WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID

What is financial aid? Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need? Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances

WHAT IS THE COST OF ATTENDANCE (COA)? Cost of Attendance (COA) VARIES from college to college COA can be found at every school’s web site. You may also go to:

WHAT IS THE EXPECTED FAMILIY CONTRIBUTION (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components –Parent contribution –Student contribution Calculated using data from a federal application form and a federal formula

MAIN DETERMINANTS OF THE EFC  Income  Assets  Family size  Number in College  Age of the older parent Adjustments to EFC may be made by Financial Aid Office due to Verification and/or Special Circumstances that limit ability to pay

FINANCIAL NEED is Determined by the Cost of Attendance minus the Expected Family Contribution. Cost of Education Expected Family Contribution (EFC) Financial Need Tuition & Fees Books & Supplies Room & Board Transportation Personal/Misc. Expenses Loan Fees EFC determines eligibility for need- based aid EFC is not an amount the student or parent/s must pay Financial Need is the difference between the COA and the EFC. Need will be different at each school.

TYPES OF FINANCIAL AID Need-Based Gift Aid Grants Scholarships (performance-based) Self-Help Aid Loans (need and non- need based) Student Employment

SCHOLARSHIPS Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic

GRANTS Money that does not have to be paid back Usually awarded on the basis of financial need

LOANS Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future

EMPLOYMENT – WORK STUDY Allows student to earn money to help pay educational costs –A paycheck –Non-monetary compensation, such as room and board

SOURCES OF FINANCIAL AID Federal government States Private sources Civic organizations and churches Employers

FEDERAL GOVERNMENT Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply every year using the Free Application for Federal Student Aid (FAFSA)

CALIFORNIA STATE PROGRAM California Student Aid Commission (CSAC) administers Cal Grant program. Web site Student must:  Be a California resident attending a California college  Apply by the March 2nd deadline (FAFSA and verified GPA)  Have financial need  Meet income and GPA requirements for at least one program CSAC uses information from the FAFSA Deadline is March 2 nd

HOW DO I APPLY ? The FAFSA is a standard form that collects demographic and financial information about the student and family FAFSA website –Available in English and Spanish Complete FAFSA Each Academic Year! FAFSA Free Application for Federal Student Assistance

FAFSA ON THE WEB Web site: **DO NOT USE ANY OTHER WEBSITES ** **AVOID SCAMS (fafsa.com will charge $)** FAFSA on the Web available on January 1, 2012 FAFSA on the Web Worksheet: –Used as “pre-application” worksheet –Questions follow order of FAFSA on the Web

STUDENT FINANCIAL AID PERSONAL IDENTIFICATION NUMBER (PIN) Web site: Student and Parent must sign FAFSA electronically Request PIN before January 1, 2012 PIN remains the same for student and parent all through college years

GETTING READY Before starting the FAFSA, gather  Student driver’s license  Student and Parent: Social Security cards 2011 W-2 Forms and other records of money earned 2011 federal income tax form (even if not completed) Records of 2011 untaxed income Current bank statements Business, and other real estate records Records of stocks, bonds and other investments

If delayed in filing federal tax return, file FAFSA with ‘estimated’ income to avoid missing priority filing date of March 2, 2012 GETTING READY

List up to 10 colleges to receive FAFSA data: Include CA school (CSUSM?) in one of the top 3 spots for Cal Grant! Federal School Code for each college Housing plans for each college

SIGNATURES Required –Student –One parent (dependent students) Format –Electronic using PIN (most frequently used) –Signature page (least frequently used)

FAFSA PROCESSING RESULTS Central Processing System (CPS) notifies student of FAFSA processing results by: Student Aid Report (SAR)

FAFSA PROCESSING RESULTS Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews ISIR –May request additional documentation, such as copies of federal tax returns

STUDENT AID REPORT Review data for accuracy Update estimated information when actual figures are available

MAKING CORRECTIONS If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web ( if student has a PIN; or Submitting documentation to college’s financial aid office

SPECIAL CIRCUMSTANCES Cannot report on FAFSA Send explanation to financial aid office at each college College will review special circumstances –Request additional documentation –Decisions are final and cannot be appealed to U.S. Department of Education

FAFSA4CASTER Early estimate of eligibility for financial aid Student Aid on the Web

Scholarship Assistance – in Library After School, Mon.-Fri. –Assistance for the FAFSA will be available all of January and February General College Application Workshop –Thursday, Nov. 17 th, 2011; Career Center; 3pm-4pm Community College Workshop –Wednesday, Nov. 30 th, 2011; Career Center; 3pm-4pm Financial Aid Evening –Wednesday, Dec. 7 th, 2011; Library; 6pm-7pm »Parents encouraged to come! Palomar College GEAR UP & College and Career Center

Remember November 30 th is the deadline for CSU/UC Applications!

FAFSA Workshop Cal SOAP “Cash for College” Workshop –Free –CSUSM –Saturday, Feb 25 th –9-1pm **More info to follow**

(760) Craven Hall Room 3700 School Code: CSUSM FINANCIAL AID CONTACT INFORMATION

FREE Scholarship Services