Financial Aid & FAFSA OverviewPresented by:

Patti Serafin

Financial Aid, Veterans & Scholarship Services

Agenda

• Financial Aid Overview▫ Available Student Financial Assistance▫ Basic Eligibility▫ Cost of Attendance▫ Determining Federal Need and Award Packages▫ Special Circumstances

• 2017-2018 FAFSA On The Web (FOTW)▫ Start Here- Accessing and Signing the FAFSA▫ FAFSA sections▫ Resources

• California Dream Act

Aid Available To StudentsFinancial aid helps students pay for their educational expenses.

**Plan carefully because aid may not cover all costs**

Sources

Federal

State

Institution

Private

Types of Aid

Grants- Do not have to be repaid; usually need based

Work Study- Must be earned through work

Loans- Must be repaid

Scholarships- no repayment, eligibility varies by donor

Investigate and apply for all aid as soon as possible. **Be mindful of deadlines and eligibility requirements**

Federal Student AidMust submit the Free Application for Federal Student Aid (FAFSA)

Program 2016-2017 Amounts Notes

Pell Grant Up to $5,815 Lifetime Eligibility 600%

FSEOG $100 to $4,000 Priority to Pell Grant students

TEACH GrantUp to $3,712 Requires a service contract or it

converts to an unsubsidized loan.

Iraq & Afghanistan Service Grant

Up to $5,830 (estimate) Similar to Pell Grant; cannot exceed Cost of Attendance

Work Study Varies by school On and off-campus employment

Perkins Loan Up to $5500 (UG) 5% fixed rate; 9 month grace period

Subsidized DirectLoan

$3,500- $5,500(UnderGrad level)

Restricted to 150% of your academic program

Basic Federal Eligibility

• High school diploma or equivalent

• U.S. citizen or eligible non-citizen

• Valid Social Security number

• Enrollment in an eligible degree or certificate program

• Selective Service registration (males only)

• Certification of educational purpose and enrollment in program leading to degree, transfer or certificate

• No student loan borrower default or aid overpayment

• No drug conviction based on Department of Education standards

• Maintain Satisfactory Academic Progress (SAP)K n o w t h e s c h o o l ’ s p o l i c y o n d u a l c r e d i t c o u r s e s !

California Student AidSubmit the Free Application for Federal Student Aid (FAFSA) or Dream Act Application and GPA verification by March 2nd.

Program Award Amounts

Chafee Grant Up to $5,000

UC Student Aid Varies; minimum $100

State University Grant Covers full system-wide fees

Middle Class Scholarship (CSU, UC)Up to 40% of tuition; final award based on number of awardees and budget allocation.

Child Development Grant $1,000 (CCCs); $2,000 (4-yr)

Law Enforcement & Personnel Dependents Grant

Up to $11,259

CCC Board of Governors Fee Waiver Covers all CCCs enrollment fees

California Student AidDeadlines: Round 1 is March 2nd; Round 2 is September 2nd for California Community College students only.

Program Maximum Award (estimates)

Cal Grant A & B$12,192 (UC); $5,472 (CSU); $9084 (Independents); $4,000 (For Profit)

Cal Grant B Access Award $1,670 (all schools)

Cal Grant C $2,462 (non CCCs); $547 (CCCs)

FTSSG (Full-Time Student Supplemental Grant)

Additional amount up to $600 for full-time community college students receiving Cal Grant awards

Basic California EligibilityMust Meet Federal and Cal Grant Requirements

* U. S. Citizen or Eligible non-citizen * California Resident as determined by the school

Selective Service registration Attend an eligible California college

* Valid Social Security number Enroll at least half-time in an eligible program

Maintain Satisfactory Academic Progress High School GPA

Not owe a grant repayment or be in default on a student loan

Not have earned a bachelors degree

Not incarcerated Application deadlines and limits on number of semesters eligible

* Requirements are supplanted by other eligibility criteria for AB 540 students.

Cost of Attendance (COA)

Standard Items

• Tuition & Fees

• Books & Supplies

• Room & Board Allowance*

• Transportation

• Personal/Miscellaneous Expenses

* living at home, on-campus or off-campus will change COA.

2016-17 Undergrad, With Parent

Palomar SDSU UCSD

$ 1,338 $ 6,976 $ 13,557

$ 1,764 $ 1,804 $ 1,502

$ 4,770 $ 4,197 $ 4,698

$ 1,132 $ 1,499 $ 1,658

$ 1,392 $ 1,392 $ 3,785

$ 10,396 $ 15,868 $ 25,200

Awarding Financial Aid

2016-17 Palomar College

With Parent Award Package

COA $10,396

Minus

EFC ( 0)

BOG Waiver ( 1,288)

Federal Pell Grant ( 5,775)

Federal Work Study ( 3,163)

Unmet Need $ 0

Cost of Attendance

Minus EFC

Financial Need

Minus Need-based aid &other resources

Unmet Need

COA varies by school, but EFC remains the same.

EFC- Expected Family Contribution based on FAFSA responses.

What’s Changing for Fall 2017

• Earlier availability of FAFSA form▫ October 1 – 3 months earlier

• “Prior-prior Year” income▫ Changes income year on FAFSA ▫ Report 2015 income for both 2016/2017 and

2017/2018 FAFSA forms▫ Easier to use IRS Data Retrieval on FAFSA

• Community College BOG (Board of Governors’) Fee Waiver▫ New academic progress requirements

FAFSA On The Web (FOTW)

Why File Electronically?

• Edits prevent errors & delays;

• Skip-logic reduces number of questions;

• Quick submission of original application and any necessary corrections;

• Detailed instructions and “Live Help” available

• Simplified renewal application process www.fafsa.gov

14

Using a FSA ID to Sign the FAFSA• The U.S. Department of Education has

replaced the Federal Student Aid PIN or FSA PIN with a new Federal Student Aid (FSA) ID, effective May 10, 2015.

• The FSA ID will allow students and parents to access and electronically sign the online version of the FAFSA with a user-selected username and password.

• This new login process will be more secure, since it eliminates the need for students and parents to provide personally identifiable information (PII), such as their name, date of birth and Social Security Number (SSN), every time they access U.S. Department of Education web sites.

• This change permits self-service password retrieval by email without requiring the applicant to reveal PII. It also allows for name changes (e.g., through marriage) without requiring an application for a new FSA ID.

FOTW Sections

• Student Demographics

• School Selection

• Dependency Status

• Parent Demographics

• Financial Information

• Sign & Submit

• Confirmation

Student Demographics

Check for:

• Name matches studentsocial security card

• Transposed numbers

• Incorrect data in numeric fields

Use the “Help and Hints”section on each page.

School Selection

Add a School

• Federal School Code

• Search by:

▫ Name

▫ City and State

Housing Plans

• On campus

• With parent

• Off campus

Dependency Status

NO to all questions

• Makes the student a “dependent”

• Parental informationis required

Student must provide more than half of a child’s financial support to answer “Yes” on the FAFSA

Dependency Status

“Yes” to any of these makes the student independent and

no parental information is required.

• Foster Youth

• Emancipated Minors

• Legal Guardianship

• Homeless Unaccompanied Youth

Documentation may be required by the College to confirm dependency status.

Parent Demographics

Provide both parents information if they are:

• Unmarried & living together

• Married

• Remarried (parent and step-parent)

• Regardless of gender

A legal parent includes biological/adoptive parent or a person that the state has determined to be your parent (ex. listed on birth certificate).

Financial Information 2016-2017 &

2017 -2018Same for both student and parent

• Report 2015 income

• Use IRS Data Retrieval Tool (DRT)

• Requires a FSA ID

• Available February

• Must have already filed

• Do not skip questions about parent income and assets for Cal Grant purposes

Sign and SubmitStudent and Parent

• Select signature method

▫ Electronic or mail

▫ FSA ID

• Terms of Agreement

▫ Use funds to pay for educational expenses

▫ Receive Federal Pell from one school at a time

▫ Information provided is accurate under penalty of law

Confirmation Page

• Confirmation Number

• DRN

• Transfer FAFSA data

• Eligibility Information

• College Information

• Next Steps

2015-2016

Special Circumstances

• Can be indicated on the FAFSA

▫ Only those related to dependency status or parental information

▫ Contact the school for all other special circumstances, such as, loss of income or unexpected medical expenses

• Must follow up with each College/University

▫ Each school will have its own form and documentation requirements

▫ The school will notify the student of its decision

• Decisions cannot be appealed to the Department of Education

25

Financial Aid Application Process

Get FSA IDhttps://fsaid.ed.gov

FSA ID

Use FSA ID to make corrections and

colleges will receive ISIR

Resources

Federal Student Aid at www.studentaid.gov

• Preparing for College

• Types of Aid

• How Do I Apply

• Managing loans

Resources

California Student Aid Commission (CSAC) at www.csac.ca.gov

• Cal Grants

• Dream Act

• Middle Class Scholarships

California Dream Act

* Requirements are supplanted by other eligibility criteria for AB 540 students.

Online application and resources available at: https://dream.csac.ca.gov/

Questions?

Angelina ArzateFinancial Aid, Veteran & Scholarship Services(760) 744-1150 ext. 3249aarzate@palomar.edu