FINANCIAL AID First-Generation College Students

1. FINANCIAL AIDFirst-Generation College Students Welcome! College Counselor: Melissa Harris

2. Who We Are: First-Generation College Students Speak Outhttps://www.youtube.com/watch?feature=player_embedded&v=FyJRiCWy7xo What Kids Can Do College Matters: Supporting Low-Income and First-Generation Students http://www.whatkidscando.org/specialcollections/college_matters/

3. “ACHIEVEMENT GAP” OR “OPPORTUNITY GAP” Beat the odds • Students in poor neighborhoods share the same college hopes as wealthier students. But they start out without the advantages, and so do their schools. Some people call this the “achievement gap.” We call it the “opportunity gap.” Either way, students from poor families and under-resourced schools must dig deeper than their more “advantaged” peers when it comes to college. Is it fair? No. Is it worth the sacrifice? Yes.  • “I won’t be defined by a statistic, like ‘how people who grow up in this area are more likely to turn out.’ Not me!” - Eric Polk, Wake Forest University ’07 info@firstinthefamily.org

4. Resources for getting started • http://www.firstinthefamily.org/highschool/index.html • www.firstgenerationstudent.com • www.collegeconfidential.com • My college quick start at the College Board website: • http://professionals.collegeboard.com/profdownload/MyCollegeQuickStartRef.pdf

5. Research information about different careers Know & understand your interests & strengths www.recruiter.com or www.careeronestop.org

6. Find the right match for you! • http://nces.ed.gov/collegenavigator/

7. Transfer students: ASSIST helps you find community college courses that are transferable to a UC or CSU campus and how those transferable courses might be used to satisfy subject matter requirements for specific majors or general education requirements. http://www.assist.org/web-assist/welcome.html

8. “Cast a Wide Net” • We suggest students apply to at least five “match,” two “safety” and two “reach” colleges. • “Match” colleges are those at which the student’s academic credentials fall within or exceed the college’s range for average freshmen. • “Safety” colleges are those at which the student’s academic credentials fall above the college’s range for average freshmen. • “Reach” colleges, on the other hand, are those at which the student’s academic credentials fall below the college’s range for average freshmen. Learn more, go to… www.firstgenerationstudent.com

9. WHAT IS FINANCIAL AID?MONEY THAT WILL HELP PAY FOR COLLEGE

10. Where does the money come from? • Grants- Federal and State Government and Colleges and outside organizations • Scholarships- Colleges and Outside Organizations • Work- Money student earns while attending college to go toward varying college costs • Loans- Federal Government and Private Lenders

11. Financial Aid can be Categorized in Two Groups NEED BASED AID NON-NEED BASED AID This type of aid is given to students based on demonstrated financial need. This can be in the form of scholarships, grants and subsidized loans issued by the government. This type of aid is awarded to students often because of merit based on academic achievement or excellence in the arts, sciences, or sports. (However, there is also an unsubsidized loan issued by the government that is not based on any scholarly achievement or performance based achievement).

12. Most Common Types of Grants/Programs (issued by the federal government) • Federal Grant: • Pell Grant (Need Based) • Federal Supplemental Educational Opportunity Grant (FSEOG) (Need Based) • Federal Work-Study (FWS) (Need Based) • Teacher Education Assistance for College & Higher Education Grant (TEACH) • In addition to the above federal grants there are also other grants that are issued by state governments and these vary by name and by state in terms of qualifications to receive grants and amount awarded.

13. Pell grant • This is awarded to students by the federal government based on demonstrated financial need gathered from the student’s FAFSA. • The maximum a student can be awarded an academic year is $5,550. • Pell Grant money does not need to be paid back.

14. Federal Supplemental Educational Opportunity Grant (FSEOG) • This is awarded to students by the federal government based on demonstrated financial need gathered from the student’s FAFSA. • The maximum a student can receive in an academic year is $4,000. • The FSEOG does not need to be paid back.

15. Federal Work-Study (FWS) • This is money that students work for while in college and the earnings go toward college costs. The work can be either on campus or off campus • The earnings from the job will not have any negative effect on student’s federal aid awarded for following year.

16. Teacher Education Assistance for College & Higher Education Grant (TEACH) • This grant awards students up to $4,000 a year if the student agrees that upon graduation he/she will teach in a high need field. • If the student does not comply and does not adhere to the program requirement after graduation, the grant will convert to a loan.

17. Types of Federal Loansissued by the government • Federal Loans: • Direct Subsidized (Need Based) • Direct Unsubsidized (Non-Need Based) • Federal Perkins(Need Based) • ParentPLUS (Non-Need Based)-This is a loan that parents take out to help cover college costs. (Parents need to be approved for this loan through a credit check)

18. Direct Subsidized LOAN • This loan will only be given to students who demonstrate financial need. This need is determined by the federal government and is decided upon after reviewing student’s FAFSA. The maximum amount a student can borrow for an academic year is as follows: • $3,500 as a Freshman • $4,500 as a Sophomore • $5,500 as a Junior and Senior • Federal government pays accruing interest on this loan while student is attending college.

19. Direct Unsubsidized LOAN • This loan is offered to students who do not demonstrate financial need as determined by the government. This of course is determined by reviewing the student’s FAFSA. Students can borrow up to $2,000 an academic year. Students are responsible for the interest that accrues while they are attending college.

20. Federal Perkins LOAN • This loan will only be offered to students who demonstrate financial need as determined by the federal government. • The maximum allowed for any given academic year is $5,500. • This loan is reserved for the neediest of students.

21. Parent PLUs loan • This is a loan that parents can borrow to help fund their child’s education, but to qualify parent must have good credit. Parents can borrow up to the amount needed to cover costs that were not met by other forms of aid.

22. Manage and pay off your student loans For more information about student loans and repayment, go to: https://studentaid.ed.gov/repay-loans/understand/plans

23. Scholarships What is a scholarship? Ascholarship is money for college that you will not be expected to repay. Scholarships are worth seeking!

Scholarships sponsored by colleges are often for students who fit a particular profile (from the college's home state, holding a specified grade average, enrolling in a particular major or bringing special talent in athletics, music, and the like).

There are many outside scholarships available, as well. RESEARCH & APPLY! Become familiar with all scholarships available BE CAUTIOUS OF SCHOLARSHIP SCAMS! YOU SHOULD NEVER PAY MONEY FOR A SCHOLARSHIP!! • Examples: • Scholarships by City • College Scholarships • Scholarships by Disability • Special Situation Scholarships • Corporate Scholarships • Scholarships by Race/Minority • Military Scholarships • Scholarships by Academic Major • Scholarships for Women • Activity Scholarships • Club And Association Scholarships • Scholarships by Religious Affiliation • Scholarships by State START HERE: http://www.schoolsoup.com/scholarship-directory/ http://www.studentscholarshipsearch.com http://www.studentscholarshipsearch.com/scholarship-search-ebook.pdf (FREE EBOOK!!)

24. How do I apply for Financial Aid? • In most cases aid is determined by the information provided on a student’s Free Application for Federal Student Aid(FAFSA). • Student and parents should fill out FAFSA as this will determine the amount of aid student is awarded. • FAFSA questions relate to the families financials such as income and assets. • Filling out FAFSA is CRUCIAL and it must be filled out every year. • Once FAFSA is completed and then processed by the government it will generate a family’s EFC. Official FAFSA website – https://fafsa.ed.gov This is the site used to complete the FAFSA application and to obtain a PIN (Personal identification Number)

25. Expected Family contribution(EFC) • The Expected Family Contribution is the amount of money that a college is going to expect the student/family to pay out of pocket. • This amount is determined by the information provided on your FAFSA. • Once a family knows what their EFC is (this is a dollar amount) they can feel more prepared to look at how much money they will NEED to pay for their child’s college education.

26. Cost of Attendance • Tuition + Fees • Room and Board • Books & Supplies • Personal Expenses • Travel • Once these expenses are added up, this is the amount in a given academic year that it will cost your child to attend college. • Obviously the COA will differ from school to school as colleges vary in their total cost.

27. Need based aid COST OF ATTENDANCE $ - EXPECTED FAMILY CONTRIBUTION $ Eligibility for financial aid $

28. Example using CSU MentorNet Price Calculator (Online) • Cal. State University, Long Beach – at home with parents Estimated Cost of Attendance $15,378 • A) Estimated tuition and fees $6,240 • B) Estimated books and supplies $1,788 • C) Estimated room and board $4,518 • D) Estimated other expenses $2,832 (transportation, personal expenses) • ESTIMATED TOTAL GRANT AID: $12,590 ESTIMATED NET PRICE (COA - AID): $2,788 TOTAL ESTIMATED FINANCIAL ASSISTANCE: ESTIMATED FEDERAL PELL GRANT ELIGIBILITY $5,645 ESTIMATED CAL GRANT ELIGIBILITY $6,945 ESTIMATED STATE UNIVERSITY GRANT ELIGIBILITY $0 (MAY RECEIVE) ESTIMATED ELIGIBILITY FOR NEED-BASED STUDENT LOAN $2,788 The Estimated Net Price will vary for each family depending on different factors, such as: Family income, number of children, student will live at home or on campus?

29. Use the FafSA4Caster! • Instead of waiting until your senior year to find out your eligibility for federal student aid, you can use FAFSA4caster to estimate your eligibility early, which will give you better insight when making college choices. • Note:FAFSA4caster is not just for high school juniors. Parents of younger students can use the tool to receive early estimates, create scenarios based on future earnings, and then establish college savings strategies. Non-traditional college students (adult learners) can also use FAFSA4caster. • When you're finished entering your data, you can see your estimated federal student aid eligibility information, which is based on the answers you provided in FAFSA4caster. Your estimated federal student aid eligibility will help you better understand the types and approximate amounts of federal student aid for which you may qualify. https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e2s1

30. Get connected and join programs for first generation and transfer students! For example, Extended Opportunities Programs and Services (EOPS) provides additional support services for its members (this will vary by institution) • To name a few… • EOPS • Upward Bound • Adelante/Latino Center • Black Collegians • CARE • CalWorks • TRiO/Student Support Services • RESEARCH THE COLLEGE PROGRAMS! • Academic Counseling • Textbook Service • Priority Registration • Monthly Bus Pass • Graduation Cap & Gown • Limited School Supplies • CSU/UC Application Fee Waiver • CSU/UC Transfer Assistance • Student Merit Awards • Cultural Activities • EOPS Scholarships Community College Transfer Students www.adegreewithaguarantee.com

31. QUESTIONS? COMMENTS? MAKE SURE YOU RECEIVE THE HANDOUTS – IT PROVIDES ADDITIONAL INFORMATION & RESOURCES MENTIONED IN TODAY’S WORKSHOP THANK YOU FOR ATTENDING TODAY’S FINANCIAL AID WORKSHOP COLLEGE COUNSELOR: MELISSA HARRIS