Financing a College Education
2013
Why Are You Here?
 College is critical to your future
 Jobs of the future will require more skills
than those provided by a high school
education alone
 Students who go to college have financial
advantages
– their life-time earnings are higher than those
of high school graduates
– they are less likely to be unemployed
– their children are more likely to attend
college
2
Who Wants a Million Dollars?
3
Workshop Agenda
4
 The financial aid equation

Who gets the money?
 Types of financial aid - grants, scholarships,
work, and loans
 How to apply for financial aid
 Free scholarship searches
Who Gets the $$
5
Basic Student Eligibility Requirements:
 Must be a US Citizen or an Eligible Non-Citizen
 Males must be registered with the Selective Services
 Must not be in Default on any Federal Loans
 Must be enrolled at least ½ time as a regular student in an
eligible degree seeking program
 Must have received their high school diploma, GED
 Must make Satisfactory Academic Progress (SAP)
 Be clear of any Drug Charges
Basic Concepts of Financial Aid:
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Cost of Attendance
Expected Family Contribution
Financial Need
Need-Based Aid
Non Need-Based Aid
The Costs of Going to College
(Cost of Attendance)
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
7
Expected Family Contribution
8
The Expected Family Contribution
(EFC)
- Calculated by the FAFSA
- Amount a family is expected to contribute to
education according to the DOE
(not an actual contribution number)
- It lets the college know what Grants and Loans you
may be eligible for
Need-Based Aid?
9
- Grants
- Scholarships
- Federal Work Study
- Federal Subsidized Direct Loan
This is the “Cheapest” or “Free’ist”
money you can receive
What Is Financial Need?
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Cost of Attendance
-
EFC_ _____
Financial Need*
*amount of money you can receive in needbased aid
How The Need Formula Works
11
CC
COA
EFC
Need
$3,500
- 500
$3000
CC
COA
EFC
Need
$3,500
- 4,000
$-500/0
CSU
UC
$18,600 $26,400
- 500
- 500
$18,100 $25,900
CSU
UC
$18,600 $26,400
- 4,000 - 4,000
$15,600 $22,400
Private
$50,000
- 500___
$49,500
Private
$50,000
- 4,000___
$46,000
In the best possible situation full “need” will be met with a Grants,
Scholarships, and Work Study
Most 4 year Colleges and Universities are not able to meet full need with
Grants and Scholarships only, other aid will be needed
Institutional Charges Only
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Cost of Attendance
Tuition & Fees
Books & Supplies
Room & Board
Personal Expenses
Transportation
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Cal State
($15,400)
UC
($22,653)
Private
College
($42,800)
Need Varies Based on Cost
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$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
}
Cal State
($15,400)
UC
($22,653)
Need
Private
College
($42,800)
If Need doesn’t cover it all; how will I pay the rest?
Non Need-Based Aid
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- Federal Unsubsidized Direct Loan
- Federal PLUS Loan (Parent and
Grad)
- Private Bank Loans
The Primary Sources of Financial Aid
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 Federal Financial Aid
 State Aid
 Colleges and universities
 Private agencies and
organizations
Federal Financial Aid Funding
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
PELL Grants

Up to $5550 per Academic Year

Based on your EFC from the FAFSA & Enrollment Status
Federal Work Study
 Loans


Subsidized

Unsubsidized
Federal Financial Aid Funding
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
Federal Perkins Loans




Federal Stafford Loans

Subsidized loan up to $3500 per academic year, interest adjusted annually

Unsubsidized loan up to $6000 per academic year, interest adjusted annually
Federal Direct Loans





5% fixed rate
Up to $5,500 per academic year
Subsidized
Interest paid by the government while in school, up to 150% of the published length
of the program
Unsubsidized
Interest accruing and paid by you w/ an option to pay while you are completing your
program
PLUS Loan – Parent or Grad loan

Parental Loan (taken out by parent for student, parent is
responsible for this loan)
State Aid Funding
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Cal-Grant
A
Cal-Grant B
Cal-Grant C
Chafee Grant
Cal Grant A Entitlement
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Requirements
 High school GPA of 3.0 or greater,
 Must be working toward a two-year or four-year degree
 Demonstrate financial need,
 Meet parental income and asset requirements, and
 File a FAFSA and GPA Verification by March 2, 2013
Covers
 System-wide fees at UC and CSU campuses, $12,192 and
$5,970 respectively
 As much as $9,223 at independent California colleges or
universities up to 4 years
Cal Grant B Entitlement
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Requirements
 High school GPA of 2.0 or greater
 Must be working on coursework at least one academic year in length.
 Demonstrate financial need
 Meet parental income and asset requirements
 File a FAFSA and GPA Verification by March 2, 2013
Covers
 $1,473 Books and Supplies up to 4 years
After your Freshman year it covers
 system-wide fees at UC and CSU campuses for second through fourth
years
 as much as $9,223 at independent California colleges or universities
for second through fourth years
Cal Grant C
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For Vocational/Technical/Occupational
Students
 You must enroll in a occupational, technical, or vocational
program that is at least four months long at a California
Community College, an independent college, or a
vocational/career school.
 File a FAFSA by March 2, 2013

$547 for Books, Tools, Equipment

As much as
for Tuition and Fees at a school
other than a California Community College
$2,462
Up to 2 years
Chafee Grant
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 Grant Available for Foster Youth
 To qualify, you must:
be eligible, or have been eligible, for foster care between
your 16th and 18th birthday,
 not have reached your 22nd birthday as of July 1,of the
award year

 Up to $5,000
Community College
Fee Waiver
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 The California Community College Board of
Governors’ Enrollment Fee Waiver (BOG Fee
Waiver)
 Covers 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 BOG Fee Waiver at
www.icanaffordcollege.com
Scholarships
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 Use FREE Scholarship Searches
 Available from colleges, companies, community-based groups
and other agencies and organizations
 Usually require separate applications
 May require transcript, essay, interview, or audition
 Check with your high school, college or university about
scholarship opportunities
 Beware of scholarship search companies that charge a fee
Scholarships are a numbers game, the more you apply for the
better the odds of receiving one
www.fastweb.com
www.collegeanswer.com
Remember, Don’t Be Fooled!
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 Beware of 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)
Applying For Financial Aid In 2013-2014
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 You and your parent will need a PIN # (Based on Dependency)
 Fill out a FAFSA (Free Application for Federal
Student Aid) between January 1st and March 2nd
www.fafsa.ed.gov
 2011 parent and student IRS Federal Tax Returns (including all
schedules and W-2 forms) or other income documentation
 Cal Grant GPA Verification Form
(you or your school may do this)
 Some colleges may request:
 CSS/Financial
Aid PROFILE
www.collegeboard.com
CEF Merit Achievement Award
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 Every year CEF offers several Merit Achievement Awards
 Offered to High School Seniors that have been accepted to
4-year college/university
 Minimum Requirements





Min. GPA 3.0
Min. SAT Score 1800
Personal Statement
Two Letter of Recommendations
Community Services
 Check CEF web Site on May 1st
 www.Copticedu.org/meritaward
 Applications are due on May 31
Apply For a PIN
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 Federal PIN (Personal Identification Number)
serves as the electronic signature on the FAFSA
and other federal aid documents
 Student and at least one custodial parent need a
PIN
 May also be used to:
 Check on FAFSA status
 Verify FAFSA data
 Make FAFSA Corrections on the Web
 Reapply for financial aid in future years
 Apply NOW for your PINs at:
www.pin.ed.gov
To Register for a PIN:
www.pin.ed.gov
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Filling Out the FAFSA
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(Optional) Use FAFSA on the Web Worksheet to get ready.



Get worksheet at www.FederalStudentAid.ed.gov/worksheet
Use checklist to gather documents you need.
Fill out worksheet to prepare your answers.
Fill out your FAFSA online at www.fafsa.ed.gov



Apply on or after Jan.1 but as early as possible to meet all deadlines.
Need help? Use “Live Help” icon or call 1-800-4-FED-AID.
Don’t forget to print confirmation page.
Watch for response by e-mail, from
FederalStudentAidFAFSA@cpsemail.ed.gov, or by mail


Double-check your information online at www.fafsa.ed.gov (use your
PIN to log on) or on the paper Student Aid Report mailed to you
Correct any mistakes and update any information as necessary
FAFSA on the Web: www.fafsa.ed.gov
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Other Common Application Items
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 College Board’s
PROFILE application
 Copies of most
recent tax return
 Verification Worksheet
 Institutional Aid
Application
Important Reminders
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1. Watch for e-mails or letters from the schools you are
considering


Give the schools any additional paperwork they ask for
Meet all deadlines or you could miss out on aid!
2. Each school will tell you how much aid you can get
at that school.
3. Once you decide which school to attend, keep in
touch with the financial aid office to find out when
and how you will get your aid.
Dependency Status
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Who’s a Dependant student?
 Were you born before January 1, 1990?
 As of today are you married?
 At the beginning of the 2013-2014 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 have children who will receive more than half of their support from you
between July 1, 2013 and June 30, 2014?
 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, 2014?
Dependency Status
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Who’s a Dependant student?
 Were you born before January 1, 1990?
 As of today are you married?
 At the beginning of the 2013-2014 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 have children who will receive more than half of their support from you
between July 1, 2013 and June 30, 2014?
 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, 2014?
If you answer NO to all these questions, you need your parents information
Undocumented Students
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 Undocumented and under-documented students are
NOT eligible for federal aid but MAY be eligible for
State Aid

Apply for all scholarships for which the student may be eligible

Check with colleges and universities to see if institutional financial aid is
available

Watch for changes in federal and state laws regarding the eligibility of
undocumented or under-documented students
AB 540
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What is it?
Assembly Bill 540 that allows undocumented students to pay instate tuition for California community colleges and public
universities.
Who is eligible under AB 540?

You must have completed 3 years of high school in California
and graduated from a California high school or attainment of
the equivalent

You must also complete an AB 540 affidavit at the college/university
that you will attend, stating that you meet AB 540 eligibility
requirements which includes that you are in the process of, or will
soon be, applying for legal residency.
AB 540
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 How do you apply for AB 540?
* Students should speak with a college/university representative
to receive accurate information about the specific campus as
the requirements may differ from campus to campus.
* For all UC and most CSU campuses, the fall term applicant
must apply by November 30th of the year before they wish to
begin. Two sections must be left blank:
1. Social Security Number Section
2. Immigration Status Section
* For community colleges, the student must turn in the AB 540
affidavit when they register for classes.
California Dream Act – AB130 & AB131
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 AB130 allows students who meet AB540 criteria
to:

Apply for & receive private scholarships administered by the
public colleges and universities, including
 scholarships
funded through private donors
 alumni contributions
 individual departmental efforts
California Dream Act – AB130 & AB131
40
 AB130 allows students who meet AB540 criteria to:

Apply for & receive institutional grants like UC Grant, State
University Grant, Educational Opportunity Program and
Educational Opportunity Program & Services fee waivers

Apply for & receive Board of Governors fee waivers at the
California Community Colleges

Apply for & receive state financial aid, including Cal Grants
and Chafee Foster Youth Grants for use at eligible public and
private institutions
California Dream Act – AB130 & AB131
41
Application
 The 2013-14 online application will be
available January 14th
 Must complete and submit the application
before the March 2nd deadline.
 Must complete a GPA Verification form
Useful Websites
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 www.fafsa4caster.ed.gov
 www.finaid.org
 www.collegeboard.com
 www.fastweb.com
 www.scholarshipsearchsecrets.com
These sites contain useful financial
aid and scholarship information
Before You Decide On A College
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 Make a list of colleges and universities that
have programs of interest to 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 and universities
 Consider all factors – not just cost – when
making the final decision
Summary
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 Financial Aid Application
 www.fafsa.ed.gov
 Due date March 2nd
 Get a PIN #
 www.pin.ed.gov
 College Board Applications
 www.collegeboard.com
 Copies of parents tax returns
 Watch for e-mail or letter from each school you applied for
 Apply for CEF Merit Award – Before May 31st
 www.copticedu.org
Questions??
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If you have any questions please feel free to contact:
Christine Fanous
(626) 422-4443
cefcounselor@copticedu.org
Cherif Youssef
(818) 807-8505
cyoussef60@gmail.com
www.copticedu.org