1 / 61

Financial Aid Night 2013-2014

Financial Aid Night 2013-2014 January 21, 2014. Tonight’s Agenda. General information on financial aid FAFSA Review Cal Grant Information Award Letters. Sources of Financial Aid. Federal Government State Government Institutions

nicole
Download Presentation

Financial Aid Night 2013-2014

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Financial Aid Night 2013-2014 January 21, 2014

  2. Tonight’s Agenda • General information on financial aid • FAFSA Review • Cal Grant Information • Award Letters

  3. Sources of Financial Aid Federal Government State Government Institutions Private individuals, companies, foundations, and parents’ employers Military

  4. Loans Federal Subsidized Stafford Unsubsidized Stafford PLUS Federal Perkins Private Employment Federal Institutional Self-Help Aid

  5. GRANTS Federal State Institutional Private SCHOLARSHIPS Institutional Private Gift Aid

  6. Need-Based Financial Aid • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant • Cal Grants (A, B, and C) • Subsidized Stafford Loan • Federal Perkins Loan • Federal and State Work-Study • Some institutional scholarships

  7. Non Need-Based Financial Aid • Some institutional scholarships • Some private sector scholarships • TEACH grant through FAFSA http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp • Unsubsidized Stafford loan • PLUS loans and private loans • Some institutional work-study

  8. Scholarship Aid • Scholarship search engine:www.fastweb.com • “No Cost” websites: • www.finaid.org • www.collegeanswer.com/paying • www.fafsa.ed.gov

  9. Federal Philosophy of Financial Aid • Students and parents have the responsibility to pay for higher education expenses to the extent they are able • The parent’s responsibility may extend after the student has left the household • Federal calculations strive to provide consistent and equitable evaluations of the family’s circumstances

  10. Calculating Financial Need Basic Equation of Need: Cost of Attendance (COA) - Expected Family Contribution (EFC) =Student’s Financial Need (eligibility) www.FAFSA4caster.ed.gov

  11. Cost of Attendance • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • May cover cost of computer • May also include other expenses

  12. Expected Family Contribution • Need Analysis is the formula used in determining a family's EFC • EFC is the measure of a family's financial strength • FAA uses the EFC to determine the student’s overall need for financial aid

  13. Calculating Eligibility • Federal EFC will be the same for all schools – awarding of all federal aid must be based on the federal EFC • Federal FA eligibility varies because COA varies • Some schools may use institutional methodology to award their own institutional funds

  14. Eligibility Varies Based on Cost PrivateStateCC COA (variable) $42,000 $25,000 $13,000 less EFC (constant) $ 900 $ 900 $ 900 equals NEED (variable) $41,100 $24,100 $12,100 Cost of Attendance less EFC equals Need

  15. Applying for Financial Aid • What forms does the institution require? • Does the school require the completion of an institutional form? • What are the filing deadlines for each form required?

  16. Types of Applications • FAFSA (Free Application for Federal Student Aid) • www.fafsa.ed.gov • Required for federal and state aid • Submit FAFSA online between January 1 and March 2 senior year • Request PIN as soon as possible • CSAC GPA Verification Form for Cal Grant • Institutional applications • CSS Profile

  17. CSS Profile • No paper registration form, only online at www.collegeboard.org • $25 online registration with $16 additional schools • Not used for awarding federal financial aid • Assistance available at help@cssprofile.org

  18. Beware of … • Financial Aid Consultants • Free assistance is available • Don’t pay someone to appeal your award offer • Scholarship Scams • Free search engines are available • Don’t pay money for an opportunity to get money

  19. FAFSA Review 2013-2014

  20. Who should complete a FAFSA? • Any senior who qualifies for a Cal Grant • Any senior who needs financial aid • Any senior who will attend a 2-year college with the intent to transfer to a 4-year college • Students whose colleges require it for institutional aid • Students whose colleges require it for on-campus employment • College students who need financial aid • www.calgrants.org • www.csac.ca.gov for income/asset ceilings for Cal Grant

  21. FAFSA on the web • Online application used by students and parents to complete electronic FAFSA at www.fafsa.ed.gov • Sophisticated on-line edits so errors are less likely • Student and one custodial parent should get a federal PIN at www.pin.ed.gov (store safely for subsequent years)

  22. Records needed • Student driver’s license • Student Alien Registration #, if not a US citizen Student and Parent: • 2013 W2 forms and SSN • 2013 federal income tax returns for students and parents (estimates acceptable if return is not completed) • Records of untaxed income • Current bank statements • Business, farm, and real estate records • Records of stocks, bond, & investments

  23. Fafsa Process Step One: is about the student Step Two: asks for student income and assets StepThree: determines student dependency status Step Four: requires parental information for dependent students Step Five: is for independent students only Step Six: allows the student to list up to ten schools (four for paper version) Step Seven: Certification Statement asks for signatures and submissions date

  24. Step One • Legal Name as it appears on the SS card (will be compared through a database match process) • DOB - Be careful not to write the current year for student’s date of birth • E-mail address which will be valid at least until the student begins college

  25. Step One • Citizenship status confirmed by SS match or Dept of Homeland Security • The answer to the state residency question is the basis for all Cal Grant monies • Use birth parents or adoptive parents, not step or foster parents.

  26. Step Two • Student questions are identical to those covered in the parents’ income and asset section of Step Four • Report the student’s 2013 income and current assets, ignore references to “spouse”

  27. Step Three • If the student answered “no” to all questions in this step, go to Step Four. For FAFSA filing purposes, the student is considered a dependent student and is require to provide parental information. • If the student answered “yes” to any question in this step, skip Step Four and go to Step Five. For FAFSA filing purposes, the student is considered an independent student.

  28. Step Four • See FAFSA instructions about who is considered a parent (biological or adoptive parents, step-parents – regardless of any prenuptial agreements) • Do not provide information on foster parents – the student is automatically considered an independent student • Do not provide information on legal guardians - the student must attempt to get biological parental information if guardianship ends at 18.

  29. Step Four • Parent Information: Answer general demographic and marital status questions about both parents. • If divorced or separated: The custodial parent provides financial information. • If custodial parent is remarried: Give answers on the rest of the form about that parent and the step-parent. • Parent who claims student on tax returns has no bearing to which parent provides data.

  30. Step Four • Do not provide information on grandparents. • College may use Professional Judgment to make a student independent. If the student’s circumstances are unusual, speak with college’s financial aid administrator.

  31. Step Four If parents and student have not filed their 2013 federal tax return, use W-2 forms and/or other employment records to estimate total income. When the SAR is received, make any necessary changes by providing exact information.

  32. Step Four • List net value of parent assets as of the day the FAFSA is completed. • Some financial aid offices may request supporting documentation for these questions. • Colleges may request W2’s to confirm parent income.

  33. Step Five Complete this step only if the student answered “yes” to any question in Step Three (and is considered independent)

  34. Step Six • List up to ten schools to which the student is applying • For faster and more accurate processing, write in both the school code and the school name.

  35. Step Six Strategies for Listing Colleges: • List those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state. • If the student lists a community college, also list a four-year school (for Cal Grant purposes). • For Cal Grant purposes, list a California school.

  36. Step Six Ways to add or change schools: • Wait for SAR • Add schools by phone or web site • Contact non-listed colleges and keep them informed

  37. Step Seven Date and Sign If filed by a dependent student, the student and one parent must sign Student and Parent need their own PIN If filed by an independent student, only the student must sign

  38. Special Circumstances • Adjustments may be made to information on a case-by-case basis by college FA office • Special circumstances may include: • Dependency status • Loss or reduction in income and assets • Death or serious illness • Medical expenses • Financial responsibility for elderly grandparents • Any other unusual circumstances that affect a family’s ability to contribute to higher education

  39. Special Circumstances Presenting the case: • First, call each FA Office for guidance and to obtain necessary forms • Provide a detailed explanation: • The student’s name and SSN • Give SPECIFIC financial details • Give the time period involved • Attach supporting documentation

  40. Filing Tips • Apply for PIN(s) now at pin.ed.gov with e-mail addresses for both student and parent • PIN(s) disabled after 18 months of inactivity (can be used in subsequent years – keep in safe place) • Beware of spam blocker software. To ensure e-mail delivery, add the address listed online to your e-mail address book • Apply early – institutions may run out of funds for late filers

  41. Filing Tips • Gather necessary docs ahead of time • Complete a FAFSA worksheet • Check browser requirements • Allow ample time to complete (do not begin on March 1st ) • Save all work periodically • Print out a copy before submitting electronically • Keep a copy of the Submission Confirmation Page

  42. Filing Tips • Parents with multiple children in college may transfer their information to an additional application • Do not log out before transferring info to a new FAFSA • Can only transfer once • Each student needs own PIN and email, but parents need only one PIN and one email address

  43. Student Aid Report • SAR will be sent to the student • An electronic SAR will be sent if student provides an email address; look for response from “FederalStudentAid” • A paper SAR will be mailed if no student e-mail address is provided • An electronic copy will be sent to each college or university listed by the student

  44. Making Corrections • If estimates are used for 2013 W2 and federal income tax form, correct with actual numbers • When correction to SAR is made on the web, it is processed in real time – corrected EFC provided immediately

  45. Cal Grants

  46. Cal Grant • Student Help Line contact number 888.CA.Grant/888-224-7268 (not 888.Cal.Grant, please) • Deadline: MARCH 2nd • Cal Grant A, B, C • Renewable and portable • Adjustable with school attended • Recent HS grads are “entitled” • www.calgrants.org • www.csac.ca.gov

  47. Cal Grant Eligibility Requirements • Submit FAFSA and GPA Verification by March 2nd • Meet eligibility for income/asset ceilings showing financial need – determined by FAFSA • Meet GPA requirements • Have high school diploma or equivalent

  48. Cal Grant Eligibility Requirements • Be California resident • Be US citizen or eligible non-citizen • Attend an eligible California school • Be enrolled in college at least half-time • Have not earned a bachelor’s degree • Not be in default of federal student loan

  49. Cal Grant Minimum GPA Requirements* • Cal Grant A - 3.0 • Cal Grant B - 2.0 • Cal Grant C - No min *GPA based on sophomore and junior years

  50. Cal Grant A • Low to middle-income families (family size of four, $87,400) • Minimum H.S. GPA 3.0 • Eligibility for up to 4 years full-time; may be extended to 5 years for mandatory 5 year programs or a teaching credential • Covers tuition/fees at UC and CSU (UC - $12,192 CSU - $5,472) • Independent - $8,056/year • Held in reserve while attending CC • BA/BS programs only

More Related