Investing in Your Future

Workshop Agenda

• The Financial Aid Equation

• The Basic Formula

• Types of Financial Aid

• Scholarships, Grants, Work-Study & Loans

• How to Apply for Financial Aid

• Free Scholarship Searches

What Financial Aid Offers

• Access to funds to help pay for• 4 year public and independent colleges

• Community colleges

• Private career colleges

• Choice among schools• Choose the best academic, cultural, and social fit rather than the

least expensive program

What are the Basic Concepts

• Cost of Attendance

• Expected Family Contribution

• Financial Need

Cost of Attendance

Tuition & Fees

Books & Supplies

Room & Board

Personal Expenses

Transportation

Expected Family Contribution

The Expected Family Contribution

(EFC) is the amount a family (parents

and student) is expected to pay from

income and assets over time.

* Financial Need equals Financial Aid Eligibility.

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

= Determined Financial Need*

What is Financial Aid

•Federal Government

•State Government

•Colleges & Universities

•Private Agencies & Organizations

Sources of Financial Aid

Merit Based Aid

• Scholarships – money awarded based upon merit and/or

special talent that the student does not need to repay.

Need Based Aid

• Grants – money awarded based upon need that the

student does not need to repay.

• Loans – money borrowed by the student to be repaid with

interest after graduation.

• Work Study – money earned by the student as payment

for work performed on-campus or off-campus.

Types of Aid

Contact the Financial Aid Office immediately if there

is a:

• Loss of a job

• Decrease in salary

• Death or serious illness in family

• Change in your housing plans for the school year

• Any other circumstances that reduce the family’s

ability to pay for education expenses.

Special Circumstances

The Higher Education Opportunity Act (HEOA) of 2008

requires each institution that participates in Title IV federal

student aid programs to post a net price calculator on its

website using institutional data to provide estimated price

information to current and prospective undergraduate

students and their families based on a student’s individual

circumstances.

Net Price Calculator

• The Net Price Calculator (NPC) is required for all Title IV

institutions that enroll full-time, first-time degree- or certificate-

seeking undergraduate students.

• The NPC allows students to calculate an estimated net price

of attendance at an institution, based on what similar students

paid in a previous year.

Cost of Attendance (COA) – Grant and Scholarship Aid =

The Net Price

Net Price Calculator

Other Helpful On-line Resources:

• www.bigfuture.collegeboard.org

Use the EFC Calculator to get an estimate of the family’s contribution

Click on Pay for College > Tools & Calculators > EFC Calculator

• www.nces.ed.gov/collegenavigator

Provides useful data regarding costs, net price, retention & graduation rates,

majors, default rates, campus security and other pertinent university

information

Enter university/college name in ‘Name of School’ field > Follow the

instructions shown above the results of the school search

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

• College Scholarship Service (CSS) PROFILE

cssprofile.org

• Other Required Items

For example:Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation

How Students Apply

The FAFSA Application

Step Two: Submit the 2019-2020 FAFSA

Step One: Create an FSA ID (student & parent) at FAFSA.gov

Submitting the FAFSADetails and Helpful Tips: studentaid.ed.gov

cssprofile.org – October 1

-Sign in with existing College Board account

-Check list of participating colleges

• By March 2, 2019 complete and submit

• the FAFSA

• The Cal Grant GPA Verification Form, check

with your school counselor for more details.

Cal Grant Programs

• 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 between ages 16-18 and not

yet 22 years old.

www.chafee.csac.ca.gov

California Chafee Grant for

Foster Youth

• You are an AB 540 eligible student if you have

met the following items: • Attended a California (CA) High School for 3 or more years

• Graduated from a CA high school or attained the equivalent of

graduation, such as passed the GED, or CA High School Proficiency

Exam;

• Registered or are currently enrolled at an accredited CA college or

university; and

• Filed an affidavit with your college or university stating that you have or

intend to file an application to legalize your immigrations status, if

applicable.

https://dream.csac.ca.gov/

The California Dream Act(AB 540 students)

• CA Dream Application (similar to the FAFSA)

https://dream.csac.ca.gov/

• GPA Verification Form (check with High School college counselor)• Submitted by your school to California Student Aid

Commission (CSAC) electronically; or

• Submitted by the student via US Postal Mail (Cal Grant GPA Verification Form is available through the Dream Act Application)

Application Deadline: March 2, 2019

How Students Apply for the

Dream Act

• The California College Promise Grant (formerly

known as the BOG Fee Waiver) waives the

California Community College’s enrollment fee for

California residents:

• Who are eligible for need – based financial aid, or

• Who receive CalWORKs/TANF, SSI, or General Assistance

payments, or

• Whose family income falls below published income ceilings

• Learn more about the California College Promise Grant at

www.icanaffordcollege.com

Community College

• Available from colleges, companies, community-

based groups and other organizations

• Usually require separate applications

• May require transcript, essay, interview, or audition

• Check with your high school about scholarship

opportunities

• Beware of scholarship search companies that

charge a fee

• Use free scholarship search websites

Scholarships

www.fastweb.com

www.finaid.org

www.collegeboard.com

www.scholarships.com

www.goodcall.com/scholarships

These sites also contain helpful financial aid information

Free Scholarship Searches

Beware 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!

• Make a list of colleges that have programs that

interest you

• Consult with your school counselor

• If possible, don’t make a final decision about which

school you will attend until you have visited the

colleges

• Consider all factors – not just cost – when making

the final decision

Before you Decide

Questions

?