Redondo Union High School 2013-2014 Financial Aid Workshop

1. Presented by: Catherine Graham Director of Financial Aid Loyola Marymount University November 15, 2012 Redondo Union High School2013-2014 Financial Aid Workshop

2. What will be covered this evening? • Why Financial Aid? • Types & Sources of Financial Aid • Admission Processes • How to Apply for Financial Aid • The Financial Aid Formula • College Expenses – what are the costs? • What is the Expected Family Contribution (EFC)? • Financial Eligibility • Awarding Process & Comparing Awards • Tips

3. Why Financial Aid? • Access • Parents and students have the responsibility to pay for higher education expenses to the extent they are able • The aid application process should provide Financial Aid Office a consistent and equitable evaluation of a family’s financial circumstances for all that are applying • Allocation of finite resources

4. Our Roles The Financial Aid Office’s Role… • Stewards of federal, state and institutional financial aid dollars • To administer federal, state and institutional financial assistance to students and their parents in an accurate, informative, timely and friendly manner Parent’s Role… • To contribute to the application, awarding and financing process throughout student’s Undergraduate Education

5. Your Senior Year - Make it count! Student Role… • Your senior year DOES COUNT!! • Grade Improvements • SAT Re-do’s • All acceptances PROVISIONAL dependent upon final semester grades • Weak Senior schedule – jeopardizes acceptance at competitive schools • Change in schedule – MUST notify colleges • Campus Tours & Visits • Employment – Saving for College Expenses • Resume Preparation for College Job

6. Funding Types • Need-Based Funding (must complete FAFSA) • Grants • Gift aid that does not need to be repaid • Require aid applications • Loans • Borrowed funds that must be repaid with interest • Separate promissory notes required • Work • A set amount that a student can earn by working on campus funded by the Federal Government or the college • How does “work” work? Benefits?

7. Funding Types • Non-Need Based Funding • FAFSA Application not required • Merit/Academic Scholarships • Based on Admission Information • Separate Application/Interview Process? • Athletic Scholarships • Non-Need Based Loans (Stafford, PLUS, Private) • Student Loans • Parent Loans • Alternative Educational Loans

8. Four Primary Sources of Aid • Federal Programs (FAFSA Application) • Pell Grant ($400-$5550) • Supplemental Grants: SEOG ($400-$4000) • Stafford Loans ($3500, $4500, $5500) • Subsidized vs. Unsubsidized • Perkins Loan ($1000 - $4000) • Work Study (amounts vary) • California Grant Programs • Cal Grant • Amounts vary by school segment • Separate application

9. Sources of Aid • Institutional Programs • Scholarships • Grants • Loans • Work • Outside Resources • Community: Rotary, YMCA, Elks • Parent’s Employer • Web Sites: www.fastweb.com • Time spent on searches… Worthwhile? • Outside Scholarships can replace loans/work

10. Resources for Parents • Parent Programs • Employer Reimbursement for Dependents • Federal Plus Loan Program • Payment Plans • Federal IRS Educational Tax Benefits

11. Connecting Admissions & Financial Aid Process • Apply for Admission AND • Apply for Financial Aid • Don’t wait for an admission decision to apply for financial aid • Schools will prepare & send financial aid awards once student is admitted May 1, 2013 National College Decision Date

12. Applications on-line www.universityofcalifornia.edu/apply Filing Dates: November 1-30 Requires ESSAY SAT Reasoning or ACT with Writing Requires TWO SAT Subject Tests . No Letters of Rec. NO transcripts (unless requested) $60 fee per campus All others based on selectivity Eligibility Index ELC Admission @ University of California (UC)

13. Admission @ Community College • 18 years of age or High School Graduate • No SAT/ACT required • Placement Tests • Priority transfer to UC’s and CSU’s • Honors Transfer Program • Transfer Admission Guarantee (UC’s) • MAKE A PLAN!!

14. Admission @ Private (Independent) • May apply on-line NOW through school’s website • Require: • Essay • Resume of Extracurricular Activities • Letters of Rec. Counselor Teacher • Secondary School Report (Counselor) • Mid Year Report (7th semester grades-Counselor) • Transcript ($2/school)

15. Applying with the Common Application • Over 300 Private (Independent) schools participate (Loyola Marymount Harvard, Yale, Princeton-use ONLY common application!) • Schools not biased if Common Application used • Complete ONE application • Counselor/Teacher Rec. form-complete ONE • Supplemental materials for specific schools

16. Applications on-line www.csumentor.com Filing period: October 1-November 30 SAT Reasoning or ACT WITHOUT writing Writing score not used in eligibility determination NO Essay; NO Subject Tests NO Letters of Recommendation ; NO transcripts (unless requested) No extracurricular activities (except SLO) $55/campus Eligibility Index Applying @ Cal State Universities

17. Where are you applying? • Your school choices • Safety • Target • Reach Question? Which schools are you considering and which category do they fall into?

18. Types of Admission • Rolling • Early Action-non binding • Early Decision-binding • Regular Admit

19. SAT & ACT Testing - additional opportunities • In your senior year, you can continue to test • SAT TESTING • http://sat.collegeboard.org • December 1, 2012 Test (register by Nov 19) • January 6, 2013 (register by Dec 28) • ACT TESTING • http://www.actstudent.org/

20. SAT Reasoning/ACT • Required by all 4-year schools with only a few exceptions • All schools will accept highest score of either SAT or ACT. • UC’s – use highest sitting • CSU’s and most privates – best combo score

21. Back to Financial Aid; How to Apply… • Free Application for Federal Student Aid (FAFSA) • http://www.fafsa.ed.gov • Required for Federal and State fund eligibility • January 1, 2013 – March 2, 2013 • FAFSA4caster • PIN Number required for E-Signature • Worksheet & Supporting Documentation • Each school has their own deadlines! • March 2, 2013 • Estimate Information

22. How to Apply…FAFSA Follow-up • Free Application for Federal Student Aid (FAFSA) • http://www.fafsa.ed.gov • Follow-up may be required • Student Aid Report • Notification Emails • Worksheet & Supporting Documentation submit to institution • If estimated will be ask to update with actual information • Check for rejects (PIN/Signature/eligibility checks)

23. FAFSA on the Web (FOTW)

24. Cal Grant Program - How to Apply • Cal Grant G.P.A. Verification Form • Required for State fund eligibility & awarding • Check the status of your Cal Grant at https://mygrantinfo.csac.ca.gov • March 2, 2013 • How does Redondo Union H.S process Cal Grant GPA Verification Forms?

25. GPA Verification Process for RUHS • Redondo Union High School has been collecting seniors’ SSNs to enable electronic filing of Cal Grant GPA Information • Parent signature, student signature and Social Security Number are required for paper forms. • Redondo Union High School data sent to the state well before March 2nd so info can be verified. • Forms available in the back of the Auditorium. • Return completed to the RUHS Registrar. • Questions? Contact your student’s counselor.

26. College Board CSS Profile - How to Apply • College Board CSS PROFILE Application • Required by some Private Institutions • Check websites of the schools you to which you apply • On-line, two step application process • March 2, 2013 (or earlier) • For fee application (fee waivers available) • www.collegeboard.org/profile

27. How to Apply – Supporting Documentation • Submit 2012 Student and Parent Federal Tax Transcripts • Some, but not all, schools require Parent and Student Federal Tax Transcripts (if no tax return filed, may be required to submit a “non-filing statement”) • If selected for Verification by the Department of Education you will be required to submit Federal Tax Transcripts • File Tax Returns Early if possible!

28. The Financial Aid Formula Cost of Attendance MINUS Expected Family Contribution (EFC) EQUALS Family Financial Aid Eligibility

29. Cost of Attendance • Direct Expenses (billed directly by school) • Tuition and Fees (variable by courses/major) • Room & Board (varies by housing options) • Indirect Expenses (not billed by school) • Books • Transportation • Personal Expenses • This is the most difficult component for families to manage.

30. The Expected Family Contribution (EFC) • The Expected Family Contribution (EFC) is what the family is expected to pay according to the Federal Government and the information reported on the FAFSA. • The Federal Government offers limited resources, so the entire need is not always met. • Often the families do have to pay more than the estimated EFC. • Institution will calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information.

31. How the EFC is Calculated • Federal EFC Formula – Considers • Information provided on FAFSA • Income & Assets (does not include home equity) • Both Parent & Student • Family Members & Number in College • Allowances in methodologies • Special Circumstances • When and how you report? • Any additional information the family believes to be important that is not reflected on the FAFSA

32. The Formula with Numbers! Example #1 Private Institution Cost of Attendance $50,000 MINUS Expected Family Contribution $15,000 = Financial Need $35,000 Example #2 State Institution Cost of Attendance $15,000 MINUS Expected Family Contribution $15,000 = Financial Need $0

33. The Formula with Numbers! *Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/or tuition.  Information based on estimates provided by State information and rounded up or down. **Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE.             Amount used above is for demonstration purposes only. *** “Need” is the difference between the two numbers.  The financial package would include one or             more of these items: Grants, Scholarships, Loans, Work/Study Program. 

34. Packaging Financial Aid Awards Cost of Attendance $50,000 Expected Family Contribution $15,000 Financial Need $35,000 Financial Aid Package Stafford Loan $ 3,500 Perkins Loan $ 2,000 Work Study $ 3,000 Institutional Grant $26,500 Total Awarded $35,000 Unmet Need $0

35. The Expectations & Realities of the Awards • Compare Awards from each institution! • Not all awards are the same! • Is the Cost of Attendance realistic? • In State & Out of State • Discretionary Expenses • The Student Contribution (savings, summer employment) • The Parent Contribution (PLUS LOANS) • The nuances of award funds • Work, Loan, Unmet Need

36. Federal Net Price Calculator • Net Price Calculator available on every college & university website • To increase transparency of awards early in cycle • Do not let results deter you from applying and completing admission and aid processes • Assist in planning

37. Award Notification • Award Notification & Understanding your Award Letter • Estimated • Final • Award Guide • Accepting, Declining & Adjusting Awards • On-line processes • Student Rights & Responsibilities • Appeals

38. Disbursing Awards • Full Time Enrollment • Accepting, Declining & Adjusting Awards • Entrance Counseling Requirements for Loan Programs • Completing Promissory Notes • Finding Employment/Completing Time Sheets • Satisfactory Academic Progress

39. Tips • Put all deadlines on the calendar!!! • File taxes early • Start a financial aid file • Make copies of all documents submitted for all four years • Apply for a FAFSA PIN • Apply Each and Every Year

40. Tips • Send documents electronically if you can, PDF – gives you “electronic record of submission” • Research outside agencies for scholarships • Check with each school you are applying to in order to find out what information they require and what their deadlines are • Review Websites • Use on-line “web services tool” provided by the school

41. Scholarship & Application Services • Be Cautious • Limit Dependency • Do your Homework • Manage Expectations • Consultants • Scholarships • Refer to institutional resources on the web

42. Thank you! • Thank you for being here tonight! • You are well on your way to successful financial planning and application cycle! ANY QUESTIONS?