1. PAYING FOR COLLEGE Financial Aid: What it is and how to get it!
September 20, 2017 | Presented by:
Monica L. Roberts, Director

2. What is “financial aid”?
A way to pay for a college education
Government (federal & state) support for college attendance
Institutional (college) support for college attendance
Private (business, community, etc.) support for college attendance

3. Types of financial aid Grants – “free money” (federal, state, more)
Loans – subsidized, unsubsidized, parent
Work-Study – student works (self-help)
Scholarships – private, institutional
Special Programs (fee waivers, EOP, etc.)

4. A B C Cal Grants 4-year college 3.0 GPA, low to middle income
Type
Where can you use it?
Requirements
What does it pay for?
Cal Grant A
4-year college
3.0 GPA, low to middle income
CSU fees…$5,742
UC fees…$12,630
Up to $9,084 for private colleges. B
CCC or 4-year college
2.0 GPA, low income
$1,672 for the 1st year
$1,672 + fees for 2nd, 3rd, and 4th years C
CCC or vocational school
No required GPA
$1,094 at a CCC
Up to $2,462 at for-profit trade schools
Source: California Student Aid Commission,

5. Federal Grants Grant Awards up to … Pell Grant $5,920
FSEOG (Federal Supplemental Educational Opportunity Grant)
$4,000
TEACH
$3,724
(this year)
Federal grants can be used at any accredited institution in the country!

6. Loans Student Loans Subsidized…government pays the interest!
Unsubsidized…you pay the interest!
Parent Loans
PLUS

7. Student loans have generally low interest rates!
Types of Loans
Amount (for most students)
Interest rate
Federal Perkins Loan
Up to $5,500/yr 5%
Federal Direct Subsidized Loan
Year 1: Up to $5,500
Year 2: up to $6,500
Year 3-4: Up to $7,500
4.45%
Federal Direct Unsubsidized Loan
PLUS Loan
Up to the total cost of attendance
6.84%
Student loans have generally low interest rates!

8. Work Study Student, part-time employment program
Part of a student’s financial aid award package
On or off campus

9. It starts with the… Free Application for Federal Student Aid (FAFSA)
Apply between October 1st and March 2nd of the senior year.
Renew every year at the same time!

10. The ‘FAFSA’ www.fafsa.gov
This is the student’s application and responsibility!
Parent information is usually required.

11. https://fsaid.ed.gov What do to first (for seniors!)
Get your Federal Student Aid ID before October 1st
FSA ID acts as an online signature and access code
The Student and one parent needs an FSA ID

12. https://dream.csac.ca.gov/
Students without a Social Security number may be able to apply with the …
Dream Act Application
(With a DACA-issued SSN, you’ll do the Dream Act app!)

13. The financial aid process
The FAFSA and Dream Act applications help determine ability to pay for college
They calculate a student’s “expected family contribution” or EFC.
The EFC is the amount of money the government calculates that a family can reasonably contribute toward a student’s education for the school year.

14. The financial aid process
Students apply
Application parts
Provide financial information to the government.
caldreamact.org
Student Info
Dependency
Parent Info - $$
Student Info - $$
Student Info - Colleges

15. The financial aid process
The government calculates the “expected family contribution” (EFC)
The government provides your EFC to colleges
Colleges verify the student’s information and determine the financial aid package

16. Financial aid award notice
Students receive award notice in the spring
You may be offered a combination of awards
You have the final say in accepting or declining awards (including loans)

17. A simple formula!

18. American River College
Basic FA math – local examples
American River College
Sacramento State**
UC Davis**
Stanford
University**
COA*
$12,284
$24,904
$34,323
$66,696
- EFC
-$1,000
$1,000
Financial Need
$11,284
$23,904
$33,323
$65,696
Notice… EFC does not change!
* Annual Cost of Attendance is an estimate.
** Based on living on-campus.

19. COA - EFC= Financial Need
Sample FA package
COA - EFC= Financial Need
For a student attending a four-year university and planning to live on campus:
COA: $24,000
EFC: $4,000
Need: $20,000
Cal Grant A: $5, yes/no
Federal Pell Grant: $5, yes/no
Subsidized Loan $3,500 yes/no?
Unsubsidized Loan $2,400 yes/no?
Work-Study: $3, yes/no?
Complete financial aid package$20,000
Students may choose to take only a portion of the loan/s offered. }

20. Where to get more information!
Available online at:
fundyourfuture.org

21. Where to get help! www.cash4college.org Cash for College workshops
October, 2017 – February, 2018
For students and parents
One-on-one assistance

22. Questions?

23. Thank you! Sacramento Cal-SOAP Consortium Monica L. Roberts, Director