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FINANCIAL AID WITH FAFSA
This document provides information and a checklist for students applying for financial aid and the admissions process in spring for the following academic year. It outlines deadlines and requirements for submitting transcripts, test scores, financial aid applications and other documents. The key deadlines are submitting the FAFSA or Dream Act application by March 2nd and intent to register to the school of choice by May 1st. It also provides an overview of costs of attendance, types of financial aid including grants, loans and work study, and eligibility for different sources of aid.
FINANCIAL AID WITH FAFSA
- 1. FINANCIAL AID 101 UCLAEARLY ACADEMIC OUTREACH PROGRAM 2015-2016
- 2. Spring Checklist: Admissions Report D’s and F’s received Create & check school portals (ASAP) Send SAT/ACT scores no later than January Sign up for ELM/EPT Exam for CSU if not exempt no later than April. UC’s will notify students who need to take placement exam in May Submit first semester transcripts IF requested by school in January Complete FAFSA OR Dream Act by MARCH 2 Check status of CAL Grant Review Financial Award Letters Complete CSS Profile (college board) if requested by Private School Submit Intent to Register (SIR) to school of choice by May 1st Sign up for Orientation and Housing as early as possible Submit Final Transcripts – July 1st for UC July 15th for CSU
- 3. What is includedin Cost of Attendance? Room & Board Tuition Health Insurance Books and supplies Transportation Personal Expenses
- 4. Cost of Attendance InstitutionCost of Attendance Tuition Community College (CC) Varies $2,000-$3,000 *46 per unit California State University (CSU) $21,437 $6,119 – $9,000 University of California (UC) $33,600 $13,400 Independent/Private 42,000 - $79,000 $30,000-$65,000 College Prices at a Glance
- 5. Cost of Attendance(COA) Gift Aid = Net Cost (Expected Family Contribution (EFC) & Student Contribution from Work- Study & Loans) FINANCIAL AID EQUATION
- 6. How do IApply for Financial Aid? www.fafsa.ed.gov US Citizen or Legal Permanent Resident www.caldreamact.org Undocumented or DACA AB540 Students OR
- 7. When do studentsapply for Financial Aid? Deadline: March 2nd Apply during Senior year of HS and every year student will continue enrollment in college!
- 8. Additional Financial AidForms CSS Financial Aid Profile IF APPLIED TO PRIVATE SCHOOLS ONLY CA GPA Verification Form – usually submitted by the school on behalf of the student
- 9. FAFSA US Citizens &Permanent Residents Federal State College Private Funds Sourc es of Aid Scholarsh ips Free money based on merit or talent Work Study Money Earned based on need Grants Free Money based on need Loans Must be repaid Types of Aid Gift Aid Self Help
- 10. 1. Undocumented studentswho have attended a California school for 3 or more years 2. Will be graduating from a California high school or equivalent to a high school diploma (i.e. GED) 3. Will attend accredited California college 4. Fill out an affidavit agreeing to file for residency when possible Are you an AB540 Student?
- 11. Dream Act AB540 (Undocumented) Scholarsh ips Freemoney based on merit or talent Work Study Money Earned based on need (must have DACA) Grants Free Money based on need Loans Must be repaid Type sof Aid Gift Aid Self Help State College Private Funds Sourc es of Aid
- 14. GRANT TYPE WHOCAN APPLY ANNUAL AWARD UP TO… ELIGIBILITY REQUIREMENTS Cal Grant A Undergraduates FAFSA/DREAM ACT $12,192(UC) $5,970(CSU) $9,223(private) 3.0 + H.S. GPA financial need Cal Grant B Undergraduates FAFSA/DREAM ACT $1,656 (first yr) Tuition+ $1,656 2.0 H.S. GPA, financial need Cal Grant C Technical and career students FAFSA/DREAM ACT $3,009 Financial need Federal Pell Undergraduates FAFSA $400 - $5,775 Financial need CHAFEE $5,000 -You are or were in foster care -financial need -not yet 22
- 15. Income Ceilings forCal Grants Note: Primary Home is not considered an asset!
- 16. 16 Community College Fee Waiver TheCalifornia Community College Board of Governors’ Enrollment Fee Waiver (BOG Fee Waiver) covers 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 BOG Fee Waiver at: cccapply.org/BOG_Waiver/
- 17. Work-Study (Federal Aid) •Federally subsidized wages • Flexible work schedule (usually on campus) • Part-time only (20 hrs max) • Network & build your resume
- 18. Loans (Federal) Student Loansvs. Alternative (Private) Loans Lower & non-variable interest rate Borrowing cap of $31,000 for undergraduate degree Flexible payment plans and loan forgiveness programs Subsidized Stafford Loan or Perkins Loan Does not accumulate interest while in school Unsubsidized Stafford Loan Accumulates interest while in school PLUS (Parent) Loans
- 19. How is itthat this is the image we conjure when we talk about student loans But this is the image we conjure when we talk about a car loan?
- 20. Changing Perspective • UCEstimated Cost of Attendance for 4 years is valued at $134,400 –Average debt for a UC graduate = $20,210 translating to monthly payment of $222 –According to Edmunds, the average monthly car payment is $479
- 21. Why Go toCollege? Attending college is an INVESTMENT. Higher Education is one of the BEST decisions a person can make. Unemployment Rate (%) Median Earnings Per Year $25,376 $34,736 $41,184 $57,252 $68,952 $82,732 $85,228 9.0 6.0 4.5 3.5 2.8 1.9 2.1 Professional Professional Masters Bachelors Associate HS Diploma No HS *Bureau of Labor Statistics 2014
- 22. How do IApply for Financial Aid? www.fafsa.ed.gov US Citizen or Legal Permanent Resident www.caldreamact.org Undocumented or DACA AB540 Students OR
- 23. Common Documents Used TaxForms Check top left hand corner to see what type of tax forms were filed W-2 Form
- 24. California Aid Report (CAR)- E-mailsent to student, directing them to WebGrants to view on- line CAR Sent 2-4 weeks after both FAFSA and GPA are submitted, usually beginning in mid- February If eligible will show Cal Grant amount for 1st 3 California colleges listed on FAFSA/ Dream Act www.webgrants4students.org
- 29. Section 1 Selective ServiceRegistration • Male students who are between the ages of 18 and 25 years must be registered with Selective Service to receive federal and state aid • Answer “Register me” only if you are male, aged 18-25, and have not yet registered. • The student may also register by going to: www.sss.gov 29
- 30. Never attended/ 1st year(even if you have taken college courses as a HS student Say yes to work-study, unless you prefer more loans instead
- 31. Kansas Include all theschools you have applied or plan to apply to for 2016-17
- 32. List a UCfirst. If you did not apply to UC, list most expensive CA school first. If applying to more than ten schools, wait for the processed Student Aid Report (SAR)to be emailed to you, go back to FAFSA, delete schools and add more.
- 34. The studentwill need to provide parental information: IF parents to not have social security, fill in space with 000- 00-0000 Parents without social security must print out signature page and mail
- 36.
- 38. Notice that you the studentwill also be asked questions about income. Don’t put your parents information again! Blue sections are about you!
- 39. Sign and Submit Recommendthat parents and students sign the FAFSA electronically using FAFSAID Parents without Social Security Numbers Click on “Other options to sign and submit” for Paper Signature Page
- 41. Special Circumstances 41 • Contactthe Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: – Loss or reduction in parent or student income or assets – Death or serious illness – Natural disasters affecting parent income or assets such as the recent California wind storms, wild fires, floods, or mudslides – Unusual medical or dental expenses not covered by insurance – Reduction in child support, Social Security benefits or other untaxed benefit – Financial responsibility for elderly grandparents, or – Any other unusual circumstances that affect a family’s ability to contribute to higher education
- 42.
- 43. Register for Examat: https://ept-elm.ets.org/CSU/
- 44.
Editor's Notes
- #2 Talking Pts: Introduce yourself, Identify that you are a Bruin Advisor for UCLA’s Early Academic Outreach Program and a _____ year student majoring in __________________.
- #4 I stress the point that cost of attendance is more than paying for school it’s a cost of living. Weather or not you go to school there is a cost of living.
- #5 Talking Pts. Explain to students that college cost are often broken down into two important prices. Tuition & Fees is simply the cost of taking classes Cost of Attendance is a more representative price of attending college that takes into consideration Tuition and Fees in addition to other important living expenses that will be broken down in next slides.
- #6 Talking Pts, Now that you know the basics of cost, it’s time to review the basics of college financial aid. To understand college cost for you and your parents, you need to understand Cost of Attendance minus Gift Aid, which we will explain the types.
- #7 Stress that students must fill out these applications every year that they plan to attend college. Everyone must fill out one of these applications even if they think they won’t qualify for need based aid, they can still qualify for non need based aid and loans. Stress that the FAFSA website is a .gov website, if students type .com, they will be directed to a website that will charge to complete the financial aid application. FAFSA means FREE application for federal student aid .
- #9 I clarify that for most students the GPA Verification is taken care of by the school. The CSS Profile, through the collegeboard is sometimes requested by Private Schools and can mean more financial aid.
- #10 Explain there are four sources and four types of financial aid. Remind them that by simply completing the FAFSA, it takes care of asking the federal, state, and college for money. The only thing FAFSA doesn’t take care of Private funds which provide private scholarships. Students have to apply for scholarhips. Further explain that schools call scholarhips and grants gift aid because its free money. Work Study and Loans- are still financial aid, but its money they have to work for or pay back later.
- #11 Talking Pts. Review who qualifies as an AB540 student Stress, that student now qualify for State Aid, Institutional Aid, Private Aid Undocumented students do not qualify for Federal Aid such as Work study (unless work study is being financial by college Ex. UCLA is launching a special work-study for DACA students such as UCLA) For those students who are thinking about attending a CC. AB540 students now can qualify for the Community Colleges Board of Governor’s Fee Waivers.
- #13 This is what school award letters look like. Its not final, just provisional
- #14 Once they say yes to a school they will have to accept or decline the fiaancial aid.
- #16 Talking Pts. Remind students that Grants are gift aid based on need. Here are the need ceilings for Cal-Grants Explain to students why we stress that grades matter and how GPA’s can affect financial aid. Point out that parents can have up to $70,000 in cash savings and not affect fianncial aid. But if student has any savings, automatically 30% of that savings/Checking will be considered part of what the student should pay. In other words, you the student should not have savings under your name. Give example of student who does not have a 3.0 GPA but whose of 4 makes $47,000. The student wanted to blame parents for making too much for Cal-Grant B, but had they achieved a 3.0 GPA, the student would have qualified for Cal-Grant A.
- #19 I ask students if they have heard of ppl with 100k in loans for a BA degree? I explain that when you have that much in debt it means they borrowed private loans and did not stick to Federal loans called STAFFORD or PERKINS. The federal govt protect students who borrow by not allowing them to borrow more than $31,000, which turns out to about $350 monthly payments. This is the point were I talk about staying away from For Profit School that make students get into private debt and recommend public trade schools like LA Trade Tech.
- #20 I Ask students to raise their hands if they plan to buy a car at sometime in their life?
- #21 I point out that if we are willing to spend $479 dollars on a car that will be worth pennies on the dollar in 15 yrs, then we should be willing to invest in an education that will last a life time.
- #23 Stress that students must fill out these applications every year that they plan to attend college. Everyone must fill out one of these applications even if they think they won’t qualify for need based aid, they can still qualify for non need based aid and loans. Stress that the FAFSA website is a .gov website, if students type .com, they will be directed to a website that will charge to complete the financial aid application. FAFSA means FREE application for federal student aid .
- #24 Talking Points: If students bring tax forms, top left hand corner tells us what kind of taxes parents filed and makes completing the FAFSA much easier
- #25 To check their Cal-Grant ?
- #27 2016-2017 “Login” page. The Login Page was revised in May 2015 to include an option to log in using the student’s FSA ID or his/her PII information.
- #28 2016-2017 “Login” page with Enter the student’s information option selected. I talk about the most common mistake is not writing your name correctly! And by that I mean not writing it the way its on your social, even if your social security card is misspelled.
- #29 Stress that another common mistake is filling out the wrong year!. Must fill out 2016-17
- #30 29
- #31 2016-2017 “Student Eligibility” page. Based on comments received during the public comment period, the following questions have been updated to say: What will your high school completion status be when you begin college in the 2016-2017 school year? What will your grade level be when you begin the 2016-2017 school year? What degree or certificate will you be working on when you begin the 2016-2017 school year? Will you have your first bachelor’s degree before you begin the 2016-2017 school year? Additionally, the drug conviction question has been revised to reference (grants, work-study, and/or loans): Have you been convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (grants, work-study, and/or loans)?
- #33 2016-2017 “School Selection Summary” page. The text on this page has been revised to indicate “However, the order in which you list schools may affect your eligibility for state aid. Find more information on your state’s preferences for listing schools <link>here</link>.”
- #34 2016-2017 “Dependency Determination” page. The legal guardianship question has been revised to say: “Does someone other than your parent or stepparent have legal guardianship of you, as determined by a court in your state of legal residence?”
- #35 2016-2017 “Parent Demographic Information” page. If the applicant is filling a renewal application and his/her parents’ marital status is changed from Married or Remarried, Divorced or Separated, or Widowed to Never Married or Unmarried and both parents living together, the applicant will be required to confirm or revise the marital status date. The household size question has been revised to include the text “(even if they do not live with your parents)”. The revised question says: “Your parents’ other children (even if they do not live with your parents) if:”
- #36 2016-2017 “Parent Tax Information” page. The IRS DRT instruction text has been updated for clarity. The revised text states, “To determine if you, the parents, can use the IRS Data Retrieval Tool to transfer your tax return information from the IRS into the FAFSA, answer the following question(s):” The Parent Tax Information page has been revised to include the FSA ID and Password to allow the parent to link to the IRS to retrieve his/her data. Links to create the FSA ID or retrieve the Username and/or Password are also provided.
- #37 2016-2017 IRS Data Retrieval Tool, page 1, containing user demographic information. Even though the fields at the top are pre-filled based on FAFSA responses, the first name, last name, date of birth, and the filing status can be updated on this page. The Social Security Number cannot be updated.
- #38 2016-2017 “Parent Financial Information” page.
- #40 This is the bottom half of the 2016-2017 “Sign & Submit” page for the dependent student, with the parent signature options and the active confirmation for the parent Certification Statement.
- #41 2016-2017 “Confirmation Page” Parents of dependent students are offered the option to transfer the parents’ data into another student’s new FAFSA. The link is found on the “Confirmation Page.” If the applicant leaves the confirmation page before they click this link they will not be able to return to transfer data to the application of a sibling.
- #42 Special Circumstances As mentioned earlier, many families have special circumstances not reflected by the questions on the FAFSA. Families are encouraged to contact the Financial Aid Office at each of the schools to which they are applying for admission and financial aid if there are significant changes in their circumstances such as: A loss or reduction in parent or student income or assets A death or serious illness Natural disasters that affect parent income or assets – this is especially true for any family adversely affected by the recent California wind storms, wildfires, floods, or mudslides Unusual medical or dental expenses not covered by insurance Reduction in child support or Social Security benefits Financial responsibility for elderly grandparents, or Any other unusual circumstances that affect a family’s ability to contribute to higher education. If the family feels there are special circumstances that may affect their ability to contribute to college, it is important that they present their case in a way that helps the financial aid office understand their unique challenges. Some schools will provide special forms to help the family provide the appropriate new information. Families are encouraged to: Contact the financial aid office for guidance Write a detailed explanation of circumstances Include student’s name, college or university ID#, and date of birth Give specific financial details including the reasons why the circumstances affect the family’s ability to contribute Attach supporting documentation Send to the financial aid office at each school to which the student is applying Each financial aid office will make its own decision about the effect the special circumstances have on a student’s need. Not all aid offices will be able to provide additional funds if there are special circumstances, but they might be able to suggest other options.
- #44 Remind students that they can take the placement exam at any local cal-state. LA and Dominguez are the closest but if they wait till March the seats gets taken and they will have to drive further to take the test. If they do not take the test when required, their admissions is rescinded.
- #45 Review steps for applying. Apply online and wait for email of processed application. The email will have an ID number. Once student has ID number they can take placement exam, although exam does not affect admissions, it does affect how long it will take to finish and transfer. The better they score on exam the less Math and English classes they have to take. I always say, getting an extra question right can mean the difference between taking an additional semester of math or English class. So study!