FAFSA and Financial Aid For parents of Paraclete Seniors

FAFSA FAFSA.gov NOT dot com! FAFSA vs. Dream Act The proper school year: Deadline: March 2 nd to be considered for CA state funds. Final deadline much later. Be organized—this is a yearly process Be precise and consistent

Ideal Timeline 1) 2014 Taxes now. 2)In Feb. FAFSA w/ IRS DATA TRANSFER tool 3) Weigh financial aid offers from colleges that have accepted your child 4) Tax Transcript (if requested by college) 5) Accept/Deny aid offers 6) Complete loan promissory notes (if chosen)

More likely scenario 1)Estimated taxes 2)FAFSA w/ estimations 3)Complete taxes 4)Make FAFSA corrections/updates 5)Become completely confused 6)FAFSA/IRS Data Transfer 7)Doubt yourself about having done anything correctly 8)Colleges make financial aid offers at different times and in different formats that never seem to add up. 9)Submit FAFSA/Tax confirmation forms 10)Complete loan promissory notes 11)Pull your remaining hair out 12)Your child decides to attend community college

How does Cal Grant work with FAFSA? PHS Counselors submitted gpa verification forms electronically for ALL Seniors in October. Completing the FAFSA by March 2 nd makes you eligible for consideration of Cal Grants. Your child’s gpa and your income/assets (as reported on FAFSA) determine award

Cal Grant A Low to middle income students with 3.0 Associates and Bachelor’s programs -CSU: $5,472/year -UC: $12,000/year -Private : $9,000 -For-profit colleges: $4,000/year Held while in CCC

Cal Grant B Low income students with 2.0 Associates, Bachelors, and Certificate programs $1,648 first year Tuition/Fees plus $1,648 in 2 nd, 3 rd, 4 th years

Cal Grant C Low to middle income students Vocational courses (priority below) Associates and Certificate programs only Can be used for any school expenses $547 to $2,462 Automotive Service Technicians and Mechanics, Carpenters, Computer Specialists, Computer Support Specialist, Cooks, Restaurant, Fire Fighters, Fitness Trainers and Aerobics Instructors, Licensed Practical and Licensed Vocational Nurses, Medical Secretaries, Paralegals and Legal Assistants, Police and Sheriff's Patrol Officers, Preschool Teachers, Except Special Education, Registered Nurses

MCS Eligibility and other Less than $150K income CA resident US Citizen, or eligible non-citizen Meet Satisfactory Academic Progress Max CSU award $700 Will increase each year until —to reach 40%

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Adding colleges Select up to 10 colleges per submission Prioritize, but always put at least 1 California college among the first 3 choices to activate CA state grant consideration When you update or make corrections you also need to make sure your list is updated for all colleges selected.

Investments requiring reporting on FAFSA include: Real estate (not including the home in which you live), rental property, trust funds, UGMA & UTMA accounts, money market funds, mutual funds, certs of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc., Coverdell savings, 529 college savings plans

Investments do not include: The home you live in, the the value of life insurance, retirement plans, 401k, pension funds, annuities, non-education IRAs, Keoghs,

FAFSA and Outside scholarships FAFSA determines govt funds: Federal (Pell), State (Cal Grant, MCS, UC & CSU Grants etc), and Federal (guaranteed) loans Outside scholarships may reduce the amount of govt or college-provided funds. May not be renewable See PHS Counseling page for lists Open Fastweb account