What you need to
know about
Financial Aid
for
2016-2017
Presented by:
Andi Schreibman
Financial Aid Officer,
Las Positas College
2
What Will You Learn Today?
•
•
•
•
•
•
•
•
•
Important terms explained
Calculating Eligibility
Categories, types and sources of Financial
Aid
Application Process & Deadlines
Awarding and Packaging
Tips for completing the FAFSA
Special Circumstances
What’s next…finding help
Answers to your questions
3
TERM:
‘Financial Aid’
Financial aid consists of funds provided to
students and families to help pay for
postsecondary educational expenses
TERM: ‘FAFSA’
The Free Application for Federal Student
Aid (‘FAFSA’) is the financial aid application
that must be completed for every college in
the U.S.
Term: ‘Expected Family
Contribution’ (EFC)
•
•
•
Amount the govt assumes a family can
reasonably be expected to contribute
toward a student’s education for one year
Stays the same regardless of college
Two components
– Parent contribution
– Student contribution
•
Calculated using data from the FAFSA
application form and a federal formula
Term:
‘Cost of Attendance’ (COA)
•
Average cost to attend a specific college for one
year
•
Direct costs (tuition & fees, campus housing
•
Indirect costs (books & supplies, room & board,
personal expenses, transportation)
•
Direct and indirect costs are combined into cost
of attendance
•
Varies widely from college to college
Comparing various College
and University COAs
LPC
CSUEB
UCB
Stanford
(2016-17)
(2015-16)
(2015-16)
(2015-16)
Tuition
& fees only
$1138
$6564
$8,185
*$45,720
Ttl COA
At home
$12,181
$15,540
$23,060
N/a
Ttl COA
$19,579
Off campus
$23,619
$27,306
*$64,477
*Families making less than $100,000 per year are guaranteed free tuition.
Families making less than $60,000 a year are not expected to pay tuition
or contribute to the costs of room, board, and other expenses.
Term: ‘Financial Need’
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
Colleges determine and offer financial aid based on this
equation. Some types of aid require financial need and some
types do not.
Types of Financial Aid
Free Financial Aid or ‘Gift Aid’
■ Grants are free money you don’t have to repay, typically
based on financial need.
■
Fee Waivers are free money, waive enrollment fees at
community colleges, based on financial need.
Scholarships are free money, usually based on basis of
merit, skill or unique characteristics.
Self-Help Aid
■
■
Federal Work-study programs—work for pay
■
Loans are borrowed money that you must pay back,
usually with interest – ‘self-help’.
9
Sources of Financial Aid
•
Federal government
•
State government
•
•
Colleges and universities
Private sources: civic
organizations, businesses,
foundations, employers, etc
10
Free Money: Federal Pell Grants
Federal Pell Grant
 Largest source of financial aid, for very low income students
 Aid awarded primarily on the basis of financial need and
Expected Family Contribution (EFC)
 2016-17: Expected Family Contribution must be 0 – 5235
 Pell maximum = $5815/year for 2016-17. Amount
received varies with EFC and enrollment status (less
money if less than fulltime)
 DID YOU KNOW: You will receive the same amount of a pell
grant at any college you attend; you don’t get more Pell grant at
a more expensive college.
 Must apply each year using the FAFSA
11
Free Money: Other Federal
Grants
 There are other federal grants for
low income students. Your college will
determine which grants you qualify for.
Not all colleges partipate in every federal
program offered.
G
 The FAFSA is the only application
needed to apply for all types of federal aid.
12
Free Money: State Cal Grants
• For California 2-yr, 4-yr, public, private, and
vocational colleges
• Pays FULL TUITION at a CSU or UC, @ up to
$9048/year for private institution.
• Renewable up to 4 years. The tuition part
is on reserve while student attends a
community college.
• Cal B recipients receive a $1656 annual grant
in addition to full tuition for 4 years
13
Free Money: State Cal Grant
Entitlement Program
• Cal Grant A Entitlement Awards – for high
school seniors and recent high school grads with a
Grade Point Average (GPA) of at least 3.0
• Cal Grant B Entitlement Awards – for high
school seniors and recent high school grads with a
GPA of at least 2.0, who come from disadvantaged
or low income families
• Cal Grant C Awards - for students from low
income families pursuing vocational programs of
study
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Eligibility for Cal Grants
•
To be eligible for a Cal Grant, the
student must also:
• be a U.S. citizen,eligible
noncitizen, or eligible under
CA Dream Act (later slide)
• be a California resident
• attend an accredited California
college or university at least half-time
• Meet income and asset ceiling criteria
15
California Dream Act
•
•
•
California regulations allow undocumented students
who attended a CA high school for 3 years or more
and earned a diploma or equivalent, to qualify for an
Entitlement Cal Grant. They may also legally qualify
for scholarships, Community College Registration
Fee waivers, college/university grants and other
assistance programs in California.
To apply, file a CA. DREAM APPLICATION instead
of a FAFSA at www.csac.ca.gov
Contact your college admissions office to submit an
AB540 application, needed to receive aid through the
Ca. Dream Act
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2016-2017 Cal Grant
Application Requirements
• By March 2, 2016, complete and submit:
Free
Application for
Federal
Student Aid
(FAFSA)
OR
If undocumented and
eligible under AB540 or
DACA, students should
complete the
California Dream Act
Application:
www.caldreamact.org
Cal Grant
GPA
Verification
Form
Your high school will automatically transmit your GPA to the California Student Aid
Commission.
Be sure they have your correct social security number so you GPA can be matched with your
19
FAFSA.
Check Your Cal Grant Status
By opening a WebGrants Account a student can:
 Check Cal Grant award status 24/7
 Confirm student’s high school graduation as
required once they have actually graduated
 Make changes to Cal Grant school choices
 View how much a Cal Grant is worth at
different California colleges and
universities
 Create a WebGrants account at:
www.webgrants4students.org
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Free Money: Middle Class Scholarship
(MCS)
•
•
The Middle Class Scholarship (MCS) is being phased in to assist new and
continuing UC and CSU undergraduate students with family incomes up to
$150,000 and assets up to $150,000
To apply, students must:
–
–
–
–
–
•
•
•
•
Submit 2016-17 FAFSA by March 2nd
For AB540 or DACA students, submit 2016-17 CA Dream Act Application
Note: no GPA is required
Attend a CSU or a UC
Maintain a 2.0 cumulative college GPA
MCS awards vary and are determined by the CA Student Aid Commission
Students cannot receive both grant aid and the MCS
Qualifying students will be notified by the California Student Aid
Commission
In 2017-18, when fully funded, the maximum awards will be no more that
40 percent of UC and CSU system-wide tuition and fees
21
Free Money:
California Chafee Grant
• 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., based on available funding
• To be eligible, foster youth must have been in
California foster care on their 17th birthday and not
have reached their 22nd birthday before
July 1, 2016
• Foster youth are encouraged to apply during their
senior year of high school
•
AB540/DACA students may also be eligible
To apply for a
Chafee Grant, go to:
www.chafee.csac.ca.gov
22
Free Money: Community College Board
of Governors’ Fee Waiver Program
– Waives enrollment fees at all community
colleges for CA residents
– File a FAFSA to qualify. Waiver is automatically
awarded if you qualify.
All CA resident students who have $1104 or more
of financial need receive an automatic fee waiver
Example: Las Positas College COA =
- EFC =
Student qualifies for fee waiver
because need >1104
23
$12,181
- 9100
NEED = $ 3081
Free Money:
College/Institutional Grants
Be mindful of priority filing deadlines or you may
miss out on $$thousands! Each college has their
own deadline by which you must submit your
FAFSA. DON’T MISS IT! Check with each college
or university you are considering attending.
 CSU State University Grant (SUG)
www.calstate.edu or csumentor.edu
 UC Grant
www.universityofcalifornia.edu
 Independent College Grants
www.aiccu.edu or www.aiccumentor.org
24
Free Money: Scholarships
Scholarships are awards provided by
the private and public sector
-institutions/colleges
-organizations
-corporations
-clubs
-foundations
-individuals
25
Free Money: Scholarships
•
Provider decides on
– Awarding criteria
– Application deadline
– Forms or applications
•
Awards may be
– Merit-based
– Need-based or NOT
– Based on any other criteria determined
by donor
– Begin researching private aid sources
early and continue all through college
26
Free Money: Scholarships
WHERE TO FIND THEM:
• Start with your High School Career Center
•
Local section of Newspaper
•
Organizations your family is connected to, including
parent’s workplace, church, unions, clubs, etc.
•
Check your intended colleges’ financial aid/scholarship
website for opportunities
•
Free online searches
27
Private FREE Scholarship Searches
•
•
•
•
•
•
FinAid on the Web: www.finaid.org
College Board: www.collegeboard.com
FastWeb: www.fastweb.com
Scholarship Resource Network Express:
www.srnexpress.com
GoCollege: The Collegiate Websource:
www.gocollege.com
Wired Scholar: www.wiredscholar.com
28
Self-help aid: Federal Work-Study
 Federal financial aid program, but funds are
limited
 Money must be earned through work
 Must have financial need
 Job may be on or off campus
 Each college has its own award policy and
procedures for getting a job.
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Self-help aid:
Federal Direct Student Loans
Loan is only in the student’s name, no co-signer.
Must be enrolled in at least 6 units.
Two types:
Federal Subsidized Direct Loan
 For students with unmet financial need
 Government pays interest while in school
Federal Unsubsidized Direct Loan
 For all students; no financial need required
 Student responsible for cost of interest while in
school
31
Self-help aid: Federal Direct
Student Loans
 Annual and aggregate loan limits apply
 Must be enrolled at least halftime
 6-month grace period after graduation before
repayment begins
 10 – 30 year repayment period
 Interest currently 4.29% for both types of
loans
 Repayment is deferred while in college at
least halftime
32
Self-help aid: Federal Parent Loans for
Undergraduate Students (PLUS)
■Parents of dependent undergraduates can
borrow up to the total cost of their child’s
undergraduate study, less any other aid the
student may receive
•based on credit record
•May borrow up to full cost of attendance less aid
•Interest fixed at 6.84%, origination fee is 4.272%
•10 year repayment period
•Parents can defer payment until student
graduates college.
•http://studentaid.ed.gov/types/loans/plus
33
Self-help aid: Private loans
■
■
■
■
■
■
■
May or may not carry higher interest rates and
fees than federal loans
Typically the interest rates are variable
Based on your credit rating and debt-to-income
ratio
May require a co-signer
May be secured
Do not have the same tax benefits as federal
loans
Best to use federal student loan programs first; if
you still need additional financing then turn to
34``
private
loans.
Basic Awarding
•
•
•
•
When your college receives and processes your
fafsa information they will be able to determine
your eligibility for financial aid and will make you
an award offer.
federal and state grants offered first, then
institutional scholarships and grants, based on
your eligibility, need and their awarding policies.
They will award WorkStudy and Loans after the
free aid. You are not required to accept the
workstudy or loans, but it is an option available to
you.
You may still have unmet financial need when
you receive your award offer.
35
Comparing your college choices using
financial aid offers
•
Your bottom line for choosing colleges isn’t the cost of
attendance, but rather the net actual cost to you and your family.
•
Once you subtract the free aid (grants and scholarships) from
your cost of attendance, determine how much of the bill you will
need to finance through loans and workstudy or your own funds.
This is what you need to understand when determining
affordability in making a college choice.
•
Be aware if institutional grants or scholarships offered are multiyear or not; you may get a good package the first year to entice
you to a college, but can you rely on the same for the remainder
of the years?
See HANDOUT ‘EVALUATE YOUR FINANCIAL
AID OFFERS’. Will help you compare various
college aid offers.
36
Applying for Financial Aid
FAFSA on the Web
www.fafsa.ed.gov
The 2016-2017 FAFSA on the Web may be used for the January 1,
2016 through June 30, 2017 federal student aid application cycle
37
FAFSA Information & Tips
•
File early, but no later
than March 2, 2016
•
Use estimated 2015
income information if
taxes are not complete at
time of FAFSA
submission. You must
correct the info later when
taxes are filed.
•
Student and at least one
parent whose information
is reported must complete
and sign the FAFSA
38
Federal Student Aid ID
(replaces the federal PIN number)
•
Student and one custodial parent
should get a Federal Student Aid
ID (FSAID) to sign FAFSA at:
•
•
www.fsaid.ed.gov
May be used to:
• Check on FAFSA status
• Verify and correct FAFSA data
• Add additional schools to
receive FAFSA data
• Change home and e-mail
addresses
• Access fafsa to apply in
subsequent years
39
Using a FSA ID to Sign the
FAFSA
•
•
•
The FSA ID will allow students and parents to
access and electronically sign the online
version of the FAFSA with a user-selected
username and password.
This new login process will be more secure,
since it eliminates the need for students and
parents to provide personally identifiable
information (PII), such as their name, date of
birth and Social Security Number (SSN), every
time they access U.S. Department of Education
web sites.
This change permits self-service password
retrieval by email without requiring the
applicant to reveal PII. It also allows for name
changes (e.g., through marriage) without
requiring an application for a new FSA ID.
40
Getting Ready
•
Before starting the FAFSA on the Web (FOTW), gather:
• Student driver’s license
• Student Alien Registration Card, if applicable
•
Student and Parent
Social Security cards
2015 W-2 Forms and records of money
earned and other taxable benefits
2015 federal income tax form (even if not yet
completed)
Records of untaxed income
Current bank statements
Business, farm, and other real estate records
Records of stocks, bonds, and other investments
41
TIPS FOR COMPLETING THE FAFSA
SAVE YOUR DATA FREQUENTLY!
SUBMIT the fafsa only when it is complete
and signed with your pin number.
42
42
Getting Started on the FOTW
Between July 1, 2016 and June 30, 2017
START 2016-2017
FAFSA
Between July 1, 2015 and June 30, 2016
START 2015-2016
FAFSA
43
TIPS FOR COMPLETING THE FAFSA
Common questions that tend
to cause confusion or errors
44
44
If You Need Help at Any Time
• FAFSA on the Web – Live Help is
on the website
• Phone 1-800-4-FED-AID
(1-800-433-3243)
• E-mail the U.S. Department of
Education at:
FederalStudentAidCustomerService@ed.gov
45
Section 1
STUDENT DEMOGRAPHICS
Section 1 - Student Social Security Number
•
Be sure that both the student and parent personal
identifying information is accurate and exactly
matches with the complete name and ssn on the
social security card or it will be rejected!
•
Do not file a fafsa using a T.I.N. number; if you don’t
have a valid SSN you shouldn’t file the fafsa; you
should file a DREAM APPLICATION.
47
Section 1 - Selective Service Registration
•
All male students who are between the ages of 18 and 25
years must be registered with Selective Service to receive
federal and/or state aid
•
Answer “Register me” only if you are male, aged 18-25,
and have not yet registered.
•
The student may also register by going to:
www.sss.gov
49
Section 2
SCHOOL SELECTION
Section 2
School Selection
Strategies for Listing Colleges
•
•
•
List a California college or university first (for Cal
Grant consideration)
Then list those schools with the earliest financial
aid deadlines, regardless of whether they are instate or out-of-state
If the student is applying to more than ten schools,
wait for the processed Student Aid Report (SAR)
and add additional schools
–
–
via the Web, using the student FSA ID
By phone, using the DRN from the SAR
NOTE: Each UC and CSU campus must be listed separately
51
Section 2
School Selection


While in the School Selection
Section, the student will be
asked to enter the location
and name or the federal
school code for each school to
which he/she wants FOTW
information sent
If the student does not know
the federal school code, enter
the state in which the
college/university is located
and search for the federal
school code by the
college/university name then
click the ADD box so the
school appears on the right
52
Section 3
STUDENT DEPENDENCY
STATUS
Section 3
Determination of Student Dependency Status
1993?
2016-2017
2016
2017?
2017?
54
Section 3 - Determination of Student
Dependency Status (continued)
Does someone other than your parent or stepparent have legal guardianship of you,
as determined by a court in your state of legal residence?
55
Section 3 - Determination of Student Dependency Status
(con’t)
56
Section 3 - Determination of
Student Dependency Status


If the student checks “No” in all of the boxes about
Dependency Status, the student will be asked to go to
Section 4. For FAFSA filing purposes, the student is
considered a dependent student and will be required
to provide parental information
If the student can answer ‘YES’ to any one of the
items in this section, he/she should mark the
appropriate box, skip Section 4, and go to Section 5.
The student is considered an independent student for
FAFSA filing purposes and is NOT required to provide
parental information
57
Is there any other way to be
independent?
• Dependency status may be changed in
very specific extenuating circumstances
(abusive situation, abandonment, etc).
• Student may file a Dependency Override
Petition at the college of attendance.
Third party documentation required
(social worker, police report, counselor,
clergy, etc). The FA Director can use
‘professional judgement’ to allow the
student to be independent in specific
cases. Student must petition each year.
58
What if I refuse to provide parental
information?
The student may complete a
FAFSA, but the only thing they
would possibly be eligible for
without parent information is
an unsubsidized student loan.
59
Section 4
PARENT
DEMOGRAPHICS
Section 4
Parent Demographics
Who is considered a parent?
– Biological or adoptive parent(s)
» Including same-sex parents
» Including unmarried parents living
together
– In case of divorced or separated
parents who don’t live together,
provide information about the
parent the student lived with more in
the last 12 months
– Stepparent (regardless of any
prenuptial agreements), if currently
married to the student’s custodial
parent
61
Section 4
Who is Not a Parent ?
62
Recent changes to which parents
must be reported


When dependent students file the FAFSA, both legal parents
must provide income and asset information, regardless of
their marital status or gender, if those parents are living
together.
Due to the U.S. Supreme Court decision striking down the
Defense of Marriage Act, same-sex couples must now report
their marital status as married, if they were legally married in
a state or foreign country that permits same-sex unions.
63
Section 4
Parent Marital Status
• Report your parents’ marital status as of today
– Never Married
– Unmarried and both parents living together
– Married or Remarried (also report the date of marriage or
remarriage)
– Divorced or separated (also report the date of divorce or separation)
– Widowed (also report the date of widowhood)
64
Section 4
Parent Information
•
If the student is providing Parent Information, he/she will need
those parents’:
–
–
–
–
–
Social Security Numbers
Last names and first initials
Dates of Birth
Info provided must match with Social Security Administration
If parent does not have an SSN, use ‘000-00-0000’
65
Section 4 - Parent Household Size

Include in the parents’ household:
 the student
 parent(s)
 parents’ other dependent children, if
the parents provide more than half their
support or the children could answer “no” to every Dependency
question in Section 3, regardless of where they live
 other people, if they now live with the parents and will continue to
do so from 7/1/15 through 6/30/16, and if the parents provide more
than half their support now, and will continue to provide support
from 7/1/15 through 6/30/16
66
Section 4 - College Students in the Parent
Household
•
•
•
Always include the student even if he/she will attend college
less than half-time in 2016-2017
Include other household members only if they will attend at
least half-time in 2016-2017 in a program that leads to a
college degree or certificate
Never include the parents in the number in college
NOTE: Some financial aid offices will require documentation
that other family members are attending college
67
Section 5
PARENT FINANCIAL
INFORMATION
Section 5
Parents’ 2015 Tax Return Filing Completion Status
2015,
 Students will be asked to provide information about their parent tax
filing status for 2015:
 If parents have completed a 2015 federal income tax return, select
“Already completed”
 If parents have not as yet filed, but plan to file a 2015 federal income
tax return, select “Will file”
 If parents have not, nor will not, file a 2015 federal income tax return
and are not required to do so, select “Not going to file”
69
Section 5
IRS Data Retrieval
 This question asks if parents have completed
their 2015 IRS income tax return
 If parent(s) answer “Already completed,” they
will be given the option to transfer their 2015
income tax information directly from IRS
records to the FOTW
 If parents indicate that they have recently
filed their 2015 taxes, they may not be able to
access their IRS data if they have filed taxes
electronically within the last three weeks or
by mail within the last eleven weeks
2015,
2015,
 Instead, they should use their actual 2015 IRS
tax return to complete the FOTW so the
student does not miss any important financial
aid deadlines
70
Section 5
IRS Data Retrieval (continued)
71
Section 5
IRS Data Retrieval (continued)
72
IRS Data Retrieval Tool
•
Some will be unable to use IRS DRT
•
Examples include:
– Filed an amended tax return
– No SSN was entered
– Student or parent married but filed separately
– It has not been 6 weeks since Tax Return was
filed
Section 5
2015 Adjusted Gross Income
2015?
•
•
•
If the student’s parents have not yet filed their 2015 federal tax
return, use estimated 2015 information for this question
The “Income Estimator” on the FOTW may help calculate this
amount
If the student’s parents have completed their 2015 federal tax
return, use actual 2015 tax return information to complete this
item if they are not eligible to use the IRS Data Retrieval
process
74
Section 5 - Money Earned from
Work by Parent(s) in 2015
How much did your Parent 1 earn from working (wages, salaries, tips, etc.) in
2015?
How much did your Parent 2 earn from working (wages, salaries, tips, etc.) in
2015?
Use W-2 forms and other records to determine all
income in 2015 earned from work (including business
income earned from self-employment) for Parent 1 and
Parent 2
75
Section 5 - Parent Dislocated Worker
 The student will be asked to check if parent 1 and/or parent 2 is a dislocated
worker
 A person may be considered a dislocated worker if he or she:
 lost his/her job
 has been laid off or received a layoff notice
 is receiving unemployment benefits due to being laid off or is losing a job and is
unlikely to return to a previous occupation
 is self-employed but is unemployed due to economic conditions or natural disaster
 is the spouse of an active duty member of the Armed Forces and has experienced a
loss of employment because of relocating due to permanent change in duty station
 is a displaced homemaker
 A displaced homemaker is generally a person who previously provided unpaid services to the family
(e.g., a stay-at-home mom or dad), is no longer supported by the husband or wife, is unemployed,
and is having trouble finding or upgrading employment
76
Section 5
Parents’ 2015 U.S. Income Taxes
2015.
• Enter the amount of parents’ income tax for 2015
•
Use U.S. income tax paid (or to be paid), not the amount
withheld from parents’ paychecks
77
Section 5
Parent Assets
•
•
•
•
If asked, students should report the current balances of their parents’ cash, savings,
and checking accounts as of the day they complete the FOTW
They may also be asked to provide information about the net value of parent
investments such as real estate, rental property, money market and mutual funds,
stocks, bonds and other securities
In addition, they may be asked questions about the net value of parent businesses
and investment farms
They should not include the home in which they live, the value of life insurance and
retirement plans, or the value of a family-owned and controlled small business
78
Section 5
Parent Asset Information
Parents may be asked to report their assets as
of the day they complete the FOTW if amounts
exceed those shown in the question on the
FOTW. If so:


Parent(s) must list the net value of their assets
as of the day they complete the FOTW
0
If net worth is zero, enter 0
NOTE: Some financial aid offices may request supporting
documentation for the answers to these questions
79
Section 5
STUDENT INFORMATION
Section 6
SIGN AND SUBMIT
Section 6
Student Signature Page
 Sign and Submit
 Recommend that students
and their parents sign the
FAFSA electronically using
their FSA IDs
 Remember to read and
mark “Agree” to the student
Terms of Agreement
What is your (the student’s) ID?
I Forgot/Don’t Know MY ID
82
Section 6
Parent Signature Page
 Sign and Submit
 Recommend that one
custodial parent signs the
FAFSA electronically using
his/her FSA ID
 Remember to read and mark
“Agree” to the Terms of
Agreement
 Parent(s) without Social Security
Numbers
 Click on “Other options to
sign and submit” for Paper
Signature Page
83
Section 7
CONFIRMATION
Section 7
Confirmation
2016-2017 Confirmation Page
 Confirmation Page
 Confirms date and time of
submission of the FOTW to
the U.S. Department of
Education
 Shows
 Expected Family
Contribution (EFC)
 Estimated Federal Pell Grant
 Federal Stafford Loan
eligibility
 List of schools to receive
FAFSA data
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Special Circumstances
After filing the fafsa, contact the
Financial Aid Office if there are circumstances
which affect a family’s ability to pay for college such as:
– Loss or reduction in parent or student income or assets since
the tax year reported on the FAFSA
– Death or serious illness in the family affecting income
– Natural disasters affecting parent income or assets such as
wildfires, floods, mudslides, etc.
– Unusual medical or dental expenses not covered by
insurance
– One time Early IRA withdrawal due to loss of job which
inflated income on the tax return
– Reduction in child support, Social Security benefits or other
untaxed benefit for parents or student
– Financial responsibility for elderly grandparents, or
– Any other unusual circumstances that affect a
family’s ability to contribute to higher education
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Student Aid Report (SAR)
•
•
•
After the student completes the FAFSA
on the Web, a SAR will be sent to the
student
– An electronic SAR
Acknowledgement will be sent if
student provides an e-mail
address
– A paper SAR will be mailed if no
student e-mail address is
provided
An electronic copy of the data will be
sent to each college or university
listed by the student in Section 2
Keep a copy of the SAR with other
financial aid documents
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What Happens Next?
Students and the colleges the student listed receive Student Aid
Report (SAR) from federal processor

Students who complete FAFSA and Cal Grant GPA Verification
Form receive California Aid Report (CAR)

Students and families review SAR and CAR for important
information and accuracy of data & make any necessary
corections

Colleges match admission records with FAFSA and other
required financial aid forms to determine aid eligibility

Colleges provide notices of financial aid award to admitted
students who have applied for financial aid
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Federal Verification


Most students are required to verify the information reported on
the FAFSA
If selected for verification, the tax information of federal tax filers
will be verified through
 The IRS Date Retrieval Process, or
 IRS Tax transcripts if requested by the college or university
IRS Tax Transcripts available at:
http://www.irs.gov/Individuals/Order-a-Transcript

Non-tax filers selected for verification may be asked to provide
 Signed statements confirming that they did not file a 2015 federal tax
return and were not required by IRS to do so
 Copies of W-2s or other income documentation from each employer , if
any income was earned from work

All verified aid applicants will also be asked to verify certain
demographic data listed such as
 Household size and number in college
 Child Support paid if reported on the FAFSA
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Summary of the Financial Aid
Process
•
Submit all required forms, including the FAFSA, by each
college’s published deadlines (but no later than March 2)
•
By March 2, your school must send your GPA to the
California Student Aid Commission
•
•
Keep a copy of all forms submitted
•
•
Review the California Aid Report (CAR)
•
Be sure to apply for financial aid this year and every year
as soon as possible after January 1 to receive the best
financial aid award possible
Review the electronic Student Aid Report (SAR)
Acknowledgement or the paper SAR sent to the student
Watch for financial aid award notifications from colleges to
which the student has been admitted
ASK QUESTIONS!
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Top Strategies to minimize
Expected Family Contribution
Save money in the parent's name, not the child's name. Or
use a savings vehicle that is treated like a parent asset,
such as a 529 college savings plan, prepaid tuition plan or
Coverdell Education Savings Account. A section 529
college savings plan has minimal impact on financial aid;
one owned by a grandparent has no impact on financial
aid.
•
Pay off consumer debt, such as credit card and auto loan
balances with excess cash in your checking or savings, or
accelerate necessary expenses such as if you need a new
car or computer, buy it before you file the FAFSA.
•
If your family's financial circumstances have changed
significantly in 2016 compared to 2015, request and file a
Special Circumstances petition at the college you will
attend after filing your FAFSA.
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Top Strategies to minimize
Expected Family Contribution
•
Maximize contributions to your retirement fund to
reduce your AGI.
•
Do not withdraw money from your retirement fund to
pay for college, as distributions count as taxable
income, reducing next year's financial aid eligibility. If
you must use money from your retirement funds,
borrow the money from the retirement fund instead of
getting a distribution.
•
Choose the date to submit the FAFSA carefully, as
assets and marital status are specified as of the
application date.
•
Spend down the student's assets and income first
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Other useful resources
•www.edvisors.com/fafsa-book free
book with line-by-line
instructions for filling out the fafsa
Federal Financial Aid Info Center: 1-800-433-3243
Federal Aid information page: www.studentaid.ed.gov
IRS Tax Benefits for Education
http://studentaid.ed.gov/types/tax-benefits
California Student Aid Commission: www.csac.ca.gov
View your personal Cal Grant status: https://mygrantinfo.csac.ca.gov
Official Financial Aid Information Page: www.finaid.org/
Good planning resources for
college
http://www.makingitcount.com/parents
Free online college financing and
money skills program for parents and
students:
http://ultimatemoneyskills.com
Questions and
Answers
Thank you for attending
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