financial aid Shasta College TRIO What you need to know 2018-19

What is Financial Aid? Financial aid consists of funds such as: Scholarships, Grants, Loans and Work-Study These are provided to students and families to help pay for postsecondary educational expenses. What is Financial Aid?

What is Expected Family Contribution (EFC) The Amount a family can reasonably be expected to contribute Stays the same regardless of college Two components: Parent contribution Student contribution Calculated using data from a federal application form and a federal formula

What is financial need? Cost of Attendance – Expected Family Contribution _______________________________ = Financial Need

FAFSA (on the web) https://studentaid.ed.gov/sa/ 2019–20 FAFSA available October 1, 2018 Most colleges set FAFSA priority filing deadlines 2017 Tax Data

Sources of Financial Aid Types of Financial Aid Gift Aid Self-Help Aid Scholarships Grants Loans Employment Sources of Financial Aid Federal Government Aid (Pell Grant) State Aid (Cal Grants) Colleges & Universities Private

Types (Awarded after submitting FAFSA) Pell Grant CAL Grant Middle Class Work Study Loans Covered in Next Slide Pell Grants – Based on EFC Automatic with eligibility 2018-19 maximum annual award amount $6,095 The Middle Class Scholarship provides students with family incomes and assets up to $171,000 a scholarship to attend (UC) or (CSU) campuses. Federal dollars paid in exchange for part- time employment in designated jobs School comes first Federal Direct Loans Subsidized or Unsubsidized Freshman Annual Loan Limit = $5500 2018-19 Interest Rate = 5.05%

Cal Grant A, B and C Cal Grant A Cal Grant C Cal Grant B A Cal Grant is money for college you don’t have to pay back.  To qualify, you must apply for the FAFSA or CADAA by the deadline and meet the eligibility and financial requirements as well as any minimum GPA requirements. Cal Grants can be used at any UC, CSU or California Community College, as well as qualifying independent and career colleges or technical schools in California. Cal Grant A Cal Grant C Cal Grant B 2018-2019, Cal Grants are up to $12,630 at a UC, up to $5,742 at a CSU, and up to $9,084 at Independent colleges GPA requirement. If you’re applying using your high school GPA, you must have at least a 3.0 GPA; if applying using your college GPA, you must have at least a 2.4 GPA Requires that your course of study leads directly to an associate or bachelor’s degree, or transfer from a community college to a bachelor’s degree program Assists with the costs of a technical or career education Provides up to $1,094 for books, tools and equipment—and up to $2,462 more for tuition and fees if you will be attending a school other than a California Community College (community colleges do not charge tuition and your fees will be waived as a Cal Grant recipient) is available for a maximum of two years Provides a living allowance of up to $1,672, in addition to tuition and fee assistance after the first year, at a two- or four-year college When renewed or awarded beyond your first year, you’ll receive the living allowance as well as a tuition and fee award (up to $12,630 at a UC campus, up to $5,742 at a CSU campus and up to $9,084 at independent colleges requires at least a 2.0 GPA

FSA ID Apply at https://fsaid.ed.gov/npas/index.htm - Used for FAFSA completion (Electronic signature) - Student & parent need an fsa id (May be used by students and parents throughout financial aid process, including subsequent school years) Apply at https://fsaid.ed.gov/npas/index.htm

Dependent or Independent Status: Question If the answer to all is NO – they’re Dependent If the answer to ANY is YES – they’re Independent Born before Jan. 1, 1996 Veteran Active duty - Military Married Children or other dependents Both parents deceased Foster care past age 13 Dependent/ward of court past age 13 Legal guardianship Emancipated minor Homeless or at risk of homelessness Graduate student .

Parent Information on the FAFSA Who is my parent when it comes to the FAFSA? If parents are living together, regardless of marital status, include their combined financial information If parents are divorced or separated, include the financial information for the parent you lived with more during the past 12 months. If that parent is remarried, you must include your stepparent’s financial information Grandparents, foster parents, and legal guardians are NOT considered parents unless they legally adopted you

What information is needed on the FAFSA 2017 Taxes, Income information, benefit summaries Asset information NOT 401(k) or IRA balances NOT the value of your primary residence Untaxed income such as child support received

IRS Data Retrieval Tool Important! You will not see the actual IRS data on the IRS website or inserted into the FAFSA. – due to security issues, this information will be encrypted and not viewable on the IRS DRT site or on the FAFSA.

What happens after you file? A summary of your application is created for your review & sent to your selected schools electronically Summary is called a Student Aid Report (SAR) Students with FSA IDs may view SAR online at fafsa.gov If schools require further information or documentation, they will contact the student directly Make sure students know how each school communicates with them FERPA Watch for award notifications Many schools won’t begin awarding aid for 2019-20 until late December or January. What happens after you file?

Thank You Kelsey Moynahan 530-410-2941 kmoynahan@ShastaCollege.edu Shasta College TRIO Upward Bound Assistant Director