1. Torrance Unified School District 2013-2014 Financial Aid Workshop
Presented by:
Catherine Graham
Director of Financial Aid
Loyola Marymount University
January 9, 2013

2. 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
Tips

3. Allocation of finite resources
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

4. The Financial Aid Office’s Role…
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

5. 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
Senioritis is DEADLY!!
All acceptances provisional dependent upon final semester grades. College have the right to rescind any acceptance to a student who has not continued to perform in his Senior year. Expect the same caliber of student as the one that they accepted. 2 C’s or a D will cancel acceptance at top schools.
Weak Senior schedule – takes you out of the running for most competitive schools – need 5-6 academic classes. Fewer than 4 academic classes will also weaken your application e.g. students who had 3.6, 1800 SAT scores – denied Santa Barbara. Schedule had English, Econ & Gov., Appreciating the arts, ASB, TA and free period. Denied.
If school accepts you because you have reported that you are enrolled in English AP, Econ/Gov AP and then drop to College prep without informing your schools. – commit fraud! MUST inform schools, and if you don’t, could risk having acceptance rescinded once your corrected transcript is recieved

6. Need-Based Funding (must complete FAFSA)
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?

7. Non-Need Based Funding
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

8. Four Primary Sources of Aid
Federal Programs (FAFSA Application)
Pell Grant ($400-$5550)
Supplemental Grants: SEOG ($400-$4000)
Stafford Loans ($3500, $4500, $5500)
Subsidized vs. Unsubsidized
Perkins Loan ($ $4000)
Work Study (amounts vary)
California Grant Programs
Cal Grant
Amounts vary by school segment
TUSD sent grades to state electronically for all schools

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

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

11. 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, 2013 National College Decision Date

12. Community College Pathway to a 4 year university
No SAT/ACT required
Placement Tests
Maybe eligible for Board of Governors’ Grant (BOG)
Priority transfer to UC’s and CSU’s
Honors Transfer Program
Transfer Admission Guarantee (UC’s)
MAKE A PLAN!!
To apply to Community College you need only be 18 years of age or a High School graduate
Not SAT/ACT tests are required for admission. Your grades in Community College are solely used for transfer to a four year school.
Students should apply early on-line in the Spring—even as early as February. They will take English and Math placement tests at their school site which will guarantee correct placement in their English and Math classes. It in no way impacts their acceptance.
Students who complete two years at community college have PRIORITY transfer to UC’s and CSU’s over students who are transferring from a four-year school. They are placed FIRST, and then all others.
Students who have first priority are those who have completed the Honors Transfer Program. Students must have a 3.0 average upon admission (or within the first semester), take one Honors course a semester and maintain a prescribed GPA---and they will have first priority for transfer. Usually these students will choose the most competitive of the UC’s e.g. Berkeley and UCLA.
Transfer Admission Guarantee – offered by every UC except UCLA and UCB. Student signs contract with UC of their choice. If they complete the courses required with a specific GPA, they are guaranteed admission to that UC after two years.
Only 9% of community college students transfer to a 4 year school. Those who do have a plan.
Applications can begin in January-February. Priority registration to those who apply early. Longer you wait—fewer classes will be available.

13. Admission @ 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 (7th semester grades-Counselor)
Transcript ($2/school)
Range of schools from !
Arizona Schools and Oregon schools – 3.0
Pace in New York (15 blocks south of NYU) – 2.6
With Financial Aid – many more economical than a state school

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

15. SAT & ACT Testing - additional opportunities
In your senior year, you can continue to test
SAT TESTING
January 6, (register by Dec 28)
ACT TESTING
UC/CSU
Test deadline is December of senior year
ED/EA – decisions will be made before they can receive test results from the November sitting
November – SLO and San Diego State – do not require Subject tests which leaves
December – Subject Tests – coming near the end of the semester. Optimal time to take if student chooses.
Even though UC and CSU have a November 30 deadline for APPLICATIONS—it is important to remember that they will accept scores through December

16. Back to Financial Aid; How to Apply…
Free Application for Federal Student Aid (FAFSA)
Required for Federal and State fund eligibility
January 1, 2013 – March 2, 2013
FAFSA4caster
PIN Number required for E-Signature
Worksheet & Supporting Documentation
Each school has their own deadlines!
March 2, 2013
Estimate Information

17. 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)

18. FAFSA on the Web (FOTW)

19. Cal Grant Program - How to Apply
Cal Grant G.P.A. Verification Form
Required for State fund eligibility & awarding
Check the status of your Cal Grant at
March 2, 2013
Torrance Unified submitted GPAs for all of the high schools through IT Dept.

20. GPA Verification Process for TUSD
With the Dream Act, Soc. Sec. # is not needed
The district’s I.T. Dept. has sent GPAs for all seniors to the state.
Seniors can log on to to check that their GPA has been received.
Seniors should verify their information is correct.
(birthday, address, phone number, etc.)
Questions? Contact your student’s counselor.

21. 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, 2013 (or earlier)
For fee application (fee waivers available)

22. How to Apply – Supporting Documentation
Submit 2012 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!

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

24. This is the most difficult component for families to manage.
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.

25. 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.

26. 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

27. 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
= Financial Need $0

28. The Formula with Numbers!
School
LMU
UCLA
L. B State
ECC
*Est. Cost/yr.
$50,000
$30,000
$20,000
$10,000
**Est. Family Contribution/yr.
***Amount of “Need” for Fin. Aid
$40,000
*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. 

29. 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

30. 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

31. 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

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

33. 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

34. 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

35. 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

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

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