Investing in Your Future

Workshop Agenda

• The Financial Aid Equation• The Basic Formula

• Types of Financial Aid• Scholarships, Grants, Work-Study & Loans

• How to Apply for Financial Aid

• Free Scholarship Searches

What Financial Aid Offers

• Access to funds to help pay for• 4 year public and independent colleges• Community colleges• Private career colleges

• Choice among schools• Choose the best academic, cultural, and social fit rather than the least expensive program

What are the Basic Concepts

• Cost of Attendance

• Expected Family Contribution

• Financial Need

Cost of AttendanceTuition & Fees

Books & Supplies

Room & Board

Personal Expenses

Transportation

Expected Family Contribution

The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to pay from

income and assets over time.

* Financial Need equals Financial Aid Eligibility.

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

= Determined Financial Need*

What is Financial Aid

•Federal Government

•State Government

•Colleges & Universities

•Private Agencies & Organizations

Sources of Financial Aid

Merit Based Aid• Scholarships – money awarded based upon merit and/or

special talent that the student does not need to repay.

Need Based Aid• Grants – money awarded based upon need that the

student does not need to repay.• Loans – money borrowed by the student to be repaid with

interest after graduation.• Work Study – money earned by the student as payment

for work performed on-campus or off-campus.

Types of Aid

Contact the Financial Aid Office immediately if there is a: • Loss of a job• Decrease in salary• Death or serious illness in family• Change in your housing plans for the school year• Any other circumstances that reduce the family’s

ability to pay for education expenses.

Special Circumstances

The Higher Education Opportunity Act (HEOA) of 2008 requires each institution that participates in Title IV federal student aid programs to post a net price calculator on its website using institutional data to provide estimated price

information to current and prospective undergraduate students and their families based on a student’s individual

circumstances.

Net Price Calculator

• The Net Price Calculator (NPC) is required for all Title IV institutions that enroll full-time, first-time degree- or certificate-seeking undergraduate students.

• The NPC allows students to calculate an estimated net price of attendance at an institution, based on what similar students paid in a previous year.

Cost of Attendance (COA) – Grant and Scholarship Aid =

The Net Price

Net Price Calculator

Other Helpful On-line Resources:

• www.bigfuture.collegeboard.orgUse the EFC Calculator to get an estimate of the family’s contribution

Click on Pay for College > Tools & Calculators > EFC Calculator

• www.nces.ed.gov/collegenavigatorProvides useful data regarding costs, net price, retention & graduation rates, majors, default rates, campus security and other pertinent university information

Enter university/college name in ‘Name of School’ field > Follow the instructions shown above the results of the school search

• Free Application for Federal Student Aid (FAFSA)fafsa.gov

• College Scholarship Service (CSS) PROFILEcssprofile.org

• Other Required ItemsFor example:

Parent and student IRS Federal Tax Returns (including schedules and W-2 forms) and/or income documentation

How Students Apply

The FAFSA Application

Step Two: Submit the 2018-2019 FAFSA at fafsa.govStep One: Create an FSA ID (student & parent) at fafsa.gov

Submitting the FAFSADetails and Helpful Tips: studentaid.ed.gov

• By March 2, 2018 complete and submit• the FAFSA• The Cal Grant GPA Verification Form, check

with your school for more details.

Cal Grant Programs

• The California Community College Board of Governors’ Enrollment Fee Waiver (BOGW) waives 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 BOGW at

www.icanaffordcollege.com

Community College

• The California Chafee Grant program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S.

• To be eligible, the foster youth must have been in California foster care between ages 16-18 and not yet 22 years old.

www.chafee.csac.ca.gov

California Chafee Grant for Foster Youth

• You are an AB 540 eligible student if you have met the following items: • Attended a California (CA) High School for 3 or more years• Graduated from a CA high school or attained the equivalent of

graduation, such as passed the GED, or CA High School Proficiency Exam;

• Registered or are currently enrolled at an accredited CA college or university; and

• Filed an affidavit with your college or university stating that you have or intend to file an application to legalize your immigrations status, if applicable.

https://dream.csac.ca.gov/

The California Dream Act(AB 540 students)

• CA Dream Application (similar to the FAFSA)https://dream.csac.ca.gov/

• GPA Verification Form (check with High School college counselor)• Submitted by your school to California Student Aid

Commission (CSAC) electronically; or• Submitted by the student via US Postal Mail (Cal Grant

GPA Verification Form is available through the Dream Act Application)

Application Deadline: March 2, 2018

How Students Apply for the Dream Act

• Available from colleges, companies, community-based groups and other organizations

• Usually require separate applications• May require transcript, essay, interview, or audition• Check with your high school about scholarship

opportunities• Beware of scholarship search companies that

charge a fee• Use free scholarship search websites

Scholarships

www.fastweb.comwww.finaid.org

www.collegeboard.comwww.scholarships.comwww.schoolsoup.com

These sites also contain helpful financial aid information

Free Scholarship Searches

Beware false claims!– “Thousands of dollars in scholarships go

unclaimed each year”– “Guaranteed or your money back!”– “Give me your credit card or bank account

number to hold this scholarship”– “The scholarship will cost some money”– “You’ve been selected. . .”– “You’re a finalist in a contest” (that you never

entered)

Don’t Be Fooled!

• Make a list of colleges that have programs that interest you

• Consult with your school counselor• If possible, don’t make a final decision about which

school you will attend until you have visited the colleges

• Consider all factors – not just cost – when making the final decision

Before you Decide

Questions

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