Torrance Unified School District Financial Aid Workshop Presented by: Catherine Graham Director of Financial Aid Loyola Marymount University October 16, 2013

What will be covered this evening? Why Financial Aid? Types & Sources of Financial Aid Admission Processes How to Apply for Financial Aid The Financial Aid Formula College Expenses – what are the costs? What is the Expected Family Contribution (EFC)? Financial Eligibility Awarding Process & Comparing Awards

Why Financial Aid? Access Parents and students have the responsibility to pay for higher education expenses to the extent they are able The aid application process should provide Financial Aid Office a consistent and equitable evaluation of a family’s financial circumstances for all that are applying Allocation of finite resources

Our Roles The Financial Aid Office’s Role… Stewards of federal, state and institutional financial aid dollars To administer federal, state and institutional financial assistance to students and their parents in an accurate, informative, timely and friendly manner Parent’s Role… To contribute to the application, awarding and financing process throughout student’s Undergraduate Education

Your Senior Year - Make it count! Student Role… Your senior year DOES COUNT!! Grade Improvements SAT Re-do’s All acceptances PROVISIONAL dependent upon final semester grades Weak Senior schedule – jeopardizes acceptance at competitive schools Change in schedule – MUST notify colleges Campus Tours & Visits Employment – Saving for College Expenses Resume Preparation for College Job

Funding Types Need-Based Funding ( must complete FAFSA) Grants Gift aid that does not need to be repaid Require aid applications Loans Borrowed funds that must be repaid with interest Separate promissory notes required Work A set amount that a student can earn by working on campus funded by the Federal Government or the college How does “work” work? Benefits?

Funding Types Non-Need Based Funding FAFSA Application not required Merit/Academic Scholarships Based on Admission Information Separate Application/Interview Process? Athletic Scholarships Non-Need Based Loans (Stafford, PLUS, Private) Student Loans Parent Loans Alternative Educational Loans

Four Primary Sources of Aid 1.Federal Programs ( FAFSA Application ) Pell Grant ($400-$5650) Supplemental Grants: SEOG ($400-$4000) Stafford Loans ($3500, $4500, $5500) Subsidized vs. Unsubsidized Perkins Loan ($ $4000) Work Study (amounts vary) 2.California Grant Programs Cal Grant Amounts vary by school segment Separate application

Sources of Aid 3.Institutional Programs Scholarships Grants Loans Work 4.Outside Resources Community: Rotary, YMCA, Elks Parent’s Employer Web Sites: Time spent on searches… Worthwhile? Outside Scholarships can replace loans/work

Resources for Parents Parent Programs Employer Reimbursement for Dependents Federal Plus Loan Program Payment Plans Federal IRS Educational Tax Benefits Savings – 529 Plans

Connecting Admissions & Financial Aid Process Apply for Admission AND Apply for Financial Aid Don’t wait for an admission decision to apply for financial aid Schools will prepare & send financial aid awards once student is admitted May 1, 2014 National College Decision Date

Community College Pathway to a 4 year university No SAT/ACT required Placement Tests Priority transfer to UC’s and CSU’s Honors Transfer Program Transfer Admission Guarantee (UC’s) MAKE A PLAN!!

Private (Independent) May apply on-line NOW through school’s website Require: Essay Resume of Extracurricular Activities Letters of Rec. Counselor Teacher Secondary School Report (Counselor) Mid Year Report (7 th semester grades-Counselor) Transcript ($2/school)

Where are you applying? Your school choices –Safety –Target –Reach Question? Which schools are you considering and which category do they fall into?

SAT & ACT Testing - additional opportunities In your senior year, you can continue to test SAT TESTING – ACT TESTING –

Back to Financial Aid; How to Apply… Free Application for Federal Student Aid (FAFSA) Required for Federal and State fund eligibility January 1, 2014 – March 2, 2014 FAFSA4caster PIN Number required for E-Signature Worksheet & Supporting Documentation Each school has their own deadlines! March 2, 2014 Estimate Information

How to Apply…FAFSA Follow-up Free Application for Federal Student Aid (FAFSA) Follow-up may be required Student Aid Report Notification s Worksheet & Supporting Documentation submit to institution If estimated will be ask to update with actual information Check for rejects (PIN/Signature/eligibility checks)

FAFSA on the Web (FOTW)

Cal Grant Program - How to Apply Cal Grant Requires G.P.A. Verification Form or Electronic Submission of GPAs from School/District Required for State fund eligibility & awarding Important: Check the status of your Cal Grant at March 2, 2014 How does Torrance process Cal Grant GPA Verification Forms?

GPA Verification Process for RUHS Torrance Unified School District Electronically Sends GPAs of all Seniors in District to the State of California for the Cal Grant. √Torrance USD will send data to the state well before March 2 nd so info can be verified. √Questions? Contact your student’s counselor.

College Board CSS Profile - How to Apply College Board CSS PROFILE Application Required by some Private Institutions Check websites of the schools you to which you apply On-line, two step application process March 2, 2014 (or earlier) For fee application (fee waivers available)

How to Apply – Supporting Documentation Submit 2013 Student and Parent Federal Tax Transcripts Some, but not all, schools require Parent and Student Federal Tax Transcripts (if no tax return filed, may be required to submit a “non-filing statement”) If selected for Verification by the Department of Education you will be required to submit Federal Tax Transcripts File Tax Returns Early if possible!

The Financial Aid Formula Cost of Attendance MINUS Expected Family Contribution (EFC) EQUALS Family Financial Aid Eligibility

Cost of Attendance Direct Expenses (billed directly by school) Tuition and Fees (variable by courses/major) Room & Board (varies by housing options) Indirect Expenses (not billed by school) Books Transportation Personal Expenses This is the most difficult component for families to manage.

The Expected Family Contribution (EFC) The Expected Family Contribution (EFC) is what the family is expected to pay according to the Federal Government and the information reported on the FAFSA. The Federal Government offers limited resources, so the entire need is not always met. Often the families do have to pay more than the estimated EFC. Institution will calculate their own EFC for allocating their own limited resources by collecting CSS Profile application information.

How the EFC is Calculated Federal EFC Formula – Considers Information provided on FAFSA Income & Assets (does not include home equity) Both Parent & Student Family Members & Number in College Allowances in methodologies Special Circumstances When and how you report? Any additional information the family believes to be important that is not reflected on the FAFSA

The Formula with Numbers! Example #1 Private Institution Cost of Attendance$50,000 MINUS Expected Family Contribution$15,000 = Financial Need $35,000 Example #2 State Institution Cost of Attendance$15,000 MINUS Expected Family Contribution$15,000 = Financial Need $0

The Formula with Numbers! SchoolLMUUCLAL. B StateECC *Est. Cost/yr.$50,000$30,000$20,000$10,000 **Est. Family Contribution/yr. $10,000 ***Amount of “Need” for Fin. Aid $40,000$20,000$10,0000 *Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/or tuition. Information based on estimates provided by State information and rounded up or down. **Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE. Amount used above is for demonstration purposes only. *** “Need” is the difference between the two numbers. The financial package would include one or more of these items: Grants, Scholarships, Loans, Work/Study Program.

Packaging Financial Aid Awards Cost of Attendance $50,000 Expected Family Contribution$15,000 Financial Need $35,000 Financial Aid Package Stafford Loan $ 3,500 Perkins Loan $ 2,000 Work Study $ 3,000 Institutional Grant $26,500 Total Awarded $35,000 Unmet Need $0

The Expectations & Realities of the Awards Compare Awards from each institution! Not all awards are the same! Is the Cost of Attendance realistic? In State & Out of State Discretionary Expenses The Student Contribution ( savings, summer employment) The Parent Contribution ( PLUS LOANS ) The nuances of award funds Work, Loan, Unmet Need

Federal Net Price Calculator Net Price Calculator available on every college & university website –To increase transparency of awards early in cycle –Do not let results deter you from applying and completing admission and aid processes –Assist in planning

Award Notification Award Notification & Understanding your Award Letter Estimated Final Award Guide Accepting, Declining & Adjusting Awards On-line processes Student Rights & Responsibilities Appeals

Disbursing Awards Full Time Enrollment Accepting, Declining & Adjusting Awards Entrance Counseling Requirements for Loan Programs Completing Promissory Notes Finding Employment/Completing Time Sheets Satisfactory Academic Progress

Tips Put all deadlines on the calendar!!! File taxes early Start a financial aid file Make copies of all documents submitted for all four years Apply for a FAFSA PIN Apply Each and Every Year

Tips Send documents electronically if you can, PDF – gives you “electronic record of submission” Research outside agencies for scholarships Check with each school you are applying to in order to find out what information they require and what their deadlines are Review Websites Use on-line “web services tool” provided by the school

Scholarship & Application Services Be Cautious Limit Dependency Do your Homework Manage Expectations Consultants Scholarships Refer to institutional resources on the web

Thank you! Thank you for being here tonight! You are well on your way to successful financial planning and application cycle! ANY QUESTIONS?