Torrance Unified School District 2014-2015 Financial Aid Workshop

1. Presented by: Catherine Graham Director of Financial Aid Loyola Marymount University October 16, 2013 Torrance Unified School District2014-2015 Financial Aid Workshop

2. What will be covered this evening? • Why Financial Aid? • Types & Sources of Financial Aid • Admission Processes • How to Apply for Financial Aid • The Financial Aid Formula • College Expenses – what are the costs? • What is the Expected Family Contribution (EFC)? • Financial Eligibility • Awarding Process & Comparing Awards

3. Why Financial Aid? • Access • Parents and students have the responsibility to pay for higher education expenses to the extent they are able • The aid application process should provide Financial Aid Office a consistent and equitable evaluation of a family’s financial circumstances for all that are applying • Allocation of finite resources

4. Our Roles The Financial Aid Office’s Role… • Stewards of federal, state and institutional financial aid dollars • To administer federal, state and institutional financial assistance to students and their parents in an accurate, informative, timely and friendly manner Parent’s Role… • To contribute to the application, awarding and financing process throughout student’s Undergraduate Education

5. Your Senior Year - Make it count! Student Role… • Your senior year DOES COUNT!! • Grade Improvements • SAT Re-do’s • All acceptances PROVISIONAL dependent upon final semester grades • Weak Senior schedule – jeopardizes acceptance at competitive schools • Change in schedule – MUST notify colleges • Campus Tours & Visits • Employment – Saving for College Expenses • Resume Preparation for College Job

6. Funding Types • Need-Based Funding (must complete FAFSA) • Grants • Gift aid that does not need to be repaid • Require aid applications • Loans • Borrowed funds that must be repaid with interest • Separate promissory notes required • Work • A set amount that a student can earn by working on campus funded by the Federal Government or the college • How does “work” work? Benefits?

7. Funding Types • Non-Need Based Funding • FAFSA Application not required • Merit/Academic Scholarships • Based on Admission Information • Separate Application/Interview Process? • Athletic Scholarships • Non-Need Based Loans (Stafford, PLUS, Private) • Student Loans • Parent Loans • Alternative Educational Loans

8. Four Primary Sources of Aid • Federal Programs (FAFSA Application) • Pell Grant ($400-$5650) • Supplemental Grants: SEOG ($400-$4000) • Stafford Loans ($3500, $4500, $5500) • Subsidized vs. Unsubsidized • Perkins Loan ($1000 - $4000) • Work Study (amounts vary) • California Grant Programs • Cal Grant • Amounts vary by school segment • Separate application

9. Sources of Aid • Institutional Programs • Scholarships • Grants • Loans • Work • Outside Resources • Community: Rotary, YMCA, Elks • Parent’s Employer • Web Sites: www.fastweb.com • Time spent on searches… Worthwhile? • Outside Scholarships can replace loans/work

10. Resources for Parents • Parent Programs • Employer Reimbursement for Dependents • Federal Plus Loan Program • Payment Plans • Federal IRS Educational Tax Benefits • Savings – 529 Plans

11. Connecting Admissions & Financial Aid Process • Apply for Admission AND • Apply for Financial Aid • Don’t wait for an admission decision to apply for financial aid • Schools will prepare & send financial aid awards once student is admitted May 1, 2014 National College Decision Date

12. Community College Pathway to a 4 year university • No SAT/ACT required • Placement Tests • Priority transfer to UC’s and CSU’s • Honors Transfer Program • Transfer Admission Guarantee (UC’s) • MAKE A PLAN!!

13. Admission @ Private (Independent) • May apply on-line NOW through school’s website • Require: • Essay • Resume of Extracurricular Activities • Letters of Rec. Counselor Teacher • Secondary School Report (Counselor) • Mid Year Report (7th semester grades-Counselor) • Transcript ($2/school)

14. Where are you applying? • Your school choices • Safety • Target • Reach Question? Which schools are you considering and which category do they fall into?

15. SAT & ACT Testing - additional opportunities • In your senior year, you can continue to test • SAT TESTING • http://sat.collegeboard.org • ACT TESTING • http://www.actstudent.org/

16. Back to Financial Aid; How to Apply… • Free Application for Federal Student Aid (FAFSA) • http://www.fafsa.ed.gov • Required for Federal and State fund eligibility • January 1, 2014 – March 2, 2014 • FAFSA4caster • PIN Number required for E-Signature • Worksheet & Supporting Documentation • Each school has their own deadlines! • March 2, 2014 • Estimate Information

17. How to Apply…FAFSA Follow-up • Free Application for Federal Student Aid (FAFSA) • http://www.fafsa.ed.gov • Follow-up may be required • Student Aid Report • Notification Emails • Worksheet & Supporting Documentation submit to institution • If estimated will be ask to update with actual information • Check for rejects (PIN/Signature/eligibility checks)

18. FAFSA on the Web (FOTW)

19. Cal Grant Program - How to Apply • Cal Grant Requires G.P.A. Verification Form or Electronic Submission of GPAs from School/District • Required for State fund eligibility & awarding • Important: Check the status of your Cal Grant at https://mygrantinfo.csac.ca.gov • March 2, 2014 • How does Torrance process Cal Grant GPA Verification Forms?

20. GPA Verification Process for RUHS • Torrance Unified School District Electronically Sends GPAs of all Seniors in District to the State of California for the Cal Grant. • Torrance USD will send data to the state well before March 2nd so info can be verified. • Questions? Contact your student’s counselor.

21. College Board CSS Profile - How to Apply • College Board CSS PROFILE Application • Required by some Private Institutions • Check websites of the schools you to which you apply • On-line, two step application process • March 2, 2014 (or earlier) • For fee application (fee waivers available) • www.collegeboard.org/profile

22. How to Apply – Supporting Documentation • Submit 2013 Student and Parent Federal Tax Transcripts • Some, but not all, schools require Parent and Student Federal Tax Transcripts (if no tax return filed, may be required to submit a “non-filing statement”) • If selected for Verification by the Department of Education you will be required to submit Federal Tax Transcripts • File Tax Returns Early if possible!

23. The Financial Aid Formula Cost of Attendance MINUS Expected Family Contribution (EFC) EQUALS Family Financial Aid Eligibility

24. Cost of Attendance • Direct Expenses (billed directly by school) • Tuition and Fees (variable by courses/major) • Room & Board (varies by housing options) • Indirect Expenses (not billed by school) • Books • Transportation • Personal Expenses • This is the most difficult component for families to manage.

25. The Expected Family Contribution (EFC) • The Expected Family Contribution (EFC) is what the family is expected to pay according to the Federal Government and the information reported on the FAFSA. • The Federal Government offers limited resources, so the entire need is not always met. • Often the families do have to pay more than the estimated EFC. • Institution will calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information.

26. How the EFC is Calculated • Federal EFC Formula – Considers • Information provided on FAFSA • Income & Assets (does not include home equity) • Both Parent & Student • Family Members & Number in College • Allowances in methodologies • Special Circumstances • When and how you report? • Any additional information the family believes to be important that is not reflected on the FAFSA

27. The Formula with Numbers! Example #1 Private Institution Cost of Attendance $50,000 MINUS Expected Family Contribution $15,000 = Financial Need $35,000 Example #2 State Institution Cost of Attendance $15,000 MINUS Expected Family Contribution $15,000 = Financial Need $0

28. The Formula with Numbers! *Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/or tuition.  Information based on estimates provided by State information and rounded up or down. **Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE.             Amount used above is for demonstration purposes only. *** “Need” is the difference between the two numbers.  The financial package would include one or             more of these items: Grants, Scholarships, Loans, Work/Study Program. 

29. Packaging Financial Aid Awards Cost of Attendance $50,000 Expected Family Contribution $15,000 Financial Need $35,000 Financial Aid Package Stafford Loan $ 3,500 Perkins Loan $ 2,000 Work Study $ 3,000 Institutional Grant $26,500 Total Awarded $35,000 Unmet Need $0

30. The Expectations & Realities of the Awards • Compare Awards from each institution! • Not all awards are the same! • Is the Cost of Attendance realistic? • In State & Out of State • Discretionary Expenses • The Student Contribution (savings, summer employment) • The Parent Contribution (PLUS LOANS) • The nuances of award funds • Work, Loan, Unmet Need

31. Federal Net Price Calculator • Net Price Calculator available on every college & university website • To increase transparency of awards early in cycle • Do not let results deter you from applying and completing admission and aid processes • Assist in planning

32. Award Notification • Award Notification & Understanding your Award Letter • Estimated • Final • Award Guide • Accepting, Declining & Adjusting Awards • On-line processes • Student Rights & Responsibilities • Appeals

33. Disbursing Awards • Full Time Enrollment • Accepting, Declining & Adjusting Awards • Entrance Counseling Requirements for Loan Programs • Completing Promissory Notes • Finding Employment/Completing Time Sheets • Satisfactory Academic Progress

34. Tips • Put all deadlines on the calendar!!! • File taxes early • Start a financial aid file • Make copies of all documents submitted for all four years • Apply for a FAFSA PIN • Apply Each and Every Year

35. Tips • Send documents electronically if you can, PDF – gives you “electronic record of submission” • Research outside agencies for scholarships • Check with each school you are applying to in order to find out what information they require and what their deadlines are • Review Websites • Use on-line “web services tool” provided by the school

36. Scholarship & Application Services • Be Cautious • Limit Dependency • Do your Homework • Manage Expectations • Consultants • Scholarships • Refer to institutional resources on the web

37. Thank you! • Thank you for being here tonight! • You are well on your way to successful financial planning and application cycle! ANY QUESTIONS?