financial aid 101
DESCRIPTION
Financial Aid 101. Presented by Elizabeth Ochoa. Federal Philosophy. Family is responsible to pay for student’s education To the extent they are financially able Who gets to decide what “financially able” means? You or the feds?. West Valley COA$12,617 - EFC 1,000 - PowerPoint PPT PresentationTRANSCRIPT
FINANCIAL AID 101
Presented by Elizabeth Ochoa
Federal Philosophy Family is responsible to pay for student’s
education To the extent they are financially able
Who gets to decide what “financially able” means? You or the feds?
West Valley COA$12,617- EFC
1,000= Need
$12,617
The FAFSA application is the foundation for any financial aid gifted
or loaned to help pay for your education.
Need Help?
Workshops Available:Every Tuesday at 11am in A&R Lobby
What is a FAFSA?
CA Dream Act Application
Application is available at: http://www.csac.ca.gov/dream_act.asp
2013-2014
April 12, 2013
Sample: Award LetterDear Student,Congratulations! This is an official award notification for the 2013-2014
academic year …
Budget (COA) $12,617EFC $ 1,617 NEED $11,000
AWARD PROGRAMS AWARD TOTAL FALL SPRINGBOGWBoard of Governors’ $1288.00 $644.00 $644.00GRANTSFederal Pell Grant $5,645.00 $2,822.50 $2,822.50Fed Supp Ed Opp Grant $500.00 $250.00 $250.00Cal Grant B $1,473.00 $736.50 $736.50Ext Opp Prog & Ser $0.00 Ext Opp Prog Book$0.00SELF-HELPFederal Work Study $2,094.00 $1,047.00 $1,047.00Fed Sub Stafford Loan $0.00Award Total $11,000.00 $5,500.00 $5,500.00
Professional Judgment If you have a change in:
Dependency Status Income and Assets Child Support Number in Household or College Private elementary/secondary school tuition Medical or dental expenses (not covered by insurance)
*Contact your Financial Aid office for more details
Your rights and responsibilities
Right to ask: Costs and refund policies What financial help is
available To explain the various
elements in your financial aid package
Responsibility to: Know and comply with all
application deadlines Respond promptly and
provide all information Read and keep copies of all
forms Complete loan entrance
and exit counseling Repay your student loans
Know the Terminology DebitA purchase authorized by you in which a retailer
uses money electronically withdrawn from your checking account as payment for goods and services. You initiate the purchase by using your debit card, generally tied to your checking account. Does not contribute to your credit rating.
Interest The periodic fee charged by the lender to borrow
money. Interest charges are repaid in addition to the principal of the loan.
Buyer’s Remorse/Impulse PurchasesRegretted purchases usually bought in the heat of
an emotional moment. Checking AccountThe most common way to pay your bills. You write a
check, use a debit card or authorize a transfer of funds and that money is deducted from your checking account.
Overdraft Protection By opting in for overdraft protection, you authorize
your bank to cover charges even if you don’t have money in your account. Fees for overdraft protection transactions can be very expensive.
Credit ReportA visual summary of how you handle credit. It’s
typically viewed by lenders, apartment rental managers, insurance companies and employers as a symbol of your reliability.
Credit ScoreA number assigned to your credit report to indicate
your overall credit worthiness on a scale from 350 (poor rating) to 850 (excellent).
Consider using the ECMC’s Financial Awareness Basics Glossary at: http://www.ecmc.org/details/financial-glossary.html
Budgeting According to the National Center for Education
Statistics (NCES), the research arm of the U.S. Department of Education, students who dropped out of postsecondary institutions cited financial reasons as the primary catalyst for leaving school. Learning to develop and manage a budget is a key skill set that will help you achieve both short- and long-term financial goals throughout life – skills that are especially handy during college when money is typically tight.
And remember, keep your eyes on the prize. The time you put into your budget, and the choices you make to keep your budget on track, will pay off over the long run by providing you with greater financial independence and security.
Protect against identity theft Keep your SSN, DOB, Driver’s license, passwords
and PINs confidential Do not leave your wallet in the car Never give out personal or financial information
over the phone or via e-mail Make sure Web sites are secure before providing
information Get your free credit report annually
www.annualcreditreport.com Shred all documents you no longer need Learn more at: www.ftc.gov/idtheft
QUESTIONS?