Financing a College Education Presented by: Financial Aid Office Glendale Community College

Things to remember  College is possible for anyone who works hard and is determined to succeed  College is affordable: over $170 billion of financial aid was available last year  All families can help their children prepare for and receive a college education

Basic premise of financial aid  Students and parents are the primary source of funds for a college education and are expected to contribute to the extent they are able  Financial aid measures family ability, not willingness, to pay for higher education

The cost of going to college Tuition & Fees Books & Supplies Room & Board Personal Expenses Transportation

The Expected Family Contribution  The Expected Family Contribution (EFC) is the amount a family (student and parents) is expected to contribute, based on income and assets, to the total cost a student’s education

What is financial need? Cost of Attendance Cost of Attendance - Family Contribution - Family Contribution Financial Need Financial Need

How the formula works CCC CSU UC Private CCC CSU UC Private Cost $10,500 $15,000 $19,000 $39,000 EFC Need $10,000 $14,500 $18,500 $38,500

Types of financial aid  Gift Aid - Grants or scholarships that do not need to be repaid  Work -Money earned by the student as payment for a job on or off campus  Loans -Borrowed money to be paid back with interest

Sources of financial aid  Federal Government  State Governments  Colleges and universities  Private organizations/agencies  High school clubs and organizations  Local clubs (Lions, Elks, VFW, etc.)  Scholarship foundations  Employers

Federal financial aid  Federal Pell Grant  Federal Supplemental Education Opportunity Grant (SEOG)  Academic Competitiveness Grant (ACG)  Science and Math Access to Retain Students (SMART) Grant  TEACH Grant  Federal Work-Study  Federal Stafford/Direct student loans  Federal PLUS (Parent) loans  Federal Perkins loans

Cal Grant entitlement programs  California residents attending California colleges  Apply by March 2, 2008 by completing:  FAFSA and submitting their GPA

Cal Grant A Entitlement  Graduating High School student  GPA of 3.0 or higher  Demonstrate financial need  Meet parental income and asset requirements  File FAFSA and GPA by March 2 nd  Will receive up to four years of:  System-wide fees at UC and CSU campuses  Up to $9708 at independent California colleges or universities  Community college students can “reserve” until transfer

Cal Grant B Entitlement  Graduating High School student  GPA of 2.0 or greater  Demonstrate exceptional financial need  Meet parental income and asset requirements  File FAFSA and GPA by March 2 nd  Will receive:  $1551 stipend for living expenses for up to four years at all California colleges and universities (including community colleges!)  Plus  System-wide fees at UC and CSU campus (after first year)  Up to $9708 at independent California colleges or universities (after first year)

How to apply for financial aid  FAFSA (Free Application for Federal Student Aid)   Cal Grant GPA Verification Form  NOTE: many schools submit GPAs electronically!  Other required institutional forms  Some private colleges may request:  CSS Financial Aid PROFILE

FASFA on the Web

FAFSA on the Web Worksheet FAFSA on the Web Worksheet — 8-page booklet containing:  Instructions  97 questions in 5 sections  Worksheets A, B, and C

Federal PIN  Your PIN serves as your electronic signature for FAFSA on the Web  Student and at least one parent should obtain PINs  Get your PINs in your senior year!  Apply for your PIN at: 

Paper FAFSA  10 page booklet containing:  Instructions  102 questions organized into 7 steps  Worksheets to list certain types of income

CSS/Financial Aid PROFILE Application  Required by some independent colleges  Used to award limited college grants and scholarships (non-federal or state aid)  PROFILE requires more detailed information than the FAFSA  May be more sensitive to special circumstances  Submit PROFILE online at:  Available 24/7  $5 registration fee, plus $18 reporting fee for each college to which the PROFILE information is to be sent  Fee waiver eligibility determined online

Scholarships  Available from colleges, companies, community- based and other organizations  Usually require separate applications  Some require transcript, essay, interview, or audition  Many are very competitive  Beware of scholarship search companies that charge a fee  Check with high school counselor about scholarship opportunities through the high school  Make use of free online web resources

Free scholarship searches     (Sallie Mae)   (Gates Scholarship)

Financial aid process  Family submits FAFSA and other forms  College determines need/eligibility  College packages financial aid  College sends award letter (award offer)  Family reviews and compares offers  Student selects school; accepts/declines self-help financial aid

Special circumstances  Contact the Financial Aid Office if there is a change in circumstances such as:  A loss or reduction in parent or student income or assets  A death or serious illness  Unusual medical or dental expenses not covered by insurance  Reduction in child support, Social Security, or other non- taxable income or benefits  Financial responsibility for elderly grandparents  Any other unusual circumstances that affect ability to contribute to higher education  Keep in mind: Each school may handle/accept your circumstances differently!

Before making a decision  Consider all factors, not just cost, when choosing your college!  Academic program  Campus feel  Opportunities for campus involvement  Employment placement assistance

Don’t forget…  Still have some questions? CALL US! Every college has a Financial Aid Office  For those on the internet:    Call the Federal Student Aid Information Center at  See your school counselor