WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID. What is financial aid? Cost of attendance (COA) Expected...
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Transcript of WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID. What is financial aid? Cost of attendance (COA) Expected...
WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID
• What is financial aid?
• Cost of attendance (COA)
• Expected Family Contribution (EFC)
• What is financial need?
• Categories, types, and sources of financial aid
• Free Application for Federal Student Aid (FAFSA)
• Special circumstances
WHAT IS THE COST OF ATTENDANCE (COA)?
Cost of Attendance (COA) VARIES from college to college
COA can be found at every school’s web site. You may also go to: www.californiacolleges.edu
WHAT IS THE EXPECTED FAMILIY CONTRIBUTION (EFC)?
• Amount 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
MAIN DETERMINANTS OF THE EFC
Income Assets Family size Number in College Age of the older parent
Adjustments to EFC may be made by Financial Aid Office due to Verification and/or Special Circumstances that limit
ability to pay
FINANCIAL NEED is Determined by the Cost of Attendance minus the Expected Family Contribution.
Cost of
Education
Expected
Family
Contribution
(EFC)
Financial Need
•Tuition & Fees
•Books & Supplies
•Room & Board
•Transportation
•Personal/Misc. Expenses
•Loan Fees
•EFC determines eligibility for need-based aid
•EFC is not an amount the student or parent/s must pay
•Financial Need isthe difference between the COAand the EFC.
•Needwill be different at each school.
TYPES OF FINANCIAL AID
• Need-Based Gift Aid
• Grants
• Scholarships (performance-based)
• Self-Help Aid
• Loans (need and non-need based)
• Student Employment
SCHOLARSHIPS
• Money that does not have to be paid back
• Awarded on the basis of merit, skill, or unique characteristic
GRANTS
• Money that does not have to be paid back
• Usually awarded on the basis of financial need
LOANS
• Money students and parents borrow to help pay college expenses
• Repayment usually begins after education is finished
• Only borrow what is really needed
• Look at loans as an investment in the future
EMPLOYMENT – WORK STUDY
• Allows student to earn money to help pay educational costs
– A paycheck
– Non-monetary compensation, such as room and board
SOURCES OF FINANCIAL AID
• Federal government
• States
• Private sources
• Civic organizations and churches
• Employers
FEDERAL GOVERNMENT
• Largest source of financial aid
• Aid awarded primarily on the basis of financial need
• Must apply every year using the Free Application for Federal Student Aid (FAFSA)
CALIFORNIA STATE PROGRAM
• California Student Aid Commission (CSAC) administers Cal Grant program. Web site www.csac.ca.gov
• Student must: Be a California resident attending a California college
Apply by the March 2nd deadline (FAFSA and verified GPA)
Have financial need
Meet income and GPA requirements for at least one program
• CSAC uses information from the FAFSA
• Deadline is March 2nd
HOW DO I APPLY ?
• The FAFSA is a standard form that collects demographic and financial information about the student and family
• FAFSA website
– Available in English and Spanish
Complete FAFSA Each Academic Year!
FAFSA• Free • Application for• Federal• Student• Assistance
FAFSA ON THE WEB
• Web site: www.fafsa.ed.gov**DO NOT USE ANY OTHER WEBSITES ****AVOID SCAMS (fafsa.com will charge $)**• 2012-13 FAFSA on the Web available on January
1, 2012• FAFSA on the Web Worksheet:
– Used as “pre-application” worksheet– Questions follow order of FAFSA on the Web
STUDENT FINANCIAL AID PERSONAL IDENTIFICATION NUMBER (PIN)
• Web site: www.pin.ed.gov
• Student and Parent must sign FAFSA electronically
• Request PIN before January 1, 2012
• PIN remains the same for student and parent all through college years
Before starting the FAFSA, gather Student driver’s license Student and Parent:
Social Security cards
2011 W-2 Forms and other records of money earned
2011 federal income tax form (even if not completed)
Records of 2011 untaxed income
Current bank statements
Business, and other real estate records
Records of stocks, bonds and other investments
• If delayed in filing federal
tax return, file FAFSA with
‘estimated’ income to
avoid missing priority filing
date of March 2, 2012
List up to 10 colleges to receive FAFSA data:
• Include CA school (CSUSM?) in one of the top 3 spots for Cal Grant!
• Federal School Code for each college
• Housing plans for each college
SIGNATURES
• Required
– Student
– One parent (dependent students)
• Format
– Electronic using PIN (most frequently used)
– Signature page (least frequently used)
FAFSA PROCESSING RESULTS
Central Processing System (CPS) notifies student of FAFSA processing results by:
• Student Aid Report (SAR)
FAFSA PROCESSING RESULTS
• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
• College reviews ISIR– May request additional documentation, such
as copies of federal tax returns
STUDENT AID REPORT
• Review data for accuracy
• Update estimated information when actual figures are available
MAKING CORRECTIONS
If necessary, corrections to FAFSA data may be made by:
• Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN; or
• Submitting documentation to college’s financial aid office
SPECIAL CIRCUMSTANCES
• Cannot report on FAFSA
• Send explanation to financial aid office at each college
• College will review special circumstances
– Request additional documentation– Decisions are final and cannot be appealed
to U.S. Department of Education
FAFSA4CASTER
Early estimate of eligibility for financial aid
Student Aid on the Web http://studentaid.web.gov
• Scholarship Assistance – in Library After School, Mon.-Fri.– Assistance for the FAFSA will be available all of January and February
• General College Application Workshop– Thursday, Nov. 17th, 2011; Career Center; 3pm-4pm
• Community College Workshop– Wednesday, Nov. 30th, 2011; Career Center; 3pm-4pm
• Financial Aid Evening– Wednesday, Dec. 7th, 2011; Library; 6pm-7pm
» Parents encouraged to come!
Palomar College GEAR UP &
College and Career Center
Remember November 30th is the deadline for CSU/UC Applications!
FAFSA Workshop
• Cal SOAP “Cash for College” Workshop– Free– CSUSM– Saturday, Feb 25th – 9-1pm
**More info to follow**
• (760) 750-4850
• Craven Hall Room 3700
• School Code: 030113
CSUSM FINANCIAL AID CONTACT INFORMATION
FREE Scholarship Services
www.fastweb.com
www.collegeboard.com
www.finaid.org