Cash for College $1,000 Scholarship Evaluation

Financial AidOverview2009-2010Presented by The East Bay Cash for College CoalitionPresenter: ……..Presentation available for download at:www.eastbayconsortium.org

Cash for College $1,000 ScholarshipEvaluation • Complete and turn in the Student Evaluation BEFORE you leave! • Location and Date • Write Clearly! • Scholarship Rules on pg 2 • Must submit your FAFSA and Cal Grant GPA by March 2nd • Winner will be chosen after March 2nd and announced by your counselor or by a letter mailed to the address provided. • Scholarship will be sent to the college. 2

Sources of Financial Aid • Federal government • State government • Colleges and universities • Private agencies, companies, foundations, and your parents’ employers

Types of Financial Aid • Gift Aid - Grants or scholarships that do not need to be repaid • Work - Money earned by the student as payment for a job on or off campus • Loans - Borrowed money to be paid back, usually with interest

How Does Financial Aid Work? • Colleges determine and offer their students financial aid based on the following equation. Also known as “Need Analysis.” Cost of Attendance (COA) • Expected Family Contribution (EFC) • Financial NEED(Financial Aid Eligibility) 5

What is the Expected Family Contribution (EFC)? A number produced by the FAFSA used by colleges to calculate the amount that your family(student and parent/s) will be expected to payfor college from income and assets over time. - recalculated each time you submit a FAFSA (once per year) 6

What is the Cost of Attendance (COA)? Cost of Attendance includes most everything related to college expenses for one academic year. Also known as the “Student Budget.” • Tuition and/or fees • Room and board • Books and supplies • Transportation • Misc. personal expenses 7

Financial Aid Eligibility- Varies Based on Cost (COA) Private 4-year COA $50,000 - EFC 2,000 = Need $48,000 Public 4-year COA $25,000 - EFC 2,000 = Need $23,000 Public 2-year COA $12,000 - EFC 2,000 = Need $10,000 8

Financial Aid Award Letter • All Financial Aid Award letters include the following: • Cost of Attendance (or Student Budget) • Expected Family Contribution • Aid Offered - grants - work-study - loans - scholarships 9

Types of Applications FAFSA Cal Grant GPA Verification Form Check college websites for additional forms such as: CSS Financial Aid Profile Scholarships Applications CCC Board of Governor’s Fee Waiver May need to provide a copy of your family’s 2008 Federal tax returns GPA Form

CSS/Financial Aid PROFILE • www.collegeboard.com/profile • 2 step process: • $9 online registration • $16 per school • fee waiver built into website • NOT used for awarding federal financial aid • NOT all schools require • mostly private schools • Filed earlier than the FAFSA

2009-2010 Cal Grant Application Requirements Check with your high school or college counselor for more details on how to file your Verified GPA for Cal Grant consideration. www.calgrants.org By March 2, 2009, complete and submit: Cal Grant GPA Verification Form OR Release Form Free Application for Federal Student Aid (FAFSA) 12

Cal Grants • Cal Grant A Entitlement Awards– up to $7,126 at a U.C., $3,048 at a CSU, and $9,708 at an independent or private college. If attending a Community College, award will be held in reserve for up to 3 years until you transfer to a four-year college. • Cal Grant B Entitlement Awards– additional living allowance of $1,551 and up to the same award amounts of Cal Grant A for the second year. • Cal Grant C Awards– for students from low income families pursuing vocational programs of study. Awards up to $576 for books, tools, etc. and up to $2,592 for tuition and fees at a private college.

Need-Based Federal Grants • Pell Grants • $4,731 maximum per year • Academic Competitiveness Grants • $750 for the first year • $1,300 for the second year • Supplemental Educational Opportunity Grants (SEOG) • $4,000 maximum per year See Fund Your Future Workbook pg 12

More Need-Based Aid Federal Work-Study Institutional Grants, Scholarships, or Fee Waivers Federal Perkins Loan 5% Interest begins at repayment = 9 mo. after graduation Federal Subsidized Stafford Loan 6.0% Interest begins at repayment = 6 mo. after graduation 15

NON-Need-Based Aid Some institutional or private scholarships Federal Unsubsidized Stafford Loan 6.8% interest begins immediately, accruing on the original loan amount unless you pay the interest while in school. Repayment begins 6 months after graduation. Federal PLUS Loan for Parents 7.9 - 8.5% interest begins immediately, accruing. Repayment begins after 60 days or can be deferred until the student drops below ½ time. 16

California Chafee Grant The California Chafee Grant program provides up to $5,000 annually to current and former foster youth (16-24 yrs old) for college or vocational training at any accredited college in the U.S based on available funding. To learn more about the Chafee Grant, go to: www.chafee.csac.ca.gov • To apply, the foster youth must complete: • 2009-2010 FAFSA • California Chafee Grant Program Application 17

Special Circumstances Contact the Financial Aid Office if there is: Loss or reduction in parent or student income or assets Death or serious illness Natural disasters affecting parent income or assets 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 Any other unusual circumstances that affect a family’s ability to contribute to higher education See presenter for handout on Special Circumstances documentation 18

Citizenship Status NOTE: if you are undocumented or under-documented • A valid social security # (for the student only) is required on the forms for federal and state financial aid. • You may be eligible for in-state tuition costs at California public colleges or universities. • Check with colleges and universities to see if institutional financial aid is available. • Apply for all private scholarships for which you may be eligible • For more information and a list of scholarships, go to: • www.latinocollegedollars.org

FAFSA Information & Tips • File early, but no later than March 2, 2009 • Use estimated 2008 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 PINs available in Real Time thru the FAFSA Website: www.fafsa.ed.gov

Questions and Answers 21

FAFSA on the WebWorksheetLine-by-LinePresentationPresented by the East Bay Cash for College CoalitionPresenter: ……..

FAFSA on the WebWorksheet READ all instructions and gather what you need to complete this form! Black = questions for student Purple = questions for parent

Your Social Security Number (Q8)Your last name (Q1) 1 2 3 4 5 6 7 8 9 HERNANDEZ-GARCIA List the student’s name and Social Security number exactly as they appear on the Social Security card. Both will be compared through a database match process.

If U.S. citizen, status will be confirmed by a Social Security match. If eligible noncitizen, SSN and ARN will be confirmed by Department of Homeland Security (DHS) match. Write in your eight- or nine-digit Alien Registration Number (ARN) If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or institutional funds. Citizenship Status (Q14, Q15) 0 1 2 3 4 5 6 7 8

Selective Service Registration (Q22) MALE students will be entered into a database for use if there is a draft. There has not been a draft since 1973. If you are not 18 as of the day you submit your FAFSA, you can leave it blank, but remember to select “Register me” on next year’s FAFSA. For more information, go to: www.sss.gov

Work-study and Loans? (Q31) • Interest in Work-study and Loans does NOT obligate you to work or borrow, nor will it cause you to lose grants and scholarships. • Answering “Neither” may restrict some options for limited loans and work-study funds.

Section 2 Determination of Student Dependency Status You will need proof if you answer YES. 28

Dependency (continued)

Section 3 – Parental Information See top of Page 4 about who is considered a parent: • Biological or adoptive parent(s) • Stepparent (regardless of any prenuptial agreements) • Use only one parent’s information if divorced or separated • DO NOT include information on: • legal guardians • grandparents, or • other relatives See presenter for handout on Special Circumstances documentation

Father’s and/or Mother’s SSN, Last Name, and Date of Birth (Q63-70) 234 56 789 0 JONES 0 5 0 31 9 5 9 000 00 000 0 PARKER 0 7 1 91 9 6 0 Information should be listed as they appear on the parent/s’ Social Security Card for a database match If parent does NOT have a SSN, enter 000-00-0000 Do NOT include additional information on parent if single, divorced, separated, or widowed.

Parents’ Tax Return Filing Status for 2008 Q82 NOT in Worksheet:For 2008, have your parents completed their IRS income tax return? - My parents have already completed their return.- My parents will file, but they have not completed their return. - My parents are NOT going to file (skip to Q89)Type of income tax return (Q83-84)

Parents’ Household 2008 Federal Benefits Indicate if you, your parents, or anyone in your parents’ household received benefits in 2008 from any of the federal programs listed.

Parent Assets (Q91) 2,155 Report the current balance of your parents’ cash, savings, and checking accounts as of the day you complete the FAFSA. TIP: Report available cash (after the bills are paid) NOTE: Some financial aid offices may request supporting documentation for the answers to these questions.

Parent Assets (Q92) 7,900 Net Worth means current value minus debt • Investments include: • real estate (other than parents’ home) • trust funds • UGMA and UTMA accounts • money market and mutual funds • certificates of deposit • stocks and stock options • bonds and other securities • Coverdell IRAs • 529 plans • installment and land sale contracts • commodities, etc.

2008 Additional Financial Information These items will be excluded from taxed income reported earlier.

2008 Untaxed Income These items will be added to your 2008 income. 37

Section 4 – Student Finances • These questions are identical to the parent financial questions we covered in the Section 3 • In Section 4 (page 6): • If you worked, report your 2008 income • If you are single, ignore references to “spouse” • Q96-103 are for INDEPENDENT students only

Section 5 – School Information 001328 001170 023456 034567 • List up to 10 colleges • - that you have applied and/or are planning to apply • List at least one California College 1st, 2nd or 3rd, for Cal Grant consideration • List those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state • Find school codes at: www.fafsa.ed.gov • List a community college for summer 2009!

What Happens Next? Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor ê Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR) ê Students and families review SAR and CAR for important information and accuracy of data ê Colleges match admission records with financial aid applications and determine aid eligibility ê Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

Summary of the Financial Aid Process • Submit all required forms, including the FAFSA, by each college’s published deadlines (but no later than March 2) • By March 2, submit a Cal Grant GPA Verification Form (or Release Form) • Keep a copy of all forms submitted • Review the Student Aid Report (SAR) and California Aid Report (CAR) for accuracy • 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!

Questions and Answers

Cash for College $1,000 Scholarship Evaluation