slide 1 © nasfaa 2009 what every student and parent should know about financial aid! presented by
TRANSCRIPT
Slide 1 © NASFAA 2009
What every student and parent What every student and parent should know about financial aid!should know about financial aid!
PRESENTED BYPRESENTED BY
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Topics We Will Discuss Tonight!
• Why go to college.• How to pay for college.• How to apply for federal student aid
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School Cal State Long Beach
UCLA USC Cypress College
Tuition & Fees (Full time)
$6,240 $12,685 $42,800 $1,104
Room & Board $10,862 $10,236 $12,078 $4,347
Books & Supplies
$1,656 $1,509 $1,500 $1,656
Transportation $1,326 $1,401 $580 $1,071
MiscellaneousCost
$2,522 $1,629 $900 $3,114
Total COA $22,606 $28,775 $57,858 $11,292
Cost of Attendance Comparison Worksheet 2014-2015 Academic Year
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Paying For College
Costs include tuition, books, supplies, fees, and living expenses.
Types of aid: – Grants.– Scholarships.– Loans.– Work- Study.– California Dream Act.
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What is Financial Aid?Money Given, Paid or Loaned to help pay for collegeGift Aid- Grants and Scholarships Free Money you do not have to pay back!
Self- Help Aid Work- Study:
– Money that a student earns by working at a job on campus.
Loans:– Money borrowed and must be repaid.
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What is Financial Aid? (cont.)
2 Categories of Financial Aid:Need-based- Financial Aid based
on your financial situation.Merit-based (or Non-need)- Financial
Aid based on your grades, test scores, majors, hobbies, and special talents (artistic, athletic, etc.).
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Sources of Aid
FederalStatePrivate/Public
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What is the Expected Family Contribution (EFC)
• Amount family can reasonably be expected to contribute
• Stays the same regardless of college• Two components
– Parent contribution– Student contribution
• Calculated using data from a federal application form and a federal formula
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What is Financial Need
Cost of Attendance
– Expected Family Contribution
= Financial Need
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Federal Aid 2014-2015Federal Pell Grant:
Max Award: $5,645 per year.
Federal Supplemental Educational Opportunity Grant (FSEOG) Max Award: $250-$1,000 per year.
Federal Stafford Loans Subsidized. 1st year $3500 Per Year
2nd year $4500 Per Year
3rd year $5500 Per Year
4th year $5500 Per Year
Unsubsidized. 1st year $6000 Per Year
2nd year $6000 Per Year
3rd year $7000 Per Year
4th year $7000 Per Year
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State Aid Board of Governor’s Fee Waiver (Community
College’s Only)
Pays For Cost of:» Tuition.» $15 discount on parking pass at Cypress
College.
*No minimum units required*
What is a Cal Grant? Cal Grant awards are state funded monetary grants given
to students to help pay for college expenses. The awards do not have to be paid back.
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Cal Grant (continued)What are the three types of Cal Grants?Cal Grant A:
Is for students attending a four- year college/university in California.
Grant A:$9,223 at Independent Schools & Colleges.$12,192 at UC Schools.$5,472 at CSU Schools.
amounts are based on full year of attendance
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Cal Grant
Cal Grant B:Pays up to $1,473 per year while you are
attending a California Community College.
Cal Grant C: For two-year vocational students. The
maximum Cal Grant C award at California Community College’s is $547 per year.
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How to apply for Cal Grant Step One: Fill out and submit a Free Application for
Federal Student Aid (FAFSA) by.Need to submit a GPA verification form by.High school seniors and first year college
freshman need your high school GPA verified from the high school you graduated from.
MARCH 2nd
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California Dream Act
• The Dream Act is really two laws that were passed in 2011 and allow AB 540 students to apply for and receive several types of financial aid
• Board of Governors Fee Waivers to waive enrollment fees.
• State financial aid including Cal Grants and Chafee grants.
• Assistance from EOPS, CARE, or CalWorks.• Privately-funded scholarships.
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AB 540 Students• You are an AB 540 student, and exempt from paying non-resident enrollment
fees, if you meet all of the following criteria:
• Graduated from a California high school, received a GED or passed the California Proficiency Exam.
• Attended a California high school for at least 3 years.
• Are registered or enrolled at a California community college and/or university.
• If required, complete an affidavit saying you have filed or will file when you are eligible for legal immigration status.
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Requirements to Receive Federal Student Aid
Must be a U.S. Citizen or eligible non-citizen.
Must have a high school diploma or GED.Males 18 years of age and older are
required to register for Selective Service (Military).
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How to Apply- WWW.FAFSA.ED.GOV
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Information needed to fill out the FAFSA
Independent students need W-2’s and federal tax transcripts for 2013.
Dependent students need their W-2’s and federal tax transcripts for 2013 and their parent’s W-2’s and federal tax transcripts for 2013.
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Determining Dependency Status Were you born before January 1, 1991? At the beginning of 2014-2015 school year, will you be
working on a master’s or doctorate program? As of today are you married? Do you have children who receive more than half of their
support from you? Do you have dependents (other than your spouse) who
receive more than half of their support from you, now and through June 30, 2014?
Are both of your parents deceased, or are you or were you (until age 18) a ward/dependent of the court?
Are you a veteran of the U.S. Armed forces?
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Dependency Status continued…
You are considered an Independent student if you answer Yes to one or more of the previous questions.
You are considered Dependent on your parents if you answered No to all of the previous questions.
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Key things to remember while filling out the FAFSA
Fill your name out as it appears on your social security card.
Do not leave drug eligibility question blank.If you are an eligible non-citizen then you
must provide and alien registration number.Dependent students are required to provide
parents SSN, last name, first initial as it appears on their SS card and DOB.
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Key things to remember while filling out the FAFSA
Do not leave any blanks, put zeros (0) if not applicable. Be sure to sign your application using your pin number or
by printing out a signature page and mailing it. Dependent students also need a parents signature on their
application. Don’t forget to enter a school code.
Cypress College School Code: 001193
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Financial Aid Enrollment Status
12 or more units= full-time
9 - 11.5 units = ¾-time
6 - 8.5 units = ½-time
0.5-5.5 units = Less than ½ time
Award amount depends on eligibility & units enrolled
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Identify Additional Sources of Funds
Consider other programs at your college:EOP/EOPS, DSPS, HONORS, etc.
Apply for Scholarships in your field of study:Free Search engines such as
www.fastweb.com.
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“I Wish I had Known About…”
Financial Aid Consultants: Assistance is Free! Never Pay!
Signs of Scholarship Scams: As a general rule, if you must pay money to get money,
it might be a scam.
Financial Aid Myths: Income is too high, shouldn’t bother to apply. Sibling didn’t qualify, neither will I. I missed the March 2nd Cal Grant deadline, it’s too
late to apply.
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Frequent FAFSA Errors
• Social Security Numbers• Divorced/remarried parental information• Income earned by parents/stepparents• Untaxed income• U.S. income taxes paid • Household size• Number of household members in college• Real estate and investment net worth
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End of General Session
• Powerpoint is available on the Cypress College Financial Aid Website
www.cypresscollege.edu “Admissions & Financial Aid” “Financial Aid” Look for the link on the financial aid
homepage