College Financial Planning Workshop I: FAFSA and Financial Aid 101 Glow Foundation 2010

Page 2 Introduction / Icebreaker!

Page 3 What We Will Discuss Today  Costs and Benefits of College  How Financial Aid Works – FAFSA  Scholarships, Grants, Work Study and Loans  AB 540 Support  Financial Aid Review

Page 4 THE PRICE IS RIGHT!

Page 5 College Costs HOW MUCH??! SAN FRANCISCO STATE UNIVERSITY:  California State University  Less intense application process  Moderate class sizes  Practice-based learning  Gets you ready to work after you graduate  More affordable than UCs and private colleges Actual Cost of Attendance: $22,830

Page 6 College Costs HOW MUCH??! UNIVERSITY OF CALIFORNIA, BERKELEY:  Part of the UC system  High reputation  High student-to-teacher ratio  Research-based learning  Gears you toward graduate school  Expensive tuition Actual Cost of Attendance: $26,473

Page 7 College Costs HOW MUCH??! Type of SchoolTuition and Fees Room and Board Books/ Supplies Health Insurance/ Fee Personal/ Transportation Total Cost of Attendance Two-Year Community College (De Anza*) 85510,8721,656-3,996$17,379 Four-Year Public In-State Resident (CSU – SF State) 4,74011,9701,734-4,386$22,830 Four-Year Public Out-of-State Resident (CSU – SF State) 14,41211,9701,734-4, 386$32,502 Four-Year Public In-State Resident (UC – UC Berkeley) 9,74911,9781, ,504$26,473 Four-Year Public Out-of-State Resident (UC - UC Berkeley) 32, 41811,9781, ,504$49,142 Four-Year Private (Stanford)37, 38011,1821,5661,9812,970$55,079 Comparison of Cost of Attendance by Type of School for the Academic Year But, this is before Financial Aid!

Page 8 Why Should I Go To College?  More money!!  More/better job security  More opportunities  Personal growth  FUN!! Level of education completed Mean earnings in 2006 Unemployment rate (August 2006) Didn't finish High School $30, % High School Graduate $38, % Some College/ Associate’s Degree $45,232/ $47, % College Graduate $67, % Master’s Degree 82, % Doctorate 115, % Earnings and Unemployment Rates for People 25 and Older with Different Education Levels College graduates earn over $800,000 more than high school graduates in average over a life time

Page 9 College Costs HOW MUCH??!  The REAL cost to you depends on the amount of financial aid you receive. TRANSLATION: More financial aid = Less money you pay for college  Sometimes, the school with the higher cost of attendance is more affordable.

Page 10 FAFSA BINGO

Page 11 Financial Aid 101  What is FINANCIAL AID? Money you RECEIVE (Free Money!) Money you EARN Money you BORROW Grants (Federal, State, or College) Scholarships Work Study Program Federal Loans Private Bank Loans But, before you can qualify for any type of federal aid, you need to…….

Page 12 FAFSA - Free Application for Federal Student Aid  Apply EARLY in order to receive federal and state aid (starting Jan 1 st before March 2 nd )  The FAFSA is used to apply for: Grants Work Study Loans

Page 13 Handout: Financial Aid Step-by-Step

Page 14 Work on your FAFSA Worksheet and begin your FAFSA on Jan. 1 st ; NEXT SESSION: Bring in your materials to complete the FAFSA HOMEWORK:

Page 15

Page 16 FAFSA Worksheet

Page 17 Apply for a PIN! HOMEWORK:

Page 18 How to Apply for a PIN

Page 19 How to Apply for a PIN

Page 20 What Happens After I Submit the FAFSA? Student Aid Report (SAR) Resubmit (if you find errors) EFC Financial Aid Award Letters!

Page 21 For FAFSA Help:  For info relating to the FAFSA, see  FED-AID  For Hands-On Assistance:  Cash for College Workshops (Jan ~ Mar 2)   FREE and by attending you may win a $1000 scholarship!!

Page 22 Financial Aid 101-Scholarships Scholarship Search

Page 23 Financial Aid 101-Scholarships  Do scholarships need to be repaid?  Can be merit-based, need- based, or others (e.g., ethnic/racial background)  Check on eligibility requirements  Sometimes additional materials required  Start researching ASAP and Apply, apply, apply!

Page 24 Financial Aid 101-Scholarships Scholarship Tips:  Be organized  Be honest  Follow instructions carefully  Proofread your application  Keep copies of everything you send  Send in your application packet as early as possible  Others?

Page 25 Break

Page 26 Financial Aid 101-Grants  Do you need to repay grants?  Federal or state funded  Need-based / enrollment status  General eligibility requirements:  High School Graduate  U.S. Citizen  Social security number  For most federal and state grants, just complete the FAFSA!

Page 27 Financial Aid 101-Grants  Federal Pell Grant  Federal Supplemental Educational Opportunity Grant (FSEOG)  Academic Competitiveness Grant (ACG)  National Science and Mathematics Access to Retain Talent Grant (SMART)

Page 28 Financial Aid 101-Grants  Cal Grant A, B, or C (DUE MARCH 2 nd )  Maximum of $9708/year  Eligibility:  California Resident  U.S. or permanent resident  Enrolled at least half-time (6 or more units)  Social Security Number  Attend an eligible California institution  To apply: Complete FAFSA and submit GPA verification form

Page 29 Financial Aid 101-Federal Work Study  Part-time employment on/off campus  Offered in award letter  Amount you can earn varies between schools  Hourly wage must be at least federal minimum wage  Flexible schedules for students

Page 30 Work Study Scenario

Page 31 Financial Aid 101-Federal Work Study Benefits of Work Study  Flexible schedule-employers know you are a student first  Many FWS jobs are in the fields of your major or areas of interest  In some cases, you can study while you work (libraries, dining commons, gyms, etc.)

Page 32 Financial Aid 101-Loans What’s a loan? What questions do you have about loans?

Page 33 Spectrum Game

Page 34 Financial Aid 101 Recap  What is FINANCIAL AID? Money you RECEIVE (Free Money!) Money you EARNMoney you BORROW Grants (Federal, State, or College) Scholarships Work Study Program Federal Loans Private Bank Loans

Page 35 What if I don’t qualify for financial aid?  Aid options are available for undocumented immigrant students  Students will not qualify for federal/state aid so DO NOT COMPLETE AN ONLINE FAFSA

Page 36 Assembly Bill 540 (AB 540)  Allows undocumented students to qualify for in- state tuition in the state of California  Eligibility: 1. Attend a California high school for three or more years 2. Graduated from a California high school or received a GED 3. Submit an affidavit to the university saying they will apply for legal permanent residency when they are eligible (The affidavit will be kept by the college and remain confidential.)  To learn more about immigrant legislation and AB 540, visit and

Page 37 AB 540 Tips and Resources:  Do not fill out any forms for federal or state aid  Apply for as many scholarships as possible (check eligibility criteria)  Don’t make false statements about status  Talk with financial aid office

Page 38 Private Colleges: Bryn Mawr College Claremont McKenna College Harvard University Loyola Marymount University Mills College Mount St. Mary’s College National Hispanic University Occidental College Santa Clara University University of Puget Sound

Page 39 Recap:  Costs and Benefits of College  How Financial Aid Works – FAFSA  Scholarships, Grants, Work Study and Loans  AB 540 Support  Financial Aid Review

Page 40 Homework: Bring your FAFSA materials, start the FAFSA application, and register for a PIN. If you are not FAFSA eligible, find 2 scholarships you can apply for and start applying

Page 41 Questions? (Type presenter name) ( )