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WHAT YOU NEED TO

KNOW ABOUT FINANCIAL AID

The Concept of Financial AidThe Concept of Financial Aid2

Financial aid is designed to allow families to choose between colleges based upon academic fit rather than cost.

Parents and students are the primary source of funding a college education.

Sources of Financial AidSources of Financial Aid3

Federal Government

State Governments

Colleges and Universities

Private Organizations

Federal LoansFederal Loans4

Perkins Loan: is a need-based student loan offered by the federal government to assist college students in funding their post-secondary education.

Stafford (Subsidized): is a federally guaranteed loan based on financial need for undergraduate students attending a college or university. This loan is not based on credit. Interest does not accrue on the loan while you are in school at least half time, or during any future deferment periods.

Stafford Loan (Unsubsidized): is a federally guaranteed loan based on financial need for undergraduate students attending a college or university. This loan is not based on credit. Interest DOES accrue on the loan while you are in school.

Parent Plus Loan: federal. is a federal non-need based student loan, which means you do not have to demonstrate financial need to qualify. Parents may apply for a Direct PLUS Loan to help pay their child's educational expenses. The loan servicer will perform a credit check to ensure the parent meets the federally established credit criteria.

Types of Financial AidTypes of Financial Aid5

Scholarships- Aid awarded based upon merit/need which the student does not need to repay

Grants- Aid awarded based upon need that the student does not need to repay

Loans- Money borrowed by the student/parent to be repaid with interest after graduation

Work-Study- Money earned by the student as payment for an on-campus job

Cost of AttendanceCost of Attendance6

Your cost of attendance is the total of allexpenses related to attending college forone year, which includes:

Tuition and Fees Books and Supplies Room and Board Transportation Personal Expenses

Factors Used to Determine your Factors Used to Determine your Family’s Ability to PayFamily’s Ability to Pay

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Number in Household Number in College Taxed and Untaxed Income Taxes Paid Assets Age of Older Parent Number of Wage Earners in

Family

Who Qualifies for Financial Aid?Who Qualifies for Financial Aid?8

U.S. citizen or permanent resident High school graduate/GED holder Eligible degree/certificate program Valid Social Security number Males registered for Selective Service Satisfactory academic progress

How you can apply for How you can apply for Financial Aid Financial Aid

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3 Main Forms

FAFSA www.fafsa.ed.gov (Free Application for Federal Student Aid) CSS Profile form www.collegeboard.com Cal Grant GPA Verification Form

Applying for Federal Financial AidApplying for Federal Financial Aid10

FAFSA (Free Application for Federal Student Aid)

No FEE Required Apply for a PIN at www.pin.ed.gov Students and Parents must apply separately for

their unique PIN May use one application for up to six schools Submit after January 1, 2012 Deadline March 2, 2012 For any help, please call 1-800-4-FED-AID

Applying for State Financial AidApplying for State Financial Aid11

Cal Grant GPA Verification Form:

Have your school counselor complete the GPA Verification Form and submit it to the California Student Aid Commission postmarked no later than March 2nd.

Applying for University Financial AidApplying for University Financial Aid12

Some private colleges require students to submit a different financial aid application to be considered for institutional aid: CSS PROFILE Unlike the FAFSA, there is a fee to apply

You may file the PROFILE as early as October 1, 2011

Each individual college/university has their individual deadline

Complete application online at www.collegeboard.com

Financial Aid Prep!Financial Aid Prep!13

Income Tax Form or other income documentation

FAFSA on the Web Worksheet

Some Helpful Financial Aid WebsitesSome Helpful Financial Aid Websites14

Scholarship Information Sites: www.fastweb.com www.finaid.com www.collegeboard.com

Loan Information Site: www.salliemae.com

Estimated Family Contribution Site: www.collegeboard.com

Undocumented = AB540!• Undocumented students can be admitted to

colleges and universities regardless of their status.• In order to not be responsible for out-of-state

tuition, students must:– have attended a California High School for 3 or more

years,– have or will graduate from a California High School or

have attained a G.E.D.,– have registered at or are currently enrolled at an

accredited institution of higher education in California,– have filed or will file an affidavit as required by individual

institutions, stating that you will apply for legal residency as soon as possible.

• There are many scholarships available that do not require for you to be a permanent resident or U.S. citizen.

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The Dream Act

AB130 AB540 students can apply for and receive

scholarships from private, non-state funds at all California public universities. These include scholarships funded through private

donors, alumni contributions and individual departmental efforts. This bill will go into effect January 1, 2012.

AB131 AB540 students can apply for Cal Grant awards and

for grants and scholarships awarded by California public universities. This bill will go into effect January 1, 2013

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Till Then…

Visit Cal Grants or the California Student Aid Commission to find out information on the different types of grants available.

Resources: www.e4fc.org, www.maldef.org, www.dreamactivist.orgApply for scholarships!

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