2. What is Financial Aid?
Money to help you pay for
college, provided through the
federal government, state,
school, or a private business
or organization.
3. How financial aid is awarded
Need based
Awarded based on a family’s financial need
Merit based
Awarded for a talent: academic, athletic, etc.
5. Cost of Attendance (COA)
Cost of Attendance includes
direct costs (those on your tuition
bill) and indirect costs (such
books and living expenses)
as
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Tuition and fees
Room and board
Books and supplies
Transportation
Personal expenses
Miscellaneous
6. Expected Family Contribution (EFC)
The government determines your EFC when you submit a FAFSA.
Many factors affect your EFC, each having a different weight.
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Parent’s prior year income
Student’s prior year income
Value of parent’s assets
Value of student’s assets
Number in household
Number in college
Age of oldest parent
7. Unmet need
Schools are not always able to
offer as much financial aid as
you may be eligible for
When need is not fully met,
there is said to be a “gap”
Most schools do not cover
100% of the “gap” or
remaining financial need
GAP
9. Types of Aid
There are 4 types of financial aid, broken into two categories
Gift Aid is money that doesn’t need to be repaid.
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Grants
Scholarships
Self-help Aid adopts a self-investment philosophy.
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Loans
Work-study
11. Cal Grants
Cal Grant A
For students with a Grade Point Average (GPA)
of at least 3.0, family income and assets below the
state ceilings, and who demonstrate financial need
Cal Grant B
For students from disadvantaged or low income
families with a GPA of at least 2.0, family income
and assets below the state ceilings, and who
demonstrate financial need
Cal Grant C
For students from low income families pursuing
occupational, technical, and vocational
programs of study
12. College Grants
Community College
Board of Governor’s Fee Waiver (BOG)
Waives enrollment fees, FAFSA may be
required
CSU State University Grant (SUG)
Amounts vary, FAFSA is required
UC Grant
Use federal formula to award grants
Independent College Grants
Amounts and application process vary
13. Federal Pell Grants
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Grants for financially needy undergraduates awarded through
the college financial aid office.
2013-2014 max award: $5,645
14. Federal Supplemental Educational
Opportunity Grant (FSEOG)
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For undergraduates pursuing first baccalaureate or professional
degrees
Awarded first to students with exceptional financial
Priority is given to PELL Grant recipients
need
Annual Award Amounts
Minimum
Maximum
$100
$4,000
15. Federal Work Study
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Provides part-time employment
Pay must be at least federal minimum wage
basis
Work-study jobs may be on or off campus
and paid on an hourly
Employer may be the college, a non-profit community agency, or a
profit organization
16. Federal Perkins Loan
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Long term loan: must be repaid with interest
5% fixed interest rate
10-year maximum repayment period
Awarded based on financial need to undergrad
graduate students
&
Each school has limited funds to award each year
Your school is your lender
Grace period is 9 months
Annual maximum: $5,500 for undergraduates
$8,000 for graduates
17. Federal Direct Stafford Loan
Subsidized
Federal government pays interest while student is in school and in their grace
period
Awarded to students whose families can prove financial need
Unsubsidized
Student is responsible for all interest charges accrued while in school
Awarded to students whose families cannot prove financial need
20. Must arrange to pay interest during deferment
loan principal
Federal Direct PLUS Loan
You may borrow up to the Cost of Attendance minus financial aid
Interest rate for 2013/14: 6.41%
4.204% fee
Repayment: 10 years, extended options may be available dependent
upon your balance.
Can defer principal payment until 6 months after graduation.
or it to be added on to
22. Scholarships
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Local scholarships are often easier to get than national scholarships.
Scholarships aren’t just for straight-Astudents. Many are based on
need or are awarded to students with certain traits or interests.
You should never pay a service to find you scholarships. They are
typically scams!
Don’t narrow your search to just the internet.Ask your guidance
counselor, read the local newspapers and check postings at your local
library.
Persist! Your scholarship search can’t be completed in a single day.
If you live in California, start your
search at www.Scholarships.com.
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23. Private Loans
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Generally in the student’s name
with a credit-worthy co-signer
Rates, fees, and terms are
dependant on the lender and
program so make sure to
investigate each program
thoroughly
May be deferred or immediate
repayment
Usually a variable interest rate,
but some programs offer fixed
rates
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25. Institutional Grants
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Schools award institutional grants based on financial need.
May use the federal methodology or institutional
methodology for determining your financial need
Amount of grants can vary widely depending upon how much
money the school has available
Some prestigious colleges offer such generous grants so that
the financially neediest students can still afford to attend
26. Merit Based
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Aid
Based on academic
Varies by school•
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SAT score tends to be a factor
Check admissions for their policies
What do you have to do to keep it?
What happens if you do not maintain
GPA?
27. College-based Loans
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Some schools have an institutional loan program.
Terms will vary from school to school.
Your financial aid office will let you know if a program is
available.
Make sure you understand rates and terms. You don’t have
to accept a loan just because it is listed on your financial
aid award letter.
29. •
Applying for financial aid
• Apply for a PIN at
www.pin.ed.gov
Complete the FAFSA
• REQUIRED by every school to qualify for
federal financial aid
• Apply online at www.fafsa.ed.gov ASAP
after January 1
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• Complete the CSS PROFILE, if
required by your schools of
choice
Pay attention to financial aid
deadlines at your school
STEP 1
30. Applying for financial aid
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File any supplemental
your school
financial aid forms required by
Let the financial aid office know of any special
circumstances that may affect your family’s ability
your education
to fund
• Send in any documents the financial aid office at your
school(s) requires to complete your application
STEP 2
31. Applying for financial aid
• Look over your Student Aid Report (SAR)
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Receive 2-3 weeks after completing the FAFSA
Review all information for accuracy
Information can be corrected if necessary
Before correcting, contact the financial aid office
• Review CSS PROFILE acknowledgement
if applicable
report,
STEP 3
32. Applying for financial aid
• Review Financial Aid Package/Award Letter
school(s)
from
• Includes details of award: grants, scholarships, loans, and work-study
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Accept, deny or appeal any portion of the package
Acceptance will safeguard the award
STEP 4
33. Completing the FAFSA
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Read the instructions as you complete the FAFSA
Fill in all the blanks (“n/a” or “0” when applicable)
Ask questions when you don’t understand the
instructions
Make it a family event
Estimating income is okay – you can make
corrections after completing your federal tax return
If you have a loss of income, contact the financial
aid office
34. Financial aid packages
Example Cost of Attendance $35,000
Example EFC $10,000
Financial Need $25,000
Example packages:
Type of Aid College 1 College 2 College 3
Grants/Sch. $12,000 $18,000 $21,000
Work-Study $1,000 $1,500 $2,000
Student Loans $5,500 $5,500 $5,500
Total $16,500 $23,000 $25,000
Unmet Need/Gap $8,500 $2,000 $0
35. Deadlines
FAFSA
MARCH 2nd (Date Received)
Recommend using the Electronic PIN
Signature
For additional community college awards -
September 2, 2014 - date postmarked
School Deadline
Verify with College’s Financial Aid Office
Deposit Date
May 1st Commitment to a School (Non
refundable)
