Clean Cities / 1 COALITION NAME Natural Gas Vehicles Overview Presenter Title E-mail Date.
Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:
56
Copyright 2008 Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:
description
Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:. Cash for College $1,000 Scholarship – Evaluation!. Complete and turn in the Student Evaluation BEFORE you leave! Location and Date Write Clearly! Scholarship Rules on pg 2 - PowerPoint PPT Presentation
Transcript of Financial Aid Overview 2008-2009 Presented by the East Bay Cash for College Coalition Presenter:
Copyright 2008
Financial AidOverview2008-2009
Presented by the East Bay Cash for College Coalition
Presenter:
Copyright 2008
2
Cash for College $1,000 Scholarship – Evaluation!Complete and turn in the Student Evaluation BEFORE you leave!
• Location and Date
• Write Clearly!
• Scholarship Rules on pg 2
• Must submit your FAFSA and Cal Grant GPA by March 2nd
• Winner will be chosen after March 2nd and announced by your counselor or by a letter mailed to the address provided.
• Scholarship will be sent to the college.
Copyright 2008
3
Federal government
State government
Colleges and universities
Private agencies, companies, foundations, and your parents’ employers
Sources of Financial Aid
Copyright 2008
4
Types of Financial Aid
Gift Aid - Grants or scholarships that do not need to be repaid
Work - Money earned by the student as payment for a job on or off campus
Loans - Borrowed money to be paid back, usually with interest
Copyright 2008
5
How Does Financial Aid Work?
Cost of Attendance (COA) Expected Family Contribution (EFC)
Financial NEED (Financial Aid Eligibility)
Colleges determine and offer their students financial aid based on the following
equation. Also known as “Need Analysis.”
Copyright 2008
6
What is the Expected Family Contribution (EFC)?
A number produced by the FAFSA used by colleges to calculate the amount that your family (student and parent/s) will be expected to pay for college from income and assets over time.
Copyright 2008
7
What is the Cost of Attendance (COA)?
Tuition and/or fees
Room and board
Books and supplies
Transportation
Misc. personal expenses
Cost of Attendance includes most everything related to college expenses for one academic year. Also known as the “Student Budget.”
Copyright 2008
8
Financial Aid Eligibility- Varies Based on Cost (COA)
Private 4-year
COA $39,000
- EFC 2,000
= Need $37,000
Public 4-year COA $23,000- EFC 2,000
= Need $21,000
Public 2-year
COA$12,000
- EFC 2,000
= Need $10,000
Copyright 2008
9
Financial Aid Award Letter
All Financial Aid Award letters include the following:
• Cost of Attendance (or Student Budget)
• Expected Family Contribution
• Aid Offered - grants- work-study- loans- scholarships
Copyright 2008
Types of Applications
FAFSA
Cal Grant GPA Verification Form
Check college websites for additional forms such as:
– CSS Financial Aid Profile
– Scholarships Applications
– CCC Board of Governor’s Fee Waiver
May need to provide a copy of your family’s 2007 Federal tax returns
GPA Form
Copyright 2008
CSS/Financial Aid PROFILEwww.collegeboard.com/profile
– 2 step process:
» $9 online registration
» $16 per school
» fee waiver built into website
NOT used for awarding federal financial aid
NOT all schools require» mostly private schools
Filed earlier than the FAFSA
Copyright 2008
12
2008-2009 Cal Grant Application Requirements
Check with your high school or college counselor for more details on how to file your Verified GPA for Cal Grant consideration.
www.csac.ca.gov
By March 2, 2008, complete and submit:
Free Application for Federal Student Aid
(FAFSA)
Cal Grant GPA
Verification Form
OR
Release Form
Copyright 2008
13
Cal Grants (See Fund Your Future Workbook pages 13-17)
Cal Grant A Entitlement Awards – up to $6,636 at a U.C., $2,772 at a CSU, and $9,708 at an independent or private college. If attending a Community College, award will be held in reserve for up to 3 years until you transfer to a four-year college.
Cal Grant B Entitlement Awards – additional living allowance of $1,551 and up to the same award amounts of Cal Grant A for the second year.
Cal Grant C Awards – for students from low income families pursuing vocational programs of study. Awards up to $576 for books, tools, etc. and up to $2,592 for tuition and fees at a private college.
Copyright 2008
14
Need-Based Federal Grants
Pell Grants- $4,800 maximum per year
Academic Competitiveness Grants- $750 for the first year
- $1,300 for the second year
Supplemental Educational
Opportunity Grants (SEOG)- $4,000 maximum per year
See FYF Workbook pgs 18-19
Copyright 2008
15
More Need-Based Aid
Federal Work-Study
Institutional Grants, Scholarships, or Fee Waivers
Federal Perkins Loan- 5% Interest begins at repayment = 9 mo. after graduation
Federal Subsidized Stafford Loan- 6.8% Interest begins at repayment = 6 mo. after graduation
Copyright 2008
16
NON-Need-Based Aid
Some institutional or private scholarships
Federal Unsubsidized Stafford Loan- 6.8% Interest begins immediately
- Repayment begins 6 mo. after graduation
- Can defer interest while in school at least half time
Federal PLUS Loan for Parents- 7.9-8.5% Interest and repayment begins immediately
Copyright 2008
17
California Chafee GrantCalifornia Chafee Grant
The California Chafee Grant program 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 based on available funding
To apply, the foster youth must complete:
- 2008-2009 FAFSA- California Chaffee Grant Program Application
To learn more about the Chafee Grant, go to:
www.chafee.csac.ca.gov
Copyright 2008
18
Special CircumstancesContact the Financial Aid Office if there is:
– Loss or reduction in parent or student income or assets
– Death or serious illness
– Natural disasters affecting parent income or assets
– 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
– Any other unusual circumstances that affect a family’s ability to contribute to higher education
See presenter for handout on Special
Circumstances documentation
Copyright 2008
19
Citizenship Status
A valid social security # (for the student only) is required on the forms for federal and state financial aid.
You may be eligible for in-state tuition costs at California public colleges or universities.
Check with colleges and universities to see if institutional financial aid is available.
Apply for all private scholarships for which you may be eligible
For more information and a list of
scholarships, go towww.latinocollegedollars.org
NOTE: if you are undocumented or under-documented
Copyright 2008
20
FAFSA Information & TipsFile early, but no later than March 2, 2008
Use estimated 2007 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
PINs available in Real Time thru the FAFSA Website:
www.fafsa.ed.gov
Copyright 2008
21
Questions and Answers
Copyright 2008
FAFSA on the WebWorksheetLine-by-LinePresentation
Presented by the East Bay Cash for College Coalition
Presenter:
Copyright 2008
FAFSA on the WebWorksheet
Black = questions for student
Purple = questions for parent
READ all instructions and gather what you need to complete this form!
Copyright 2008
24
Your Social Security Number (Q8)Your last name (Q1)
List the student’s name and Social Security number exactly as they appear on the Social Security card.
Both will be compared through a database match process.
1 2 3 4 5 6 7 8 9
HERNANDEZ-GARCIA
Copyright 2008
25
a. If U.S. citizen, status will be confirmed by a Social Security match.
b. If eligible noncitizen, SSN and ARN will be confirmed by Department of Homeland Security (DHS) match.
Write in your eight- or nine-digit Alien Registration Number (ARN)
c. If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or institutional funds.
Citizenship Status (Q14, Q15)
0 1 2 3 4 5 6 7 8
Copyright 2008
26
Residency relates to your permanent home stateif you are dependent, the state of legal residence is usually the state in which your custodial parent/s live
State of legal residence is also used: to determine eligibility for state grants in the need calculation to determine the
appropriate allowance for state and other taxes paid by that state’s residents
CA
Your State of Legal Residence (Q18)
Copyright 2008
27
Selective Service Registration (Q22)
Male students who are 18 years of age or older must be registered with Selective Service to receive federal and state aid.
Answer “yes” only if you are male, aged 18-25, and have NOT yet registered.
You may also register by going to:
www.sss.gov
Copyright 2008
28
Indicate the student’s most immediate degree or certificate objective for 2008-2009
Degree Objective (Q23)
Copyright 2008
29
Indicate your expected grade level for 2008-2009
Graduating high school seniors should indicate 1st year/never attended college, even if you have taken some college classes.
Grade Level (Q24)
Copyright 2008
Indicate your enrollment plans for the college you are most likely to attend.
- If unsure, report “Full-time”
30
Your Expected Enrollment Status (Q25)
Copyright 2008
31
Student Loans and Work-Study (Q26)
Indicating interest does NOT obligate you to either borrow or to work, nor will it cause you to lose grants and scholarships
Answering “neither” may restrict some options for limited loans and work-study funds
Copyright 2008
First Bachelor’s Degree? (Q28)
32
If you are a high school senior, the answer is ‘NO’
Copyright 2008
33
Parents’ Educational Level (Q29-30)
Indicate highest level of schooling completed by your biological or adoptive parents (for state award purposes only)
Use birth parents or adoptive parents - NOT stepparents or foster parents
This definition of parents is unique to these two questions
Copyright 2008
34
DO NOT SKIP THIS QUESTION
– Answer “NO” if:• Conviction was for alcohol or tobacco• Conviction was removed from record or
occurred before age 18 (unless tried as an adult)
– Answer “YES” if you have been convicted of possessing or selling illegal drugs while you were receiving federal financial aid
Drug Conviction Question (Q31)
Copyright 2008
35
Section 2Determination of Student Dependency Status
Copyright 2008
36
Section 3 – Parental Information
See top of Page 4 about who is considered a parent:
– Biological or adoptive parent(s)
– Stepparent (regardless of any prenuptial agreements)
– Use only one parent’s information if divorced or separated
DO NOT include information on:
- legal guardians
- grandparents, or
- other relatives
See presenter for handout on Special Circumstances
documentation
Copyright 2008
37
Your parents’ marital status as of today (Q56)
Month and year your parents were married, separated, divorced, or widowed (Q57)
M M Y Y Y Y
Copyright 2008
38
Father’s and/or Mother’s SSN, Last Name, and Dates of Birth (Q58-65)
2 3 4 5 6 7 8 9 0 JONES
0 5 0 3 1 9 5 9
0 0 0 0 0 0 0 0 0
PARKER
0 7 1 9 1 9 6 0
Information should be listed as they appear on the parent/s’ Social Security Card for a database match
If parent does NOT have a SSN, enter 000-00-0000
Do NOT include additional information on parent if single, divorced, separated, or widowed.
Copyright 2008
39
Parents’ State of Legal Residence (Q68-70)
Indicate the two-digit state code for your parents’ permanent address
If the answer to the previous question is “no,” enter the month and year residency began for your parent who has been a legal resident of that state the longest
CA
M M Y Y Y Y
Copyright 2008
40
Parents’ Tax Return Filing Status for 2007
If you indicate that you/your parent “Will File,” use ESTIMATED income information.Remember to go back into your FAFSA to make corrections as soon as taxes are filed.
Copyright 2008
41
Parents’ Household 2007 Federal Benefits
Indicate if you, your parents, or anyone in your parents’ household received benefits in 2007 from any of the federal programs listed
Copyright 2008
42
Parent 2007 Adjusted Gross Income (Q79)
Reminder: If the answer is zero or the question does not apply, enter 0
If your parents have not yet filed their 2007 federal tax return information, it is fine to estimate information for these questions
If your parents have completed their 2007 federal tax return, use 2007 tax return information to complete this item. Pay attention to specific line-items on 2007 federal tax return, if completed
45,250
Copyright 2008
43
Money Earned from Work by Parent/s in 2007
Use W-2 forms and other records to list all income in 2007 earned from work (including income earned from self-employment)
45,250
40,50013,200
Copyright 2008
Parents’ Income Tax Paid in 2007 (Q80)
What was the amount your parent/s paid in income tax for 2007?- Use U.S. Income tax paid (or to be paid)- NOT the amount withheld from your parents’ paychecks
2,130
Parents’ 2007 Tax Exemptions (Q81)
5
Copyright 2008
45
Parents’ Household Information for 2008-09
Include in your parents’ household:– yourself– your parent(s)– your parents’ other dependent children, if
your parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live
– other people, if they now live with your parents and will continue to do so from 7/1/08 through 6/30/09, and if your parents provide more than half their support now, and will continue to provide support from 7/1/08 through 6/30/09
6
Copyright 2008
46
Family Members Attending College in 2008-09
NOTE: Some financial aid offices will require proof that other family members are attending college
Always include yourself even if you will attend college less than half-time in 2008-2009Include other household members only if they will attend at least half time in 2008-2009 in a program that leads to a college degree or certificateNever include your parents
2
Copyright 2008
47
Worksheets A, B, and C
NOTE: You should keep a copy of the worksheets because the financial aid office may request a copy
Go to the worksheets on the back of the FAFSA (page 8):
- Worksheet A = Untaxed Income & Benefits
- Worksheet B = More Untaxed Income & Benefits
- Worksheet C = Exclusions to Income
Copyright 2008
48
Parent Assets (Q87)
Report the current balance of your parents’ cash, savings, and checking accounts as of the day you complete the FAFSA.
2,155
TIP: Report available cash (after the bills are paid)
NOTE: Some financial aid offices may request supporting documentation for the answers to these questions
Copyright 2008
49
Parent Assets (Q88)
• bonds and other securities
• Coverdell IRAs
• 529 plans owned by parents
• installment and land sale contracts
• commodities, etc.
Net Worth means current value minus debt
Investments include:
• real estate (other than parents’ home)
• trust funds
• UGMA and UTMA accounts
• money market and mutual funds
• certificates of deposit
• stocks and stock options
7,900
Copyright 2008
50
Parent Assets (Q89)
DO NOT include investments like:- the home you live in- the value of life insurance - parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or - the value of a family owned and controlled small business with 100 or fewer full-time or full-time equivalent employees
Business/Investment Farm includes:
– market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral
0
Copyright 2008
These questions are identical to the parent financial questions we covered in the Section 3
In Section 4 (page 6):
– Report your 2007 income
– If you are single, ignore references to “spouse”
– Q90-96 are for INDEPENDENT students only
51
Section 4 – Student Finances
Copyright 2008
52
001170 001328 023456
Section 5 – School Information
034567
• List up to 10 colleges - that you have applied and/or are planning to apply
• List at least one California College 1st, 2nd or 3rd, for Cal Grant consideration
• List those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state
• Find school codes at: www.fafsa.ed.gov
Copyright 2008
53
Copyright 2008
54
What Happens Next?
Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor
Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR)
Students and families review SAR and CAR for
important information and accuracy of data
Colleges match admission records with financial aid
applications and determine aid eligibility
Colleges mail notices of financial aid eligibility to
admitted students who have completed all required financial aid forms
Copyright 2008
55
Summary of the Financial Aid Process
Submit all required forms, including the FAFSA, by each college’s published deadlines (but no later than March 2)By March 2, submit a Cal Grant GPA Verification Form (or Release Form)Keep a copy of all forms submittedReview the Student Aid Report (SAR) and California Aid Report (CAR) for accuracyWatch for financial aid award notifications from colleges to which the student has been admittedBe sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible
ASK QUESTIONS!
Copyright 2008
56
Questions and Answers
![Safe Kids and McNeil Consumer Healthcare, the …...2016/10/19 · Introduction [Coalition/presenter intro] Safe Kids and McNeil Consumer Healthcare, the makers of Children’s Tylenol,](https://static.fdocuments.us/doc/165x107/5f0dd34d7e708231d43c463f/safe-kids-and-mcneil-consumer-healthcare-the-20161019-introduction-coalitionpresenter.jpg)
