1 / 57

Sources of Financial Aid

Sources of Financial Aid. Federal government State government Colleges and universities Private agencies, companies, foundations, and your parents’ employers. Types of Aid. Gift Aid - Grants or scholarships that do not need to be repaid

opa
Download Presentation

Sources of Financial Aid

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

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

  2. Types of 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

  3. Cal Grants • Cal Grant A Entitlement Awards – for students with a GPA of at least 3.0, family income and assets below the state ceilings, and who demonstrate financial need • 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 • Cal Grant C Awards - for students from low income families pursuing vocational programs of study

  4. Need-Based Grants • Federal Grants • Pell Grants • $4,050 maximum per year • Supplemental Educational Opportunity Grant (SEOG) • $4,000 maximum per year

  5. Need-Based Grants • College Grants • Community College Board of Governors’ (BOG) Fee Waiver - Waives the California Community Colleges’ enrollment fee for financially needy California residents - To learn more about this BOG Fee Waiver, go to: www.icanaffordcollege.com • CSU State University Grant (SUG) – amounts vary • UC Grant – amounts vary • Independent College Grants - amounts vary

  6. GPA Form Types of Applications • FAFSA Cal Grant GPA Verification Form Other applications or forms as required by the college such as • CSS Financial Aid PROFILE – Institutional Scholarship and/or Financial Aid Application • 2005 federal tax returns (along with schedules and W-2s) or other income documentation

  7. Getting Ready • Before starting the FAFSA, gather: • Student driver’s license • Student Alien Registration Card • Student and Parent • Social Security cards • 2005 W-2 Forms and other records of money earned • 2005 federal income tax form (even if not completed) • Records of untaxed income • Current bank statements • Business, farm and other real estate records • Records of stocks, bonds and other investments • Create a file for copies of all financial aid documents submitted

  8. 1 5 E L M S T Getting Started • Read all application instructions • If planning to submit the paper FAFSA: • Use pen with black ink • Print clearly in CAPITAL letters: • Fill in ovals completely: • Do not leave blanks (unless directed by instructions) • Do not write comments or notes anywhere on form • Do not use correction fluid

  9. The FAFSAA Seven-Step Process Step One-- is about the student Step Two-- asks for student income and assets Step Three -- determines student dependency status Step Four-- requires parental information for dependent students Step Five-- is for independent students only Step Six-- allows the student to list up to six schools Step Seven-- Certification Statement asks for signatures and submission date of the FAFSA

  10. #9 Date of Birth 0 2 0 9 8 7 – Be careful not to write the current year for student’s date of birth #1-3 Name L JONES SUSAN #8 Social Security Number • –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). 123 6 78 9 4 5 PAGE 3 – Step One

  11. #13 E-mail Address • Fill in the student e-mail address that will be valid at least until the student starts college PAGE 3 – Step One

  12. #14 Citizenship Status a. If the student is a U.S. citizen, status will be confirmed by Social Security match b. Eligible non-citizens will be confirmed with DHS match These include: • U.S. permanent residents with an Alien Registration Receipt Card (I-551) • Conditional permanent residents with an I-551C status • Eligible non-citizens with I-94 PAGE 3 – Step One

  13. #15 Alien Registration Number 0 1 2 3 4 5 6 7 8 If eligible non-citizen, write in the student’s eight- or nine-digit Alien Registration Number (ARN) • Precede an eight digit ARN with a zero • Copy of Permanent Registration Card might be requested by the financial aid office PAGE 3 – Step One

  14. #14 Citizenship Status c. If neither a nor b, student is ineligible for federal or state aid, but might still be eligible for a college’s own funds Note: if the student is undocumented or under-documented • start inquiring in elementary, middle or high school to see if it is possible for the student to become a permanent resident • apply for all private scholarships for which the student may be eligible • check with colleges and universities to see if institutional financial aid is available • watch for changes in federal and state laws regarding the eligibility of undocumented or under-documented students • for more information call: (213)629-2512 • For a list of scholarships, go to www.maldef.org/pdf/scholarships_072004.pdf PAGE 3 – Step One

  15. #18-20 Student’s State of Legal Residence CA • Residency relates to the student’s permanent home state • if the student is dependent, the state of legal residence is usually the state in which the custodial parents live. • State of legal residence is also used • in the need calculation to determine the appropriate allowance for state and other taxes paid by that state's residents • to determine eligibility for state grants such as the Cal Grant PAGE 3 – Step One

  16. Answer “yes” only if the student is male, aged 18-25, and has not yet registered. The student may also register by going to: • www.sss.gov #22 #21-22 Selective Service Registration • Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid. PAGE 3 – Step One

  17. #24 Grade Level 0 • Indicate the student’s grade level beginning with the 2006-2007 school year. #23 Degree Objective 1 • Indicate the student’s degree or certificate objective for 2006-2007. PAGE 3 – Step One

  18. #26 First Bachelor’s Degree? • If high school senior, the answer is ‘NO’ #25 High School Diploma or GED? • Requirement to receive Federal and State Aid • Home schooling may fulfill requirement PAGE 3 – Step One

  19. #27-28 Student Loans and Work-Study • If the student is interested in either student loans or student employment, mark “yes” to each question • Answering “yes” does not obligate the student either to borrow or to work, nor will it cause the student to lose grants and scholarships • Answering “no” may restrict some options for limited loans and work-study funds PAGE 3 – Step One

  20. #29-30 Parents’ Educational Level • Indicate highest level of schooling completed by biological or adoptive parents (for state award purposes only) • Use birth parents or adoptive parents - not stepparents or foster parents • This definition of parents is unique to these two questions PAGE 3 – Step One

  21. #31 Drug Conviction Question DO NOT SKIP THIS QUESTION The student should: • Answer “NO” if: • Conviction was for alcohol or tobacco • Conviction was removed from record or occurred before age 18 (unless tried as an adult) • Answer “YES” if the student has been convicted of possessing or selling illegal drugs PAGE 3 – Step One

  22. Step Two:Student Income and Asset Information #32-45 Questions are identical to those we will cover in the parents’ income and asset section of Step Four. In Step Two: • Report the student’s 2005 income and current assets • If student is single, ignore references to “spouse” • If student is married, report spouse’s income and assets • Complete Worksheets A, B, and C for the student on Page 8 PAGE 4 – Step Two

  23. #46-47 Student Veterans’ Education Benefits 00 0 • If student is eligible for veterans’ education benefits, report monthly amount expected. (If not applicable, answer zero) • Number of months should equal number of months attending school. (If not applicable, answer zero) For more information, contact the VA at: (800) 827-1000 or www.va.gov PAGE 4 – Step Two

  24. Step Three: #48-54 Determination of Dependency Status • If the student answered “no” to all questions in this step, go to Step Four. For FAFSA filing purposes, the student is considered a dependent student and is required to provide parental information. • If the student answered “yes” to any question in this step, skip Step Four and go to Step Five. For FAFSA filing purposes, the student is considered an independent student. PAGE 4 – Step Three

  25. Step Four:Parent Information • See Page 7 of FAFSA instructions about who is considered a parent • Biological or adoptive parent(s) • Stepparent • Regardless of any prenuptial agreements PAGE 5 – Step Four

  26. Step Four:Parent Information (cont.) • Do not provide information on: • Foster parent(s) • Student is automatically considered an independent student • Legal guardian(s) • Must attempt to get biological parental information if guardianship ends at age 18 • Colleges may use Professional Judgment to allow the student to file as an independent student PAGE 5 – Step Four

  27. #56 Month and year parents were married, • separated, divorced, or widowed M M Y Y Y Y #55 Parents’ Marital Status as of Today PAGE 5 – Step Four

  28. 23 4 7 89 0 5 6 8 90 1 345 6 7 #57-64 Father’s and Mother’s SSN, Last Name, First Initial, and Dates of Birth JONE S 0 4 0 3 4 4 S JONE S S 0 6 1 8 4 9 NOTE: This information should be provided for the parents who are required to give information for Step Four. PAGE 5 – Step Four

  29. #65 Parent Household Information 0 5 • Include in parents’ household: • the student applying for financial aid • the custodial parent(s) • parents’ other dependent children, if parents provide more than half their support or the children could answer “no” to every question in Step Three, regardless of where they live • other people, if they now live with the parents, and if the parents provide more than half their support, and will continue to provide that level of support from 7/1/06 through 6/30/07 PAGE 5 – Step Four

  30. #66 Family Members Attending College 2 • Always include the student even if he/she will attend college less than half-time in 2006-2007 • Include other household members in #65 only if they will attend at least half time in 2006-2007 in a program that leads to a college degree or certificate • Always exclude parents NOTE: Some financial aid offices will require proof that other family members are attending college PAGE 5 – Step Four

  31. Y Y Y Y M M #67-69 Parents’ State of Legal Residence CA • Question #67: Indicate the two-digit state code for parents’ permanent address • If the answer to #68 is “no,” in Question #69, enter the month and year residency began for the parent who has been a legal resident of that state the longest PAGE 5 – Step Four

  32. , $ 0 , $ 2 (no cents) 1 3 5 6 Step Four:Parent Income and Asset Information • If the answer to any question is zero or the question does not apply, enter 0: • Report whole dollar figures: • Recommendation: If parents have not filed their 2005 federal tax return, use W-2 forms and/or other employment records to estimate total income PAGE 5 – Step Four

  33. #70-72 Parent Tax Return Filing Status for 2005 • Indicate parents’ current tax filing status for 2005 • Which tax return did or will parent(s) file for 2005? • Even if parent(s) did not file a 1040A or 1040EZ, read the instructions to see if they would have been eligible to do so #70 #71 #72 PAGE 5 – Step Four

  34. #73-75 Parent Income and Tax Information 452 5 0 2130 • If parents have not yet filed their 2005 federal tax return information, it is okay to estimate information for these questions. Do not use 2004 income • If parents have completed their 2005 federal tax return, use 2005 tax return information to fill out Questions #73-75. Pay attention to specific line-items Reminder: If the answer is zero or the question does not apply, enter 0 05 PAGE 5 – Step Four

  35. #76-77 Money Earned from Work by Parent(s) 40500 1 3200 • This figure is often different than the adjusted gross income figure on the parent tax return. Use W-2 forms and other records to list all income in 2005 earned from work (including income earned from self-employment) PAGE 5 – Step Four

  36. #78 Worksheet A: Untaxed Income & Benefits 1250 1250 • To answer, carefully complete the right column of Worksheet A (Page 8 of instructions) • NOTE: Students should keep a copy of the worksheet because the financial aid office may request a copy PAGE 5 – Step Four

  37. #79 Worksheet B: Untaxed Income & Benefits 1700 6200 500 8400 PAGE 5 – Step Four

  38. Totals from Worksheets A, B, and C should be entered in Questions 78, 79, and 80 on Page 5 of the FAFSA 1250 8400 0 #80 Worksheet C: Exclusions to Income 0 PAGE 5 – Step Four

  39. , $ 0 , $ 9 9 9 9 9 9 Step Four:Parent Asset Information #81-83 • List the net value of parent assets as of the day the FAFSA is completed • If net worth is one million dollars or more, enter • If net worth is zero, enter 0 (do not leave blank) NOTE: Some financial aid offices may request supporting documentation for the answers to these questions PAGE 5 – Step Four

  40. #81 Parent Asset Information (cont.) 2155 • Report the current balance of cash, checking and/or savings accounts as of the day you complete the FAFSA PAGE 5 – Step Four

  41. #81-83 Parent Asset Information (cont.) 5000 7900 • Net Worth means current value minus debt • Investmentsinclude: • real estate (other than parents’ home) • trust funds • money market and mutual funds • certificates of deposit • stocks and stock options • bonds and other securities • Coverdell IRAs • college savings plans including 529(c) plans for parents and all children including the student applicant • installment and land sale contracts • commodities, etc. 0 PAGE 5 – Step Four

  42. #81-83 Parent Asset Information (cont.) 5000 7900 • Business/Investment Farm includes: • market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral 0 NOTE: DO NOT include the home you live in, the value of life insurance and parent retirement plans (pension funds, annuities, non- education IRAs, Keogh plans, etc), or the value of any prepaid tuition plans PAGE 5 – Step Four

  43. Step Five: (Independent Students)Household Information #84 • Complete this step only if the student answered “yes” to any question in Step Three (Questions 48-54) • Include in the student household: • the student (and spouse if there is one) • student’s children, if the student will provide more than half their support • other people, if they now live with the student and the student provides more than half their support, and will continue to provide that level of support from 7/1/06 through 6/30/07 Dependent Students SKIP THIS STEP PAGE 6 – Step Five

  44. Step Five: (Independent Students)Family Members Attending College #85 • Count the student even if he/she will attend college less that half-time in 2006-2007 • Include others counted in #84 only if they will attend at least half-time in 2006-2007 in a program that leads to a college degree or certificate Dependent Students SKIP THIS STEP PAGE 6 – Step Five

  45. Step Six: #86-97 School Information CA INDEPENDENT UNIVERSITY 001117 CA COMMUNITY COLLEGE ABC CA 01 2345 CAL STATE UNIVERSITY CA 023456 UNIVERSITY IN ARIZONA AZ 034567 PAGE 6 – Step Six

  46. Step Six:School Information (cont.) #86-97 • List up to six schools to which the student is applying • For faster and more accurate processing, write in both the Title IV school code and the school name. • Check with each college’s financial aid office, the student’s high school counselor, or the U.S. Department of Education’s website (www.fafsa.ed.gov) for a listing of federal school codes of the colleges to which the student is applying • Select the housing plan that best describes the type of housing the student expects to live in while attending each listed school PAGE 6 – Step Six

  47. Step Six: School Information (cont.) Strategies for Listing Colleges • In Question #86, for Cal Grant consideration, list the most expensive California school to which the student is applying • In Questions #88–97, list those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state • If the student is applying to more than six schools, wait for the processed SAR and add additional schools via the Web or by phone NOTE:Each UC and CSU campus must be listed separately PAGE 6 – Step Six

  48. #98 Expected Enrollment Status at the start of 2006-07 academic year • Provide information about the college the student is most likely to attend • If in doubt, report “Full-time” PAGE 6 – Step Six

  49. #99-100 Read, Sign, and Date 0 2 1 5 Student Signature Parent Signature • Read the statement in Step Seven before submitting the FAFSA • Fill in the date the student and parent completed the FAFSA • Student and at least one parent must sign the FAFSA • If submitting FAFSA on the Web, the student and at least one parent must provide their own individual PINs • Be cautious about paying someone to complete the FAFSA • You can do it! PAGE 6 – Step Seven

  50. FAFSA ON THE WEB • Internet application used by students and parents to complete electronic FAFSA at www.fafsa.ed.gov • Processed more quickly than paper version • Sophisticated on-line edits so that errors are less likely to be made • Student and at least one custodial parent should get a federal PIN at www.pin.ed.gov

More Related