Financial Aid Overview
Three Basic Questions
O What is Financial Need?
O What Types of Aid Are Available?
O How do I Apply?
What is Financial Need?
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
Cost of Attendance
Estimated Total Cost of
Attendance
Living On Campus
Fees/Tuition
Books and
supplies
Room and
board
California State
University (CSU)
University of
California (UC)
California
Independent
College
CSULB
UCLA
USC
$6,738
$12,685
$43,722
$1,666
$1,521
$1,500
$11,300
$14,208
$12,440
Other
$4,072
$3,585
$2,171
TOTAL
$23,776
$31,999
$59,883
What is Financial Need?
Cost of Attendance
–
Expected Family Contribution
=
Financial Need
EFC
O Amount family can reasonably be expected
to contribute
O Two components
O Parent contribution
O Student contribution
O Calculated using data from the FAFSA
O Stays the same regardless of college
Estimated Total Cost of
Attendance
Living On Campus
Cost of
Attendance
EFC
Financial
Need
California State
University (CSU)
University of
California (UC)
California
Independent College
CSULB
UCLA
USC
$23,776
$31,999
$59,883
$500
$500
$500
$23,276
$31,499
$59,383
What are the different types of
financial aid?
Types of Financial Aid
O Scholarships
O Grants
O Employment (Work Study)
O Loans
Scholarships
O Money that does not have to be paid back
O Usually funded by private companies or
foundations
O Awarded on the basis of merit, skill, or unique
characteristic
O May or may not have income and/or GPA
requirements
Grants
O Money that does not have to be paid back
O Usually awarded through federal or state
government
O Usually do have income and GPA requirements
Employment / Work Study
O Allows students to earn money to help pay
educational costs
O Usually has income requirement
O Benefits vs. Part Time Job Off Campus
O
Higher pay
O
Flexible schedule
O
On campus
Loans
O Money students and parents borrow to help
pay college expenses
O Repayment usually begins after education is
finished
O No income or GPA requirements
What are some of the financial aid
offers students are likely to receive?
Pell Grant
O Awards up to $5,550
O For low income undergraduate students
O Can be used at many schools throughout the USA
O Awarded based on financial need
O Apply using the FAFSA
Cal Grant
O Cal Grant A
O Pays state fees at UC & CSU
O Awards up to $TBD for California Private Colleges
O Cal Grant B
O Pays state fees at UC & CSU
O Awards up to $TBDfor California Private Colleges
O Also awards additional living stipend($1,500)
O Both have income and GPA requirements
O Apply using the FAFSA and GPA Verification Form by
March 2nd
Cal Grant
in reserve
O Students can apply for a Cal Grant to be
held in reserve while they attend a California
community college
O Grant is held for three years
The California
Middle Class Scholarship
The California
Middle Class Scholarship
Starts in 2014-2015 for undergraduate
students who are:
O Attending a CSU or UC campus
O From families with income up to $150k
O U.S. citizens, permanent residents or AB
540 eligible
O California residents
MCS – How it fits in…
ANNUAL FAMILY INCOME
$150,000
$120,000
$90,000
$60,000
$30,000
Up to 40% fee reduction*
Cal GRANT A and C
Covers up to 100% of tuition/fees**
Cal GRANT B
$0
May cover up to 100% tuition/fees and some living
expenses**
*
When fully funded.
**
Based on 2013-2014 income levels, family of four.
The California
Middle Class Scholarship
How much can students get?
O Up to 40% of mandatory system-wide fees
for students whose annual family income is
up to $100,000
O No less than 10% of mandatory system-wide
fees for students whose annual family
income is between $100,001 and
$150,000
Student Loans
O Subsidized = government pays interest while
you are in school
O Unsubsidized = interest accrues
O Both loans begin payback after graduation
O Low interest rates & very flexible payback
plans.
O Beware of PRIVATE PERSONAL LOANS!
Parent Loans
O Must pass credit check
O May borrow up to total cost of attendance
O Unsubsidized = interest accrues
O Payback begins immediately
O Low interest rates & very flexible payback
plans.
O Beware of PRIVATE PERSONAL LOANS!
Free Application for Federal
Student Aid (FAFSA)
O A standard form that collects demographic and
financial information about the student and family
O May be filed as early as January 1st of senior year
Official FAFSA Website
O http://www.fafsa.ed.gov
O FAFSA-4Caster
O FAFSA on the Web Worksheet:
O Used as “pre-application” worksheet
Dependent or Independent?
You must answer Yes to at least one question to be
considered an Independent student.
Who is considered a parent?
O Biological or adoptive parent(s)
O In case of divorce or separation, provide
information about the parent and/or
stepparent the student lived with more
in the last 12 months
O Stepparent (regardless of any prenuptial
agreements)
California Dream Act
O Must be AB540 Eligible
O Allows for students to apply for state funded
aid including:
O Cal Grant
O Board of Governors Fee Waiver Grant
O State University Grant (CSU)
O Other Public Institution Awards
California Dream Application
O DO NOT FILE A FAFSA
O Complete California Dream Application at
http://www.csac.ca.gov/dream_act.asp
O Same deadlines and filing rules apply
O March 2nd Cal Grant Deadline
O Determine if Dependent or Independent
Student
O Deferred Action / DACA applicants should
also file Dream Application
Scholarships
National Search Sites
University Websites
Local Scholarships
Questions?