Financial Aid 2014-2015

UC Santa Cruz, Cabrillo and Cal State Monterey

Bay Present

Everyone has the access to attend college or trade school

You have the choice of which school to attend

Purpose of Financial Aid

What is financial aid?

Money to pay for college or career school Grants Loans Work-study Scholarships

Who can get federal student aid?

U.S. citizen or permanent residentHigh school graduate/GED holderEnrolled in eligible degree/certificate

programValid Social Security numberMales registered for Selective ServiceMaintaining Satisfactory academic progress

Not eligible for federal student aid?

You may be eligible to complete the California Dream Application

To qualify for California and public financial aid through AB130 and AB131, including undocumented students, must: Be AB 540 eligible; Have or will graduate from a California high school or have

attained a G.E.D.; or received a passing mark on the California High School Proficiency Exam (CHSPE);

Register or be currently enrolled at an accredited institution of higher education in California;

Not hold a valid non-immigrant visa (F,J,H,L,A,B,E, etc.); Demonstrate financial need and meet all other program

requirements.

Go to: https://dream.csac.ca.gov/ to apply

How much federal student aid can I get?

Depends on your financial need.Financial need is determined by Expected

Family Contribution (EFC) and Cost of Attendance (COA)

EFC comes from what you report on the FAFSA

COA is tuition, fees, room and board, transportation, etc.

COA – EFC = financial need

How much federal student aid can I get?

Example: first-year student in 2013-14Maximum amounts allowed: Federal Pell Grant: $5,645 in 2013-14Direct Subsidized and Unsubsidized Loans:

$5,500 totalFederal Perkins Loan: $5,500Federal Supplemental Educational Opportunity

Grant: $4,000Federal Work-Study: depends on funds

available at schoolDirect PLUS Loan (for parents): COA minus

other aid received

How do I apply for aid?

Federal student aid: fill out Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov

State aid: Send GPA verification form to CSAC

School aid: contact financial aid office at schools you are considering

Scholarships: visit scholarship website or call contact number for information

FAFSA on the Web

FAFSA on the Web

Good reasons to file electronically:

Built-in edits to prevent costly errors

Skip logic allows student and/or parent to skip unnecessary questions

Option to use Internal Revenue Service (IRS) Data Retrieval Tool

Federal Student Aid Personal Identification Number (FSA PIN)

Website: www.pin.ed.gov

Sign FAFSA electronically

Not required, but speeds processing

May be used by students and parents throughout aid process, including subsequent school years

Student Dependency Status

FAFSA asks questions to determine status:

If all “No” responses, student is dependent

If “Yes” to any question, student is independent

Information About the Parents of Dependent Students

Tax, income, and other financial information

Dislocated worker status

Assets

Frequent FAFSA Errors

Social Security NumbersDivorced/remarried parental informationIncome earned by parents/stepparentsUntaxed incomeU.S. income taxes paid Household sizeNumber of household members in collegeReal estate and investment net worth

FAFSA Processing Results

Central Processing System (CPS) notifies student of FAFSA processing results by:

Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided

SAR Acknowledgement if filed FAFSA on the Web and student’s e-mail address was not provided

FAFSA Processing Results

Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted

College reviews ISIR May request additional documentation, such as

proof that a sibling is enrolled in college

Making Corrections

If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if

student has a PIN; Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to college’s financial aid office

Special Circumstances

Change in employment status

Medical expenses not covered by insurance

Change in parent marital status

Unusual dependent care expenses

Student cannot obtain parent information

What happens next?Overview

http://studentaid.ed.gov/fafsa