Applying
for
Financial Aid
2013-2014
Mt. San Antonio College
Financial Aid Office
Financial Aid Myths
• GPA too low…
• Sibling did not qualify…
• Family income is too high…
• The paperwork is too complicated…
Etc…
SCAM Alert:
“Billions of Dollars Unclaimed”
• Scholarship Search Companies
• Warning signs of a possible scam
CAUTION: As a general rule, if you must pay money to
get money, it might be a scam.
Who Wants
A Million Dollars?
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What Financial Aid
Offers?
• Access to funds to help pay for
– 4 year public and independent
colleges
– Community colleges
– Private career colleges
• Choice among schools
– choose the best academic, cultural,
and social fit rather than the least
expensive program
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Cost of Attendance
•
•
•
•
•
•
Tuition/Enrollment fees
Room and board
Books and supplies
Transportation
Miscellaneous personal expenses
Loan fees, study abroad costs, dependent or
elder care expenses, expenses associated with
a disability, or expenses for cooperative
education program, computer (if required for
program).
Determining the Expected Family
Contribution (EFC)
• Income
• Asset Equity (excluding home equity)
• Family Size
• Number of Family Members in College
• Age of Parents (for dependent students)
How Much am I Eligible for?
Basic Equation of Need
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
_________________________________
 Student’s Financial Need (eligibility)
How The Formula Works
CC
Cost $ 18,200
EFC
- 500
Need $ 17,700
CSU
$24,958
- 500
$24,458
UC
Private
$47,464
- 500
$46,964
$45,700
- 500
$45,200
In the best of all possible worlds, full “need” will be
met with a financial aid package made up of grants
and scholarships along with reasonable amounts of
work and loan. Some schools are not able to meet full
need.
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Sources of Financial Aid
Federal government
State government
Colleges and universities
Private agencies, companies,
foundations, your parents’ employers,
etc…
Types of Aid
Gift Aid
- Grants or scholarships
that do not need to be
repaid
Work
- Money earned by the
student as payment for a
job on or off campus
Loans
- Borrowed money to be
paid back, usually with
interest
Cal Grants
Cal Grant A Entitlement Awards – for students with a Grade
Point Average (GPA) of at least 3.0, family income and assets
below the state ceilings, and who demonstrate financial need
and are attending a 4 year University.
Cal Grant B Entitlement Awards – for students from
disadvantaged or low income families with a GPA of at least 2.0,
family income and assets below the state ceilings, and who
demonstrate financial need
Cal Grant C Awards - for students from low income families
pursuing vocational programs of study
Eligibility for Cal Grants
To be eligible for a Cal Grant, the student must also:
– be a U.S. citizen or eligible non-citizen
– be a California resident
– Be a High school Grad and pass the CAHSEE (if
graduated 2006 and after and required to take by High
School.)
– attend a California college or university in 2013-2014
2013-2014 Cal Grant
Application Requirements
By March 2, 2013:
 Complete and Submit the Free Application
for Federal Student Aid
 The Cal Grant GPA Verification Form
Check with your high school or college counselor for
more details on how to file the Cal Grant GPA
Verification form
California Dream Act
 Allows students who meet AB 540 criteria to apply for &
receive non state-funded scholarships at the public colleges
and universities, including

scholarships funded through private donors,

alumni contributions, or

individual departmental efforts
• Allows students who meet AB 540 criteria to



Apply for & receive institutional grants
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
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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.
To be eligible, the foster youth must have been in
California foster care on their 16th birthday and not have
reached their 22nd birthday before July 1, 2012
To apply, the foster youth must complete:
- 2013-2014 FAFSA
- California Chaffee Grant Program Application
To learn more about the Chafee Grant, go to
www.chafee.csac.ca.gov
Federal Eligibility Criteria
FEDERAL
• U.S. citizen or eligible noncitizen with valid Social Security
#
• High School diploma, GED,
or ability to benefit test
• Enroll in an eligible program
• Register for Selective Service
(males – ages 18-25)
• Drug Conviction – required
resolution completed.
Federal Need-Based Grants
Federal Grants
Pell Grants ($5,550 Max per year)
Supplemental Educational Opportunity
Grant (SEOG) ($4,000 MAX PER YEAR depending on the
College)
Federal Work Study
Other Need-Based Grants
College Grants
Community College Board of Governors’ (BOG)
Fee Waiver
- Waives the California Community Colleges’ enrollment
fee for financially needy California residents
- To learn more about this BOG Fee Waiver, go to:
www.icanaffordcollege.com
CSU State University Grant (SUG) – amounts
vary
UC Grant – amounts vary
Independent College Grants - amounts vary
OTHER FINANCIAL AID
RESOURCES FOR STUDENTS
• BOARD OF
GOVERNORS FEE
WAIVER (BOGW)
– Fee Waiver
• PRIVATE
SCHOLARSHIPS
– Mt. SAC
– Private Donors
• EDUCATIONAL
OPPORTUNITY
PROGRAM (EOP&S)
– Book Grants
• BRIDGE Program
– Summer Academy
– Freshmen
Experience
What are scholarships?
Scholarship: A financial award that
does not
have to be repaid.
• Scholarships are generally made
based on an applicant meeting
certain eligibility criteria.
• Scholarships usually require
competition for the award.
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How to Win a Scholarship
• Know how to research scholarship
opportunities
• Be prepared and organized in the
application process
• Write a unique and compelling
personal statement/essay
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Register On-line
www.fastweb.com
www.collegeboard.com
www.financialaid.com
www.collegenet.com
www.nextstudent.com
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Scholarship List-serve
To request bi-monthly email updates,
send an email to:
scholarships@mtsac.edu
Advantages:
• Application release priority
• Workshop schedules
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Recent Changes to
the Student Aid
Programs
• Eligibility of Students Without a High School
Diploma
•
– You will no longer have the option of becoming eligible
for federal student aid by passing an approved test or
completing at least six credit hours
Federal Pell Grant Program — Duration of
Eligibility
–
Once you have received a Pell Grant for 12
semesters, or the equivalent, you will no longer be
eligible for additional Pell Grants.
www.studentaid.ed.gov
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Types of Applications
FAFSA
Cal Grant GPA Verification Form
Other applications or forms as
required by the college such as
– CSS Financial Aid PROFILE
– Institutional Scholarship and/or
Financial Aid Application
– 2012 federal tax returns (along with
schedules and W-2s) or other income
documentation
GPA Form
Apply for a Federal PIN
Want to process your
application quicker?
– Obtain a PIN
– Check on FAFSA status
– Correct FAFSA data
– Use as the electronic
signature on all ED
documents
Apply for TODAY at:
www.pin.ed.gov
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File Your
Free Application For
Federal Student Aid
“FAFSA”
File your FAFSA as soon as you can after
January 1, 2013.
AT: www.FAFSA.ED.GOV
Check with the College you will be attending for
All applicable deadlines.
What you will need…..
To complete your FAFSA, you need to gather:
– Student driver’s license
– Student Alien Registration Card (if applicable)
– Student and Parent
Social Security cards
2012 W-2 Forms and other records of money earned
2012 federal income tax form (even if not completed)
Records of untaxed income
Current bank statements
Business, farm and other real estate records
Records of stocks, bonds and other investments
Create a file for copies of all financial aid documents submitted
Students
Dependency Determination
Student’s dependency status:
• To determine if a student is Dependent or
Independent for purposes of Financial Aid
• If Dependent, a student must provide
Parent information on the FAFSA
application
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With the IRS tool you can transfer
your tax information directly
into your FAFSA!
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Step 2
Determination of Student Dependency Status
The answers to these questions will determine
if you need to include your parent’s
information and signature on your FAFSA.
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Step 3
Parent Information
See Page 3 of FAFSA on the
Web Worksheet about who is
considered a parent
– Biological or adoptive
parent(s)
– In case of divorce or
separation, provide
information about the
parent and/or stepparent
the student lived with
more in the last 12
months
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– Stepparent (regardless of
any prenuptial
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agreements)
•
Step 3
Who is Not a Parent
Do not provide information on:
– Foster parents or legal guardians
• If the student is in foster care or has a legal
guardian (and can provide documentation
regarding this), he/she is automatically
considered
an independent
student
– Grandparents or other relatives are not
considered parents unless they have
adopted the student
– Colleges may use Professional
Judgment to allow the student to file as
independent
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Special Circumstances
Contact the Financial Aid Office if there is:
– Loss or reduction in parent or student income or
assets
– Death or serious illness
– Unusual medical or dental expenses not covered by
insurance
– Reduction in child support, social security benefits
or other untaxed benefit
– Financial responsibility for elderly grandparents
– Any other unusual circumstances that affect a
family’s ability to contribute to higher education
How much aid will I get?
Priority Student
Deadline: 4/15/13
Budget $18,147
PELL
=
$ 5,550
BOGW =
$ 1,104
EOP&S =
$ 200
SEOG =
$ 500
FWS =
$ 4,000
TOTAL=
$11,354
Short Fall
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$ 6,793
All Students who
file after
deadline
Budget
Pell
=
BOGW =
$18,147
$ 5,550
$ 1,104
TOTAL=
$ 6,654
Short fall
$ 11,493
Summary of the
Financial Aid Process
Submit all required forms, including FAFSA, by each college’s
published deadlines (but no later than March 2)
By March 2 submit a Cal Grant GPA Verification Form
Keep a copy of all forms submitted
Review the electronic Student Aid Report (SAR)
Acknowledgement or the paper SAR sent to the student
Review the California Aid Report (CAR)
Watch for financial aid award notifications from colleges to which
the student has been admitted
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
ASK QUESTIONS!
The Financial Aid Information
www.finaid.org
or www.studentaid.ed.gov
Accurate, Comprehensive and Objective
Information
• Links to Free Scholarship Searches
– www.fastweb.com and www.SCHOLARSHIPS.com
• Scholarship Scam Alerts
• Financial Aid Consultant Guide
• Loan Calculators
• Strategies--Maximizing Aid Eligibility
• Answers to Frequently Asked Questions
Mt. SAC: Financial Aid Office
(909) 594-5611 ext. 4450
Web: www.mtsac.edu/students/finaid/
-
Federal Processor
(800) 4-FED-AID
(319) 337-5665
-
Cal Grant
(888) CA-GRANT
(888) 224-7268