2015-16 Financial Aid Workshop. Agenda Importance of an education Role of the Financial Aid Office...
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Transcript of 2015-16 Financial Aid Workshop. Agenda Importance of an education Role of the Financial Aid Office...
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2015-16
Financial Aid Workshop
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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
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Who wants a million dollars?
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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
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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
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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
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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
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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
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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
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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
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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?
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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
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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
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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.
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Financial Aid Formula
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Financial Need
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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.
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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.
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Four Primary Sources of Aid - Federal
1. Federal Programs (FAFSA Application) • Pell Grant• Supplemental Grants• Stafford Loans
• Subsidized vs. Unsubsidized • Perkins Loan• Work Study
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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
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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.
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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
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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
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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
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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!
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Resources for Parents
• Parent Programs
• Employer Reimbursement for Dependents
• Federal Plus Loan Program
• Payment Plans
• Federal IRS Educational Tax Benefits
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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
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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
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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
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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
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Contact Information
1 LMU Dr.
Suite 270 (Charles Von Der Ahe Building)
Los Angeles, CA 90045
Web: financialaid.lmu.edu
Twitter: @LMUFinancialaid
Email: [email protected]
Phone: 310-338-2753
Fax: 310-338-2793