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The Process – Step 1

The Process – Step 1. Department of Homeland Security (DHS). Social Security. Up to ten schools receive data (ISIR). Student/Parent fills out FAFSA. FAFSA goes to USDE central processing system. CPS. Start. Student receives Student Aid Report (SAR). National Student Loan

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The Process – Step 1

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  1. The Process – Step 1 Department of Homeland Security (DHS) Social Security Up to ten schools receive data (ISIR) Student/Parent fills out FAFSA. FAFSA goes to USDE central processing system. CPS Start Student receives Student Aid Report (SAR) National Student Loan Database (NSLDS) Cal Grant 3/2 Selective Service (males)

  2. The Process - Step 2 Consider for professional judgment School places Work-Study Job ISIR selected for verification – school collects supporting documents Aid disbursed School receives ISIR and edit flags School reviews file to determine whether student is eligible. School makes award School does loan counseling ISIR not selected for verification – school collects supporting documents Send corrected information back to central processor

  3. Cost of Attendance* * Cost includes tuition, food, transportation, books, housing and personal expenses. Determining Financial Need Cost of Attendance: ________(from chart) Expected Family Contribution (EFC)** - ________ (from FAFSA) FINANCIAL NEED: = ________ ** simulate EFC at http://www.finaid.org/calculators/

  4. Federal PLUS Loans for Parents Financial Aid for middle-income and upper-income families. How much can we borrow? Cost of attendance ______ Minus fin aid awarded - ______ Equals PLUS loan = ______ EXAMPLE Cost of attendance (UC) $28,000 Minus fin aid awarded - 0 Equals PLUS loan = $28,000 Parents must pass a credit check and be citizens or eligible non-citizens, and not be in default on their own loans! Interest rates are 7.9% and repayment begins 60 days after the final disbursement for the school year.

  5. TIMING IS EVERYTHING • NOVEMBER Students apply for admissions. • JANUARY FAFSA is available online at www.fafsa.gov. Students and parents complete HOMEWORK. • FEBRUARY Parents and students complete tax returns. Parents and students complete FAFSA and submit before March 2. Get GPA Verification done by school and mail it before March 2. • SPRING Read everything that comes from schools and ask questions. Respond to all schools which are still on your list of possibilities. • SUMMER Pack them up and send them off! IF YOU MISS THE MARCH 2 CAL GRANT DATE, YOU CAN STILL SEND IN THE FAFSA FOR OTHER AID POSSIBILITIES. SOME PRIVATE COLLEGES MAY WANT THE FAFSA VERY EARLY and MAY WANT THE CSS PROFILE VERY EARLY. *Online www.fafsa.gov

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