FINANCIAL AID SHOW ME THE MONEY! - Gregorio Alcantar California State University Northridge - Canoga Park High School
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FINANCIAL AID
SHOW ME THE MONEY!
A presentation by:
Gregorio Alcantar
California State University Northridge
HIGH SCHOOL SENIOR COLLEGE TIMELINE
Fall
• Apply for College
• Submit FAFSA (begins October 1)
Winter
• Apply for more scholarships
Spring
• Follow up with colleges accepted from
• Check financial aid status from college(s)
• MEET DEADLINES
1
A COLLEGE EDUCATION OFFERS OPPORTUNITIES
What Does Financial Aid Offer?
•ACCESS higher education
•4-year public colleges and universities
•Independent/private colleges and universities
•Community colleges
•CHOICE among schools
•Choose the best academic, career, cultural, and
social fit rather than the least expensive program
34
https://dream.csac.ca.gov
Note: DREAM students are not eligible for Federal Aid
5FAFSA GENERAL STUDENT ELIGIBILITY CRITERIA •Must be enrolled or accepted for enrollment in eligible program of study •Mustbe pursuing degree, certificate, or other recognized credential •Must be U.S. citizen or eligible noncitizen •Must be registered with Selective Service (if male & required)
FAFSA GENERAL STUDENT ELIGIBILITY CRITERIA •Must have valid Social Security Number •May not be in default on federal student loan •Must be making satisfactory academic progress (as defined by school)
FAFSA/CA DREAM ACT APPLICATION
SECTIONS
Section One —General student information
Section Two —Student/spouse income and assets
Section Three —Dependency status
Section Four —Parents’ information
Section Five —Independent student data
Section Six —School information
Section Seven —Signature(s)
8DREAM APPLICATION Students without lawful immigration status, who qualify for an AB540 nonresident tuition exemption: 1. Dream Application is completed instead of FAFSA (www.caldreamact.org) 2. Used to determine eligibility for state and institutional need based scholarships and grants 3. Cal Grant GPA verification is still required, in addition to the Dream Application, for Cal Grant consideration 4. Some campuses may also have a separate institutional scholarship application that must be filed in addition to the DREAM and FAFSA applications 5. The Admission application fee waiver is also available to students without lawful immigration status, who will qualify for an AB540 nonresident tuition exemption & meet the income guidelines
SOURCES OF FINANCIAL AID
• Federal government
• State government
• Colleges and universities
• Private agencies, companies, foundations,
and your parents’ employers
104 MAJOR TYPES OF FINANCIAL AID Grants – Money that generally does not need to be repaid Scholarships- Money awarded to support a student's education, awarded on the basis of academic or other achievement Work Study - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest
TYPES OF GRANTS (FAFSA ONLY)
•Federal Pell Grant ($299 - $5815)
•Federal Supplemental Educational Opportunity
Grant (FSEOG)
12TYPES OF GRANTS (STATE-FAFSA OR DREAM)
•Cal Grants (A & B)
•Chafee Grant
•Middle Class Scholarship (MCS)
•CSU - State University Grant (SUG) $1368 - $5472
•CSU - Educational Opportunity Program (EOP) $200 - $800
•Community Colleges – Board of Governor’s Grant (BOGG)
•UC – University Grant
13MAXIMUM AMOUNTS POSIBLE UNDER PELL
GRANT AND CAL GRANT
Cal Grant* (From $5,472 to $12,240)
FAFSA or Cal Dream Act (AB540 students)
GPA Verification Form
Apply by March 2nd
+
Pell Grant (hasta $5,815)
FAFSA
= $11,287 to $18,055
annually depending on the college/university that student
attends and financial need
14DEFINITION OF NEED
Cost of Attendance
- Expected Family Contribution
=Need
15COST OF ATTENDANCE (COA)
The Cost of Attendance for a school
is an estimate of how much money
may be needed to attend school for
a specific academic year
16COST OF ATTENDANCE
• Tuition & fees
• Room & board
• Books, supplies, transportation, &
miscellaneous personal expenses, including
documented costs for personal computer
• Study abroad costs
• Bottom line – any expense that could possibly
prevent you from attending class
17HOW THE FORMULA WORKS
CC CSU UC Private
Cost $ 11,500 $16,000 $21,000 $40,000
EFC - 500 - 500 - 500 - 500
Need $ 11,000 $15,500 $20,500 $38,500
In the best of all possible worlds, full “need” will be met with a
financial aid package made up of grants and scholarships along with
reasonable amounts of work and loan. Some schools are not able to meet full
need.Standard Educational Expenses Chart
Living On-campus
California
California
California University of Independent
State
Community California Colleges
University
Colleges (UC) (based on
(CSU)
median costs)
Fees/Tuition $1,218 $6,582 $12,816 $52,283
Books and
$1,710 $1,600 $1,635 $1,200
supplies
Room and
$11,268 $10,272 $10,653 $14,348
board
Transportation $1,323 $614 $1,122 $580
Miscellaneous $2,844 $1,416 $1,869 $1,300
TOTAL $18,363 $20,484 $28,095 $69,711Sample College Budget
What is most important in this chart?
Undergrad Students On or Off Campus
Expense 7+ units Full Year
Per semester
Fees * $1,851 $3,702
Books/Supplies 782 1,564
Room and Board 5,076 10,152
Transportation 600 1,200
Miscellaneous 1,360 2,720
TOTAL $9,669 $19,338
20HOW MUCH DO YOU NEED?
Living on Living Off-
At Home
Campus Campus
Tuition & other Fee $6,582 $6,582 $6,582
Books and Supplies You You You
Meals and Housing You You You
Transportation You You You
Misc. Personal You You You
Loan Fees You You You
Total Your TOTAL Your TOTAL Your TOTAL
21Cal Grant A Entitlement
•All students who have earned a high school GPA of 3.0 or
greater, demonstrate financial need, meet parental
income and asset requirements, and file by March 2 may
receive up to four years of
•system-wide fees at UC ($12,240) and CSU ($5,472)
campuses
•as much as $9,084 toward tuition and fees at
independent California colleges and universities
•may range from $4,000 to $9,084 toward tuition and
fees at eligible California private career colleges and
universities
22Cal Grant B Entitlement
•All students who have earned a high school GPA of 2.0
or greater, demonstrate financial need, meet parental
income and asset requirements, and file by March 2
may receive up to four years of
•a $1,656 stipend for living expenses for up to four years
at all California colleges and universities
•plus
•system-wide fees at UC ($12,240) and CSU ($5,472) campuses for
second through fourth years
•as much as $9,084 toward tuition and fees for second through
fourth years at independent California colleges
•may range from $4,000 to $9,084 toward tuition and fees at
eligible California private career colleges and universities for second
through fourth years
23Middle Class Scholarship
•Undergraduates with family incomes of up to $156,000 and net
worth of assets of up to $156,000 who:
•Submit FAFSA/Dream Act by March 2
•attend a UC or CSU
•are California residents
•Annual award amounts:
•To be determined by the California Student Aid Commission
•Enrolled at least half-time
•For 2016-17 maximum award is 30% of tuition
•The MCS award will be reduced by any Federal, State, or
institutionally administered grants or fee waivers received by
the student
24Western Undergraduate Exchange (WUE)
http://www.wiche.edu/wue
Eligibility
To receive the WUE tuition rate, an admitted student must be a resident of one of the
following states or U.S. insular areas: Alaska, Arizona, Colorado, Commonwealth
of Northern Mariana Islands, Hawaii, Idaho, Montana, Nevada, New Mexico,
North Dakota, South Dakota, Oregon, Utah, Washington, or Wyoming.CSS PROFILE (WWW.COLLEGEBOARD.COM) • An online form • May request different documents • Required by private colleges for consideration of Institutional Aid • May have different deadline than FAFSA/CA Dream Act • Best to check with university 26
What Are Scholarships?
•Scholarships, like grants, are funds that don’t have to be repaid!
•Available 24 hrs/day, 7 days/week, 365 days/year
•Available from colleges, companies, community-based groups
and other agencies and organizations
•Some funds are awarded based on financial need
•Some funds are based on academic, artistic or athletic merit or
other skills and activities
•Some funds are based on unusual criteria
•Creating a prom costume out of duct tape
(www.stuckatprom.com)
•A scholarship for left-handed students (Juniata College)
•A scholarship for students with a last name of Zolp (Loyola
University of Chicago)
27How to Apply for Scholarships
•Use a free scholarship matching site like StudentScholarshipSearch.com or
Fastweb.com to find all of the scholarships for which you are eligible
•Usually require separate applications and may require transcript, essay,
interview, or audition
•Check with your high school for other scholarship opportunities
•Make sure the application is complete
•Answer the optional questions for more matches
•Pursue less competitive scholarships, such as small awards and essay
contests
•Don’t miss application deadlines
28Loans
•Federal Direct Loans
•Complete FAFSA
•Are Subsidized or Unsubsidized
•Low, fixed interest loans
•Repayment when student leaves school
•PLUS Loans
•Parents can borrow a federal loan on behalf of student
•Relatively low fixed interest rates (when compared to credit cards or
private loans)
•Repayment begins 60 days after student receives 100% of the PLUS
loan
•Alternative / Private Loans
•Not federal loans – borrowed from banks and private loan companies
•Variable interest
29
•Check credit worthiness of applicantCalifornia 529 Savings Plan
3031 WWW.FAFSA.GOV
Things to Remember
•College is affordable
•Financial aid and scholarships help you pay for
college
•Between Oct 1 – Mar 2, complete and submit
•The FAFSA/Cal Dream Act
•Cal Grant verified GPA
•Tax Information from Prior-Prior Year
•Be sure to apply for scholarships
•Don’t miss deadlines
•Ask questions, Ask questions, Please ask questions
32THANK YOU
@FAFSA
@ScholarshipsOrg http://www.stitcher.com/podcast/how-to-pay-for-college-hq-podcast/
@castudentaid
@CelestHorton CSUN Financial Literacy
Contact Information
Phone: 818.677.4148 (direct line)
Email: gregorio.alcantar@csun.edu
Twitter: @gregorio9706 33You can also read
