Financial Aid 101 GEAR UP Stacey Garrett Phone: 530-245-1845 Toll free: 866-338-4255 www.collegeoptions.org Add Toll Free 866-338-4255
FREE Application for Federal Student Aid What is the FAFSA? FREE Application for Federal Student Aid Universal “measuring tool” to determine family’s financial strength Must be completed every year of college Gateway to financial aid (Grants, Loans, Scholarships and Work Study)
College is not a dream…it is a plan. Types of Financial Aid Grants Scholarship Loans Work Study College is not a dream…it is a plan.
Financial Aid Opportunities Limited Income families: Pell Grant: $602 - $5,935/year (6 years max) Cal Grant: $1,656 - $12,240/year (4 years max) BOG fee waiver: $1,104/year value (3 years max) Access to need and merit based scholarships Access to Workstudy (jobs on college campus) Access to student loans Up to to $18,175/year in grant aid possible
Financial Aid Opportunities Middle Income families: Cal Grant: $5,472 - $12, 240/year (4 years max) CA Middle Class Scholarship: 10-40% of CSU or UC Fees BOG fee waiver: $1,104/year value (3 years max) Access to need and merit based scholarships Access to student loans Between $547 - $12,240/year in grant aid possible
Financial Aid Opportunities Higher Income families: CA Middle Class Scholarship: 10-40% of CSU or UC Fees (family income up to $156,000) Access to merit based scholarships – CaliforniaColleges.edu Access to student loans FREE insurance – life can change between January and summer prior to student going to college - IMPORTANT 30 minutes to fill out application Cal Poly San Luis Obispo requires ALL students who want to be considered for ANY scholarship from Cal Poly (whether based on need or not) to submit a financial aid application
When to apply for FAFSA (March 2 filing deadline is still in effect for Cal Grant-all years)
FAFSA Process www.fafsa.ed.gov Available October 1,2016. Submit with 2015 tax return information See you at the Cash for College Event – December 3rd Submit FASFA online prior to California Deadline (March 2, 2017) or college deadline if earlier Submit any other state requirements by State Deadline as well Must submit FAFSA every year in college
Financial Aid Award Letters Next, the college financial aid office determines the official “Financial Need” COA – EFC = Financial Need Example: COA $31,000 (Cost of Attendance) - EFC - $ 5,000 (Expected Family Contribution) Financial Need $26,000
Financial Aid Award Letters College’s Financial Aid Office creates a “package” of types of financial aid to attempt to meet the Financial Need Example: State Grant $12,000 Local Scholarship $1,500 Federal Direct Loan $3,500 Federal Work Study $2,000 TOTAL AWARD: $19,000
Addressing Unmet Need and EFC: Student job: Work study program or off-campus job Budgeting: Food, gas, insurance savings while student is in college Family resources: Savings, selling of assets, second mortgages, credit cards etc. Additional government student loans (PLUS) Private direct-to-consumer loans: Could adversely affect your financial aid Always discuss with your school’s financial aid department Education tax credits Current Income
Reducing College Costs Career Planning before/during college Changing your major (or college) costs time and money! Internet, informational interviews, job shadowing Apply for scholarships Priority on local (smaller applicant pool)-Community Scholarship – RBHS Counseling Center CaliforniaColleges.edu If you are eligible, apply! Use College OPTIONS Tools to evaluate and compare award letters, project costs over time, make decisions based on OBJECTIVE factors – collegeoptions.org Consider an alternative college (i.e. community college)
College OPTIONS Tools www.collegeoptions.org Click on “Financial Aid”
Thank you! Questions? Talk to your counselor or College OPTIONS RBHS Advisor, Cody Lane Be sure to attend Cash for College, Dec 3rd, Shasta College TEHAMA Campus, Red Bluff College is not a dream…It is a PLAN!