financial aid 2014-2015 uc santa cruz, cabrillo and cal state monterey bay present
TRANSCRIPT
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Financial Aid 2014-2015
UC Santa Cruz, Cabrillo and Cal State Monterey
Bay Present
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Everyone has the access to attend college or trade school
You have the choice of which school to attend
Purpose of Financial Aid
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What is financial aid?
Money to pay for college or career school Grants Loans Work-study Scholarships
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Who can get federal student aid?
U.S. citizen or permanent residentHigh school graduate/GED holderEnrolled in eligible degree/certificate
programValid Social Security numberMales registered for Selective ServiceMaintaining Satisfactory academic progress
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Not eligible for federal student aid?
You may be eligible to complete the California Dream Application
To qualify for California and public financial aid through AB130 and AB131, including undocumented students, must: Be AB 540 eligible; Have or will graduate from a California high school or have
attained a G.E.D.; or received a passing mark on the California High School Proficiency Exam (CHSPE);
Register or be currently enrolled at an accredited institution of higher education in California;
Not hold a valid non-immigrant visa (F,J,H,L,A,B,E, etc.); Demonstrate financial need and meet all other program
requirements.
Go to: https://dream.csac.ca.gov/ to apply
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How much federal student aid can I get?
Depends on your financial need.Financial need is determined by Expected
Family Contribution (EFC) and Cost of Attendance (COA)
EFC comes from what you report on the FAFSA
COA is tuition, fees, room and board, transportation, etc.
COA – EFC = financial need
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How much federal student aid can I get?
Example: first-year student in 2013-14Maximum amounts allowed: Federal Pell Grant: $5,645 in 2013-14Direct Subsidized and Unsubsidized Loans:
$5,500 totalFederal Perkins Loan: $5,500Federal Supplemental Educational Opportunity
Grant: $4,000Federal Work-Study: depends on funds
available at schoolDirect PLUS Loan (for parents): COA minus
other aid received
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How do I apply for aid?
Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov
State aid: Send GPA verification form to CSAC
School aid: contact financial aid office at schools you are considering
Scholarships: visit scholarship website or call contact number for information
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FAFSA on the Web
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FAFSA on the Web
Good reasons to file electronically:
Built-in edits to prevent costly errors
Skip logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) Data Retrieval Tool
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Federal Student Aid Personal Identification Number (FSA PIN)
Website: www.pin.ed.gov
Sign FAFSA electronically
Not required, but speeds processing
May be used by students and parents throughout aid process, including subsequent school years
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Student Dependency Status
FAFSA asks questions to determine status:
If all “No” responses, student is dependent
If “Yes” to any question, student is independent
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Information About the Parents of Dependent Students
Tax, income, and other financial information
Dislocated worker status
Assets
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Frequent FAFSA Errors
Social Security NumbersDivorced/remarried parental informationIncome earned by parents/stepparentsUntaxed incomeU.S. income taxes paid Household sizeNumber of household members in collegeReal estate and investment net worth
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FAFSA Processing Results
Central Processing System (CPS) notifies student of FAFSA processing results by:
Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided
SAR Acknowledgement if filed FAFSA on the Web and student’s e-mail address was not provided
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FAFSA Processing Results
Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted
College reviews ISIR May request additional documentation, such as
proof that a sibling is enrolled in college
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Making Corrections
If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if
student has a PIN; Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to college’s financial aid office
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Special Circumstances
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parent information
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What happens next?Overview
http://studentaid.ed.gov/fafsa