Director of Financial Aid What You Need to Know About Financial Aid Presented By: Kara Moore Director of Financial Aid Pitzer College

Topics We Will Discuss What is financial aid? Cost of attendance (COA) Expected family contribution (EFC) Financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special Circumstances

What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

What is Cost of Attendance (COA)? Direct Costs - charges that are directly billed to the student Indirect Costs - Expenses associated with attending school that can vary and are not charged directly Tuition and fees Transportation Room and board Miscellaneous personal expenses Books and supplies

What is Expected Family Contribution (EFC)? Measurement of student’s and family’s ability (not willingness) to pay postsecondary educational expenses Student contribution Parent contribution (for dependent students)

What is Financial Need? – Expected Family Contribution (EFC) Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

Factors Considered in Determining Need and FAFSA EFC Income of custodial parent(s) and student Assets of custodial parent(s) and student Number of family members in the household Number of dependent children in college Age of older parent *Home, retirement, and business assets do not have to be reported on the FAFSA.

Categories of Financial Aid Sources of Financial Aid Categories of Financial Aid Federal Government State Government Post-Secondary Institutions Private Agencies Need-based aid Non-need-based aid

Work-Study Employment Types of Financial Aid Scholarships Grants Work-Study Employment Loans Self-Help Aid Gift Aid

Scholarships & Grants - Funds that you do not need to repay Work-Study Employment Loans Self-Help Aid Gift Aid

Scholarships and Grants Federal Grants/Scholarships Federal Pell Grant Must complete the FAFSA and meet eligibility requirements Based on financial need Federal Supplemental Educational Opportunity Grant (SEOG)

Scholarships and Grants State: Cal Grant A – B & C Eligibility U.S. citizen or eligible non-citizen California Resident Awarded based on financial need and academic achievement Meet income and asset requirements Meet GPA requirements Attend a California college Eligible students must submit the FAFSA and Cal Grant GAP Verification form by March 2, 2019

Scholarships and Grants College Grants/Scholarships Awarded on basis of merit and/or need Use information from FAFSA and/or institutional applications, such as the CSS Profile Deadlines vary by school, CHECK WEBSITE Outside Grants/Scholarships Available from companies, religious organizations, community organizations, etc. Can be based on need, merit or both Usually require a separate application and possibly an essay, transcript or interview

Scholarships and Grants Outside Grants/Scholarships Find through FREE search engines: Fastweb.com Unigo.com/scholarships Cappex.com/scholarships Research and apply EARLY Employee Benefits Companies may have scholarships available to the children of employees Companies may have educational benefits for their employees

Work-Study Employment Work-Study Employment - Funds you earn by working during the school year Scholarships Grants Work-Study Employment Loans Self-Help Aid Gift Aid

Loans - Funds that you borrow and must repay Scholarships Grants Work-Study Employment Loans Self-Help Aid Gift Aid

Types of Loans Federal Loans Direct Subsidized Loan Need-based Interest does not accrue while student is in school Direct Unsubsidized Loan Not need-based Interest accrues while student is in school Parent PLUS Loan Able to borrow up to the cost of attendance, minus any financial aid Repayment begins 60 days after final disbursement of the year Private/Alternative Loans Colleges may refer families to certain lenders. However, most will recommend families conduct their own research.

How to Apply FAFSA CSS PROFILE Cost FREE! $25 for 1st school plus $16 for each additional school How to Complete Online preferred @ www.fafsa.ed.gov Online only @ profileonline.collegeboard.com Who Needs It? Every school! Only certain schools, mainly private colleges* Who Completes It? Student and custodial parent(s) only Student, custodial parents and non-custodial parent(s) Why is it required? To assess and award federal and state aid To assess and award institutional aid When is it available? October 1, 2018 *If a school requires the CSS PROFILE, they also require the FAFSA. The CSS PROFILE does not replace the FAFSA, it is in addition to the FAFSA.

FAFSA: Free Application for Federal Student Aid Required by all schools Used to calculate EFC and federal aid eligibility May be filed beginning October 1, 2018 Most colleges set their own FAFSA filing deadlines Uses 2017 tax information

FSA ID Username and password combination created by student and parent(s) Used for FAFSA completion and signature May be used by students and parents in subsequent school years

Filling out the FAFSA FAFSA on the Web (FOTW) myStudentAid mobile app

FAFSA on the Web (FOTW)

Benefits of Using FOTW or myStudentAid Built-in edits to prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data

myStudentAid Mobile App Mobile ability to begin, complete, save and submit the FAFSA Prompts applicant to create a save key, which allows them to complete it at a later time

myStudentAid Mobile App FAFSA completion tracked Successful completion of each section indicated Digital signature Confirmation of submission Estimated EFC calculation

IRS Data Retrieval Tool Allows for certain tax return information to be transferred from the IRS database Participation is voluntary and student chooses whether or not to transfer data to FOTW IRS will authenticate taxpayer’s identity If tax record is found, IRS transfers information to populate the FAFSA Reduces documents requested by financial aid office

FAFSA Signatures Required for: Format for submitting signatures Student One parent (dependent students) Format for submitting signatures Electronic using FSA ID Signature page

Frequent FAFSA Errors Social Security Numbers Divorced/widowed/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

Making FAFSA Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web Submitting documentation to college’s financial aid office FAFSA corrections through FOTW can also be used to send the student’s FAFSA to more than 10 schools. *If you are required to also complete the CSS Profile, please keep in mind that it cannot be edited after submission.

Basic Tips Different schools have different requirements and deadlines, so make sure you check each school’s website. Example: some schools require the CSS Profile and/or tax documents in addition to the FAFSA Availability of funds and institutional policy will influence amount and type of aid offered Divorced? Include custodial parent information ONLY on the FAFSA. You may be asked to provide information about the noncustodial parent on the CSS Profile Remarried? Include step-parent’s information on the FAFSA and CSS Profile. File early!

Special Circumstances Conditions exist that cannot be documented with the FAFSA Send written explanation and documentation to your college’s financial aid office College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education

Special Circumstances Secondary school tuition Unusual uncovered medical/dental expenses Parent or spouse death Extraordinary dependent care Loss of employment Divorce Student cannot obtain parental information

Questions? Contact Information Kara Moore, Director of Financial Aid at Pitzer College Email: financial_aid@Pitzer.edu Phone: 909.621.8208