Mission College
Financing Your College Education
Rita Grogan, Director
Student Enrollment & Financial Services
Rita.Grogan@MissionCollege.edu
408-855-5072
What You’ll Learn Today

Planning for college

Types of financial aid
 Gift aid
 Self-help aid

Application process
 FAFSA
 California Dream Act
 CSS Financial Aid PROFILE

Calculating your eligibility

Cost of attendance

Awarding & packaging

What’s next?
What we should have done!
 $100 per month to each child’s college
savings account AT BIRTH!
(In some cases, we should have started
before birth!)
WHY? Parents have the first responsibility to provide for
their dependent child’s educational costs.
Don’t “should” on yourself!
 Life happens and we don’t always get to what we
“should” have done or hoped to do!
 Commitment to high-quality educational choices
at the K-12 level are made that impact our ability
to save!
 Time “slips” by faster than we thought it could!
(It happens to those of us who are financial aid
professionals, too!)
What now?
Maybe I didn’t plan enough.
• What can my child look forward to
now for college costs payment
options?
• What can I afford?
Financial Aid - Sources
 Federal government
 State agency/government
 Colleges and universities
 Private agencies, companies, foundations and
parents’ employers
Financial Aid - Categories
Gift Aid
 Grants:
Free money!
 Scholarships:
money!
Self-help Aid
 Work-study:
part-
time job
Free
 Loans:
back
Financial Aid is any money given, paid or loaned to
help pay for education.
must be paid
Types of Financial Aid – Gift Aid
Federal Grants:
 Federal Pell Grant

up to $5,645 a year
 Federal Supplemental Educational Opportunity Grant

up to $4,000 a year
 Federal TEACH Grant

up to $4,000 a year
 Iraq & Afghanistan Service Grant

up to $5,645
Types of Financial Aid – Gift Aid
California State Grants:


Cal Grant A Entitlement Awards (fees and tuition)

CSU: $5,472

UC: $12,192

Private college: $9,084
Cal Grant B Entitlement Awards (+living allowance)

$1,473 first year; $1473 + [up to] $12,192 2nd yr+ CC=$1,473

Cal Grant A & B Transfer Entitlement (CCC to 4-yr.) up to $12,192

Cal Grant C Awards (career technical programs)


Up to $2,462 CC=$547
Cal Grant A Competitive Awards


Minimum 3.0 GPA
Cal Grant B Competitive Awards

Minimum 2.0 GPA
Types of Financial Aid – Gift Aid
Middle Class Scholarship
New for 2014-15
 For new, continuing and transfer undergraduates
 Attend or plan to attend a UC or CSU campus
 Be a U.S. citizen, permanent resident or AB540 status
 Maintain 2.0 GPA
 Family incomes up to $150, 000
 Apply as of 1/1/2014 by either completing the FAFSA or
Cal Dream Act Application
New: Middle Class Scholarship
 For the 14/15, 15/16, and 16/17 school years
the MCS amount is
 2014-15 CSU maximum is approximately $766
and for the UC $1,700
 When fully implemented in 2017-18 the
maximum award will be 40% of systemwide
tuition fees at a UC or CSU
Types of Financial Aid –
Gift Aid
Fee & Tuition Waivers
 Community College - Board of Governor’s Fee Waiver (BOG)


Waives enrollment fees, FAFSA may be required
www.icanaffordcollege.com
 CSU State University Grant (SUG)


Amounts vary, FAFSA is required
www.calstate.edu or csumentor.edu
 UC Grant


Amounts and application process vary
www.universityofcalifornia.edu
 Independent College Grants


Amounts and application process vary
www.aiccu.edu or www.aiccumentor.org
Financial Aid for
Specific Populations
● Middle Class Scholarship, new for 2014-15: www.csac.ca.gov
● Foster Youth: Chafee Grant ~ up to $5000: www.chafee.csac.ca.gov
● Athletes: www.ncaaclearinghouse.net
● Students with dependents: EOP&S/CARE and CalWORKs
● Students with disabilities: www.heath.gwu.edu
● Military and their dependents: www.gibill.va.gov
● AB540 Students: California Dream Act www.caldreamact.org
● Early Childhood Education/Child Development: www.csac.ca.gov
● Teachers: Cal Grant A & B Extended Benefits: www.calgrants.org
in addition to grants, Loan Forgiveness: www.teachforamerica.org
● Health Occupations-Scholarships & Loan Repayment:
www.healthprofessions.ca.gov
Types of Financial Aid – Gift Aid
Institutional and Private Grants & Scholarships
 Provider decides on
 Awarding criteria
 Application deadline
 Forms or applications
 Awards may be
 Merit-based (academic performance-GPA)
 Need-based (financial need)
 Combination of the two
Scholarships

APPLY! . . . APPLY! . . . APPLY!



No excuses . . .
There is a lot of money available that goes unclaimed
Scholarship Tips:

Create a Resume

Get active in the community:

Clubs

Community Service

Document your community service

Preview – Write – Review your essays

Finish the application and turn it in on time
Types of Financial Aid –
Self-Help
Federal Work Study
 Campus-based aid
 Must be earned through work

Job may be on or off campus (~18 hrs./wk)
 Undergraduate and graduate students
 No annual maximum (~$2,000 - $3,500)

Funding levels vary at each institution
 Need-based
Types of Financial Aid –
Self-Help
Loans:
 Federal Perkins Loan
 School serves as lender
 William D. Ford Federal Direct Loan Program
 Money comes from U.S. Dept. of Education
 Private Loans (also known as ‘alternative’ loans)
 Money comes from lending institutions (banks)
Types of Financial Aid –
Self-Help
Direct Loan (DL) Program Includes:
 Subsidized Stafford Loan (Need-based)
 Unsubsidized Stafford Loan (Not Need-based)
 PLUS Loan (Parent Loan for Undergraduate Student)
 Annual and aggregate loan limits apply
 6-month grace period
General Eligibility Criteria
Status

U.S citizen, permanent resident or meet AB540 criteria

Valid Social Security number (Parents do not need a SS#)
 For CalDreamAct, no SS# is required for student or parent

Males between ages 18-25 registered for Selective Service

Received HS Diploma or equivalent: GED, CHSPE, Homeschooled
Enrollment

BOG Fee Waiver & Pell Grant will pay as low as ½ unit

FSEOG, FWS, DL, Chafee & Cal Grants and loans require at least halftime
status

EOP&S requires full time status (with exceptions)

Must be enrolled in an eligible program of study
Satisfactory Academic Progress

Must complete 2/3 of units attempted cumulatively

Must maintain a 2.0 ‘C’ GPA
Application Process
 Applying for Aid
 When applying to an institution, a student
should ask the following:
 What forms does the institution require?
 In addition to the FAFSA, does the school require
the completion of an institutional form?

For example, CSS Profile
 What are the filing deadlines for each form?
 What type of deadline?
FAFSA on the Web’s Homepage
www.fafsa.gov
California Dream Act
www.caldreamact.org
Dependency Status -FAFSA
If students are NOT able to check any of the boxes
below, parents income and asset information will be
required to complete the FAFSA process.
The above was from the 13-14 application
so the “born before” date will be updated
on the 2014-15 application.
Questions About Assets
Information for Students & Parents
www.studentaid.ed.gov
CSS Financial Aid PROFILE
https://profileonline.collegeboard.com
CSS Financial Aid PROFILE
 Registration
Guide
 No paper
registration
form
 3 step process
 $25 initial
application &
one college
report
 $16/add’l
college
CSS Financial Aid PROFILE
 Not used for awarding federal financial aid
 May be filed earlier than the FAFSA – typically
October of the Senior year
 Not all schools require (California Public Colleges don’t use)
 Assistance is available
 E-mail: help@cssprofile.org
 https://www.profileonline.collegeboard.com/
Timeline of Financial Aid
 Application Forms
 CSS/ Financial Aid Profile
 As early as October 1st of the senior year

Free Application for Federal Student Aid
. . . FAFSA on the Web (FOTW)
 Beginning January 1st of the senior year

Cal Grant GPA Verification Form
 By March 2nd of the senior year
Calculating Financial Aid Eligibility
 Cost of Attendance* / Allowances
Standard Allowable Costs:
 Tuition and fees:
$ 1,358
 Room and board:
$ 4,518
 Books and supplies:
$ 2,460
 Transportation:
$ 1,179
 Misc. personal:
$ 3,096
Additional Allowable Costs:
 Dependent care
 Study-abroad
 Disability-related
 Employment expenses for
Total standard allowance: $12,611
(based on 13-14 ‘with parent’ COA)
(13-14 ‘off campus’ COA
$19,253)
co-op study
 Student loan fees
*Costs shown are CA community college average expenses.
Calculating Financial Aid Eligibility
 Expected Family Contribution (EFC) What Is It?
 Need analysis is the formula used in determining a
family’s EFC
 EFC is the measure of a family’s financial strength
What is in the calculation of Expected Family
Contribution generated from the FAFSA?:
 Number in household size
 Adjusted gross income
 Number of dependents in college
 Age of the older parent
 Assets other than the family home
Calculating Financial Aid Eligibility
 Expected Family Contribution (EFC)
 Federal EFC will be same at all schools
 Federal financial aid eligibility varies based on
institution’s Cost Of Attendance
 Some schools may use institutional
methodology (ex, Profile calculations) to award
their own institutional funds
Cost of Attendance*
w/parents
off-campus
on-campus
Comm. Coll.(CC)
$12,611
$19,253
n/a
Cal.State Univ.(CSU)
$16,442
$24,642
$24,223
Univ. of Cal. (UC)
$24,092
$28,858
$33,320
Private (SCU,USC)
$52,725
$59,367
$59,655
*Costs may not be actual
Calculating Financial Aid Eligibility
 Basic Equation of Need (Eligibility)
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
 Eligibility for Need-based Aid
Awarding & Packaging
 Federal awarding guidelines
 Pell Grant is awarded first
 External Scholarships or Grants
 Campus-based aid awarded in any order school chooses
 Subsidized Stafford loan eligibility is calculated before
unsubsidized
 BUT - Institutions have different awarding policies
Sample Financial Aid Package
Full-time Enrollment
Pell Grant
$5,645
SEOG
$ 500
Cal Grant B
$1,473
Work Study
$2,000
Scholarship
$2,000
Loan
$3,500
Special Circumstances
 Adjustments may be made to information on a
case-by-case basis AFTER you file your FAFSA
 Special circumstances may include changes to
 Dependency status
 Income and assets
 Child support
 Number in household or college
 Private elementary/secondary tuition
 Medical or dental expenses (not covered by
insurance)
Quick Tips & What’s Next?

You must apply/re-apply for financial aid every year
 Review your application results for questions, assumptions, any action
required

Check student portal for additional documents requested
 Missing documents or clarification needed

Universities will start packaging late in March, early April
 Compare award offers

Community Colleges typically package over summer months

Check Cal Grant status at www.csac.ca.gov
 Click on “WebGrants for Students”

Apply for scholarships: colleges, community organizations, etc.

Parents: File taxes early; use IRS Link on FAFSA
 Delay of filing taxes can jeopardize best award offer
EFC Calculators
 www.finaid.org
 Click on Calculators
 Click on Expected Family Contribution and Financial Aid Calculator
 www.fafsa4caster.ed.gov
 Will need a to create a password
 www.Collegeboard.com
 Under “For Parents”, click on Pay for College
 Click on Financial Aid Easy Planner
 Estimate your Share
Resources
 www.icanaffordcollege.com
 www.studentaid.ed.gov
 www.federalstudentaid.gov
 www.csac.ca.gov
 www.calgrants.org
 www.caldreamact.org
 www.collegeboard.com
 www.going2college.org
 www.roybal-allard.house.gov/Students
 www.maldef.org
Thank you!
Questions?