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UC Santa Cruz, Cabrillo and Cal State Monterey Bay Present

UC Santa Cruz, Cabrillo and Cal State Monterey Bay Present. Financial Aid 2014-2015. Purpose of Financial Aid. Everyone has the access to attend college or trade school You have the choice of which school to attend. What is financial aid?. Money to pay for college or career school

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UC Santa Cruz, Cabrillo and Cal State Monterey Bay Present

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  1. UC Santa Cruz, Cabrillo and Cal State Monterey Bay Present Financial Aid 2014-2015

  2. Purpose of Financial Aid Everyone has the access to attend college or trade school You have the choice of which school to attend

  3. What is financial aid? • Money to pay for college or career school • Grants • Loans • Work-study • Scholarships

  4. Who can get federal student aid? • U.S. citizen or permanent resident • High school graduate/GED holder • Enrolled in eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Maintaining Satisfactory academic progress

  5. Not eligible for federal student aid? • You may be eligible to complete the California Dream Application • To qualify for California and public financial aid through AB130 and AB131, including undocumented students, must: • Be AB 540 eligible; • Have or will graduate from a California high school or have attained a G.E.D.; or received a passing mark on the California High School Proficiency Exam (CHSPE); • Register or be currently enrolled at an accredited institution of higher education in California; • Not hold a valid non-immigrant visa (F,J,H,L,A,B,E, etc.); • Demonstrate financial need and meet all other program requirements. • Go to: https://dream.csac.ca.gov/ to apply

  6. How much federal student aid can I get? Depends on your financial need. • Financial need is determined by Expected Family Contribution (EFC) and Cost of Attendance (COA) • EFC comes from what you report on the FAFSA • COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

  7. How much federal student aid can I get? Example: first-year student in 2013-14 Maximum amounts allowed: • Federal Pell Grant: $5,645 in 2013-14 • Direct Subsidized and Unsubsidized Loans: $5,500 total • Federal Perkins Loan: $5,500 • Federal Supplemental Educational Opportunity Grant: $4,000 • Federal Work-Study: depends on funds available at school • Direct PLUS Loan (for parents): COA minus other aid received

  8. How do I apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov • State aid: Send GPA verification form to CSAC • School aid: contact financial aid office at schools you are considering • Scholarships: visit scholarship website or call contact number for information

  9. FAFSA on the Web • Website: www.fafsa.gov • 2014–15 FAFSA on the Web available on January 1, 2014 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  10. FAFSA on the Web Good reasons to file electronically: • Built-in edits to prevent costly errors • Skip logic allows student and/or parent to skip unnecessary questions • Option to use Internal Revenue Service (IRS) Data Retrieval Tool

  11. Federal Student Aid Personal Identification Number (FSA PIN) • Website: www.pin.ed.gov • Sign FAFSA electronically • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

  12. Student Dependency Status FAFSA asks questions to determine status: • If all “No” responses, student is dependent • If “Yes” to any question, student is independent

  13. Information About the Parents of Dependent Students • Tax, income, and other financial information • Dislocated worker status • Assets

  14. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

  15. FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: • Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided • SAR Acknowledgement if filed FAFSA on the Web and student’s e-mail address was not provided

  16. FAFSA Processing Results • Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted • College reviews ISIR • May request additional documentation, such as proof that a sibling is enrolled in college

  17. Making Corrections If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web (www.fafsa.gov) if student has a PIN; • Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or • Submitting documentation to college’s financial aid office

  18. Special Circumstances • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information

  19. What happens next?Overview http://studentaid.ed.gov/fafsa

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