Applying for Financial Aid2014-2015

Presented by:Cynthia MartinezCSU Northridge

Types and sources of financial aidRequired financial aid application formsHow to complete the Free Application for Federal

Student Aid (FAFSA) and the Cal Grant GPA Verification Form

Answers to your individual questionshttp://www.lacashforcollege.org/resources.html

What Will You Learn At This Workshop?

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How to get aid

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Federal Government

StatesPrivate sourcesEmployersCivic organizations Churches

Sources of Financial Aid Common Programs

Cal GrantCalifornia Chafee Grant Federal Pell GrantFederal Supplemental

Educational Opportunity Grant (FSEOG)

Federal Work-StudyStafford LoansPerkins Loan & Direct

PLUS Loan

Types of Financial Aid

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Grants • Free money for educational

expenses based on financial need

Scholarships• Free money awarded on the basis

of merit, skill or unique characteristic

Work Study

• Jobs to help pay for school– Employment at campus– Up to 20 hours per week

Loans • Money students & parents borrow

to help pay college expenses• Only borrow what you need !

• Stafford Loans• Subsidized: For students with

financial need & Government pays the interest while in school with 3.4% interest

• Unsubsidized: all students eligible & responsible for interest during the loan with 6.8% interest

How it works

FAFSA

Expected Family Contribution (EFC) $5,000

Valley College Valley College CSUNCSUN UCLAUCLA USCUSC

$11,000

- $5,000

= $6,000

$25,000*

- $5,000

= $20,000

$32,000*

- $5,000

= $27,000

$75,000*

- $5,000

= $70,000

*Living on campus

Cal Grant Eligibility for Cal Grant

be a U.S. citizen, eligible noncitizen, or AB540 student

be a California resident

attend an accredited California college or university at least half-time in 2014-15

For high school seniors and recent high school grads

Family income and assets below the state ceilings, who demonstrate financial need

Cal Grant A Entitlement Awards Grade Point Average (GPA) of at least 3.0 Cal Grant B Entitlement Awards Grade Point Average (GPA) of at least 2.0 Cal Grant C Awards for students from low income families

pursuing vocational programs of study

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Cal Grant’s

201-2016 Cal GrantApplication Requirements

Check with your high school or college counselor for more details on how to file the Cal Grant GPA Verification Form, required of all students

• By March 2, 2015, complete and submit:Free

Application for Federal

Student Aid (FAFSA)

ORCal Grant

GPA Verification

Form

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If eligible under AB540, students should complete the California Dream Act

Application: www.caldreamact.org

Types of ApplicationsFAFSA

Cal Grant GPA Verification Form Other applications or forms as required by the

college such as:

• 2014 federal tax returns (along with all schedules and W-2s) or other income documentation

• CSS/Financial Aid PROFILE

• Institutional Scholarship and/or Financial Aid Application

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Undocumented student covered under AB540 should complete the California Dream Application

Section 1 - Undocumented Students

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For more information and a list of scholarships, go to:www.maldef.org/assets/pdf/MALDEF_Scholarship_Resource_Guide.pdf

www.caldreamact.orgwww.e4fc.org

If the student is undocumented

The California Dream Act Application is for students who meet the qualifications of AB 540

An eligible AB 540 student is a student who:Attended a CA high school for 3+ yearsGraduated from a CA high school or the equivalentEnrolls in an accredited CA college or university“Valid for Work Only with DHS Authorization” or Not Valid for

EmploymentIn case of student without lawful immigration status, filed an affidavit

with institution stating that he/she has filed an application to legalize status or will file as soon as he or she is eligible

Who is the Dream Act Application for?

FAFSA Information & Tips

File early, but no later than March 2, 2015

Use estimated 2014 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

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FAFSA on the Web (FOTW)

• Complete electronic FAFSA at: www.fafsa.gov• Apply January 1, 2015 – June 30, 2016• On-line edits and skip logic help avoid errors• On-line help is available• Student and one custodial parent should get a federal PIN to

sign FAFSA at: www.pin.ed.gov• Deadline March 1, 2015

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PIN (Personal Identification Number) Needed to sign and access the FAFSA

Both student and one parent need PINs to sign the FAFSA electronically

May be used to:• Check on FAFSA status• Verify and correct FAFSA data• Add additional schools to receive FAFSA data• Change home and e-mail addresses

PIN will be generated only if a valid email address is provided

Federal PIN

Apply for student and parent PINs at:

www.pin.ed.gov

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Before starting the FAFSA on the Web (FOTW), gather:• Student driver’s license • Student Alien Registration Card• Student and Parent

Social Security cards 2014 W-2 Forms and records of money earned and other taxable benefits 2014 federal income tax form (even if not yet completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments

Complete 2015-16 FOTW Worksheet (optional)Create a file for copies of all financial aid documents submitted

Getting Ready

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Section 1Section 1 – Student DemographicsSection 2Section 2 – School SelectionSection 3Section 3 – Dependency StatusSection 4Section 4 – Parent DemographicsSection 5 Section 5 – Financial InformationSection 6 Section 6 – Sign and SubmitSection 7 Section 7 – Confirmation

The FOTW A Seven-Section Online Form

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Section 1 - Student Social Security Number

Double check the student’s Social Security Number when entering it on the FOTW

Both student name and Social Security Number will be compared through a database match

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Section 1 - Selective Service Registration

• All male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and/or state aid

• Answer “Register me” only if you are male, aged 18-25, and have not yet registered

• The student may also register by going to:

www.sss.gov

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Section 1 - Grade Level in 2015-16

When the student begins the 2015-2016 school year, what will be his/her grade level? Never attended college/1st year Attended college before/1st year 2nd year/sophomore 3rd year/junior 4th year/senior 5th year/other undergraduate 1st year graduate/professional Continuing graduate/professional or beyond

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2015-20162015-2016

Section 1 - Degree or Certificate Objective

In the 2015-2016 school year, what degree or certificate will you, the student, be working on?Some options are:

1st bachelor’s degree Associate degree (occupational or technical program) Associate degree (general education or transfer program)

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2013-20142013-20142015-2016 2015-2016

Section 1 - Parents’ Educational Level

Indicate highest level of schooling completed by the student’s biological or adoptive parents (for state award purposes only)

Use birth parents or adoptive parents - not stepparents or foster parents

This definition of parent is unique to these two questions

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Section 1 - High School Question

High School Question• Enter the name, city and state of the high school where the student received

or will receive a high school diploma

• Select “Confirm” to retrieve the high school information

• If no matches are found, the student should select “Next” to save the search information and continue with the FOTW application

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Section 2 - School Selection

The name of school and location or the federal school code

The student can search for federal school

List a California college or university first (for Cal Grant consideration)

Then list those schools with the earliest financial aid deadlines

If the student is applying to more than ten schools, wait for the processed Student Aid Report (SAR) and add additional schools via the Web

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Section 3 - Determination of Student Dependency Status

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19901990? ?

2013-20142013-2014

20132013 2014?2014?

2014?2014?

2012,2012,

Section 4 – Parent Demographics

Who is considered a parent? Who is NOT a parent

Biological or adoptive parent(s)

In case of divorce or separation, provide information the student lived with more in the last 12 months

Stepparent (regardless of any prenuptial agreements)

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Foster parents or legal guardians

If the student is in foster care or has a legal guardian, he/she is automatically considered an independent student

Grandparents or other relatives are not considered parents unless they have adopted the student

• If this is not the case, the student must attempt to get biological parental information

• Colleges may use Professional Judgment to allow the student to file as independent

The student will need to provide parental information: Social Security Numbers

Last names and first initials shown on Social Security

Marital Status Dates of birth Parents email Residency Household size

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Section 4 - Parent Information

Section 5 - Parents’ 2014 Tax Return Filing Status

The parents will be asked to provide information about their tax filing status for 2014: If parents have completed a 2014 federal income tax return, select

“Already completed” If they have not as yet filed, but plan to file a 2014 federal income tax

return, select “Will file” If they have not, nor will not, file a 2014 federal income tax return and

are not required to do so, select “Not going to file”

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20142014

Section 5IRS Data Retrieval

This question asks if parents have completed their 2014 IRS income tax return

If parent(s) answer “Already completed,” they will be given the option to transfer their 2014 income tax information directly from IRS records to the FOTW

If parents indicate that they have recently filed their 2014 taxes, they may not be able to access their IRS data if they have filed taxes electronically within the last three weeks or by mail within the last eight weeks

Instead, they should use their actual 2014 IRS tax return to complete the FOTW so the student does not miss any important financial aid deadlines

Become available in February

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IRS Data Retrieval

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Section 5 - Money Earned from Work by Parent(s) in 2014

Use W-2 forms and other records to determine all income in 2014 earned from work (including business income earned from self-employment) for father/stepfather and/or mother/stepmother

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2014?2014?

2013?2013?

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Student questions in Section 5 are identical to the parent financial questions we covered If the student is married, also report spouse’s income and

assetsThe questions in Section 5 ask:

Which 2014 federal tax return the student filed or will fileThe student’s 2014 Adjusted Gross Income, if filing a tax

return, and earnings from work as well as untaxed income and assets

Section 5Student Financial Information

Section 6 - Signature Page

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Sign and Submit Recommend that parents

and students sign the FAFSA electronically using their PINs

Parents without Social Security Numbers

Click on “Other options to sign and submit” for Paper Signature Page

Section 7 - Confirmation

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Confirmation Page Confirms submission of the

FOTW to the U.S. Department of Education

Shows • Expected Family

Contribution (EFC)• Estimated Federal

Pell Grant and Federal Stafford Loan eligibility

• List of schools to receive FAFSA data

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Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as:Loss or reduction in parent or student income or assetsDeath or serious illnessNatural disasters affecting parent income or assets such as

the recent California wind storms, wild fires, floods, or mudslides

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, orAny other unusual circumstances that affect a family’s ability

to contribute to higher education

Special Circumstances

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Gather necessary documents ahead of timeComplete a FAFSA on the Web available at:

www.fafsa.govAllow ample time to complete the online FOTW

application for submission by the deadlineCheck the FAFSA on the Web for accuracy prior to

submissionSave all work periodicallySign the application using student’s and one custodial

parent’s PINsPrint out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page

Application Filing TipsFAFSA on the Web

What Happens Next?

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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 FAFSA and other

required financial aid forms to determine aid eligibility

Colleges provide notices of financial aid eligibility to admitted students who have completed all required financial aid forms

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After the student completes the FAFSA on the Web, a SAR will be sent to the student An electronic SAR Acknowledgment will be

sent if student provides an email addressA paper SAR will be mailed if no student e-mail address is provided

An electronic copy of the data will be sent to each college or university listed by the student

in Section 2Keep a copy of the SAR with other financial aid

documents

Student Aid Report (SAR)

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By opening a WebGrants Account a student can: Check Cal Grant award status 24/7

Confirm student’s high school graduation as required

Make changes to Cal Grant school choices

View how much a Cal Grant is worth at different California colleges and universities

View Cal Grant payment history

Check account at: www.webgrants4students.org

Check Your Cal Grant

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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

Keep a copy of all forms submitted

Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student

Review the California Aid Report (CAR)

Watch for financial aid award notifications from colleges to which the student has been admitted

Be 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!

Summary of the Financial Aid Process

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FAFSA on the Web – Live HelpPhone 1-800-4-FED-AID

(1-800-433-3243)E-mail the U.S. Department of

Education at: FederalStudentAidCustomerService@ed.gov

If You Need Help at Any Time