2015-16

Financial Aid Workshop

Agenda

• Importance of an education

• Role of the Financial Aid Office

• Types & Sources of Financial Aid

• How to Apply for Financial Aid

• Awarding Process & Comparing Awards

• Tips

Who wants a million dollars?

Why are you here?

• Jobs of the future will require more skills than those provided by a high school education alone

• Students who go to college have financial advantages– their life-time earnings are higher than those of

high school graduates– they are less likely to be unemployed– their children are more likely to attend college

Philosophy of Financial Aid

• Providing access and information

• 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

Our Roles

The Financial Aid Office’s Role…• To administer federal, state and institutional

financial assistance to students and their parents in an accurate, informative, timely and friendly manner

Parent & Student’s Role…• To contribute to the application, awarding and

financing process throughout student’s Undergraduate Education

• Most students are considered “dependent” until the age of 24

Applying for Federal Aid

• Free Application for Federal Student Aid (FAFSA)• www.fafsa.gov• Required for Federal and State fund eligibility• January 1, 2015 – March 2, 2015• FAFSA4caster for non-seniors• PIN Number required for E-Signature• Each school has their own deadlines!

• February 1, 2015 priority deadline for LMU• Estimate Information if taxes are not complete

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, 2015 National College Decision Date

Applying for Aid at LMU

• Early Action Admission Applicants:– Early Award Notification for students submitting their

FAFSA’s by January 16, 2015– End of March Award Notification for FAFSA’s submitted after

January 16, but before February 1, 2015

• Regular Decision Admission Applicants:– Submit FAFSA prior to February 1, 2015 for end of March

Award notification• Do not wait for an admission decision to apply• Do not wait for tax completion• Apply even if you are not expecting need based aid

Cash for College

Participate in all college information sessions at your high school

Attend a Cash for College FAFSA Workshop on Saturday, January 31, 2015 for help completing the FAFSA and the Cal Grant GPA

Verification Form (both due by March 2, 2015)a chance to win one of many scholarships

To find a location close to you, visit: www.lacashforcollege.org

Cal Grant - How to Apply

• Cal Grant G.P.A. Verification Form• Check the status of your Cal Grant at • https://mygrantinfo.csac.ca.gov • March 2, 2015• New California law states that we must

check income and assets annually.• How does your High School process Cal

Grant GPA Verification Forms?

Undocumented Students

Undocumented and under-documented students, while not eligible for federal aid, may be eligible for state aid in CaliforniaApply for the CA Dream Act Application through

www.csac.ca.gov - CA state residence onlyCheck early regarding permanent residencyCheck for institutional aid availabilityFor a list of some scholarships, go to

www.maldef.org and www.latinocollegedollars.org

Cost of Attendance

• Tuition and Fees• Room: On Campus, Off Campus, With Parents• Board: Meal Plan

Direct Expenses

• Books and Supplies• Personal Expenses• Transportation and Parking

Indirect Expenses

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.

• Institutions may calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information. Currently, the CSS Profile is not required by LMU.

Financial Aid Formula

Cost of Attendance (COA)

Expected Family Contribution (EFC)

Financial Need

The Formula - Examples

School Private UC CSU CC

*Est. Cost/yr. $60,000 $30,000 $20,000 $15,000

**Est. Family Contribution/yr.

$10,000 $10,000 $10,000 $10,000

***Amount of “Need” for Fin. Aid

$50,000 $20,000 $10,000 $5,000

*Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/ortuition.  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. 

Summary of Financial Aid Programs

Need Based Financial Aid

• Federal Grants• Cal Grants• School Grants• Federal Stafford

Subsidized Loans• Federal Work Study• Outside Agency

Scholarships

Non-Need Based Financial Aid

• Academic/Athletic Scholarships

• Outside Agency Scholarships

• Federal Stafford Unsubsidized Loan

• Institutional Work Study• Parent PLUS Loan

All students who attend LMU may qualify for some form of financial aid regardless of financial need. Financial aid application required for most awards.

Four Primary Sources of Aid - Federal

1. Federal Programs (FAFSA Application) • Pell Grant• Supplemental Grants• Stafford Loans

• Subsidized vs. Unsubsidized • Perkins Loan• Work Study

Sources of aid – California Cal Grant A

• All students who have earned a high school GPA of 3.0 or greater, demonstrate financial need, meet parental income and asset requirements, and file by March 2, 2015 will receive up to four years of – system-wide fees at UC ($12,192) and CSU

($5,472) campuses – as much as $9,084 at independent California

colleges or universities – as much as $4,000 to $9,084 toward tuition and

fees at eligible California private career colleges

Sources of aid – California Cal Grant B

All students who have earned a high school GPA of 2.0 or greater, demonstrate financial need, meet parental income and asset requirements, and file by March 2, 2015 will receive up to four years of A $1,648 stipend, called “Access”, for living expenses for up to

four years at all California colleges and universities including the community colleges

Plus the tuition amounts listed for Cal Grant ANOTE: Cal Grant B students will only receive the stipend their

first year. They cannot receive their tuition portion until years 2-4.

Sources of aid – California DREAM Act

Opportunity for Cal Grant funding for AB540 studentsSame amounts for Cal Grant A and BDoes not allow students to work on campus

There is a Federal process for working on campusDACA – Deferred Action for Childhood Arrivals

Information is kept confidential between state and institution

Sources of aid - Chafee

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.

Been in California foster care on his or her 16th birthday and not have reached his or her 22nd birthday before July 1, 2015

To apply, complete the:2015-2016 FAFSA (available January 1, 2015)California Chafee Grant Program Application

To learn more about the Chafee Grant, go to www.chafee.csac.ca.gov

Sources of Aid - Institution

3. Institutional Programs• Scholarships

o Based on merit and GPA• Grants

o Based on need• Loans

o Potentially based on both need and merit• Work

o May not be offered by all schools

Sources of Aid – Outside Funding

4. Outside Resources• Community: Rotary, YMCA, Elks• Parent’s Employer • Web Sites: www.fastweb.com• Time spent on searches are worthwhile• Outside Scholarships can replace loans/work• High School’s resources• Be cautious! Don’t pay for services!

Resources for Parents

• Parent Programs

• Employer Reimbursement for Dependents

• Federal Plus Loan Program

• Payment Plans

• Federal IRS Educational Tax Benefits

Net Price Calculator

• Regulations state that every US school must have a standardized calculator to give families an idea how much it will cost to attend.

• Different schools = different calculators– Some schools use a generic calculator– Some schools have broad ranges– Some schools use the lowest estimate

• Output is only as accurate as the information entered

Financial Decisions

• There are other ways to save money• Commuting instead of living on campus• Evaluating your meal plan• Purchasing books online

• Renting books• E-books

• Provide financial literacy to students before college starts

• Buying coffee/pizza while on a meal plan• Build a weekly/monthly personal budget

• Borrow wisely!• Impact over 10+ years

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 now

Apply Each and Every Year

Tips

If you send any documents through the mail, make sure to get a certificate of mailing

Research outside agencies for scholarships

Review Websites – Financial Aid TV on LMU’s Website

Use on-line “web services tool” provided by the school

Notify Financial Aid Office of any changes in family circumstances

Contact Information

1 LMU Dr.

Suite 270 (Charles Von Der Ahe Building)

Los Angeles, CA 90045

Web: financialaid.lmu.edu

Twitter: @LMUFinancialaid

Email: finaid@lmu.edu

Phone: 310-338-2753

Fax: 310-338-2793