assembly Bill 540
(AB540) or DACA, students should
complete the California Dream Act
Application at www.caldreamact.org
Cal Grant GPA Verification Form at
www.csac.ca.gov
• Check with your high school or college
counselor for more details on how to file
the Cal Grant GPA Verification Form,
required of all students
Must apply the FAFSA/CA Dream App every year
beginning Oct 1st 20When do I apply for financial aid
You must complete and submit the 2018‐
2019 FAFSA or CA Dream Application before
March 2, 2018.
REMEMBER: You must renew your FAFSA or
CA Dream Application starting Oct 1st every
year.
21FSA ID • Sign FAFSA electronically • Not required, but speeds up processing • May be used by students and parents throughout aid process, including subsequent school year • Only the owner should https://fsaid.ed.gov/npas/index.htm create a FSA ID
Do parents need an FSA ID? • For dependent students, at least one custodial parent will need an FSA ID in order to sign the FAFSA electronically • Student and parent(s) must have different FSA IDs • Students must create their own FSA ID • Parent must create their own FSA ID • Cannot use the same email address for both parent and student FSA IDs
Check Your Cal Grant By opening a WebGrants Account a student can: • Check Cal Grant award status 24/7 • Confirm student’s high school graduation as required • Make changes to Cal Grant school choices • View how much a Cal Grant is worth at different California colleges and universities • View Cal Grant payment history • Create a WebGrants account at: –www.webgrants4students.org
CSS Profile
In addition, some colleges may request:
CSS Profile
student.collegeboard.org/css-financial-aid-profile
California colleges that use the CSS PROFILE include Caltech,
Claremont McKenna College, Harvey Mudd College, Occidental College,
Pitzer College, Pomona College, Santa Clara University,
Scripps College, Stanford University, UC San Francisco and
University of Southern California
2016 parent and student Federal Tax Returns (including all
schedules and W-2 forms) or other income documentation, such as
Federal Tax Return Transcripts
Other required forms as requested by the colleges to
which the student applies
• Cost:
– $25 for initial application & sent to 1 college
– $16 for each additional college
25What does the CSS Profile Do?
• The Profile allows schools to understand
further the financial situation of the applicant
family:
– Asks for home equity
– Asks about non‐custodial parent (in case of
divorce)
– Asks about rental property, business value/income
– Gives room for medical, schools, or other special
circumstances expensesFREE Scholarship Search Engines • www.fastweb.com • www.BigFuture.CollegeBoard.org • www.scholarships.com • www.CollegeExpress.com • www.CollegeAnswer.com
FAFSA - Seven Sections 1 – Student Demographics 2 – School Selection 3 – Dependency Status 4 – Parent Demographics 5 – Financial Information 6 – Sign and Submit 7 – Confirmation
Dependency Determination NO to all questions: • makes the student “dependent” • Must submit parent information Note: Child must be supported financially — more than 50%
Parent Information • Demographics • Marital status will determine what questions are asked of the parent(s)
Parents Marital Status Never Married Unmarried and both parents living together Married or Remarried Divorced or Separated Widowed
Divorced or Separated Parents • Provide information for the parent(s) with whom the student lived with most during the 12 months prior to filing the FAFSA • If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student in the 12 months prior to filing the FAFSA • If both parents are still living together, use information for both parents on FAFSA
Remarried Parent Provide information about the custodial parent and stepparent regardless of: • Agreement of “nonsupport” • Prenuptial agreement • Divorce decree designating tax filing exemptions Note: A parent claiming the student on his or her tax return need not be the parent required to provide data on the FAFSA Note: Children of parent and stepparent should be included in the household size and number in college questions on the FAFSA (if they provided and will continue to provide more than half of their support for the coming academic year)
NO Parental Information
Do not provide parent information for
• Foster parent(s)
– Student is automatically considered an
independent student
• Grandparents, other relatives, or
guardian(s)
– Colleges may use professional judgment to allow
the student to file as an independent student
– Exception: Adoptive parentsParent Information • Household Size: Parent provides more than 50% financial support • Number in College: Students enrolled at least half-time
IRS Data Retrieval Tool • While completing FOTW, applicant may submit real-time request to IRS for tax data • IRS will authenticate taxpayer’s identity • If match found, IRS sends real-time results to applicant in new browser window • Applicant chooses whether or not to transfer data to FOTW
IRS Data Retrieval Tool • Available October 2017 for 2018–19 processing cycle • Participation is voluntary • Reduces documents requested by financial aid office
IRS Data Retrieval Tool
• Some will be unable to use the IRS DRT
• Examples include:
– No Social Security Number (SSN) was
entered
– Student or parent married, but filed separatelyAssets
Include DO NOT Include
• Investment property • Home you live in
– Rental property • Value of life insurance
• Trust Funds • Retirement plans (401k)
• Money markets • Pension funds
• Certificate of Deposits • Annuities
• Mutual Funds • Non‐education IRAs
• Stocks/Stock Options • Keogh plans
• Bonds
39Assets
• 529 College Savings Plan
– If owned by a dependent student or the student’s
custodial parent, it is reported as a parent asset on
the FAFSA
– If owned by anybody else, including a non‐custodial
parent, grandparent, aunt or uncle, it is not
reported as an asset on the FAFSA, but any
distributions from such a college savings plan are
reported as income to the beneficiary (the student)
40Special Circumstances • Cannot be documented using FAFSA • Send written explanation and documentation to financial aid office at each college • College will review and request additional information if necessary • Decisions are final and cannot be appealed to U.S. Department of Education
Special Circumstances • Change in income • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parental information
Financial Aid Resources
• FAFSA: www.fafsa.gov
• Cal Grant: www.calgrants.org
• Federal Student Financial Aid:
– www.studentaid.gov
– Phone 1‐800‐4‐FED‐AID (1‐800‐433‐3243)
– Email the U.S. Department of Education at:
FederalStudentAidCustomerService@ed.govSummary of the Financial Aid Process
• Submit all required forms, including the FAFSA, by each college’s
published deadlines (but no later than March 2)
• By March 2, submit a Cal Grant GPA Verification Form
• Keep a copy of all forms submitted
• Review the electronic Student Aid Report (SAR)
Acknowledgement or the paper SAR sent to the student
• Review the California Aid Report (CAR)
• Watch for financial aid award notifications from colleges to
which the student has been admitted
• Be sure to apply for financial aid this year and every year as soon
as possible after October 1 to receive the best financial aid
award possible
ASK QUESTIONS!
4
4Contact Information
Anafe Robinson
Director of Financial Aid, Scholarships, Veterans and Foster Youth Programs
robinsa@piercecollege.edu46
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