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Free Application for Federal Student Aid

Free Application for Federal Student Aid. WORKSHOP. BY University Outreach Services CAL STATE UNIVERSITY BAKERSFIELD. Basic Premise of Financial Aid.

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Free Application for Federal Student Aid

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  1. Free Application for Federal Student Aid WORKSHOP BY University Outreach Services CAL STATE UNIVERSITY BAKERSFIELD

  2. Basic Premise of Financial Aid • Students and parents are the primary source of funds for post secondary education and are expected to contribute to the extent they are able. • Financial aid measure: • family ability, • not “willingness”, • To pay for higher education.

  3. Does Your School Qualify? • Many educational institutions and programs are qualified to disburse federal student financial aid. They include: • Large universities / UC’s and CSU’s • Small liberal arts colleges / Private Religious Colleges • Community colleges • Career and technical schools • Trade schools • Certification programs, degree and non-degree programs • The Department of Education assigns a Federal School Code number (previously called a Title IV School Code) to each school that is approved to participate in awarding Pell Grants and other federal financial aid for which you want to apply. • CSUB: 007993

  4. Student Eligibility The Department of Education and states use the information provided on your FAFSA to determine your eligibility. Some states and schools may require you to fill out additional forms. Some of the requirements to receive aid from FSA programs are that you must: 1. Be a citizen or eligible non-citizen of the U.S. with Social Security Number* 2. Have a high school diploma or General Education Development (GED) 3. Enroll in eligible programs as a regular student seeking degree/certificate 4. Register (or have registered) for Selective Service, if male ages of 18-25 5. Eligible or Partially Eligible on the Drug Conviction question (Question 35) Note: answering 'No' to question 35 does not mean your status will never change in the case of subsequent convictions. If your status changes, please notify the financial aid administrator at your school. *Students may still be eligible for aid irregardless of their immigration status but must contact the Financial Aid Office for further information.

  5. Documents Needed • You will need records of income earned in the year prior to when you will start school. For the 2003-2004 school year, you will need financial information from 2002. You will need: • Your Social Security Number • Your driver's license (if any) • Your W-2 Forms and other records of money earned • Your (and your spouse's, if you are married) 2002 Tax Return • Parent's 2002 Tax Return (if you are a dependent student) • Your 2002 untaxed income records – e.g. Social Security • Your 2002 bank statements • Your 2002 business and investment information • Your alien registration card (if you are not a U.S. citizen) • Income can be estimated if documentation is not available, but corrections must be made before the student can be awarded. • *Keep these records! You may need them again. Do not mail your records with your signature page.

  6. Expected Family Contribution Your family’s EFC is calculated by formulas that determine how much money your family can contribute to one year’s college expenses. The formula considers your family’s: 1 - Income from last year 2 - Current balance of cash, savings, checking 3 - Current net value of any assets The formula is as follows: • Cost of Attendance COA • Expected Family Contribution EFC • = Student Financial Need

  7. How Do You Receive Financial Aid? The schools to which you are applying use your SAR (Student Aid Report) to prepare a financial aid package to help meet your financial need. Financial need is the difference between your school's cost of attendance (including living expenses), as calculated by your school, and your EFC (Expected Family Contribution). The amount of your financial aid award depends on whether: 1. You're a full-time or part-time student 2. You attend school for a full academic year or less 3. Have special circumstances such as unusual medical or dental expenses Federal Student Aid will be paid to you through your school. The school will notify you by sending you an award letter.

  8. Deadlines • The deadlines for states or colleges may differ from: • Federal Student Financial Aid Deadlines • State Student Financial Aid Deadlines • College Student Financial Aid Deadlines • For the 03-04 School Year (July 1st, 2003 - June 30th, 2004): • the priority consideration, the FAFSA application must be submitted by: • MARCH 3, 2003

  9. Do I need a PIN? You need a PIN in order to perform any the following: 1. Electronically sign or make Corrections on the Web. 2. View the status of a submitted FAFSA application. 3. View the results of a processed FAFSA application. 4. Access your Federal Student Aid information. 5. Use your PIN to access Direct Loan Entrance Counseling. 6. Make address corrections to a Direct Loan account. 7. Make updates to the e-mail or mailing address. 8. Print a copy of your Student Aid Report (SAR).

  10. FAFSA Follow-Up Once you have successfully submitted your FAFSA, the Department of Education processes your application and will send you a Student Aid Report (SAR) by mail. A copy of your SAR is also sent electronically to the schools you've listed in your FAFSA. Note that many schools have their own methodology to determine your family contribution and financial need. If we have a current e-mail on file for you, an e-mail will notify you with instructions on how to access your electronic SAR (Student Aid Report). If you find you've made a mistake after submitting your application, you will have to wait until after your application has been processed to make corrections.

  11. Checking Status • You can check the status of your FAFSA or correction at any point during the processing period. Checking the status of your application at any time. • 1 week after submission - if you used a PIN • 2-3 weeks after submission - if you mailed Helpful Hint: If you printed out the Electronic Filing Instructions when you filed your Web application, write down the dates you checked the status. If you would like to view your application data, you will need the PIN number. (Note: you must have a U.S. Department of Education PIN.)

  12. Special Circumstances Financial aid administrators “may” make adjustments to a student’s FAFSA information on a case-by-case basis. Special circumstances may include: 1. Dependency status, Child support 2. Income, assets,medical or dental expenses 3. Number in household or in college Present your case and call the Financial Aid Office Write a detailed explanation of circumstances. Attach supporting documentation and Follow up.

  13. Types of Federal Aid • 1. Federal Pell Grants: to undergraduate students only. Grants do not have to be repaid. • 2. Federal Stafford Loans: to both undergraduate and graduate students. First-year undergraduates are eligible for loans up to $2,625. • Subsidized - Stafford loan, the government will pay the interest • Unsubsidized - You are responsible for paying all of the interest • 3. Federal PLUS Loans: are unsubsidized loans made to parents. • 4. Educational Opportunity Grants: are grants available for undergraduates only; awards range from $100-$4,000. • 5. Federal Work Study: provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses. • 6. Perkins Loans: are low-interest (5 %) loans that must be repaid; the maximum annual loan amount is $4,000 for undergraduate students and $6,000 for graduate students.

  14. What is a Cal Grant? Cal Grant awards are state funded monetary grants given to students to help pay for college expenses. The awards do not have to be paid back. 1. Fill out and submit a Free (FAFSA) Application 2. File a verified grade point averageSubmit GPA Verification Form with the California Student Aid Commission by no later than March 2, 2003. Some high schools and colleges automatically file their students’ verified GPAs with the Commission. Some do not. You must confirm whether your school will file your GPA for you, or obtain a GPA Verification Form, get it certified by a school official and mail it yourself.

  15. Cal Grant Types 1. Athletic Grant-in-Aid: Eligibility is determined by the Athletic Departments. 2. Bureau of Indian Affairs (BIA) Grant: Native American students who can prove membership. 3. Cal Grant A Entitlement Award: This award provides grant funds to help pay tuition/fees for California residents ($1,428 at CSUB). These awards are guaranteed for those students who have a high school of no less than 3.0 GPA and meet the established program eligibility criteria. 4. Cal Grant B Entitlement Award: for low-income students in an amount not to exceed $1,551. Used to pay living expenses and expenses. Cal Grant B also helps pay for tuition/fees ($1,428 at CSUB). These awards are also guaranteed for those students who have a high school of no less than 2.0 GPA and meet the established program eligibility criteria.

  16. Cal Grant Types 5. Cal Grant T Award: This award is for teacher credential candidates who have a baccalaureate degree and plan to attend a teacher credential program. The award is to be used only for tuition/fees for a maximum of one academic year of full-time attendance ($1,506 at CSUB). 6. Fifth Year Benefits Award: This award is for Cal Grant recipients who are enrolled in a mandatory five-year undergraduate program, which requires all participants to complete more than four years of undergraduate study. 7. Educational Opportunity Program (EOP) Grants: To be eligible for the EOP grant, a student must be disadvantaged according to criteria established by state regulations. This program provides benefits such as tutoring, academic advising and some financial assistance. 8. Federal Pell Grant: The Federal Pell Grant program is the largest federal student-grant program. Eligibility was previously limited to Undergraduate students for up to five years of full-time attendance. Pell Grant awards for full-time students will range from $400 to $3,650, but may change from year to year depending on Congressional appropriations.

  17. Cal Grant Types 9. Federal Supplemental Educational Opportunity Grants (FSEOG): The FSEOG program is a federally-funded program that is designed to supplement other sources of financial aid for Undergraduate students who exceptional need. Typically, the average award at CSUB is less that $1,000 because funds are not sufficient to meet the needs of all eligible students. 10. Scholarships for Disadvantaged Students (SDS): This program is available for bona fide nursing students from disadvantaged backgrounds who are enrolled as full-time students. Scholarship awards may cover tuition and required fees, books and supplies, and reasonable living expenses incurred while enrolled in school as a full-time student. 11. State University Grant: The State University Grant (SUG) is a California State University (CSU) funded grant, intended for needy students who are legal residents of California. The California State University Chancellor defines eligibility criteria for award priorities as well as amounts of the grant. A maximum SUG of $1,428 for undergraduates and is targeted to students with exception need.

  18. The Process… 1-800-433-3243 FAFSA processed 4 Student and colleges recieve Report (SAR) 5 Mail in or on-line & GPA Verification 3 ? 6 Corrections/Revisions? 2 Apply for Pin # Respond 9 7 Colleges determine eligibility 1 Fill out forms/ documents 8 Award Letter are mailed to student

  19. Contact Information CSUB Financial Aid Office:www.csub.edu/FinAid 661-665-3248 (Frank Ramirez) FAFSA website:www.fafsa.ed.gov / 1-800-433-3243 Smart Student Guide:www.finaid.org California Student Aid Commission:www.csac.ca.gov U.S. Department of Education:www.ed.gov/studentaid

  20. This Concludes the WORKSHOP THANK YOU! Questions and Answers? University Outreach Services CAL STATE UNIVERSITY BAKERSFIELD

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