Financial Aid for College. Presented by Financial Aid and Scholarship Office
Financial Aid for College Presented by Financial Aid and Scholarship Office
Where Does Financial Aid Come From? Federal government State government
...
Financial Aid for College Presented by Financial Aid and Scholarship Office
Where Does Financial Aid Come From? Federal government State government
Colleges and universities Private agencies, companies, foundations, and your parents’ employers
Scholarships
Grants
Types of Aid
Workstudy
Loans
Scholarships Where to Start Looking: The College You Plan to Attend High School Counselor Office Parent’s Employer Service Clubs (Lions, Elks, Rotary) Local Ethnic Organizations Free Internet Web Searches (Fastweb.com) Library Local Corporations (Walmart, PG&E)
GRANTS Federal - Pell -Supplemental Educational Opportunity Grant (FSEOG) -Iraq & Afghanistan Service Grant
State -Cal Grant -Middle Class Scholarship (CSU & UC) -Chafee Grant
Institutional -Board of Governor’s Grant -State University Grant -UC Grant -EOP Grant
Cal Grant Application Requirements By March 2, 2017, complete and submit: Free Application for Federal Student Aid (FAFSA) Or California Dream Application (www.caldreamact.org)
Cal Grant GPA Verification Form
Eligibility for Cal Grants: California Resident
Attend California College in 2017/18
►Check with your high school or college counselor for more details on how to file the Cal Grant GPA Verification form
California
Student Aid Commission
Claim the Cal Grant Award
Create a WebGrants for Students Account
Confirm School or Make a School Change
Certify High School Graduation
WWW.WEBGRANTS4STUDENTS.ORG
California
Student Aid Commission
WGS – Cal Grant Main Menu
Workstudy
Federal Direct Loans • Must be Repaid • Fixed interest rate • 10 years to repay • Deferment and cancellations • Subsidized and Unsubsidized • There are annual limits and overall aggregate limit *Dream Loan-(CSU or UC only) for students filing DREAM ACT application.
Parent PLUS Loans • Must demonstrate credit worthiness • Fixed interest rate
• Repayment begins upon receipt of funds. Deferments may be available on a caseby-case basis. • Maximum repayment period between 10 and 30 years depending on total loan debt.
FAFSA www.fafsa.ed.gov • Collects family’s personal and financial information used to calculate financial strength of the household (EFC) • File early, but no later than March 2, 2017 (priority deadline) • Available in English and Spanish
FAFSA on the Web – IRS data retrieval – Skip-logic allows student and/or parent to skip unnecessary questions – Detailed instructions and “help” for common questions – Ability to check application status on-line – Simplified renewal application process
www.fafsa.ed.gov
FSA ID www.fafsa.ed.gov
FSA ID is your Online signature. Both the student and parent need to the apply for one.
FAFSA on the Web
IRS Data Retrieval
IRS Data Retrieval
Confirmation Page
Student Aid Report
Most Common Mistakes -
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Name/SSN Dependent vs Independent Which Parent’s financial information to use Who is in the household Missing signature Not reviewing information before submitting If parent does not have a SSN put all zeros
Financial Aid Process File FAFSA
Student and College receive SAR/CAR
Student accepts award
School awards student
Student turns in verification documents to school (if applicable)
Special Circumstances Contact the Financial Aid Office if there is: – Loss or reduction in parent or student income or assets – Death or serious illness – Unusual medical or dental expenses not covered by insurance – Reduction in child support, social security benefits or other untaxed benefit
– Any other unusual circumstances that affect a family’s ability to contribute to higher education
Summary of the Financial Aid Process By March 2 submit a FAFSA or DREAM ACT Application and Cal Grant GPA Verification Form Submit all required forms as soon as requested 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 ASK QUESTIONS!