Mission CollegeFinancing Your College Education

Rita Grogan, DirectorStudent Enrollment & Financial Services

Rita.Grogan@MissionCollege.edu 408-855-5072

What You’ll Learn Today Planning for college

Types of financial aid

Gift aid

Self-help aid

Application process

FAFSA

California Dream Act

CSS Financial Aid PROFILE

Calculating your eligibility

Cost of attendance

Awarding & packaging

What’s next?

What we should have done!

$100 per month to each child’s college savings account AT BIRTH!(In some cases, we should have started before birth!)

WHY? Parents have the first responsibility to provide for

their dependent child’s educational costs.

Don’t “should” on yourself!

Life happens and we don’t always get to what we “should” have done or hoped to do!

Commitment to high-quality educational choices at the K-12 level are made that impact our ability to save!

Time “slips” by faster than we thought it could!(It happens to those of us who are financial aid professionals, too!)

What now?

Maybe I didn’t plan enough.• What can my child look forward to

now for college costs payment options?

• What can I afford?

Financial Aid - Sources

Federal governmentState agency/governmentColleges and universitiesPrivate agencies, companies, foundations and

parents’ employers

Financial Aid - Categories

Gift Aid

Grants: Free money!

Scholarships: Free money!

Self-help Aid

Work-study: part-time job

Loans: must be paid back

Financial Aid is any money given, paid or loaned to help pay for education.

Types of Financial Aid – Gift Aid

Federal Grants: Federal Pell Grant

up to $5,645 a year

Federal Supplemental Educational Opportunity Grant up to $4,000 a year

Federal TEACH Grant up to $4,000 a year

Iraq & Afghanistan Service Grant up to $5,645

Types of Financial Aid – Gift Aid

California State Grants: Cal Grant A Entitlement Awards (fees and tuition)

CSU: $5,472 UC: $12,192 Private college: $9,084

Cal Grant B Entitlement Awards (+living allowance) $1,473 first year; $1473 + [up to] $12,192 2nd yr+ CC=$1,473

Cal Grant A & B Transfer Entitlement (CCC to 4-yr.) up to $12,192 Cal Grant C Awards (career technical programs)

Up to $2,462 CC=$547

Cal Grant A Competitive Awards Minimum 3.0 GPA

Cal Grant B Competitive Awards Minimum 2.0 GPA

Types of Financial Aid – Gift Aid

New for 2014-15For new, continuing and transfer undergraduates Attend or plan to attend a UC or CSU campusBe a U.S. citizen, permanent resident or AB540 statusMaintain 2.0 GPAFamily incomes up to $150, 000

Apply as of 1/1/2014 by either completing the FAFSA or Cal Dream Act Application

Middle Class Scholarship

New: Middle Class Scholarship

For the 14/15, 15/16, and 16/17 school years the MCS amount is 2014-15 CSU maximum is approximately $766

and for the UC $1,700

When fully implemented in 2017-18 the maximum award will be 40% of systemwide tuition fees at a UC or CSU

Types of Financial Aid – Gift Aid

Fee & Tuition Waivers Community College - Board of Governor’s Fee Waiver (BOG)

Waives enrollment fees, FAFSA may be required www.icanaffordcollege.com

CSU State University Grant (SUG) Amounts vary, FAFSA is required www.calstate.edu or csumentor.edu

UC Grant Amounts and application process vary www.universityofcalifornia.edu

Independent College Grants Amounts and application process vary www.aiccu.edu or www.aiccumentor.org

Financial Aid forSpecific Populations● Middle Class Scholarship, new for 2014-15: www.csac.ca.gov

● Foster Youth: Chafee Grant ~ up to $5000: www.chafee.csac.ca.gov

● Athletes: www.ncaaclearinghouse.net

● Students with dependents: EOP&S/CARE and CalWORKs

● Students with disabilities: www.heath.gwu.edu

● Military and their dependents: www.gibill.va.gov

● AB540 Students: California Dream Act www.caldreamact.org

● Early Childhood Education/Child Development: www.csac.ca.gov

● Teachers: Cal Grant A & B Extended Benefits: www.calgrants.org

in addition to grants, Loan Forgiveness: www.teachforamerica.org

● Health Occupations-Scholarships & Loan Repayment: www.healthprofessions.ca.gov

Types of Financial Aid – Gift Aid

Institutional and Private Grants & ScholarshipsProvider decides on

Awarding criteria Application deadline Forms or applications

Awards may be Merit-based (academic performance-GPA) Need-based (financial need) Combination of the two

Scholarships

APPLY! . . . APPLY! . . . APPLY!

No excuses . . . There is a lot of money available that goes unclaimed

Scholarship Tips:

Create a Resume Get active in the community:

Clubs Community Service

Document your community service Preview – Write – Review your essays Finish the application and turn it in on time

Types of Financial Aid – Self-Help

Federal Work Study

Campus-based aidMust be earned through work

Job may be on or off campus (~18 hrs./wk)Undergraduate and graduate studentsNo annual maximum (~$2,000 - $3,500)

Funding levels vary at each institutionNeed-based

Types of Financial Aid – Self-Help

Loans:Federal Perkins Loan

School serves as lender

William D. Ford Federal Direct Loan Program Money comes from U.S. Dept. of Education

Private Loans (also known as ‘alternative’ loans)Money comes from lending institutions (banks)

Types of Financial Aid – Self-Help

Direct Loan (DL) Program Includes: Subsidized Stafford Loan (Need-based)

Unsubsidized Stafford Loan (Not Need-based)

PLUS Loan (Parent Loan for Undergraduate Student)

Annual and aggregate loan limits apply 6-month grace period

General Eligibility Criteria

Status

U.S citizen, permanent resident or meet AB540 criteria

Valid Social Security number (Parents do not need a SS#)

For CalDreamAct, no SS# is required for student or parent

Males between ages 18-25 registered for Selective Service

Received HS Diploma or equivalent: GED, CHSPE, Homeschooled

Enrollment

BOG Fee Waiver & Pell Grant will pay as low as ½ unit

FSEOG, FWS, DL, Chafee & Cal Grants and loans require at least halftime status

EOP&S requires full time status (with exceptions)

Must be enrolled in an eligible program of study

Satisfactory Academic Progress

Must complete 2/3 of units attempted cumulatively

Must maintain a 2.0 ‘C’ GPA

Application Process

When applying to an institution, a student should ask the following:

What forms does the institution require? In addition to the FAFSA, does the school require

the completion of an institutional form? For example, CSS Profile

What are the filing deadlines for each form? What type of deadline?

Applying for Aid

FAFSA on the Web’s Homepage

www.fafsa.gov

California Dream Actwww.caldreamact.org

Dependency Status -FAFSAIf students are NOT able to check any of the boxes below, parents income and asset information will be required to complete the FAFSA process.

The above was from the 13-14 application so the “born before” date will be updated on the 2014-15 application.

Questions About Assets

Information for Students & Parents www.studentaid.ed.gov

CSS Financial Aid PROFILE https://profileonline.collegeboard.com

CSS Financial Aid PROFILE

Registration Guide No paper

registration form

3 step process

$25 initial application & one college report

$16/add’l college

CSS Financial Aid PROFILE

Not used for awarding federal financial aidMay be filed earlier than the FAFSA – typically

October of the Senior yearNot all schools require (California Public Colleges don’t use)

Assistance is available E-mail: help@cssprofile.org

https://www.profileonline.collegeboard.com/

Timeline of Financial Aid Application Forms

CSS/ Financial Aid Profile As early as October 1st of the senior year

Free Application for Federal Student Aid

. . . FAFSA on the Web (FOTW) Beginning January 1st of the senior year

Cal Grant GPA Verification Form By March 2nd of the senior year

Calculating Financial Aid Eligibility Cost of Attendance* / Allowances

Standard Allowable Costs:

Tuition and fees: $ 1,358

Room and board: $ 4,518

Books and supplies: $ 2,460

Transportation: $ 1,179

Misc. personal: $ 3,096

Total standard allowance: $12,611(based on 13-14 ‘with parent’ COA)

(13-14 ‘off campus’ COA $19,253)

Additional Allowable Costs:

Dependent care

Study-abroad

Disability-related

Employment expenses for

co-op study

Student loan fees

*Costs shown are CA community college average expenses.

Calculating Financial Aid Eligibility Expected Family Contribution (EFC) What Is It?

Need analysis is the formula used in determining a family’s EFC

EFC is the measure of a family’s financial strength

What is in the calculation of Expected Family Contribution generated from the FAFSA?: Number in household size Adjusted gross income Number of dependents in college Age of the older parent Assets other than the family home

Calculating Financial Aid Eligibility Expected Family Contribution (EFC)

Federal EFC will be same at all schools

Federal financial aid eligibility varies based on institution’s Cost Of Attendance

Some schools may use institutional methodology (ex, Profile calculations) to award their own institutional funds

Cost of Attendance*

w/parents off-campus on-campus

Comm. Coll.(CC) $12,611 $19,253 n/a

Cal.State Univ.(CSU) $16,442 $24,642 $24,223

Univ. of Cal. (UC) $24,092 $28,858 $33,320

Private (SCU,USC) $52,725 $59,367 $59,655

*Costs may not be actual

Calculating Financial Aid Eligibility Basic Equation of Need (Eligibility)

Cost of Attendance (COA)- Expected Family Contribution (EFC)

=Eligibility for Need-based Aid

Awarding & Packaging

Federal awarding guidelines Pell Grant is awarded first

External Scholarships or Grants

Campus-based aid awarded in any order school chooses

Subsidized Stafford loan eligibility is calculated before unsubsidized

BUT - Institutions have different awarding policies

Sample Financial Aid Package

Full-time EnrollmentPell Grant $5,645SEOG $ 500Cal Grant B $1,473Work Study $2,000Scholarship $2,000Loan $3,500

Special Circumstances

Adjustments may be made to information on a case-by-case basis AFTER you file your FAFSA

Special circumstances may include changes to Dependency status Income and assets Child support Number in household or college Private elementary/secondary tuition Medical or dental expenses (not covered by

insurance)

Quick Tips & What’s Next?

You must apply/re-apply for financial aid every year

Review your application results for questions, assumptions, any action required

Check student portal for additional documents requested

Missing documents or clarification needed

Universities will start packaging late in March, early April

Compare award offers

Community Colleges typically package over summer months

Check Cal Grant status at www.csac.ca.gov

Click on “WebGrants for Students”

Apply for scholarships: colleges, community organizations, etc.

Parents: File taxes early; use IRS Link on FAFSA

Delay of filing taxes can jeopardize best award offer

EFC Calculators

www.finaid.org Click on Calculators Click on Expected Family Contribution and Financial Aid Calculator

www.fafsa4caster.ed.gov Will need a to create a password

www.Collegeboard.com Under “For Parents”, click on Pay for College Click on Financial Aid Easy Planner Estimate your Share

Resources

www.icanaffordcollege.com www.studentaid.ed.gov www.federalstudentaid.gov www.csac.ca.gov www.calgrants.org www.caldreamact.org www.collegeboard.com www.going2college.org www.roybal-allard.house.gov/Students www.maldef.org

Thank you!

Questions?