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Financial Aid Night 2016 -2017 Financial Aid Night 2016 -2017

Agenda • PURPOSE: To give a brief overview of the financial aid process • Agenda • PURPOSE: To give a brief overview of the financial aid process • Types and sources of financial aid • AB 540 and the Dream Act • How to complete the Free Application for Federal Student Aid (FAFSA) • Next Steps: What happens after you submit the FAFSA • Resources and CASH for College

What is Financial Aid? ü A way to pay for a college education ü What is Financial Aid? ü A way to pay for a college education ü Government (federal & state) support for college attendance ü Institutional (college) support for college attendance ü Private (business, community, etc. ) support for college attendance Cost of Attendance – Expected Family Contribution = Financial Need

Cost of Attendance (COA) Standard Costs Optional Costs Tuition and fees Student loan fees Cost of Attendance (COA) Standard Costs Optional Costs Tuition and fees Student loan fees Room and board Study-abroad Books and Supplies Disability-related services Transportation Employment expenses for co-op study Miscellaneous personal expenses Child or dependent care Note: Costs vary from institution to institution

Expected Family Contribution (EFC) • Amount a family can reasonably be expected to contribute Expected Family Contribution (EFC) • 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

Types of financial aid Ø Grants - Money that does not have to be Types of financial aid Ø Grants - Money that does not have to be paid back. Based on financial need. Ø Work-study or student employment programs - federal and college. Ø Loans - Borrowed money that you must pay back, usually with interest. Ø Scholarships - Free money, usually based on a student’s area of study or merit. 6

Cal Grants Type Where can you use it? Requirements Cal Grant A Cal Grant Cal Grants Type Where can you use it? Requirements Cal Grant A Cal Grant B Cal Grant C What does it pay for? Tuition and Fees for: 4 -year college Certificate, 2 -year or 4 -year college 3. 0 GPA, low to middle income 2. 0 GPA, low income Enroll in vocational of study. Associates and No required GPA Certificates programs only • CSU ($5, 472) • UC ($12, 240) • Private Colleges ($9, 084) • $1, 656 for the 1 st year • Tuition/Fees plus $1, 656 in 2 nd, 3 rd, and 4 th years • Used for school expenses including tuition and fees • $547 to $2, 462

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Other Grants § Federal Pell Grant § Up to $5, 730 per year § Other Grants § Federal Pell Grant § Up to $5, 730 per year § Federal Supplemental Educational Opportunity Grant § Up to $4, 000 a year § Federal TEACH Grant § Up to $4, 000 a year § CHAFEE Grant § Provides up to $5, 000 annually to current and former foster youth

Loans and Work Study Program Award Amount Notes Work Study Varies by school On Loans and Work Study Program Award Amount Notes Work Study Varies by school On and off-campus employment Perkins Loan Up to $5500 (UG)/ $8000 (Grad) 5% fixed rate student loan Subsidized Direct Loan Up to $3500 (undergrad level) Temporary elimination of interest subsidy during grace period Unsubsidized Direct Loan Up to $2000 (undergrad level) Interest begins accruing immediately

Scholarships • University-based scholarships and grants • Private scholarship searches – www. finaid. org Scholarships • University-based scholarships and grants • Private scholarship searches – www. finaid. org – www. collegeboard. org • Local Scholarships – Outside Scholarship List (updated regularly) – Local Scholarship Booklet – available 2/1 – www. rosevilletigers. org - Click “Academics” then “Career Center”

The financial aid process It all starts with the… Free Application for Federal Student The financial aid process It all starts with the… Free Application for Federal Student Aid (FAFSA) www. fafsa. gov OR Dream Act Application dream. csac. ca. gov

AB 540 Students – CA Dream Act Attended a California high school for 3 AB 540 Students – CA Dream Act Attended a California high school for 3 or more full academic years Will graduate from a California high school (or attain a GED) Do not have a Social Security Number or does have a DACA Social Security Number Do not hold a valid non-immigrant visa

AB 540 Students – CA Dream Act • Students may be eligible for in-state AB 540 Students – CA Dream Act • Students may be eligible for in-state tuition/fee costs • Check with colleges and universities about CA Dream Act institutional financial aid and private scholarships • Apply for all other private scholarships for which the student may be eligible For more information and a list of scholarships, go to www. latinocollegedollars. org www. finaid. org/otheraid/undocumented. html www. Cal. Dream. Act. org 16

The Financial Aid Process This is the student’s application and responsibility Parent information is The Financial Aid Process This is the student’s application and responsibility Parent information is usually required Apply between January 1 st and March 2 nd of the senior year Renew every year The FAFSA and Dream Act applications help determine ability to pay for college

FAFSA Information & Tips • File early, but no later than March 2, 2016 FAFSA Information & Tips • File early, but no later than March 2, 2016 • Use estimated 2015 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 with a FSA ID 18

FSA ID • • • FSA ID (Federal Student Aid Identification) Number serves as FSA ID • • • FSA ID (Federal Student Aid Identification) Number serves as the electronic signature on financial aid documents Both student and one parent need FSA ID to sign the FAFSA electronically May be used to: • • • Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and e-mail addresses FSA ID can be used immediately to submit FAFSA Apply for student and parent FSA ID at: www. fsaid. ed. gov 19

Getting Ready • Before starting the FAFSA, gather: o Student driver’s license or Alien Getting Ready • Before starting the FAFSA, gather: o Student driver’s license or Alien Registration Card o Student and Parent Social Security cards 2015 W-2 Forms and records of money earned and other taxable benefits 2015 federal income tax form (even if not yet 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 20

FAFSA (www. fafsa. gov) Section 1 – Student Demographics Section 2 – School Selection FAFSA (www. fafsa. gov) Section 1 – Student Demographics Section 2 – School Selection Section 3 – Dependency Status Section 4 – Parental Information Section 5 – Student Income and Assets Section 6 – Signatures and Certification Section 7 – Confirmation 21

Section 1 STUDENT DEMOGRAPHICS Section 1 STUDENT DEMOGRAPHICS

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Section 1 - Selective Service Registration • Male students who are between the ages Section 1 - Selective Service Registration • Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid • Answer “Register me” only if you are male, aged 18 -25, and have not yet registered. • The student may also register by going to: www. sss. gov 24

Section 2 SCHOOL SELECTION Section 2 SCHOOL SELECTION

Section 2 - School Selection • FAFSA on the Web allows the student to Section 2 - School Selection • FAFSA on the Web allows the student to list up to 10 colleges/universities that will receive his/her student and parent information • The student should list the California school he/she is most likely to attend FIRST • If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and additional schools via the Web or by phone using the FSA ID 26

Section 2 - School Selection • The student will be asked to select the Section 2 - School Selection • The student will be asked to select the housing plan that best describes the type of housing the student expects to have while attending each listed school • The choices for housing are: Campus On Campus, With Parent, or Off • The student’s choice of housing may affect the amount of financial aid for which he/she is eligible. It is usually more expensive to live on or off campus than with parents or relatives 27

Section 3 STUDENT DEPENDENCY STATUS Section 3 STUDENT DEPENDENCY STATUS

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Who Is Considered “Independent? ” • • Homeless, Unaccompanied Youth Emancipated minors Foster youth Who Is Considered “Independent? ” • • Homeless, Unaccompanied Youth Emancipated minors Foster youth Legal guardianship If any of the above apply to you, please work closely with your counselor 30

Section 4 PARENTAL INFORMATION FOR DEPENDENT STUDENTS Section 4 PARENTAL INFORMATION FOR DEPENDENT STUDENTS

Whose info goes on a FAFSA/ CA Dream Act application? THE FAFSA & CA Whose info goes on a FAFSA/ CA Dream Act application? THE FAFSA & CA DREAM ACT APPLICATIONS NOW USE RELATIONSHIP OF PARENT TO STUDENT, VS. LEGAL RELATIONSHIP BETWEEN PARENTS FOR BASIS OF COLLECTING INFO Relationship of Student to Parent Includes both parents’ incomes on the app? Only includes one parent’s income on the app? Parents married, living together YES NO Parents not married, living together YES NO Parent is widowed, not remarried NO YES Parents are divorced or separated, not living together NO YES (include the parent the student lived with most during the last 12 months. If equal time, include the income from the parent who provided most of the student’s financial support during the last 12 months) Parent and step-parent, living together YES NO Legal guardians* NO NO Foster Parents* NO NO Grandparents, brothers, sisters, uncles, or aunts * NO NO “Parent” means biological/adoptive parent – gender of biological or adoptive parents is not relevant. *Students living with legal guardians, foster parents, or relatives are usually considered to be independent students.

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Section 5 STUDENT INCOME AND ASSETS Section 5 STUDENT INCOME AND ASSETS

* Consult a tax professional to determine if your student is required to file * Consult a tax professional to determine if your student is required to file a tax return

Special Circumstances • Contact the Financial Aid Office if there are circumstances which affect Special Circumstances • Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: – Loss or reduction in parent or student income or assets – Death or serious illness – Natural disasters affecting parent income or assets such as the recent California wind storms, wild fires, floods, or mudslides – 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, or – Any other unusual circumstances that affect a family’s ability to contribute to higher education 36

Application Filing Tips • Check the FAFSA for accuracy prior to submission • • Application Filing Tips • Check the FAFSA for accuracy prior to submission • • Save all work periodically • • Print a copy of the FAFSA before submitting it • Check each college’s financial aid website for other required applications (e. g. , CSS Profile) Sign the application using student’s FSA ID and one custodial parent’s FSA ID Keep a copy of the Submission Confirmation Page 37

What Happens Next? Students and the colleges the student listed will receive a Student What Happens Next? Students and the colleges the student listed will receive a Student Aid Report (SAR) 3 to 5 days via email Students who complete FAFSA and Cal Grant GPA Verification will receive a California Aid Report (CAR) Students and families should review SAR and CAR for important information and accuracy of data – Update and correct Track your Cal Grants at www. webgrants 4 students. org Colleges send notices of financial aid eligibility to admitted students who have completed all required financial aid forms through web portals (check these OFTEN!!!) 38

If You Need Help at Any Time • FAFSA on the Web – Live If You Need Help at Any Time • FAFSA on the Web – Live Help • 1 -800 -4 -FED-AID or 1 -800 -433 -3243 • Website: www. fafsa. ed. gov • Email: Federal. Student. Aid. Customer. [email protected] gov 39

FREE CASH FOR COLLEGE Cash for College Workshop January 25 – Patti Baker Theater FREE CASH FOR COLLEGE Cash for College Workshop January 25 – Patti Baker Theater 6: 00 pm to 8: 00 pm • Get help with the FAFSA, Dream Act, and Cal Grant applications Students who attend and submit their FAFSA may be eligible for one of SIX $250 scholarships 40

Questions and Answers 41 Questions and Answers 41