Financial Aid presentation 2016-2017

What is financial aid? Money to pay for college Grants Loans Work-study Scholarships Financial aid is money for educational expenses for college or career school Grants do not have to be repaid (they are often called “gift aid”) Loans have to be repaid with interest Work-study is money earned by the student at a job (often on campus) that helps the student pay his or her educational expenses. This money does not have to be repaid and is not taken into account in assessing a student’s eligibility for financial aid the following year. Scholarships are funds that do not have to be repaid. Scholarships are usually based on academic merit but can be based on a student’s interests, hobbies, religion, ethnicity, and/or financial need

Who is eligible for federal student aid? U.S. citizen or permanent resident High school graduate/GED holder Enrolled in eligible degree/certificate program Males registered for Selective Service Maintaining Satisfactory academic progress ------------ Federal aid includes: Pell Grant, SEOG Grant, Work-Study and Direct Loans. **This is not a comprehensive list of eligibility criteria for federal student aid. For complete details, visit www.ifap.ed.gov and go to the Student Eligibility chapter of the Federal Student Aid Handbook. (Students should refer www.studentaid.ed.gov/eligible.)** Basic eligibility criteria for federal student aid: US citizen/permanent resident (there are some additional categories of eligible noncitizen, but they’re relatively rare) High school graduate, GED holder, or homeschooler who has completed his/her home school education as recognized by the state government Student enrolled as a regular student in a degree or certificate program that is eligible to be paid for by federal student aid funds; student also must be attending a school that participates in the federal student aid programs SSN: the exception here is students from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau Males must register for Selective Service within 30 days of their 18th birthday (within 30 days before or 30 days after, for a total window of 60 days). If you are working with a male student who did not meet the 60-day timeframe, direct him to register immediately at www.sss.gov. Late registrations are accepted until the age of 26. If you are working with a male student aged 26 or older who did not register, you should direct him to the financial aid office at the college he plans to attend. Before he can receive federal student aid, he will have to prove that he did not “knowingly and willfully” fail to register. The financial aid administrator will tell him what documentation he needs in order to do so. In broad terms, a student making satisfactory academic progress (SAP) is moving toward receiving his or her degree or certificate at a pace that is acceptable to his or her school. Each school sets its own SAP policy.

What will you need? Have the following ready before beginning the FAFSA: Student’s drivers license and/or Alien registration card Divorced/married or remarried parental and student information Social Security cards 2015 W-2 forms 2015 Federal income tax form Records of untaxed income Current bank statements Real estate and investment net worth Records of stocks, bonds and other investments Household size Number of household members in college

The Process Apply online FAFSA.gov

FAFSA Information Add up to 10 schools at a time FAFSA will be available October 1st for 2016-17 It will be based on 2015 income tax information. March 2nd priority filing deadline Option to use Internal Revenue Service (IRS) Data Retrieval Tool

How much federal student aid can I get? It depends on your financial need. Financial need is determined by Expected Family Contribution (EFC) and Cost of Attendance (COA) EFC comes from what you report on the FAFSA COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need EFC is the student contribution from income and assets + the parent contribution from income and assets. EFC is an attempt to measure ability not willingness to contribute .

How much federal student aid can I get? Maximum amounts for first year student: Federal Pell Grant: $5,815 Board of Governor’s Fee Waiver (BOG) $2900 per year Federal Supplemental Educational Opportunity Grant(FSEOG): Up to $400 per year Cal Grants varies from $547 to $1656 Federal Direct Loans-maximum amounts Subsidized $3500 Unsubsidized $2000 or $6000 if independent Federal Work-Study up to $2,500 per semester The maximum awards listed on this slide are just that: maximum awards. There is no guarantee that any single student will receive the maximum award from any program. Not all schools participate in all of these programs The student must have a significant level of financial need in order to receive maximum grant awards Students should be aware that Perkins Loan, FSEOG, and Federal Work-Study funds are first-come, first-served, so it is important to apply as early as possible (Note that the PLUS loan is also available to graduate and professional students, but this example is for an incoming freshman, so we’ve only mentioned that the parent can get a PLUS)

FAFSA Processing Results School(s) should receive your FAFSA information within 10 business days Colleges may request additional documentation, so read your emails and respond quickly to keep the process moving forward If requesting additional documentation, schools may make corrections to the FAFSA for accuracy

Satisfactory Academic Progress (SAP) You need to maintain SAP in order to keep financial aid SAP guidelines: 2.0 GPA 67% completion of all units attempted Complete your program in a timely manner (150%) Treat school like a job, and do your best or you can lose your aid Schools can take extenuating circumstances into consideration

Lifetime Eligibility You can’t get aid forever… For Pell grant, you get 6 full-time years For Cal Grant up to 4 full-time years For new unsubsidized loans you get up to 150% of your program Once you reach these limits you can no longer receive the awards.

Not eligible for federal student aid? You may be eligible to complete the California Dream Act Application Undocumented Students Students who meet the requirements of AB 540 Attended a CA high school for 3+ years Graduated from a CA high school or the equivalent Awards you might be eligible to receive Board Of Governor’s Fee Waiver (BOG) EOPS/CARE (apply separately) Cal Grants Chafee Grant/Foster Care (apply separately) The California Dream Act Application is the financial aid application for AB 540 eligible students. The California Dream Act Application can only be completed by students who meet the following qualifications: Students who cannot file the Free Application for Federal Student Aid (FAFSA), and Students who attended at least three full years in a California public or private high school, and Students who graduated from a California high school or attained the equivalent prior to the start of the college term, for example a High School Equivalency Certificate from the California GED Office or Certificate of Proficiency resulting from the California High School Proficiency Exam (CHSPE), and Students who, if they are without lawful immigration status, have or will file an affidavit with the college or university they are attending stating that they have filed an application to legalize their immigration status, or will file an application as soon as they are eligible to do so. This affidavit is filed with the college they attend.

California Dream Act Application -OR- https://dream.csac.ca.gov/ to apply

Scholarships FREE online scholarship searches Visit Cabrillo’s online scholarship binder for available opportunities: http://www.cabrillo.edu/services/finaid/scholarshipbinder.html FREE online scholarship searches www.finaid.org, www.fastweb.com Contact Division Offices for subject specific awards Most scholarships consist of: An application An essay One or more letter(s) of recommendation Transcripts (unofficial usually)

What happens next? After the FAFSA Video

Questions? Lets review the process and watch a video explaining the steps we have talked about. Any questions? Thank you!