520 likes | 681 Views
Financial Aid Night 2014-2015. Agenda. Cost of attendance (COA) & Expected Family Contribution (EFC) Types and sources of financial aid AB540 and the Dream Act How to complete the Free Application for Federal Student Aid (FAFSA) Next Steps: What happens after you submit the FAFSA
E N D
Financial Aid Night 2014-2015
Agenda Cost of attendance (COA) & Expected Family Contribution (EFC) Types and sources of financial aid AB540 and the Dream Act How to complete the Free Application for Federal Student Aid (FAFSA) Next Steps: What happens after you submit the FAFSA Resources and RHS financial aid help dates
What is Financial Aid? A way to pay for a college education Government (federal & state) support for college attendance Institutional (college) support for college attendance Private (business, community, etc.) support for college attendance Cost of Attendance – Expected Family Contribution = Financial Need
Cost of Attendance (COA) Note: Costs vary from institution to institution
Expected Family Contribution (EFC) Amount a family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form and a federal formula
Types of financial aid • Grants - Money that does not have to be paid back. Based on financial need. • Work-study or student employment programs - federal and college. • Loans - Borrowed money that you must pay back, usually with interest. • Scholarships - Free money, usually based on a student’s area of study or merit. 6
8 Cal Grant Income & Asset Ceilings
Other Grants • Federal Pell Grant • Up to $5,550 a year • Federal Supplemental Educational Opportunity Grant • Up to $4,000 a year • Federal TEACH Grant • Up to $4,000 a year • CHAFEE Grant • Provides up to $5,000 annually to current and former foster youth
Scholarships University-based scholarships and grants Private scholarships www.finaid.org www.collegeboard.org Local Scholarships Outside Scholarship List (updated regularly) Local Scholarship Booklet – available 1/31 www.rosevilletigers.org - Click “Academics” then “Career Center”
The CaliforniaMiddle Class Scholarship Starts in 2014-2015 for undergraduate students who are: • Attending a CSU or UC campus • From families with income up to $150k • U.S. citizens, permanent residents or AB 540 • Not incarcerated • California residents
The CaliforniaMiddle Class Scholarship Students must also: • Maintain a 2.0 GPA • “Meet certain income and other financial aid standards”
The CaliforniaMiddle Class Scholarship How do students apply…? • FAFSA • Dream Act application • Cal Grant GPA Verification is not required, but it is recommended.
The CaliforniaMiddle Class Scholarship How much can students get? • Up to 40% of mandatory system-wide fees for students whose annual family income is up to $100,000 ...eventually. • No less than 10% of mandatory system-wide fees for students whose annual family income is between $100,001 and $150,000
MCS – The Rollout • Based on CSU system-wide fees of $5,472, 40% would be $2,188.80. Over the next 4 years…:
MCS – The Rollout • Based on UC system-wide fees of $13,200, 40% would be $5,280. Over the next 4 years…:
MCS – The Rollout • The MCS is nota set amount and may vary by student and by institution. • The award amount will be determined afterother awards (Pell Grant, Cal Grant, and institutional need-based grants) are made.
MCS – How it fits in… ANNUAL FAMILY INCOME * When fully funded. ** Based on 2013-2014 income levels, family of four.
MCS – The Rollout • And one more thing… “The final award amount will also be based on the number of students that are eligible for the Middle Class Scholarship and the amount of funding allocated by the State Budget. "
The financial aid process It all starts with the… Free Application for Federal Student Aid (FAFSA) www.fafsa.gov Dream Act Application dream.csac.ca.gov OR
AB 540 Students – CA Dream Act • Attended a California high school for 3 or more full academic years between grades 9 through 12 • Will graduate from a California high school (or attain a GED) • Do not have a Social Security Number or does have a DACA Social Security Number • Do not hold a valid non-immigrant visa
The Financial Aid Process • This is the student’s application and responsibility! • Parent information is usually required. • Apply between January 1st and March 2nd of the senior year. • Renew every year at the same time! • The FAFSA and Dream Act applications help determine ability to pay for college
FAFSA Information & Tips File early, but no later than March 2, 2014 Use estimated 2013 income information if taxes are not complete at time of FAFSA submission Student and at least one parent whose information is reported must complete and sign the FAFSA with a PIN number
Federal PIN PIN (Personal Identification Number) serves as the electronic signature on ED documents Both student and one parent need PINs to sign the FAFSA electronically May be used to: Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and e-mail addresses If an e-mail address is provided, PIN will be e-mailed to the PIN applicant within minutes Apply for student and parent PINs at: www.pin.ed.gov
Before starting the FAFSA, gather: Student driver’s license or Alien Registration Card Student and Parent Social Security cards 2013 W-2 Forms and records of money earned and other taxable benefits 2013 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 Complete 2014-15 FOTW Worksheet Create a file for copies of all financial aid documents submitted Getting Ready
FAFSA on the Web Worksheet • Use the 2014-2015 FAFSA on the Web Worksheet in preparation for submitting your FAFSA online • Available at www.fafsa.gov
Section 1–Student Demographics Section 2–School Selection Section 3–Dependency Status Section 4–Parent Demographics Section 5 – Financial Information Section 6 – Sign and Submit Section 7 – Confirmation FAFSA (www.fafsa.gov)
Section 1 - Student Name • Make sure to report the student’s name exactly as it appears on the student’s Social Security card
Section 1 - Student Social Security Number • Double check the student’s Social Security Number when entering it on the FOTW. • Both student name and Social Security Number will be compared through a database match.
Check to see if he/she might be eligible for in-state tuition/fee costs Visit www.CalDreamAct.org to learn more about the new California Dream Act Check with colleges and universities about CA Dream Act institutional financial aid and private scholarships Apply for all other private scholarships for which the student may be eligible Section 1 - Undocumented Students If the student is undocumented For more information and a list of scholarships, go towww.latinocollegedollars.org http://www.maldef.org/assets/pdf/Scholarship_List_2010_2011.pdf www.finaid.org/otheraid/undocumented.phtml
Section 1 - Selective Service Registration • Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid • Answer “Register me” only if you are male, aged 18-25, and have not yet registered. • The student may also register by going to: www.sss.gov
Section 2 - School Selection • FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information • The student should list the California school he/she is most likely to attend FIRST • Then list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state • If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web or by phone using the student PIN
Section 2 - School Selection • The student will be asked to select the housing plan that best describes the type of housing the student expects to have while attending each listed school • The choices for housing are: On Campus, With Parent, or Off Campus • The student’s choice of housing may affect the amount of financial aid for which he/she is eligible. It is usually more expensive to live on or off campus than with parents or relatives
Section 3 - Determination of Student Dependency Status • If the student checks “No” in all of the boxes, the student will be asked to go to Section 4. For FAFSA filing purposes, the student is considered a dependent student and will be required to provide parental information • If any one of the items in this section applies to the student, he/she should will go to Section 5. The student is considered an independent student for FAFSA filing purposes and is NOT required to provide parental information
Section 4 - Parent Demographics • If the answer to any question is zero or the question does not apply, enter 0: • Report whole dollar figures: • Recommendation: If your parents have not filed their 2013 federal tax return, use W-2 forms and/or other employment records - such as final 2013 pay check stubs - to estimate total income • Remember, rather than miss any filing deadline, use estimated 2013 income information 0 (no cents) 12,356
Section 5 - IRS Data Retrieval • This question asks if parents have completed their 2013 IRS income tax return • If parent(s) answer “Already completed,” they will be given the option to transfer their 2013 income tax information directly from IRS records to the FAFSA • If parents indicate that they have recently filed their 2013 taxes, they may not be able to access their IRS data if they have filed taxes electronically within the last two weeks or by mail within the last eight weeks 44
Application Filing Tips Check the FAFSA for accuracy prior to submission Save all work periodically Sign the application using student’s and one custodial parent’s PINs Print a copy of the FAFSA before submitting it Keep a copy of the Submission Confirmation Page Check each college’s financial aid website for other required applications (e.g., CSS/Profile) 45
Students and the colleges the student listed will receive a Student Aid Report (SAR) Students who complete FAFSA and Cal Grant GPA Verification Form will receive California Aid Report (CAR) Students and families should review SAR and CAR for important information and accuracy of data – Update and correct Track your Cal Grants at www.webgrants4students.org Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms through web portals (check these OFTEN!!!) What Happens Next?
Special Circumstances Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: Loss or reduction in parent or student income or assets Death or serious illness Natural disasters affecting parent income or assets such as the recent California wind storms, wild fires, floods, or mudslides Unusual medical or dental expenses not covered by insurance Reduction in child support, Social Security benefits or other untaxed benefit Financial responsibility for elderly grandparents, or Any other unusual circumstances that affect a family’s ability to contribute to higher education 47
Submit all required forms, including the FAFSA and Dream Act, by EACH COLLEGE’S PUBLISHED DEADLINES (but no later than March 2) Keep a copy of all forms submitted Review the electronic Student Aid Report (SAR) acknowledgement or the paper SAR sent to the student Review the California Aid Report (CAR) Watch for financial aid award notifications from colleges to which the student has been admitted Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible ASK QUESTIONS! Summary of the Financial Aid Process
FAFSA on the Web – Live Help Tel: 1-800-4-FED-AID or 1-800-433-3243 E-mail: www.FederalStudentAidCustomerService@ed.gov If You Need Help at Any Time 49
FREE CASH FOR COLLEGE Cash for College Workshop February 4th – RHS Library - 6:00 – 8:00pm • Get help with the FAFSA, Dream Act, and Cal Grant applications • Students who attend and submit their FAFSA may be eligible for up to a $1,000 scholarship!!!