Sponsored by:Office of Mayor Antonio R. Villaraigosa

andThe City of Los Angeles

LA Area Chamber of CommerceLA City Workforce Investment Board

LA Community College DistrictLA Community Development Department

LA Unified School DistrictUNITE-LA

Cash For CollegeOctober 2012

College is critical to your futureJobs of the future will require more skills than

those provided by a high school education aloneStudents who go to college have financial

advantagestheir life-time earnings are higher than those of high

school graduatesthey are less likely to be unemployedtheir children are more likely to attend college

Why Are You Here?

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Who Wants A Million Dollars?

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The financial aid equation Who gets the money?

Types of financial aid – GrantsScholarshipsWorkLoans

How to apply for financial aidFree scholarship searches

Workshop Agenda

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Access to funds to help pay for4-year public and independent colleges and universitiesCommunity collegesPrivate career colleges

Choice among schools Choose the best academic, career, cultural, and social fit

rather than the least expensive program

What Financial Aid Offers?

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Student Cost of AttendanceParent and Student

Expected Family ContributionStudent Financial Need

What Are The Basic Concepts Of Financial Aid?

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The Costs Of Going To College

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Tuition & Fees

Books & Supplies

Room & Board

Personal Expenses

Transportation

The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to contribute from income and assets over time

What Is The Expected Family Contribution?

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What Is Financial Need?

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Cost of Attendance - Expected Family Contribution

Financial Need* *Financial Need equals

Financial Aid Eligibility

What Are The Major TypesOf Financial Aid Funding?

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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

Federal governmentState governmentsColleges and universitiesPrivate agencies and

organizations

What Are The Primary SourcesOf Financial Aid?

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How The Formula Works

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CC CSU UC IndependentCost $13,000 $23,000 $31,000 $55,000EFC - 500 - 500 - 500 - 500Need $12,500 $22,500 $30,500 $54,500

In the best of all possible worlds, full “need” will be met with financial aid award made up of grants and scholarships along with reasonable amounts of work and loan. Some schools are not able to meet full need.

After you are admitted to one or more colleges or universities and your financial aid application is complete, the Financial Aid Office at each school will provide a:Financial Aid Award Letter that contains details on the types

and amounts of aid such as grants, work-study, and low- interest loans the college is offering

You and your family should then:compare the awards you are offered to the costs of the

college that made the offercompare the amount of loans offered by each college or

universitydecide whether you should borrow or if you and your family

should pay the loan amount from your own resources

Financial Aid Awards

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FAFSA (Free Application for Federal Student Aid) www.fafsa.ed.gov

Cal Grant GPA Verification FormSome colleges may request:

CSS/Financial Aid PROFILE www.collegeboard.com

2012 parent and student IRS Federal Tax Returns (including all schedules and W-2 forms) or other income documentation, such as IRS Federal Tax Transcripts

Other required forms

How Students Apply For Financial Aid In 2013-2014

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Federal PIN (Personal Identification Number) serves as the electronic signature on the FAFSA and other federal aid documents

Student and at least one custodial parent need a PIN May also be used to:

Check on FAFSA statusVerify FAFSA dataMake FAFSA Corrections on the WebReapply for financial aid in future years

Apply NOW for your PIN at: www.pin.ed.gov

Apply For A PIN To FileFAFSA On The Web

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By March 2, 2013, complete and submit:

the FAFSA

the Cal Grant GPA Verification FormCheck with your school for more details

2013-2014 Cal Grant Entitlement Programs

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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, 2013 will receive up to four years of system-wide fees at UC ($12,192) and CSU ($5,970)

campusesas much as $9,084 at independent California colleges

or universitiesas much as $4,000 at California private career

colleges

2013-2014Cal Grant A Entitlement

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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, 2013 will receive up to four years of a $1,473 stipend for living expenses for up to four years

at all California colleges and universities including the community colleges

plussystem-wide fees at UC ($12,192) and CSU ($5,970) campuses for

second through fourth yearsas much as $9,084 at independent California colleges or

universities for second through fourth yearsas much as $4,000 at California private career colleges

2013-2014 Cal Grant B Entitlement

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The California Community College Board of Governors’ Enrollment Fee Waiver (BOG Fee Waiver) covers the California Community College enrollment fee for California residents:who are eligible for need-based financial aid, orwho receive CalWORKs/TANF, SSI, or General Assistance

payments, orwhose family income falls below published income

ceilingsLearn more about the BOG Fee Waiver at

www.icanaffordcollege.com

Community College Fee Waiver

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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.

To be eligible, the foster youth must have been in California foster care on his or her 16th birthday and not have reached his or her 22nd birthday before July 1, 2013

To apply, complete the:2013-2014 FAFSACalifornia Chafee Grant Program Application

To learn more about the Chafee Grant, go to www.chafee.csac.ca.gov

California Chafee Grant For Foster Youth

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www.studentaid.ed.gov www.fafsa4caster.ed.govwww.finaid.orgwww.collegeboard.comwww.fastweb.comwww.scholarshipsearchsecrets.com

These sites contain useful financialaid and scholarship information

Useful Websites

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Use FREE Scholarship SearchesAvailable from colleges, companies, community-

based groups and other agencies and organizationsUsually require separate applicationsMay require transcript, essay, interview, or auditionCheck with your high school, college or university

about other scholarship opportunitiesBeware of scholarship search companies that charge

a fee

Scholarships

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Beware of false claims!“Thousands of dollars in scholarships go unclaimed

each year”“Guaranteed or your money back!”“Give me your credit card or bank account number to

hold this scholarship”“The scholarship will cost some money”“You’ve been selected. . .”“You’re a finalist in a contest” (that you never entered)

Don’t Be Fooled!

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Contact data:name and address of student

Demographics:birth date, gender, race, heritage, religion, marital status,

citizenship, disabilities parent employer, education, and veteran status

Education, work, and activities:high school and colleges attended, year in school, GPA,

SAT/ACT scores, community service and employment historystudent sports, hobbies, special talents/skills, and other

interests

Sample Scholarship Application Questions

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Funded by the Bill and Melinda Gates Foundation Minimum 3.3 high school GPA African American, Asian, Hispanic or Native American students who are Federal Pell Grant eligible and will be first year college students

Application deadlines January 16, 2013 – online GMSP Application by 11:59 PM EST January 16, 2013 – postmark date for application materials February 15, 2013 – deadline to submit FAFSA

Renewable for all undergraduate study and graduate work in designated fields Maintain minimum cumulative college GPA of 3.0 Continue to demonstrate financial need Meet renewal deadlines

Application and more information available at

www.gmsp.org

Gates Millennium Scholarship (GMS)

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Undocumented and under-documented students, while not eligible for federal aid, may be eligible for state aid in Californiastart inquiring in elementary and high school to see if it is possible for

the student to become a permanent residentapply for all scholarships for which the student may be eligiblecheck with colleges and universities to see if institutional financial aid

is availablewatch for changes in federal and state laws regarding the eligibility of

undocumented or under-documented studentsfor more information: call (213) 629-2512For a list of scholarships, go to

www.maldef.org/assets/pdf/MALDEF_Scholarship_Resource_Guide.pdf and

www.latinocollegedollars.org

Undocumented Students

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Undocumented students should take note of the following California state laws:AB 540 - allows undocumented students to qualify for in-state

tuition at California public colleges and universities if the student attended an accredited California high school for at least three years; and graduated, or will graduate, for an accredited California high school; or have attained a G.E.D.

AB 130 - allows AB 540 eligible student to apply for non-state funded scholarships for California colleges and universities

AB 131 - allows AB 540 eligible students to apply for state funded financial aid, e.g., Cal Grants, effective January 1, 2013 for the 2013-2014 academic year

Undocumented Students

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Make a list of colleges and universities that have programs of interest to you

Consult with your school counselorIf possible, don’t make a final decision about which

school you will attend until you have visited the colleges and universities

Consider all factors – not just cost – when making the final decision

Before Deciding On A College

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Participate in all college information sessions at your high school

Attend a Cash for College FAFSA Workshop on Saturday, January 26, 2013 for help completing the FAFSA and the Cal Grant GPA

Verification Form (both due by March 2, 2013)a chance to win one of many scholarships

To find a location close to you, visit:www.lacashforcollege.org

Get Cash for College…

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