Financial Aid
Information Night
What is Financial Need?
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
Estimated
Cost of Attendance
Living On Campus
California State
University (CSU)
California
University of
Independent
California (UC) College
CSULB
UCLA
USC
$6,452
$13,251
$50,277
$1,860
$1,383
$1,500
$11,880
$14,904
$13,855
Other
$2,772
$4,360
$1,580
TOTAL
$22,964
$33,898
$67,212
Fees/Tuition
Books and
Supplies
Room and
Board
EFC
• Amount a family can reasonably
be expected to contribute
• Considers both student and
parent income
• Calculated using data from the
FAFSA
• Student gets $ info immediately
after submitting FAFSA
• Stays the same regardless of
college
EFC
California
California State University of
Independent
University (CSU) California (UC) College
CSULB
Cost of
Attendance
EFC
Financial
Need
UCLA
USC
22,964
33,898
67,212
500
500
500
22,464
33,395
66,712
WHAT ARE THE DIFFERENT TYPES
OF FINANCIAL AID?
Types of Financial Aid
• Scholarships
• Grants
• Employment (Work Study)
• Loans
WHAT ARE SOME OF THE
FINANCIAL AID OFFERS STUDENTS
ARE LIKELY TO RECEIVE?
CALIFORNIA AID
PROGRAMS
California State Aid
Up to 40% fee reduction*
Cal GRANT A
Covers up to 100% of tuition/fees
Cal GRANT B
Covers up to 100% tuition/fees
and some living expenses
Cal Grant
Cal Grant A
–
–
Pays state fees at UC & CSU
Awards up to $TBD for California Private Colleges
Cal Grant B
– Pays state fees at UC & CSU
– Awards up to $TBD for California Private Colleges
– Also awards additional living stipend($1,648)
Both have income and GPA requirements
• (see handout)
Available to AB540 students
Apply by March 2nd w/FAFSA/DreamApp & GPA
Verification
GPA Verification – mandated electronic upload
Additional Cal Grant Info
• Colleges must be eligible to
receive
– List of non-eligible colleges
available on CSAC website
• Students must update
WebGrants account to confirm
high school graduation
The California
Middle Class Scholarship
Middle Class Scholarship
New program began in 2014-2015 for
undergraduate students who are:
– Attending a CSU or UC campus
– From families with income up to $150k
– U.S. citizens, permanent residents and
AB 540
– California residents
Intended to be up to a 40% discount
on state fees for middle income
families.
ANNUAL FAMILY INCOME
MCS – How it fits
$150,000
$120,000
Up to 40% fee reduction*
$90,000
$60,000
$30,000
$0
Cal GRANT A and C
Cal GRANT B
MCS
•
•
•
•
•
•
•
Based on income only, no GPA component
Apply using FAFSA / Dream App
March 2nd Deadline
Awarded on sliding scale based on income
LIMITED pool of funds
Awards not determined until July
Student will NOT see MCS on college financial
aid award letters
• May receive communication from CSAC that
they are eligible for MCS
MCS Rollout Plan
CSU
% of 40%
Maximum Award
2014-2015
35%
$ 766.08
2015-2016
50%
$ 1,094.40
2016-2017
75%
$ 1,641.60
2017-2018
100%
$ 2,188.80
UC
% of 40%
Maximum Award
2014-2015
35%
$ 1,848
2015-2016
50%
$ 2,640
2016-2017
75%
$ 3,960
2017-2018
100%
$ 5,280
Federal Aid Programs
Pell Grant
• Awards up to $5,550
• For low income
undergraduate students
• Can be used at many
schools throughout the USA
• Awarded based on financial
need
• Apply using the FAFSA
Student Loans
•
•
•
•
Subsidized = government pays interest while you are in school
Unsubsidized = interest accrues
Both loans begin payback after graduation
Low interest rates & very flexible payback plans.
Parent Loans
• Must pass credit check
• May borrow up to total cost of
attendance
• Unsubsidized = interest accrues
• Payback begins immediately
• Low interest rates & very flexible payback
plans.
•AB 540 (2001)
•AB 131 (2011)
•AB 2000 (2014)
•SB 1210 (2014)
California Dream Act
AB 540
• Allows for
students to
pay in state
tuition
AB 131
•Allows for students to
apply for state
funded aid including:
– Cal Grant
– BOG Fee Waiver
– State University
Grant (CSU)
– Other Public
Institution Awards
DACA & Dream Act
• Federal
• Immigration
Legislation
• State
• Education
Legislation
Which Application?
Based on Student Status
(parent status not relevant)
• FAFSA
• Dream Application
– US Citizen or Eligible
Non Citizen
– AB540 Eligible
– No Social Security
Number
DO NOT
COMPLETE
BOTH
APPLICATIONS
Official FAFSA Website
• http://www.fafsa.ed.gov
Official Dream Act Website
• https://dream.csac.ca.gov/
Two Common Issues
• Dependency Status?
• Who are considered the parents?
Dependent or Independent?
•
•
•
•
•
•
•
•
•
•
•
•
•
Were you born before January 1, 1993?
As of today are you married?
At the beginning of the 2015-2016 school year, will you be working on a master’s or doctorate program (such
as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?
Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
Are you a veteran of the U.S. Armed Forces?
Do you now have or will you have children who will receive more than half of their support from you between
July 1, 2015 and June 30, 2016?
Do you have dependents (other than your children or spouse) who live with you and who receive more than
half of their support from you, now and through June 30, 2016?
At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a
dependent or ward of the court?
As determined by a court in your state of legal residence, are you or were you an emancipated minor?
As determined by a court in your state of legal residence, are you or were you in legal guardianship?
At any time on or after July 1, 2015, did your high school or school district homeless liaison determine that you
were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
At any time on or after July 1, 2015, did the director of an emergency shelter or transitional housing program
funded by the U.S. Department of Housing and Urban Development determine that you were an
unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
At any time on or after July 1, 2015, did the director of a runaway or homeless youth basic center or transitional
living program determine that you were an unaccompanied youth who was homeless or were self-supporting
and at risk of being homeless?
You must answer Yes to at least one question to
be considered an Independent student.
Who is the Parent?
Biological or Adoptive Parent
Not Grandma
Not Sister
Not Uncle
No No No
What if student lives with…
• grandparents because parents are in
Mexico?
• friends of the family?
“But my uncle claims me as a
dependent on his tax return.”
Biological or Adoptive Parent
It doesn’t
matter who
claims the
student on
tax return!
It doesn’t
matter who
claims the
student on
tax return!
Divorce or Legal Separation
Filing the FAFSA w/out
Parent Information
• Student can knowingly file w/out parent
information
• Approved Special Circumstance
– Parents incarcerated
– Abusive Situation
– Unable to locate parents
• Unapproved Special Circumstance
– Parent refuses to participate
• Student will be informed that they will be
approved for Student Loans only
• Will need to follow up with college financial aid
office
Preparing to Complete the
FAFSA / Dream App
• Documents Needed Handout
• FAFSA / Dream App Worksheet
• FAFSA 4Caster
FSA ID instead of a PIN
• Created as an increased security
measure
• Same purpose and use
• When creating FSA ID old PIN can
be used to link previous accounts
(good for parents with students
already in college)
QUESTIONS?