![Page 1: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/1.jpg)
Section A
![Page 2: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/2.jpg)
Federal & State Financial Aid
![Page 3: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/3.jpg)
Financial Aid Sources
• Federal government
• State government
• Institutions
• Private foundations, individuals or companies
![Page 4: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/4.jpg)
Gift Aid
• Grants
– Federal
– Institutional
– Private
– State
• Scholarships
– Private
– Institutional
![Page 5: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/5.jpg)
Estimated Student Aid by Source Academic Year 2003-2004
Total Aid Awarded $122.0 Billion
Information courtesy of the College Board
Education Tax Benefits
5.2%
Federal Pell Grants10.4%Other Federal
Programs3.2%
Non-Federal Loans 9.2%
State Grants4.9%
Federal Campus-Based2.6%
Federal Loans45.5%
Institutional Grants19.0%
![Page 6: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/6.jpg)
Federal Pell Grant
• FAFSA must be filed
• Undergraduates only
• Student must demonstrate exceptional need
• Based on COA, EFC & enrollment status
• 2005-06 maximum = $4,050
![Page 7: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/7.jpg)
Federal Supplemental Educational Opportunity Grant
(FSEOG)• Campus-based aid
• Undergraduate students only
• Priority given to students with exceptional financial need
– Pell Grant recipients
• Funding levels vary at each institution
![Page 8: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/8.jpg)
Cal Grants
• Student must meet – All federal eligibility criteria
– Income & asset limits
– GPA requirement
• Amount paid is determined by– Grant program & school segment
• Renewal is based on program participation
![Page 9: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/9.jpg)
Other State Programs
• State University Grant– California State University
• Amount varies depending on school– FAFSA required
• Board of Governors’ Fee Waiver – CA community college students–Waives enrollment fees– FAFSA may be required
![Page 10: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/10.jpg)
Institutional and Outside Aid
• Provider decides on – Awarding criteria
– Application deadline
– Forms or applications
• Awards may be– Merit-based
– Need-based
– Combination of the two
![Page 11: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/11.jpg)
Self-Help Aid
• Loans–Federal Perkins–FFEL/Direct
• Subsidized Stafford• Unsubsidized Stafford• PLUS
–Private
• Employment–Federal–Institutional
![Page 12: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/12.jpg)
Federal Perkins Loan
• Priority given to those with exceptional need– Eligibility for Federal Pell Grant is
determined first• Annual and aggregate loan limits for
undergraduates– Up to $4,000 annually– $20,000 aggregate
![Page 13: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/13.jpg)
Federal Perkins Loan (cont.)
• Fixed interest rate of 5%• 9-month grace period• Repayment 10-year maximum• Deferment and cancellation
provisions– Teaching– Nursing– Law enforcement– Childcare
![Page 14: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/14.jpg)
Stafford Loan
• School determines program in which to participate (Direct or FFEL)
• Subsidized
– Must have “financial need”
• Unsubsidized
– Not “need-based”
• Annual & aggregate loan limits
![Page 15: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/15.jpg)
Cost of Borrowing
• Interest rate
– Variable, changes every July 1st
– Capped at 8.25%
• Fees
– Up to 3% origination fee paid to the U.S. Department of Education (ED)
– Up to 1% insurance premium paid to the guarantor
![Page 16: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/16.jpg)
PLUS Loan
• Parent borrows for dependent undergraduate
• Approval subject to credit check• Loan limits– Annual: COA less other aid– Aggregate: none
• Interest rate variable, capped at 9%• Repayment begins 60 days after final
disbursement
![Page 17: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/17.jpg)
Federal Family Education Loan (FFEL) Program
• Includes
– Federal Subsidized Stafford Loan
– Federal Unsubsidized Stafford Loan
– Federal PLUS Loan
• Money comes from lending institutions
• Borrowers have somewhat different repayment options
![Page 18: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/18.jpg)
William D. Ford Federal Direct Loan Program
• Direct Subsidized Stafford Loan
• Direct Unsubsidized Stafford Loan
• Direct PLUS Loan
• Money comes directly from ED
• Repayment options slightly different from FFELP
![Page 19: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/19.jpg)
Work-Study
• Funded by federal government or institution
• Undergraduates and graduates
• Job not guaranteed
• Money must be earned
• Can be either on or off campus
• Funding levels vary at each institution
![Page 20: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/20.jpg)
Private Loans
• Not Title IV aid program
• Also known as alternative loans
• Credit & income based loan
– May require a co-signer
• Lender assumes the risk of default
• Loan fees & interest usually higher than Stafford loan
![Page 21: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/21.jpg)
Application Process
![Page 22: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/22.jpg)
Applying for Financial Aid
• When applying to an institution, a student should ask the following:
– What forms does the institution require?
– Does the school require the completion of an institutional form?
– What are the filing deadlines for each form required?
![Page 23: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/23.jpg)
• FAFSA
• CSAC GPA Verification Form
• Institutional application
• Private and other applications
• CSS PROFILE Form
Types of Applications
![Page 24: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/24.jpg)
Financial Aid PROFILE
• Registration Guide
– No paper registration or form
– $5 online registration
– $18 per school
![Page 25: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/25.jpg)
• Not used for awarding federal financial aid
• Not all schools require
• Paper Profile will be eliminated for 2005-06
–On Web site October 1st
• Paper Profile Registration Guide will continue
Financial Aid PROFILE (cont.)
![Page 26: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/26.jpg)
Calculating Financial Need
![Page 27: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/27.jpg)
Basic Equation of Need
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Student’s Financial Need (eligibility)
![Page 28: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/28.jpg)
Cost of Attendance
• Tuition and fees
• Room and board
• Books and supplies
• Transportation
• Miscellaneous personal expenses
• Cost of computers
• May also include other expenses
![Page 29: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/29.jpg)
Expected Family Contribution
• Need Analysis is the formula used in determining a family’s EFC
• EFC is the measure of a family’s financial strength
• Financial Aid Administrators use the EFC to determine the student’s overall need for financial aid
![Page 30: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/30.jpg)
Need-Based Financial Aid
• Federal Pell Grant • Federal Supplemental Educational
Opportunity Grant (FSEOG)• Cal Grants (A, B & C)• Subsidized Stafford loan• Federal Perkins loan• Federal Work-Study• Some institutional scholarships
![Page 31: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/31.jpg)
Not Need-Based Financial Aid
• Some institutional scholarships
• Some private sector scholarships
• Unsubsidized Stafford loan
• PLUS loan
• Some institutional work-study
![Page 32: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/32.jpg)
Calculating Eligibility
• Federal EFC will be same at all schools
• Federal financial aid eligibility varies based on institution’s COA
• Some schools may use institutional methodology to award their own institutional funds
![Page 33: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/33.jpg)
Private 4-year
COA $28,979- EFC 1,000
= Need $27,979
Public 4-year COA $15,514- EFC 1,000
= Need $14,514
Public 2-year
COA $13,422- EFC 1,000
= Need $12,422
Eligibility Varies Based on Cost
![Page 34: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/34.jpg)
Special Circumstances
![Page 35: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/35.jpg)
Special Circumstances
• Adjustments may be made to information on a case-by-case basis
• Special circumstances include– Dependency status– Income and assets– Child support– Number in household or college– Medical or dental expenses– Private elementary/secondary tuition
![Page 36: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/36.jpg)
• Presenting the case
– First, call each Financial Aid Office for guidance and required forms
– A detailed explanation may include
• Student’s name and SSN
• Give SPECIFIC financial details
• Time period involved
• Attach supporting documentation
Special Circumstances (cont.)
![Page 37: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/37.jpg)
• Follow up with Financial Aid Office (FAO)
• Each FAO makes their own decision, results may vary from school to school
• Once made, change may not necessarily affect student’s eligibility for certain types of aid
Special Circumstances (cont.)
![Page 38: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/38.jpg)
Awarding
![Page 39: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/39.jpg)
• Federal awarding guidelines
– Pell Grant is awarded first
– Subsidized Stafford loan eligibility is calculated before unsubsidized
– Campus-based aid awarded in any order school chooses
• Institutions have different awarding policies
Awarding & Packaging
![Page 40: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/40.jpg)
• Award letters may vary in composition
– Listing of awards and amounts
– COA, EFC, need and unmet need
– Period of enrollment covered
• Response may or may not be required
Awarding & Packaging (cont.)
![Page 41: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/41.jpg)
Questions?
![Page 42: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/42.jpg)
FAFSA ReviewLine-by-Line
![Page 43: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/43.jpg)
Records Needed
• SSN & drivers license number• 2005 federal income tax returns• 2005 W-2 forms• Alien Registration number (ARN)• Untaxed income information• Records of stocks, bonds &
investments• Business & farm records• Current bank statements
![Page 44: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/44.jpg)
Front Page
• Blue Section = Student
• Purple Section = Parent
• Who to call for questions– www.studentaid.ed.gov
– 1.800.4.FEDAID
• State scholarships– Dates
– Forms
![Page 45: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/45.jpg)
Step One
#1-3 Name
– List name exactly as it appears on Social Security card
– No nicknames
– Database match with Social Security Administration (SSA) will occur
![Page 46: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/46.jpg)
Step One (cont.)
#8 Social Security Number (SSN)– Must have a SSN to submit the FAFSA
• 800.772.1213 or www.ssa.gov
– SSN, name & date of birth confirmed with SSA
• Naturalized citizens should make sure SSA has naturalization on file
![Page 47: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/47.jpg)
Step One (cont.)
#13 Student’s e-mail address
– Receive FAFSA information through a secure link on Internet
– Address will be shared with
• Schools listed
• State
![Page 48: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/48.jpg)
Step One (cont.)
#14 & 15 Citizenship Status
– U.S. Citizen
• Confirmed by SSA match
– Eligible non-citizen
• Must provide Alien Registration Number (ARN)
![Page 49: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/49.jpg)
Step One (cont.)
• Precede an 8-digit ARN with a zero
• The ARN will be matched with records at the Department of Homeland Security (DHS)
0 2 8 2 5 6 0 0 1
![Page 50: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/50.jpg)
Step One (cont.)
#16 Marital status
– As of the date form signed
#17 Date of marital status
– Leave blank if never married or single
![Page 51: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/51.jpg)
Step One (cont.)
#18-20 State Residency
– For Cal Grant purposes
• CA resident as of September the previous year
• If applicant is under 18 AND did not indicate CA as state of legal residence, parent’s state of residency will be used (# 67 - 69)
• Active duty military considered CA residents
![Page 52: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/52.jpg)
#21-22 Selective Service
– Males between 18 and 25 may register by marking box
• May also register at www.sss.gov
– Wording explains what happens when student answers “Yes”
Step One (cont.)
![Page 53: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/53.jpg)
Step One (cont.)
#23 College Degree/Certificate
– Choose description that best fits first choice in degree objective
#24 Your Grade Level
– Choose appropriate number that best fits grade level
![Page 54: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/54.jpg)
Step One (cont.)
#25 HS Diploma or GED?– Required to be eligible for Title IV aid
• Home schooling may fulfill requirement
#26 First Bachelor’s Degree?– If currently a high school senior,
answer ‘NO’
![Page 55: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/55.jpg)
Step One (cont.)
#27-28 Interested in Loans or Work-Study?– “Yes” answer does not:
• Obligate student to either program
• Will not cause loss of gift aid
– If unsure, answer “yes” then decline after aid is awarded
– “No” answer may:• Restrict awarding of limited loan &
work-study funds
![Page 56: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/56.jpg)
Step One (cont.)
#29-30 Parents’ Educational Background– Use birth parent(s) or adoptive
parent(s)• Do not use
–Stepparents–Foster parents–Legal guardians
• Definition of parents are specific for these 2 questions
– List highest level of school completed
![Page 57: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/57.jpg)
Step One (cont.)
#31 Drug-related Conviction
– Worded for “no/yes” response
– Financial aid cannot be awarded if left blank
– Do not answer “yes” if
• Conviction was for alcohol or tobacco
• Conviction was removed from record or occurred before 18, unless tried as an adult
![Page 58: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/58.jpg)
Step Two
#32-45 Income and Asset Information– Questions will be answered during
income and asset portion for parents in Step Four
![Page 59: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/59.jpg)
Step Two (cont.)
#46-47 Veterans Education Benefits– If eligible for veterans education
benefits, report expected monthly amount
– Number of months should equal number of months attending school (usually 9 months)• 800.827.1000 or www.va.gov
![Page 60: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/60.jpg)
Step Three
#48-54 Dependency Status
• If student answers “yes” to any question in Step Three, skip Step Four & go to Step Five
• If student answers “no” to all 7 questions in Step Three, parental information must be provided regardless of whether student is claimed, lives with or is supported by parent
![Page 61: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/61.jpg)
Parent Information
• Who is considered a parent for this section?
– Biological parent(s)
– Adoptive parent(s)
– Stepparent
• Regardless of prenuptial agreements
– Common-law marriage
• Not recognized in California
![Page 62: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/62.jpg)
Parent Information (cont.)
• Who is not considered a parent for this section?
– Foster parent(s)
• The ward is automatically considered an independent student
– Legal guardian(s)
• Must attempt to get parental information
– FAO may use Professional Judgment to make student independent
![Page 63: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/63.jpg)
Step Four
#55-56 Parents’ Marital Status
– As of date application is signed
– Custodial Parent
• Parent the student lived with most in last 12 months
• If unable to determine, who provided most of student’s support?
![Page 64: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/64.jpg)
Step Four (cont.)
#57-60 Father’s or Stepfather’s SSN, Last Name, First Initial & DOB
#61-64 Mother’s or Stepmother’s SSN, Last Name, First Initial & DOB
–Should be for same person(s) whose financial information is being reported on form
–If no SSN, write in zeroes
![Page 65: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/65.jpg)
Step Four (cont.)
#65 Number in Parents’ Household
– Include student and parents
– Parents’ other children
• If parents provide more than 1/2 support from July 1, 2005 through June 30, 2006, or
• Other children could answer “no” to every question in Step Three
![Page 66: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/66.jpg)
Step Four (cont.)
– Other people if they now live with student’s parents and
– Parents currently provide more than ½ support and
– Parents will continue to provide more than ½ of their support from July 1, 2006 through June 30, 2007
![Page 67: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/67.jpg)
![Page 68: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/68.jpg)
Step Four (cont.)
#66 Number in College
– Write in number of people from question 65 who will be college students between July 1, 2005 and June 30, 2006
– Always include student
– Do not include parents
![Page 69: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/69.jpg)
Step Four (cont.)
#67-69 Parents’ State of Legal Residence
– Used for Cal Grant purposes if student is under 18 years of age AND did not indicate CA as state of legal residence
– Used in need analysis formula to determine state tax allowance
![Page 70: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/70.jpg)
Step Four (cont.)
#70 Tax Filing Status
#71 Type of Return Completed
#72 Tax Form Eligible to File
#73-77 Information from Tax Return
– Reporting information directly from Federal 1040 form is best
![Page 71: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/71.jpg)
Step Four (cont.)
#73-77 Income Information
– Custodial parent filed with ex-spouse
• Consider only income of custodial parent (which includes any child or spousal support received)
• Custodial parent remarried
• Stepparent information must be included
![Page 72: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/72.jpg)
Step Four (cont.)
#78-80 Complete Worksheets A, B and C on page 8
• A and B are untaxed income items
• C is exclusions from taxed income
• Parents complete purple area
• Students complete blue area
![Page 73: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/73.jpg)
Step Four (cont.)
#81-83 General Asset Information
– If net worth is one million or more, enter $999,999
– If negative, enter 0– Net worth means current value
minus debt
F26-27
![Page 74: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/74.jpg)
Step Four (cont.)
#81 Total of Cash, Savings and
Checking Accounts• Total as of the day the FAFSA is
signed
![Page 75: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/75.jpg)
Step Four (cont.)
#82 Net Worth of Investments
• Do not include home you live in, prepaid tuition plans or value of life insurance, and retirement plans
• Include other real estate, Education IRAs, CDs, money market funds, mutual funds & college savings plans
• Trust funds must be reported even if access is restricted
![Page 76: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/76.jpg)
Step Four (cont.)
#83 Net Worth of a Business or Investment Farm
• Value means market value of land, buildings, machinery, equipment, inventory, etc.
• Debt means only debts for which business or investment farm was used as collateral
F28
![Page 77: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/77.jpg)
Reminder
The information provided throughout Step Four is the same for the questions in Step Two
![Page 78: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/78.jpg)
Step Five
#84 Number in Student’s Household
• Complete this section only if student answered “yes” to all questions in Step Three
• Include student and spouse
• Student’s children
• If student will provide more than 1/2 support from July 1, 2006 through June 30, 2007
![Page 79: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/79.jpg)
Step Five (cont.)
• Other people if they now live with student and
• Student currently provides more than 1/2 of their support, and
• Student will continue to provide more than 1/2 of their support from July 1, 2006 through June 30, 2007
![Page 80: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/80.jpg)
Step Five (cont.)
#85 Student’s Number in College
• Write in number of people from question 84 who will be college students between July 1, 2006 & June 30, 2007
• Always include student
![Page 81: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/81.jpg)
Step Six
F29
#86-97 Schools to Receive Information•List up to 6 schools•Federal school codes available from
•FOTW•High School Counselor•Financial Aid Office
•Select housing plan that best describes where student expects to live while attending that particular school
![Page 82: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/82.jpg)
Prioritizing College Choices
• List a CA school for Cal Grant consideration
• List schools most likely to attend
• Ways to add schools– Wait for processed Student Aid Report
(SAR)
– Add schools by phone or on the Web
– Contact non-listed colleges; keep them informed
![Page 83: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/83.jpg)
Step Six
#98 Expected Enrollment
– Question reworded for greater understanding
– Wording simplified
– If in doubt, report full-time
![Page 84: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/84.jpg)
Step Seven
#99-100 Date and Sign
• If filing electronically, don’t forget PIN or signature page
• If filed by a dependent student, student and 1 parent must sign
• If filed by an independent student, student must sign
![Page 85: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/85.jpg)
Specialized Use Boxes
• Preparer’s Section
– If parent or student pays an individual to complete FAFSA, that person must complete this part
• School Use Only
– Financial Aid Administrator uses this box in rare case of a dependency override
![Page 86: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/86.jpg)
• File Early• Check completeness and accuracy• Sign and date form • Make a copy before mailing• Mail in envelope provided– Do not include any other forms– Use regular mail
• Obtain a Certificate of Mailing
Paper FAFSA Filing Tips
![Page 87: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/87.jpg)
FOTW Filing Tips
• Apply for PIN(s) NOW!
• Gather necessary documents ahead of time
• Complete a Pre-FAFSA Worksheet
• Check browser requirements
• Allow ample time to complete for on-time submission
![Page 88: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/88.jpg)
FOTW Filing Tips (cont.)
• Check application for accuracy prior to submission
• Save all work periodically
• Sign application using PIN(s)
• Keep a copy of Submission Confirmation Page
![Page 89: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/89.jpg)
What Happens Next?
• SAR acknowledgement is produced when FAFSA filed
– SAR sent to student
– ISIR sent to institutions specified by student
– Contains data elements completed on FAFSA
![Page 90: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/90.jpg)
What Happens Next? (cont.)
• SAR will be blue for 2006/2007
• Expect SAR after filing
– Up to 4 weeks for paper FAFSA
– 1 to 2 weeks for FOTW
• Carefully review for any errors
• Contact school before submitting corrections F30
![Page 91: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/91.jpg)
What Happens Next? (cont.)
• Alerts applicant and school
– To possible database match problems
– If application has been selected for verification
– To whether or not EFC has been calculated
![Page 92: Section A. Federal & State Financial Aid Financial Aid Sources Federal government State government Institutions Private foundations, individuals or companies](https://reader036.vdocuments.mx/reader036/viewer/2022062407/56649d6b5503460f94a4a72d/html5/thumbnails/92.jpg)
Questions?