2015-2016 Mt. San Jacinto College Financial Aid Office

1. 2015-2016 Financing Education Beyond High School Mt. San Jacinto College Financial Aid Office 2015-2016 Mt. San Jacinto College Financial Aid Office

2. What to Expect Today • What is financial aid? • Cost of attendance (COA) • Expected Family Contribution (EFC) • What is financial need • Categories, types, and sources of financial aid • Free Application for Federal Student Aid (FAFSA) • Special circumstances

3. What is Financial Aid? • Funds provided to student and families to help pay for postsecondary educational expenses • Financial Aid Philosophy: Students AND their parents have the primary responsibility to pay for postsecondary education expenses Note: even if the student has left the household

4. What is Cost of Attendance? • DIRECT COSTS • INDIRECT COSTS • Tuition and fees • Room and Board • Books, transportation • Personal expenses • Personal computer • Loan Fees • Study abroad costs • Dependent care expenses • Disability-related expenses • Direct and indirect costs combined into Cost of Attendance • Varies widely from college to college

5. Expected Family Contribution • EFC is the 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

6. Financial Need…. What determines Financial Need? Cost of Attendance (COA) –Expected Family Contribution( EFC) = Financial Need

7. Types of Aid…. • Self-HelpAid • Gift Aid • Employment • Need-based • Non-need based • Grants • Scholarships • Need-based Merit-based

8. Federal Government • Largest source of financial aid • Aid awarded primarily on the basis of financial need • Must apply every year using the Free Application for Federal Student Aid (FAFSA)

9. Common Federal Aid Programs Teach Grant Supplemental Educational Opportunity Grant Pell Grant Subsidized and Unsubsidized Loans Work Study

10. Federal Pell Grant • Awarded to eligible undergraduates pursuing first baccalaureate degree and certain students enrolled in post-baccalaureate teacher certification or licensing programs • Portable • Actual award amount based on COA, EFC, and enrollment status • The amount of Federal Pell Grant funds a student may receive over his or her lifetime is six years. A year is equal to 100%, the six-year equivalent is 600%.

11. Federal SupplementalEducational Opportunity Grant (SEOG) • Eligible students: • Undergraduates pursuing first baccalaureate or professional degree • Awarded first to students with the lowest EFCs who are Federal Pell Grant recipients • Eligibility criteria varies from school to school • Award amounts from $100 up to $4000 per year

12. Federal Work Study Program (FWS) • Eligible students: Undergraduate, graduate, and professional students • Employment may be on or off campus • Schools must use portion of FWS funds for community service employment activities • Must mark interested on FAFSA • Limited funds, apply by priority deadline

13. TEACH Grant • For Students who plan on pursuing a Degree and • K-12 Teaching Credential • Minimum part time enrollment • Student must be enrolled in or pursuing a Teacher Preparation accredited program • Student must maintain a minimum 3.25 GPA annually • Not all institutions of higher learning participate in this grant program • Award amount $4000 per academic year • Certain restrictions and commitments apply to this grant; inquire at your institution

14. Loans, Limits, and Fees • School determines loan eligibility and disburses loan proceeds to students • Base Annual loan limits (combined subsidized and unsubsidized) • Fixed interest rate at 4.66% • 6 month deferment period after student completes academic program and enters repayment DIRECT PLUS LOANS • Loan program for parents of dependent undergraduate students as well as graduate students • Annual loan limit: COA minus other awarded aid • Fixed interest rate at 7.21% Repayment begins 60 days after loan is fully disbursed for parent borrowers • Loan fees based on principal amount of each loan PERKINS LOANS • Low interest loan for students with exceptional Financial Need • Loans are made directly by the institution • 0% interest rate while student is in school and 0 fees • Students can be enrolled less than halftime • 9 month deferment period after student completes academic program and enters repayment • Repayment will incur 5% interest rate

15. General Student Eligibility Criteria • Must be enrolled or accepted for enrollment in eligible program of study • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible noncitizen • Must be registered with Selective Service (required if male)

16. Common State Aid Programs Dream Act Middle Class Scholarship Cal Grant Institutional Aid Chafee

17. State Aid • Cal Grant A Entitlement Awards – for students with a Grade Point Average (GPA) of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need. Up to $12,192 for Tuition/Fees. Students going directly to a 4 year university within the state of California. • Cal Grant B Entitlement Awards – for students from disadvantaged or low income families with a GPA of at least 2.0, family income and assets below the state ceilings, and who demonstrate financial need. Up to $12,192 for Tuition/Fees and $1,648.00 Access Fee. *Students either attending a 4 year or 2 year college within the state of California.

18. State Aid • Cal Grant C Awards - for students from low income families pursuing vocational programs of study. Up to $2,462 for Tuition/Fees and $547 for equipment or supplies. *Students pursuing a 4 to 24 month certificate program at a California Community College or private institution within the state of California.

19. State Grants – Dream Act • Students that are AB 540 eligible may apply for and receive: • BOG Waiver • Cal Grant and Chafee • Scholarships • Apply by completing the Dream Act application at • www.dream.csac.ca.gov • Application is similar in questions and layout to the FAFSA

20. AB 540 Qualifications • Attend a California high school for • a minimum of 3 years • Graduate from a California high school or • pass the California High School Proficiency • Exam (CHSPE) • Enroll in an accredited and qualified California college or university • If applicable, fill out an affidavit stating your intent to legalize your immigration status as soon as possible.

21. State Aid • On or before March 2, 2015 Complete and submit: • The Free Application for Federal Student Aid (FAFSA) online at www.fafsa.govor the California Dream Application online at www.caldreamact.org • The Cal Grant GPA Verification Form • Check with your high school Counselor or Registrar for more details on how to file the Cal Grant GPA Verification form • Create an account at: https:/mygrantinfo.csac.ca.gov/login.asp

22. NEW:California’s Middle Class Scholarship • The Middle Class Scholarship (MCS) is a new program beginning in the 2014-15 academic year that provides undergraduate students with family incomes up to $150,000 a scholarship to attend University of California ( UC ) or California State University ( CSU) campuses • For additional details-go to www.csac.ca.gov

23. California’s Middle Class Scholarship • Apply starting January 1, 2015 • Complete either the 2015-16 FAFSA at (www.fafsa.ed.gov) or the California Dream Act Application at (www.caldreamact.org) • The Priority Filing Deadline is March 2 , 2015 • Make sure your GPA Verification is on file with the California Student Aid Commission by March 2nd

24. State Special Program CHAFEE Grant • Must have been in Foster Care for at least one (1) day • Must be under 22 years of age • Based on Need • Must be Independent Living Program (ILP) eligible • Good academic standing • Minimum half time enrollment • To apply or for more info go to www.chafee.csac.ca.gov

25. State Aid • Must meet residency requirements • Aid awarded on the basis of both merit and need • State grant(s) use information from the FAFSA • Deadlines vary by state • To be eligible for a California State Grant(Cal Grant), the student must also: • be a U.S. citizen, eligible non-citizen or AB540 student • be a California resident • attend a California College or University in 2015-2016

26. Institutional Gift Aid California State University System State University Grant (SUG) - provides need-based awards to cover a portion of the State University Fee for eligible undergraduate, graduate, and post baccalaureate students who are California residents. University of California System University Grant (UG)- provides need based awards to eligible undergraduate students who meet institutional guidelines. California Community College System (110 campuses statewide) Board of Governors Fee Waiver (BOGW)-Waives the California Community Colleges’ enrollment fee for California residents who meet requirements.

27. Scholarships Separate application from FAFSA • Money that does not have to be paid back • Awarded on the basis of merit, skill, or unique characteristic Private Sources • Foundations, businesses, charitable organizations • Deadlines and application procedures vary widely • Begin researching private aid sources early

28. Scholarships Civic and Local Organizations and Churches • Research what is available in community • To what organizations and churches do student and family belong? Employers • Companies may have scholarships available to the children of employees • Companies may have educational benefits for their employees • Application process usually spring of senior year

29. Free Application for Federal Student Aid (FAFSA) • Student applies for Admission to schools of choice • FAFSA is submitted online • FAFSA is received by DOE and processed • Electronic ISIR is sent to each school that student applied to • Student will begin to receive acknowledgment letters and possible requests for additional documentation • Student should return any additional information that is being requested • Available in English and Spanish

30. FAFSA on the Web • Web site: www.fafsa.gov • 2015-2016 FAFSA on the Web available on January 1, 2015 • IRS Data Retrieval available 2/1/2015.

31. The FOTW A Seven-Section Online Form 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

32. Federal Student Aid PIN (FAFSA PIN) • Web site: 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

33. Special Circumstances • Send written explanation to financial aid office at each college • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information

34. Questions?