Financing Your College
Education
Presented by
Katy Fitzgerald
Mission College Financial Aid
Student Enrollment &
Financial Services Recruitment Supervisor
Foster Youth Liaison
408.855.8070
Katy.Fitzgerald@missioncollege.edu
What You’ll Learn Today
 Planning for college (or lack thereof)
 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?
Why College?
What we should have done!
 $50 per month to each child’s college
savings account AT BIRTH!
 In
some cases, we should have started
before birth!
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?
Types of Financial Aid
 Sources
 Federal government
 State agency/government
 Colleges and universities
 Private agencies, companies, foundations and parents’
employers
 Ex: service-based orgs (Kiwanis), lenders/credit unions, insurance
companies (Foresters) provide scholarships
Types of Financial Aid
 Categories
Gift Aid
 Grants:
Free money!
 Scholarships:
Free money!
Self-help Aid
 Work-study:
 Loans:
part-time job
must be paid back
COLLEGE
Financial Aid is any money given, paid or loaned to help pay for education.
Types of Financial Aid – Gift Aid
 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 $5,080
Types of Financial Aid – Gift Aid
 Cal


Grants:
Cal Grant A Entitlement Awards (fees and tuition)

CSU: $5,472

UC: $12,192

Private college: $8,056
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
First three CA schools listed will be used for Cal Grant
consideration (do not have to be in top 3 positions)
Types of Financial Aid – Gift Aid
 Middle Class Scholarship
New for 2014-15
 For new, continuing and transfer undergraduates
 Attend/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 reduced
 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 (up to $5,500 u./$8,000 g.)
 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)


Up to $5,500 depending on grade level
Unsubsidized Stafford Loan (Not Need-based)


$5,500-$20,500 depending on grade level & dependency status
PLUS Loan (Parent Loan for Undergraduate Student)



Max based on COA minus other aid received (not need-based)
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
Wherever the cursor is, Help and Hints will tell you
what kind of answer they are looking for, what to
include, what not to include-be sure to scroll for
complete explanation
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.
Questions About Assets
Net worth means current market value minus debt. If net worth is negative,
enter ‘0’
Information for Students & Parents
www.studentaid.ed.gov
CSS Financial Aid PROFILE
https://student.collegeboard.org/css-financial-aid-profile
CSS Financial Aid PROFILE

Registration
Guide

No paper
registration
form

On-demand
webinar

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://student.collegeboard.org/cssfinancial-aid-profile
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
 Basic Equation of Need (Eligibility)
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
 Eligibility for Need-based Aid
Calculating Financial Aid Eligibility
 Cost of Attendance / Allowances
Standard Allowable Costs:
Additional Allowable Costs:
 Tuition and fees:
$ 1,358
 Dependent care
 Room and board:
$ 4,518
 Study-abroad
 Books and supplies:
$ 2,460
 Transportation:
$ 1,179
 Misc. personal:
$ 3,096
 Disability-related
 Employment expenses for
co-op study
Total standard allowance: $12,611
(based on 13-14 ‘with parent’ COA)
(13-14 ‘off campus’ COA
$19,253)
 Student loan fees
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
Calculating Financial Aid Eligibility
 Basic Equation of Need (Eligibility)
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
 Eligibility for Need-based Aid
Special Circumstances
 Adjustments may be made to information on a case-by-
case basis
 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)
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
Actual Tuition & Fees*
Per Year
Comm. Coll.(CC)
$ 1,104 (Mission College)
Cal.State Univ.(CSU) $ 5,472 (San Jose State)
Univ. of Cal. (UC)
$12,864 (Berkeley)
Private
$42,156 (Santa Clara)
*Subject to change at any time
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
 Institutions have different awarding policies
Sample Financial Aid Package
Community College
Half-time Enrollment
Pell Grant
$2822
SEOG
$ 500
Cal Grant B
$ 736
Work Study
$2000
Loan
$3500
Full-time Enrollment
Pell Grant
$5645
SEOG
$ 500
Cal Grant B
$1473
EOPS
$ 500
Work Study
$2000
Scholarship
$2000
Loan
$3500
+BOGW for Enrollment Fees ($1104.00 / 12 units)
Quick Tips & What’s Next?

You must apply/re-apply for financial aid every year
 A PIN is required for student & one parent; can be done during application process
 Application processing takes 2-3 days; schools can receive results weekly
 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
What to take away from this

There is no magic potion for eligibility

The applications are self-certifying but follow-up documentation may be requested

There is a type of financial aid for every student

Apply, apply, APPLY!

Even if you think scholarships will be the only aid, you should still complete the
FAFSA - most scholarship applications will ask if you have

Consider ALL college system options, including private & CCs

Some private schools look at who’s listed #1 on FAFSA

There are Lifetime Eligibility Usage (LEU) limits for Pell Grant & Cal Grants; while we
encourage students to explore career options, they need to be focused by the time
they reach college or they could run out of grant funding before they complete their
first Bachelor’s degree

Gift-aid (grants, scholarships) is available up through undergraduate study, typically
first Bachelor’s degree OR LEU, whichever comes first

There is financial aid for graduate students like Federal Work Study, Direct Loans,
some fellowship grants & scholarships

If you want help with the FAFSA, check with your HS & if they don’t offer a FAFSA
workshop, check with other HS’s in the district or a local Community College for
workshops
EFC Calculators
 www.fafsa4caster.ed.gov

Will need a to create a password
 www.finaid.org

Click on Calculators

Click on Expected Family Contribution and Financial Aid Calculator
 www.Collegeboard.com

Under “For Parents”, click on Pay for College

Click on Financial Aid Easy Planner

Estimate your Share
Resources
 www.StudentAid.gov
 www.icanaffordcollege.com
 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
 www.E4FC.org
Thank you!
Questions?