8. Next, you need to determine how
much you can contribute toward
Cost of Attendance.
9. How Do Colleges Determine How
MuchWe Can Pay?
• FAFSA (fafsa.ed.gov)
• CSS Profile
(https://student.collegeboard.org
/css-financial-aid-profile)
• CA Dream Act
(https://dream.csac.ca.gov)
• Cal Grants
(http://www.calgrants.org)
11. Cost of Attendance
Estimated Family Contribution-
Financial Need
The gap that’s left between what you are expected to
contribute and the total cost is called “Financial Need.”
12. There are 3 types of Financial Aid:
$ Need-based
Merit-based
Non-need-based
Financial Aid is what helps you fill that gap.
13. Need-based
Grants
FederalWork Study
Loans
(Federal, State, and CollegeGrants)
(Stafford Subsidized Loan, Perkins Loan)
The first type of aid is determined
solely by Financial Need.
14. Scholarships (College and Outside Scholarships)
Merit-based
The second type of aid is determined by a student’s
academic accomplishments, not Financial Need.
19. Loans (Stafford Unsubsidized Loan, PLUS Loan,Alternative Loans)
Non-need-based
The final type of aid is available to all students, regardless
of Financial Need or academic accomplishments.
20. The Financial Aid Package
consists of all or any of these.
Need-based Merit-based
Non-need-based
22. Financial Aid Recommendations
• If parents make less than $60,000 per year, students and families most likely
won’t have to take out many loans.
• There are more than 50 colleges that meet all need with no loans.
http://www.usnews.com/education/best-colleges/paying-for-
college/articles/2014/09/15/colleges-and-universities-that-claim-to-meet-full-
financial-need
• Educational loans are low interest. Students have ten years to pay them back and
can deduct interest from taxes.They are best investment possible in your child.
• Students should never borrow on credit cards.
• Students can visit colleges for free at the beginning and end of senior year.
http://getmetocollege.org/hs/what-colleges-look-for/fall-2014-free-diversity-
college-visits
23. What CanWe Do Now?
• Save. Every dollars counts.
• Prepare FAFSA-Now PRIOR, PRIOR
• Explain your family finances to your children.
• Build children’s resume.
• Apply for scholarships.
– MALDEF- http://www.maldef.org/assets/pdf/1415_MALDEF_Scholarship.pdf
– Congresswoman Roybal-Allard- http://roybal-
allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf