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Financial Aid

Financial Aid. FINANCING EDUCATION BEYOND HIGH SCHOOL. What is financial aid Free Application for Federal Student Aid (FAFSA ) Expected Family Contribution (EFC) What is Cost of attendance (COA) What is Financial Need Types of Financial Aid available Resources/Important Phone Numbers.

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Financial Aid

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  1. Financial Aid FINANCING EDUCATION BEYOND HIGH SCHOOL
  2. What is financial aid Free Application for Federal Student Aid (FAFSA) Expected Family Contribution (EFC) What is Cost of attendance (COA) What is Financial Need Types of Financial Aid available Resources/Important Phone Numbers Today we’ll cover…
  3. What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
  4. Financial Aid Prerequisites High School Diploma, GED Social Security Number Selective Service Registration U.S. Citizen/Elig. Non-Citizen
  5. Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family Information is used to calculate the Expected Family Contribution (EFC)
  6. More on FAFSA… One Application for Multiple Schools Complete Application Every Year Complete Application Online @ www.fafsa.gov 2013-14 FAFSA on the Web available on January 1,2013 Apply for a Personal Identification Number (PIN) @ www.pin.ed.gov
  7. Documents for FAFSA Before starting the FAFSA, gather: Student driver’s license Student Alien Registration Card Student and Parent Social Security cards 2012 W-2 Forms and records of money earned and other taxable benefits 2012 federal income tax form (even if not yet completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted
  8. WWW.FAFSA.GOV
  9. Selecting Correct Aid Year 2013-2014 FAFSA Year
  10. Personal Information Use full legal name as it appears on your social security card! Help and hint box will never steer you wrong!
  11. School Selection 001239 Mira Costa College
  12. Dependency Determination I was born before January 1, 1990 I am married I will be working on a master’s or doctorate program I am serving on active duty in the U.S. Armed Forces I am a veteran of the U.S. Armed Forces I have children and I provide more than half of their support Since I termed age 13, both of my parents were deceased I was in foster care since turning age 13 I have dependents who live with me and I provide more than half of their support I was a dependent or ward of the court since turning age 13 I am currently or I was an emancipated minor I am currently or I was in legal guardianship I am homeless or I am at risk of being homeless If all these questions are "no”, you are considered dependent for federal aid.
  13. Parent Information
  14. Parent Financial Information Have your 2012 income taxes by your side! IRS Data Retrieval
  15. IRS Data Retrieval While completing the FAFSA, 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 window Applicant chooses whether or not to transfer data to FAFSA on the web
  16. Sign and Submit Website: www.pin.ed.gov Sign FAFSA electronically Sam PIN stays for life
  17. Confirmation and EFC **This is an estimate based off the original EFC. The school will determine the actual amount**
  18. What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute Calculated using data from a federal application (FAFSA) Stays the same regardless of college Colleges use the EFC to award financial aid
  19. What is Cost of Attendance (COA) Direct and Indirect costs combine into cost of attendance Direct Cost: Campus Fees Tuition Indirect Cost: Books and Supplies Room & Board Personal Expenses Transportation COA Varies widely from college to college
  20. What is Financial Need Cost of Attendance (COA) –Expected Family Contribution (EFC) = Financial Need *A student can receive any combination of aid (need based or non-need based) up to their cost of attendance.
  21. THINK OF FINANCIAL AID AS AN UMBRELLA FOR
  22. Federal State Institutional Private Funding Sources
  23. Federal Programs Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Teacher Education Assistance for College and Higher Education Grant (TEACH) Federal Work Study (FWS) Federal Loans
  24. Grants Money that does not have to be paid back Usually awarded on the basis on financial need
  25. Benefits of Work Study: Work On-Campus Earn Money to help pay for educational costs Gain Experience Earnings are taxable but do not affect your aid eligibility the following year Federal Work Study
  26. Federal Loans Federal Loan Program: Student Subsidized Loan (Need-based) StudentUnsubsidized Loan (Non-need-based) interest rate: Fixed 6.8% ParentPLUS Loan (Non-need-based) interest rate: Fixed 7.9%
  27. State Programs Residency requirements Award aid on the basis of both merit and need Use information from the FAFSA
  28. Cal Grants “A” - “B” - “C” Grant Deadline: March 2 Extended Opportunity Programs & Services (EOPS) Chafee Grant (Foster Youth) BOGW “A” – “B” – “C” (Board of Governors Fee Waiver) CA State Programs
  29. WebGrants 4 Students https://mygrantinfo.csac.ca.gov/logon.asp
  30. BOGW is a state sponsored program, which waives enrollment fees for qualifying students (Community Colleges only) Some qualifications are: California resident Students on public assistance programs Low income students Dependents of disabled or deceased California Veterans Board of Governors Fee Waiver(BOGW)
  31. Institutional Grants Scholarships Internships Private loans Institutional/Private
  32. Scholarships Good Grades Athletic Ability College Major Special Talents Heritage Tribal Community Service Americorps Can be Need based or Non-need based **NOTE: Scholarship searches should always be FREE! STAY AWAY from anyone who charges you for a scholarship search!
  33. A College Aid Package (Example) Cost of Attendance (COA) $24,000 - Expected Family Contribution (EFC) $2,000 = Financial Need $22,000
  34. Major Steps to Financial Aid
  35. FAFSA Deadline? Don’t be discouraged, applications can be completed anytime within the academic year *For Cal Grant consideration, your FAFSA and GPA Verification Form must be submitted to CSAC no later than March 2nd
  36. To Complete the FAFSA only use the Federal Government Web Site: www.fafsa.gov Avoid Scams Submitting a FAFSA and Applying for Scholarships is FREE
  37. Tools to Help You www.miracosta.edu/financialaid www.csac.ca.gov www.fastweb.com www.icanaffordcollege.com Cash For College @ MiraCosta February 9th, 2013
  38. Important Phone Numbers Mira Costa College Financial Aid Office (760) 795-6711 Federal Student Aid Information Center 1-800-4FED-AID: 1-800-433-3243 Hearing Impaired: 1-800-730-8913 California Student Aid Commission 1-888-224-7268
  39. Questions? QUESTIONS? THANK YOU
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