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Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:

Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:. Cash for College $1,000 Scholarship – Evaluation!. Complete and turn in the Student Evaluation BEFORE you leave! Location and Date Write Clearly! Scholarship Rules on pg 2

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Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:

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  1. Financial AidOverview2008-2009Presented by the East Bay Cash for College CoalitionPresenter:

  2. Cash for College $1,000 Scholarship – Evaluation! • 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

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

  4. 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

  5. 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

  6. 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. 6

  7. 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

  8. Financial Aid Eligibility- Varies Based on Cost (COA) Private 4-year COA $39,000 - EFC 2,000 = Need $37,000 Public 4-year COA $23,000 - EFC 2,000 = Need $21,000 Public 2-year COA $12,000 - EFC 2,000 = Need $10,000 8

  9. 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

  10. 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 2007 Federal tax returns GPA Form

  11. 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

  12. 2008-2009 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.csac.ca.gov By March 2, 2008, complete and submit: Cal Grant GPA Verification Form OR Release Form Free Application for Federal Student Aid (FAFSA) 12

  13. Cal Grants(See Fund Your Future Workbook pages 13-17) • Cal Grant A Entitlement Awards– up to $6,636 at a U.C., $2,772 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.

  14. Need-Based Federal Grants • Pell Grants • $4,800 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 FYF Workbook pgs 18-19

  15. 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 6.8% Interest begins at repayment = 6 mo. after graduation 15

  16. NON-Need-Based Aid Some institutional or private scholarships Federal Unsubsidized Stafford Loan 6.8% Interest begins immediately Repayment begins 6 mo. after graduation Can defer interest while in school at least half time Federal PLUS Loan for Parents 7.9-8.5% Interest and repayment begins immediately 16

  17. California Chafee Grant • The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S based on available funding • To apply, the foster youth must complete: • 2008-2009 FAFSA • California Chaffee Grant Program Application To learn more about the Chafee Grant, go to: www.chafee.csac.ca.gov

  18. 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

  19. 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

  20. FAFSA Information & Tips • File early, but no later than March 2, 2008 • Use estimated 2007 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

  21. Questions and Answers 21

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

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

  24. 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.

  25. 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

  26. Your State of Legal Residence (Q18) CA • Residency relates to your permanent home state • if you are dependent, the state of legal residence is usually the state in which your custodial parent/s live • State of legal residence is also used: • to determine eligibility for state grants • in the need calculation to determine the appropriate allowance for state and other taxes paid by that state’s residents 26

  27. Selective Service Registration (Q22) Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid. Answer “yes” only if you are male, aged 18-25, and have NOT yet registered. You may also register by going to: www.sss.gov

  28. Degree Objective (Q23) Indicate the student’s most immediate degree or certificate objective for 2008-2009

  29. Indicate your expected grade level for 2008-2009 Graduating high school seniors should indicate 1st year/never attended college, even if you have taken some college classes. Grade Level (Q24) 29

  30. Your Expected Enrollment Status (Q25) Indicate your enrollment plans for the college you are most likely to attend. - If unsure, report “Full-time”

  31. Student Loans and Work-Study (Q26) • Indicating interest does NOT obligate you to either borrow or to work, nor will it cause you to lose grants and scholarships • Answering “neither” may restrict some options for limited loans and work-study funds

  32. First Bachelor’s Degree? (Q28) If you are a high school senior, the answer is ‘NO’

  33. Parents’ Educational Level (Q29-30) Indicate highest level of schooling completedby your 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

  34. Drug Conviction Question (Q31) DO NOT SKIP THIS QUESTION • 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 you have been convicted of possessing or selling illegal drugs while you were receiving federal financial aid

  35. Section 2 Determination of Student Dependency Status 35

  36. 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

  37. Your parents’ marital status as of today (Q56) Month and year your parents were married, separated, divorced, or widowed (Q57) MM YYY Y

  38. Father’s and/or Mother’s SSN, Last Name, and Dates of Birth (Q58-65) 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.

  39. Parents’ State of Legal Residence (Q68-70) CA MMY Y Y Y Indicate the two-digit state code for your parents’ permanent address If the answer to the previous question is “no,” enter the month and year residency began for your parent who has been a legal resident of that state the longest

  40. Parents’ Tax Return Filing Status for 2007 If you indicate that you/your parent “Will File,” use ESTIMATED income information. Remember to go back into your FAFSA to make corrections as soon as taxes are filed.

  41. Parents’ Household 2007 Federal Benefits Indicate if you, your parents, or anyone in your parents’ household received benefits in 2007 from any of the federal programs listed

  42. Parent 2007 Adjusted Gross Income (Q79) 45,250 If your parents have not yet filed their 2007 federal tax return information, it is fine to estimate information for these questions If your parents have completed their 2007 federal tax return, use 2007 tax return information to complete this item. Pay attention to specific line-items on 2007 federal tax return, if completed Reminder: If the answer is zero or the question does not apply, enter 0

  43. Money Earned from Work by Parent/s in 2007 45,250 40,500 13,200 Use W-2 forms and other records to list all income in 2007 earned from work (including income earned from self-employment)

  44. Parents’ Income Tax Paid in 2007 (Q80) 2,130 What was the amount your parent/s paid in income tax for 2007?- Use U.S. Income tax paid (or to be paid)- NOT the amount withheld from your parents’ paychecks Parents’ 2007 Tax Exemptions (Q81) 5

  45. Parents’ Household Information for 2008-09 6 • Include in your parents’ household: • yourself • your parent(s) • your parents’ other dependent children, if your parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live • other people, if they now live with your parents and will continue to do so from 7/1/08 through 6/30/09, and if your parents provide more than half their support now, and will continue to provide support from 7/1/08 through 6/30/09

  46. Family Members Attending College in 2008-09 2 Always include yourself even if you will attend college less than half-time in 2008-2009 Include other household members only if they will attend at least half time in 2008-2009 in a program that leads to a college degree or certificate Never include your parents NOTE: Some financial aid offices will require proof that other family members are attending college

  47. Worksheets A, B, and C Go to the worksheets on the back of the FAFSA (page 8): - Worksheet A = Untaxed Income & Benefits - Worksheet B = More Untaxed Income & Benefits - Worksheet C = Exclusions to Income NOTE: You should keep a copy of the worksheets because the financial aid office may request a copy

  48. Parent Assets (Q87) 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

  49. Parent Assets (Q88) 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 owned by parents • installment and land sale contracts • commodities, etc.

  50. Parent Assets (Q89) 0 DO NOTinclude investments like:- the home you live in- the value of life insurance - parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or - the value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees • 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

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