Planning and Paying for College Grants, Scholarships, Loans and Other Money for College

Workshop Overview ■Financial aid basics ■Free money ■Types of Financial Aid ■Managing your money wisely ■Resources 2

10 important things to qualify 1.Submit the FAFSA 2.Submit any other applications* 3.Demonstrate financial need 4.Have a high school diploma or equivalent 5.Be a U.S. citizen or eligible noncitizen 6.California residency 7.Enroll in an eligible degree or certificate program 8.Maintain satisfactory academic progress 9.Have an SSN 10.Register with U.S. Selective Service (males 18-25) *and a verified GPA for a Cal Grant by March 2 3

Types of financial aid ■Grants are money you don’t have to repay, typically based on financial need. ■Scholarships are free money, usually based on your area of study or merit. ■Work-study or student employment programs—federal and college. ■Loans are borrowed money that you must pay back, usually with interest. 4

Free money from the government ■Cal Grants ♦Cal Grant A: up to $12,192 ♦Cal Grant B: up to $1,551 first year, up to $13,743 thereafter ♦Cal Grant C: up to $3,168 ■Federal Pell Grant ♦Up to $5,550 a year ■Federal Supplemental Educational Opportunity Grant ♦Up to $4,000 a year ■Federal TEACH Grant ♦Up to $4,000 a year 5

Applying for financial aid ■Collect your information ♦SSN, driver’s license number, address ♦Your financial records ■Fill out the FAFSA on the Web Worksheet ( ♦Helps you prepare for the real FAFSA so you’ll have everything you need 6

FAFSA on the Web ■Apply at ■Read all the instructions ■Name must match your SSN ■E-sign your FAFSA using your PIN ♦You can receive a PIN instantly when you complete the FAFSA ♦Add this address to your contacts to ensure you receive it: ♦Provide an address to receive an estimate of your EFC instantly 7

Student Aid Report (SAR) ■The SAR is a report from the federal processor summarizing the information you provided on the FAFSA ■Lists your EFC for the school year ♦Located at the top of your SAR 8

California Aid Report (CAR) ■If you’re offered a Cal Grant, you’ll receive an from the California Student Aid Commission called a CAR ♦You must list a valid address on your FAFSA so you can receive a CAR ■The CAR lists the tentative Cal Grant award amount 9

Cal Grants ■When to apply for a Cal Grant ♦In your senior year of high school ♦Within one year after graduating from a California high school ♦As a California Community College transfer student, as long as you are under age 28 ■To qualify you must: ♦Submit the FAFSA and your verified Cal Grant GPA by March 2 nd ♦Be a U.S. citizen or eligible noncitizen ♦Be a California resident ♦Meet minimum GPA requirements ♦Attend a qualifying California college ♦Have financial need ♦Be enrolled at least half time ♦Pass the CA High School Exit Exam (CAHSEE) 10

Federal loans ■Federal Stafford loans ♦Subsidized Stafford loans The federal government pays the interest while you are in school ♦Unsubsidized Stafford loans All eligible students can receive them, regardless of income or assets You’re responsible for paying the interest while in school 11

What it means to accept a loan ■Accepting responsibility for repaying the money you borrow ■Before you borrow, ask: ♦Is the college or program a good investment? ♦Does your loan make good financial sense? ♦Are there other options? ♦What is the true cost of your loan? ♦Can you repay it? ♦What are your rights and responsibilities? 12

Other ways to pay for college ■Private scholarships ■National Merit Scholarships ■Community service ■The military ■Credit for experience ■Earn credit in high school ■Cooperative education ■Part-time work ■Start at a community college ■ScholarShare college savings plan ■Company-paid education ■Tax benefits ■Jobs that help you repay loans 13

■Undocumented or underdocumented students may qualify for in- state tuition rates at UC, CSU and California Community Colleges ♦Completed at least 3 years of high school in California and ♦Graduated from a California high school or received your GED in California ■California Dream Act of 2011 (AB 130) ■Undocumented/underdocumented students may also qualify for: ♦Institutional scholarships ♦Privately funded scholarships ■Must meet qualifications for AB 540 in-state tuition rates 14 AB 540 – Undocumented Students

California Dream Act of 2011 (AB 131) ■Signed into law October 8, 2011 ■Undocumented or other nonresident students may also qualify for ♦Cal Grants and other applicable state aid ♦The Board of Governors (BOG) Fee Waiver Program ♦Institutional aid ■Students begin applying for Cal Grants in January 2013 (Note: This year’s seniors can apply next year) ■Check with your college financial aid office for more information about the BOG Fee Waiver (at community colleges only) and institutional aid timelines and processes 15

Spending smart ■Get organized ♦Set up separate files ♦Keep them in a safe place ■Create a monthly spending plan and stick to it ■Avoid using credit cards ■Start saving ♦No matter how little, set aside something every month 16

Useful websites ♦ACT: ♦AmeriCorps: ♦Cal Grants: ♦California Cash for College workshops: ♦College Board: ♦California colleges: ♦College Savings Plan: ♦ECMC: ♦FAFSA: ♦Federal Financial Aid: ■Additional resources for AB 540 Students available at: ♦ ♦ 2010_Scholarship_list.pdfwww.maldef.org/leadership/scholarships/ 2010_Scholarship_list.pdf 17

Thank you for attending My name is Heather Kelley I am located in the Career Center Mondays 7:30 A.M. to 2:00 P.M. and Wednesdays 7:30 A.M. to 3:30 P.M. © California Student Aid Commission, © ECMC, All rights reserved.