Financial Aid For 2018-2019 1321 Butte St. Suite 101 Redding, CA 96001 CALL (530) 244-4022 for an appointment FAX 530-244-4029 WWW.COLLEGEOPTIONS.ORG Serving students and families in the North State since 2003 A non-profit organization securing grant funding to be able to provide free services and resources to our region. Serving a 5 county region – Modoc, Siskiyou, Shasta, Tehama, Trinity  Financial aid appointments available

Percent Change 2003 to 2013 Source :US New and World Report 10-23-13

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)

How is the EFC Calculated? Main components: 1) Income (Parents&Student) 2) Assets (Parent&Student) 3) Number in Household 4) Number in College 5) Age of oldest parent Student Income Student Assets Parent Income State Deadline Student Class Level Parent Assets Age of older parent Number in Family and in college

FAFSA Process www.fafsa.ed.gov Available October 1,2017. Submit with 2016 tax return information See you at the Cash for College Night If needed, make corrections after SAR is received Submit FASFA online prior to California Deadline (March 2, 2018) or college deadline if earlier Submit any other state requirements by State Deadline as well Must submit FAFSA every year in college

Types of Financial Aid Grants Scholarship Loans Work Study

Financial Aid Opportunities Limited & Middle Income families: (2017-2018 Information) Pell Grant*: $602 - $5,920/year (6 years max) Cal Grant**: $1,672 - $12,630/year (4 years max) BOG fee waiver***: $46 per unit (3 years max) Access to need and merit based scholarships Access to Workstudy (jobs on college campus) Access to student loans *Applies to all accredited schools in US **Applies to all accredited and approved schools in California ***Applies to all accredited community colleges in California

Financial Aid Opportunities Higher Income families: CA Middle Class Scholarship: 10-40% of CSU or UC Fees (Qualifies up to $165,000 Income or $165,000 Assets) Access to merit based scholarships Access to student loans FREE insurance – life can change between January and summer prior to student going to college 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

Higher Income families: Handout Higher Income families: CA Middle Class Scholarship: 10-40% of CSU or UC Fees (Up to $165,000 Family Income or Assets) Access to merit based scholarships Access to student loans FREE insurance – life can change between January and summer prior to student going to college 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

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UC Berkeley Cost of Attendance Academic Year 2017-18 Living in a Campus Residence Hall Living in an  On-Campus  Apartment Living in an Off-Campus Apartment Living with Relatives Direct Costs Charged by UC Berkeley Tuition and Fees $14,068 Room and Board $15,716* $12,874*   Total Direct Costs $29,784 $26,942 Other Estimated Costs Housing and Utilities $8,992 $2,630 Food $1,558 $3,480 $4,264 $3,174 Books and Supplies $894 Personal $1,782 $1,780 $1,892 Transportation $382 $542 $1,432 Total Cost of Attendance $34,400* $33,480 $30,540 $24,090

Comparison 2017/2018 COAs: Shasta College (CA Community College) $11,164* CSU Chico (CA Public 4-year) $24,420** UC Davis (CA Public 4-year) $35,731** Harvard University (Private) $73,600** *Living with parent **Living on Campus

Scenario 1: Before Advising Student 2.95 GPA (10 & 11) Sr. yr. GPA is 3.8 1st generation college $17,000 in savings $4,000 annual income Parent(s) Both 50 years old Married & together $20,000 in savings 1 other child (13 yrs old) $54,000 annual income EFC $4,269

Scenario 1: After Advising EFC#1 EFC#2 Student net assets $17,000 $0 Student earned income $4,000 Student family size 4 Parents’ net assets $20,000 $37,000 Parents’ earned income $54,000 Parents’ taxes paid $500 Number of parents in home 2 Age of older parent 50 Expected Family Contribution $4,269 $869 Add 2nd year opportunity for Cal Grant(2.95 GPA) Transfer student savings to parents “2nd Swing” Cal Grant may be hugely beneficial Use College OPTIONS Tools

Financial Aid Award Letters Begin with the college’s Cost of Attendance Example: Tuition/Fees $15,800 Room/Board $10,000 Books/Supplies $1,500 Transportation $1,200 Personal Expenses $2,500 Total COA $31,000 Remember, COAs vary greatly between colleges

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

Financial Aid Award Letters Wait, wasn’t the financial need $26,000? Financial Need ($26,000) - Award package ($19,000) = UNMET NEED of $7,000 Don’t forget the original EFC of $5,000 to add back Total funds for which the family is responsible: $7,000 Unmet Need + $5,000 EFC = $12,000 Underline that EFC doesn’t necessarily equate with out of pocket expenses for college

Special Circumstances/Professional Judgment (Could apply to 2017 or 2018 tax years) Colleges’ Financial Aid offices have the ability to recalculate an EFC based on significant hardships or new information Examples: Significant reduction of income/loss of job Death Abuse Divorce/Separation One-time settlement income Student marriage

College OPTIONS Tools www.collegeoptions.org Click on “Financial Aid”

College OPTIONS Decision Tool Handout

Scenario 2: Before Advising Student Good grades Strong SAT Scores Wants to attend private university No assets No income Parent(s) Married parents Family of four $165,000 liquid assets; $35,000 other assets $62,000 annual income Home mortgage of $153,000 EFC $12,281

Scenario 2: After Advising EFC#1 EFC#2 Student net assets $o Student earned income $0 Student family size 4 Parents’ net assets $200,000 $47,000 Parents’ earned income $62,000 Parents’ taxes paid $2,800 Number of parents in home 2 Age of older parent 48 Expected Student Contribution $0 $0 Expected Parent Contribution $12,281 $4,830 Expected Family Contribution $12,281 $4,830 Can use assets to pay off mortgage; primary home is NOT an asset for FAFSA Use College OPTIONS Tools

Spend your Education Dollar Wisely Graduation rate is the percentage of a school’s first-time, first-year undergraduate students who complete their program within 150% of the published time for the program. For example, for a four-year degree program, entering students who complete within six years are counted as graduates. Retention rate is the percentage of a school’s first-time, first-year undergraduate students who continue at that school the next year. For example, a student who studies full-time in the fall semester and keeps on studying in the program in the next fall semester is counted in this rate. Transfer rate is the percentage of a school’s first-time, first-year undergraduate students who transfer to another college within 150% of the published time for the program. For example, a student who is in a four-year degree program is counted as a transfer if the student goes to another college within six years. College Graduation Rate Retention Rate University of Phoenix 17% 35% CSU Chico 64% 84% UC Davis 85% 93% University of Nevada, Reno 59% 81% University of Pacific, Stockton 66% 85% Graduation Rates- http://collegecompletion.chronicle.com/ College Comparisons- https://nces.ed.gov/collegenavigator/