What is Financial Aid?
Any type of monetary assistance used to pay for college costs
THREE TYPES OF FINANCIAL AID
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Grants/Scholarships – FREE $
Subsidized Loans = you pay back after you graduate
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Interest is paid by the government while student is in school
Repayment starts about 6-9 months after graduating/leaving school
Loans – Must be repaid back
Unsubsidized Loans = you start making payments while you’re in school
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Interest rate is not waived by federal govt., so must at least make payments on the interest
Work Study – Work up until you earn the amount awarded. Financial aid given in exchange for work
How do you get financial aid?
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Students must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov
File between January 1st – March 2nd of every year
Students and parents will need a Personal Identification Number (PIN) = electronic signature
Personalized Identification Number (PIN)
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www.pin.ed.gov
PIN serves as your electronic signature
Students and one PARENT will need a PIN
o If a parent does not have a SSN, the parent will not be able to sign the form electronically. Parent will need to manually
send in the signature page.
o Student however, can go ahead and submit his/her application online.
Expected Family Contribution (EFC)
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Expected Family Contribution (EFC) – How much money you and your family are expected to contribute (pay) towards the cost of
your education
Determined by a variety of factors:
o Income
o Family assets (not the home you live in)
o Family size
o Age of the oldest parent
o Number of siblings in college
EFC will NOT change, but your need will change from school to school
Demonstrated Need – The difference between what your family can contribute towards your education and the actual costs of
attending college
Cost of Education – EFC = Financial Need (Demonstrated Need)
Student Aid Report (SAR) – report received after you submit your FAFSA
CAL Grants
FAFSA (by March 2nd) + GPA Verification (by March 2nd) = Complete CAL Grant Application
Two main types of CAL Grants
 CAL Grant A
o Assist with tuition & Fees at 4-year institution
o Must have a 3.0 or higher CAL Grant GPA
o Must meet income brackets
o Can get approximately $6631 at a UC, $2772 at a CSU, and $9708 at a private
 CAL Grant B
o Provides a living allowance of up to $1,551 in addition to tuition and fee assistance (most freshmen receive only this living
allowance which may be used for personal expenses, but may get both upon renewal)
o Must have a minimum 2.0 CAL Grant GPA
o Can be used at a 4-year school or Community College
o Meet income brackets
Who is eligible for a CAL Grant?
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US Citizen or legal CA Resident
Must have a valid SSN
Plan to attend a qualifying CA College
Not have a bachelor’s degree or certificate
Meet minimum GPA requirements
Male students must register with selective service (even if you are only a CA resident and not a citizen) to receive the CAL Grant.
Calculating your CAL Grant GPA
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Different from your Cumulative GPA and the A-G GPA
No extra points given for honors or AP
Includes all grades from 10th and 11th grade and the summers after each, except for PE or remedial courses not counting towards
your HS Graduation
Lennox Academy will calculate your CAL Grant GPA for you
CSS/Profile
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Often requested by private schools to further determine your economic need and to possibly be considered for their private funds
Application Process
o Register on College Board
o $25 for initial application (include $16 for the first school and $9 registration fee)
o Limited number of fee waivers granted online based on income reported
List of schools that require the CSS/Profile
o https://profileonline.collegeboard.com/index.jsp
o Recommended to always verify with each school if they do in fact request the CSS/Profile and/or any other documentation
since it may often take Collegeboard time for them to make changes online.