Investing in Your Future

1. Investing in Your Future

2. Workshop Agenda • The Financial Aid Equation • The Basic Formula • Types of Financial Aid • Scholarships, Grants, Work-Study & Loans • How to Apply for Financial Aid • Free Scholarship Searches

3. What Financial Aid Offers • Access to funds to help pay for • 4 year public and independent colleges • Community colleges • Private career colleges • Choice among schools • Choose the best academic, cultural, and social fit rather than the least expensive program

4. What are the Basic Concepts • Cost of Attendance • Expected Family Contribution • Financial Need

5. Cost of Attendance Tuition & Fees Books & Supplies Room & Board Personal Expenses Transportation

6. Expected Family Contribution • The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to pay from income and assets over time.

7. What is Financial Aid * Financial Need equals Financial Aid Eligibility.

8. Sourcesof Financial Aid • Federal Government • State Government • Colleges & Universities • Private Agencies & Organizations

9. Types of Aid • Merit Based Aid • Scholarships – money awarded based upon merit and/or special talent that the student does not need to repay. • Need Based Aid • Grants – money awarded based upon need that the student does not need to repay. • Loans – money borrowed by the student to be repaid with interest after graduation. • Work Study – money earned by the student as payment for an on-campus job.

10. How Number in College Affects Your Family’s Contribution • The EFC will be divided among the children enrolled in school. • Where the sibling(s) is/are enrolled will be taken into consideration. • Parents enrolled in college or siblings in graduate school are not considered in the analysis.

11. How Students Apply • FAFSA (Free Application for Federal Student Aid) • www.fafsa.gov • CSS Financial Aid PROFILE • www.collegeboard.org • Other Required Items • Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation

12. Applying for USC Financial Aid • February 10th • College Scholarship Service (CSS) Profile • Free Application for Federal Student Aid (FAFSA) • Provide Additional Documents or Information when Requested • 2013 Federal Income Tax Return Information • CSS Noncustodial Parent Profile

13. Net Price Calculator The Higher Education Opportunity Act (HEOA) of 2008 requires each institution that participates in Title IV federal student aid programs to post a net price calculator on its website using institutional data to provide estimated price information to current and prospective undergraduate students and their families based on a student’s individual circumstances. The net price calculator is required for all Title IV institutions that enroll full-time, first-time degree- or certificate-seeking undergraduate students.

14. Special Circumstances • Contact the Financial Aid Office immediately if there is a: • Loss of a job • Decrease in salary • Death or serious illness in family • Change in your housing plans for the school year • Any other circumstances that reduce the family’s ability to pay for education expenses.

15. Cal Grant Programs • By March 3rd, complete and submit • the FAFSA • The Cal Grant GPA Verification Form,check with your school for more details.

16. Cal Grant Programs • Cal Grant A assists with tuition and fees at public and independent colleges. • Cal Grant B provides a living allowance and tuition and fee assistance for low-income students. • Cal Grant C awards assist with tuition and training costs for occupational, technical, and vocational programs.

17. Community College • The California Community College Board of Governors’ Enrollment Fee Waiver (BOGW) waives the California Community College’s enrollment fee for California residents: • Who are eligible for need – based financial aid, or • Who receive CalWORKs/TANF, SSI, or General Assistance payments, or • Whose family income falls below published income ceilings • Learn more about the BOGW at • www.icanaffordcollege.com

18. California Chafee Grant for Foster Youth • The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S. • To be eligible, the foster youth must have been in California foster care between ages 16-18 and not yet 22 years old. • www.chafee.csac.ca.gov

19. Scholarships • Available from colleges, companies, community-based groups and other organizations • Usually require separate applications • May require transcript, essay, interview, or audition • Beware of scholarship search companies that charge a fee • Check with your high school about scholarship opportunities • Use free scholarship searches

20. Free Scholarship Searches www.fastweb.com www.finaid.org www.collegeboard.com www.scholarships.com These sites also contain helpful financial aid information

21. Gates Millennium Scholarship • Funded by the Bill and Melinda Gates Foundation • Renewable for all undergraduate study • Application and more information available at www.gmsp.org

22. Don’t Be Fooled! • Beware false claims! • “Thousands of dollars in scholarships go unclaimed each year” • “Guaranteed or your money back!” • “Give me your credit card or bank account number to hold this scholarship” • “The scholarship will cost some money” • “You’ve been selected. . .” • “You’re a finalist in a contest” (that you never entered)

23. Before you Decide • Make a list of colleges that have programs that interest you • Consult with your school counselor • If possible, don’t make a final decision about which school you will attend until you have visited the colleges • Consider all factors – not just cost – when making the final decision

24. Questions ?