Jill Haley, MSW, PPS Independent College Counselor CSS/FINANCIAL AID PROFILE

Tonights Agenda Financial Aid and The FAFSA Cal Grant, Dream Act and the Middle Class Scholarship CSS Profile Barb Ross, District Scholarships.

What is Financial Aid? Money to pay for college Grants- free money that you don’t have to pay back. Usually federal or state monies Scholarships- free money- private or corporate sponsored or awarded on the basis of merit, athletic skill, or unique characteristic Work-study- paid jobs at college Loans- must pay back. Available to students and/or parents 3

Need-Based/Merit Based Aid Need based aid is financial support given to students whose families cannot afford the total cost of college. Usually in the form of grants, scholarships and loans. Merit based aid is aid given to students because of exceptional talent, high GPA or athletic ability. Usually in the form of scholarships. 4

3 Important Terms FAFSA- Free Application For Federal Student Aid- document used to determine financial aid eligibility EFC- estimated family contribution- the amount of money the family is expected to contribute COA- cost of attending specific colleges 5

F AFSA- Free Application for Federal Student Aid- D ocument that is filled out using financial information from parent(s) and student. U sed to apply for federal, state grants, work-study and loans Application 6

FAFSA On The Web Worksheet FILL OUT AHEAD OF TIME SAVES TIME WHEN FILING 8

All families should file the FAFSA regardless of income! Under The CA Dream ACT- The California Dream Act allows undocumented and nonresident documented students who meet certain provisions to apply for and receive private scholarships funded through public universities, state-administered financial aid, university grants, community college fee waivers, and Cal Grants

FAFSA information is sent to each college’s financial aid office that you select on the form Be careful of fraudulent sites that ask for money. is free! 10

Who Files The FAFSA? Most likely the Parent(s) You are considered a dependent of your parent(s) for financial aid purposes unless you are: Age 24 or older Married Have already earned a BA or BS degree Active duty in Military Veteran of the Armed Forces Have children which you support 50% of time Orphan, in Foster Care or Dependent of Court Designated homeless

Responses on the FAFSA Never MarriedMarried or remarriedUnmarried and both parents living togetherDivorced or separatedWidowed © 2013 CASFAA

Divorced or Separated Parents Provide information for the parent(s) with whom the student lived with most during the last 12 months If the student spent equal time with both parents, use the information for the parent who provided the greatest amount of financial support for the student Does not matter who declared them on income tax © 2013 CASFAA

NO Parental Information Do not provide parent information for Foster parent(s) Student is automatically considered an independent student Grandparents, other relatives, or legal guardian(s) Colleges may use professional judgment to allow the student to file as an independent student Exception: Adoptive parents © 2013 CASFAA

Remarried Parent Provide information about the parent and stepparent regardless of: Agreement of “nonsupport” Prenuptial agreement Divorce decree designating tax filing exemptions Note: A parent claiming the student on their tax return need not be the parent required to provide data on the FAFSA © 2013 CASFAA

Philosophy of Financial Aid Students and their families have the primary responsibility to pay for postsecondary education expenses if they can. EFC- Estimated family Contribution. This is the amount of money parent(s) are expected to pay based on the FAFSA using a federal methodology

EFC The Important Number Estimated Family Contribution- how much the federal government determines you should pay for your child to go to college Determined by the financial information on the FAFSA using federal formula which includes: Employment income- (AGI) Money in saving s and checking Assets Investment property Stocks and Bonds

Parent Asset Information Primary resident, vehicles are not considered assets Small business not considered asset if less than 100 employees *Most retirement accounts, not considered assets. © 2013 CASFAA

Assets Money in qualified retirement plans, such as a 401(k), 403(b), IRA, pension, SEP, SIMPLE, Keogh and certain annuities, is not reported as an asset on the FAFSA. Money is STRS, PERS not counted as assets on FAFSA

Parent Income & Asset Information Same questions asked of students Selecting a box displays additional fields to complete Note: Asset filtering question © 2013 CASFAA

Cost of Attendance (COA) Note: Costs vary from institution to institution Standard CostsOptional Costs Tuition and feesDependent care Room and boardStudy-abroad Books and SuppliesDisability-related services Transportation

Calculating Eligibility For Need-Based Aid Cost of Attendance (COA)  Expected Family Contribution (EFC)  Eligibility for Need-Based Aid

Calculating Eligibility Student A- CSU Chico COA- $24,444 – EFC- $14,000= $10,000 eligibility for aid Student A- Santa Clara University COA= $55,830-EFC-$14,000= $41,830 Eligibility 23

Tools

When Do I apply for federal student aid? 1.Get a FAFSA PIN at Parents and students will both need a PIN This is your electronic signature 25 Can Apply for PIN now !

WHEN DO I APPLY? For the parents of current senior students, file the FAFSA on or after Jan , Early as possible to meet all deadlines.  For this years Seniors-based on parent’s income form January 1, December 31, 2014 

Estimating Income Most families will estimate income tax information when filing the FAFSA Once taxes are filed, use PIN and make corrections on FAFSA

Parent Income Information IRS Data Retrieval Tool (DRT) Transfers information directly from the IRS Requires PIN After filing tax return © 2013 CASFAA Use of the IRS Data Retrieval Tool may reduce the likelihood that the FAFSA will be selected for verification.

Student Aid Report (SAR) Sent electronically or by mail about 3-5 days after submitting FAFSA Summarizes FAFSA information Displays EFC EFC- Expected Family Contribution; used to determine eligibility for federal aid © 2013 CASFAA R13

FAFSA information is sent to each financial aid office of the college the student indicated on the FAFSA. The student must watch for s or letters from the college. Give the schools any additional paperwork they ask for Meet all deadlines or you could miss out on aid! 30

What happens next? Each school will tell you how much aid you can get at that school. Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid. 31

TOOL How much student aid can I get? For early estimate, use FAFSA4caster: Go to Enter financial information and get an estimate of your EFC 32

Most Frequent Mistakes ON the FAFSA Families don’t file it!! Report primary residence as an asset Have too much money in their checking and savings accounts Report business as an asset if have fewer than 100 employees Too much money/assets in child’s name Failure to include other children as dependents if in college

Special Circumstances If students and families have unusual circumstances, contact the financial aid office at the college they plan to attend; the office will advise them on how to proceed.

CAL Grants Only for California residents - must fill out FAFSA and GPA verification form. Submit the FAFSA by March 2 nd School will submit GPA verification if student turned in their Senior Contract 35

CAL Grants California Student Aid Commission... / California Student Aid Commission... Provides tuition and college fee assistance at 2 and 4 year colleges. Can only be used at California Colleges Have GPA requirements Cal Grants are Free money!!! 36

Cal Grant Income and Asset Ceilings

UC COUNSELOR CONFERENCE SEPTEMBER 2014 Our Blue + GoldGold Opportunity Plan will cover systemwide tuition and fees for students who qualify. About $13,000 For UC only!

UC COUNSELOR CONFERENCE SEPTEMBER 2014 How does it work? The Blue and Gold Opportunity Plan gives California families who qualify for financial aid the assurance that they won’t have to pay UC’s systemwide tuition and fees if their total income is less than $80,000. How do students apply? Students must file a FAFSA or the California Dream Act Application and Cal Grant GPA Verification form by March 2 of the year they plan to enter UC. No separate application is needed; students will receive benefits automatically if they qualify.

UC COUNSELOR CONFERENCE SEPTEMBER 2014 Starting in the academic year, California’s Middle Class Scholarship (MCS) program will provide scholarships to undergraduate California students who apply for aid on time and have family incomes up to $150,000. Eligible students will be notified of the actual scholarship amount by the California Student Aid Commission (CSAC). For UC and CSU

Some colleges may require the CSS Profile Mostly private colleges Customized for each college May increase or decrease aid determined by FAFSA alone. Almost 400 colleges and scholarship programs require the PROFILE. 41

Loans Must fill out FAFSA or subsidized or Parent PLUS loans Students should access subsidized loans first Subsidized- rate is fixed and interest deferred Parents can take out PLUS loans. 42

Each College Is Different Some colleges say they will meet all eligible need Some colleges do not put loans in their financial aid packets Some colleges say they are “need blind” when deciding on admissions.

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What Happens to FAFSA Once You File? Parents and students file FAFSA FAFSA EFC calculated and families receive SAR to review Sent to colleges listed on FAFSA Financial Aid offices at colleges determine aid College acceptance letters with aid offer to student by April 1 st 2015

Summary Before Jan 1, 2015 Apply for a PIN number for FAFSA Gather all information needed, fill out the FAFSA on the web worksheet Narrow down college choices- check to see if a CSS Profile is needed 48

Summary After January 1, 2015 Complete FAFSA Review your FAFSA information (SAR Report) for accuracy when it arrives Revise income information once tax results are in, using your PIN Make sure your FAFSA information is sent to all colleges 49

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Contact Information Jill Haley, MSW PPS