Keys to Understanding Keys to Understanding FINANCIAL AID FINANCIAL AID

What are the different types of What are the different types of financial aid? financial aid?

What is the FAFSA?What is the FAFSA?

What will my parents and I be What will my parents and I be expected to contribute? expected to contribute?

Will I qualify for financial aid?Will I qualify for financial aid?

What is Financial Aid?What is Financial Aid?

Scholarships (free $)Scholarships (free $)

Grants (free $)Grants (free $)

Loans (low, subsidized interest)Loans (low, subsidized interest)

Part-time employment (Work study)Part-time employment (Work study)

These resources are available to help families These resources are available to help families meet the cost of enrolling at the institution of meet the cost of enrolling at the institution of

choice.choice.

Sources of Financial AidSources of Financial Aid

FederalFederal

StateState

InstitutionalInstitutional

PrivatePrivate

““financial need” is the financial need” is the

primary criteria for eligibilityprimary criteria for eligibility

ScholarshipsScholarships - merit consideration - merit consideration

Parent loansParent loans - credit worthiness - credit worthiness

Scholarships- Scholarships- gifts in recognition of gifts in recognition of academic achievement or special talentsacademic achievement or special talents

Indicate interest in scholarships when Indicate interest in scholarships when completing college applicationscompleting college applicationsComplete the SCHS Scholarship Complete the SCHS Scholarship ApplicationApplicationCheck out private organizations, but Check out private organizations, but beware of “fee-for-service”beware of “fee-for-service”Many resources on the WebMany resources on the WebMay reduce amount of loans/work studyMay reduce amount of loans/work study

Grants: Grants: gifts of money--primarily need-gifts of money--primarily need-basedbased

College/University GrantsCollege/University Grants

Federal Pell Grant Federal Pell Grant – Awards of $400-$4,050 a Year Awards of $400-$4,050 a Year

Federal Supplemental Educational Federal Supplemental Educational Opportunity Grant (SEOG)Opportunity Grant (SEOG)– These grants are limited, but could be an These grants are limited, but could be an

award of $100-$4,000 in addition to Pell Grantaward of $100-$4,000 in addition to Pell Grant

Grants: Grants: gifts of money primarily need-gifts of money primarily need-basedbased

Cal GrantsCal Grants– See page 6 in “Fund your Future” workbookSee page 6 in “Fund your Future” workbook– Apply whether you think you will qualify or notApply whether you think you will qualify or not

FAFSA & GPA Verification are requiredFAFSA & GPA Verification are required– Apply early in January (absolute deadline is Apply early in January (absolute deadline is

March 2)March 2)– GPA Verification is GPA Verification is done electronically—be done electronically—be

sure the SCHS Registrar has your Social sure the SCHS Registrar has your Social Security numberSecurity number

Grants: Grants: gifts of money primarily need-gifts of money primarily need-basedbased

Cal Grant ACal Grant A– Minimum GPA to qualify is 3.0Minimum GPA to qualify is 3.0– If going to Community College, can be held in reserve If going to Community College, can be held in reserve

for up to 3 years until you transfer to 4-year collegefor up to 3 years until you transfer to 4-year college– Make sure you list a 4-year university on your FAFSA Make sure you list a 4-year university on your FAFSA

applicationapplication

Cal Grant BCal Grant B– Minimum GPA to qualify is 2.0Minimum GPA to qualify is 2.0– If going to Community College, can be held in reserve If going to Community College, can be held in reserve

for up to 3 years until you transfer to 4-year collegefor up to 3 years until you transfer to 4-year college– Make sure you list a 4-year university on your FAFSA Make sure you list a 4-year university on your FAFSA

applicationapplication

Grants: Grants: gifts of money primarily need-gifts of money primarily need-basedbased

Cal Grant CCal Grant C– For those students pursuing For those students pursuing Career or Career or

Technical educationTechnical education. . – No minimum GPA, however, still do the GPA No minimum GPA, however, still do the GPA

Verification as your GPA can earn you Verification as your GPA can earn you additional points.additional points.

– Awards are available for up to 2 yearsAwards are available for up to 2 years

Free Application for Federal Free Application for Federal Student Aid--Student Aid--FAFSAFAFSA

FAFSA--Go online to www.fafsa.ed.govFAFSA--Go online to www.fafsa.ed.gov– Used to determine your Estimated Family Used to determine your Estimated Family

Contribution (EFC) and ultimately your Contribution (EFC) and ultimately your financial needfinancial need

– Filing period is January 1-March 2 (file as Filing period is January 1-March 2 (file as early in January as possible)early in January as possible)

ParentParent & & studentstudent should should apply for your PINapply for your PIN at at www.pin.ed.gov weeks before starting FAFSAwww.pin.ed.gov weeks before starting FAFSA

– Needed for electronic signatures for online FAFSANeeded for electronic signatures for online FAFSA

– Attend FAFSA workshop in Jan/Feb.Attend FAFSA workshop in Jan/Feb.

Cost ComparisonsCost Comparisons

Typical 9 Month Costs in 2006-2007Typical 9 Month Costs in 2006-2007

Community College: $ 9,066 Community College: $ 9,066 (live at home)(live at home)

CSU campusCSU campus $20,000 $20,000

UC campusUC campus $29,450$29,450

Private campusPrivate campus $45,000 $45,000 Costs Costs includes: tuition, fees, room and board, books, includes: tuition, fees, room and board, books, supplies, transportation and personal expenses, supplies, transportation and personal expenses, such as clothing, laundry, and entertainment.such as clothing, laundry, and entertainment.

How much financial assistance How much financial assistance might I qualify for?might I qualify for?

Most financial aid is awarded based Most financial aid is awarded based on your financial needon your financial need

Cost of going to college (student Cost of going to college (student budget)budget)

- Expected Family Contribution - Expected Family Contribution (EFC)(EFC)

= Financial need= Financial need

WebsitesWebsites

www.fafsa.ed.govwww.fafsa.ed.gov (do the FAFSA on line) (do the FAFSA on line)

www.californiacashforcollege.orgwww.californiacashforcollege.org (will list (will list local sites for “Cash for College” local sites for “Cash for College” workshops; help completing the FAFSA)workshops; help completing the FAFSA)

www.collegeboard.com/paywww.collegeboard.com/pay (a good site to (a good site to estimate your financial aid eligibility)estimate your financial aid eligibility)

www.fastweb.comwww.fastweb.com (free site for (free site for scholarship searches)scholarship searches)