1. Presented by Rita Grogan Director, Student Enrollment & Financial Services Mission College 1

2. What we should have done! $50 per month to each child’s college savings account AT BIRTH! In some cases, we should have started before birth! 2

3. Don’t “should” on yourself! Life happens and we don’t always get to what we “should” have done or hoped to do! Commitment to high-quality educational choices at the K-12 level are made that impact our ability to save! Time “slips” by faster than we thought it could! (It happens to those of us who are financial aid professionals, too!) 3

4. What now? Maybe I didn’t plan enough – what can my child look forward to now for college costs payment options? What can I afford? 4

5. It’s NOT too Late! There is money out there! There is a way to “catch” up! Options are still available to you! 5

6.  Types of Financial Aid Sources Federal government State agency/government Colleges and universities Private agencies, companies, foundations and parents’ employers 6

7. Types of Financial Aid  Categories Gift Aid Grants Scholarships Self-help Aid Work-study Loans COLLEGE Financial Aid is any money given, paid or loaned to help pay for education. 7

8. Types of Financial Aid – Gift Aid Federal Pell Grant Entitlement First source of aid Undergraduate students only Amount based on Cost of Attendance (COA) Expected Family Contribution (EFC) Enrollment status 2013-2014 maximum = $5,645 per year! 8

9. Types of Financial Aid – Gift Aid (cont.) Federal Supplemental Educational Opportunity Grant (FSEOG) Campus-based aid Undergraduates only Priority to students with exceptional need Pell Grant recipients Amounts range from $100 to $4,000 Funding levels vary at each institution Need-based 9

10. Types of Financial Aid – Gift Aid (cont.) – State of California Sources Cal Grants A, B and C Student must meet All federal and state eligibility criteria Income and asset limits GPA requirement Amount determined by Grant program and school segment Renewal is based on program participation 10

11. Types of Financial Aid – Gift Aid (cont.) – Institutional Sources Community College - Board of Governor’s Fee Waiver (BOG) Waives enrollment fees, FAFSA may be required www.icanaffordcollege.com CSU State University Grant (SUG) Amounts vary, FAFSA is required www.calstate.edu or csumentor.edu UC Grant Amounts and application process vary www.universityofcalifornia.edu Independent College Grants Amounts and application process vary www.aiccu.edu or www.aiccumentor.org 11

12. Types of Financial Aid – Gift Aid (cont.) Institutional and Private Grants & Scholarships Provider decides on Awarding criteria Application deadline Forms or applications Awards may be Merit-based Need-based Combination of the two 12

13. Types of Financial Aid – Self-Help Federal Work Study Campus-based aid Must be earned through work Job may be on or off campus Undergraduate and graduate students No annual maximum Funding levels vary at each institution Need-based 13

14. Types of Financial Aid – Self-Help (cont.) Loans Federal Perkins Loan School serves as lender, $5,500 annual limit, 5% interest William D. Ford Federal Direct Loan Program (DL) Money comes from U.S. Dept. of Education Several Types with different maximum amounts Private Loans (also known as ‘alternative’ loans) Money comes from lending institutions 14

15. Types of Financial Aid – Self-Help (cont.) Direct Loan (DL) Program Includes: Subsidized Stafford Loan ( Need-based ) Unsubsidized Stafford Loan ( Not Need-based ) PLUS Loan ( Parent Loan for Undergraduate Student )  Annual and aggregate loan limits apply  6-month grace period 15

16. Application Process  Applying for Aid When applying to an institution, a student should ask the following What forms does the institution require? In addition to the FAFSA, does the school require the completion of an institutional form? For example, CSS Profile? What are the filing deadlines for each form? What type of deadline? 16

17. F ree A pplication for F ederal S tudent A id Apply for FEDERAL, California STATE, & INSTITUTIONAL financial aid funds. 17

18. FAFSA on the Web’s Homepage 18

19. Application Process - FAFSA 19

20. Application Process  CSS Financial Aid PROFILE Registration Guide No paper registration form 2 step process $25 initial application & one college report $16/add’l college 20 https://profileonline.collegeboard.com

21. Application Process  CSS Financial Aid PROFILE (cont.) Not used for awarding federal financial aid May be filed earlier than the FAFSA – typically October of the Senior year Not all schools require (California Colleges don’t use) Assistance is available E-mail: help@cssprofile.orghelp@cssprofile.org https://www.profileonline.collegeboard.com/ Not used for awarding federal financial aid May be filed earlier than the FAFSA – typically October of the Senior year Not all schools require (California Colleges don’t use) Assistance is available E-mail: help@cssprofile.orghelp@cssprofile.org https://www.profileonline.collegeboard.com/ 21

22. Timeline of Financial Aid  Application Forms CSS/ Financial Aid Profile – As early as October 1 st of the senior year Free Application for Federal Student Aid... FAFSA on the Web (FOTW) – Beginning January 1 st of the senior year Cal Grant GPA Verification Form – By March 2 nd of the senior year 22

23. Calculating Financial Aid Eligibility  Basic Equation of Need (Eligibility) Cost of Attendance (COA)  Expected Family Contribution (EFC)  Eligibility for Need-based Aid 23

24. Calculating Financial Aid Eligibility  Cost of Attendance Standard Allowable Costs: Tuition and fees Room and board Books and supplies Transportation Misc. personal expenses Additional Allowable Costs: Dependent care Study-abroad Disability-related Employment expenses for coop study Student loan fees 24

25. Cost of Attendance – Examples Community College California State University University of California Private (SCU,USC) With Parents$ 11,958$ 15,512$ 19,566$ 46,107 Off-Campus$ 18,330$ 22,886$ 24,891$ 52,554 On-Campusn/a at most CCs $ 21,336$ 27,507$ 52,128 25

26. Calculating Financial Aid Eligibility  Expected Family Contribution (EFC) Need analysis is the formula used in determining a family’s EFC EFC is the measure of a family’s financial strength Financial Aid Administrators use the EFC to determine the student’s overall need for financial aid 26

27. What Factors Drive EFC? In the calculation of Expected Family Contribution generated from the FAFSA*: Number in household size Adjusted gross income Number of dependents in college Age of the older parent Assets other than the family home *CSS Profile schools will use home equity and perhaps info on the non-custodial parent’s income in determining EFC 27

28. Calculating Financial Aid Eligibility  Expected Family Contribution (EFC) Federal EFC will be same at all schools Federal financial aid eligibility varies based on institution’s Cost Of Attendance Some schools may use institutional methodology (ex, Profile calculations) to award their own institutional funds 28

29. Your Eligibility at Our Sample Schools Assuming An OFF- Campus Cost of Education (COE) Community College California State University University of California Private (SCU,USC) Budget (COE) $ 18,330$ 22,886$ 24,891$ 52,554 FAFSA Expected Family Contribution (EFC) $ 2,000 Your Federal Need or Eligibility $ 16,330$ 20,886$ 22,891$ 50,554 29

30. Awarding & Packaging Federal awarding guidelines Pell Grant is awarded first External Scholarships or Grants Campus-based aid awarded in any order school chooses Subsidized Stafford loan eligibility is calculated before unsubsidized Institutions have different awarding policies 30

31. Your Award Package at our Sample Schools Assuming An OFF- Campus Cost of Education (COE) Community College California State University University of California Private (SCU,USC) Your Need or Eligibility $ 16,330$ 20,886$ 22,891$ 50,554 Pell SEOG (if available) Cal Grant ACG Chaffee $ 2,500 $ 1,000 $ 1,551 $ 2,500 $ 1,000 $ Fees $ 2,500 $ 1,000 $ Fees $ 2,500 $ 1,000 $ up to $9700 Federal Work Study (if available) $ 2,000 Loans Inst. Aid Not Recommended $ Fees $ Maximum to meet need $ Varies $ Maximum to meet need $ Varies $ Maximum to meet need $ Varies 31

32. Special Circumstances Adjustments may be made to information on a case-by-case basis Special circumstances may include Dependency status (from dependent to independent) Income and assets – changes beyond your control Child support Number in household or college Private elementary/secondary tuition Medical or dental expenses (not covered by insurance) 32

33. Resources www.icanaffordcollege.com www.studentaid.ed.gov www.federalstudentaid.gov www.csac.ca.gov www.calgrants.org www.collegeboard.com www.going2college.org 33

34. EFC Calculators www.finaid.org Click on Calculators Click on Expected Family Contribution and Financial Aid Calculator www.fafsa4caster.ed.gov Will need a to create a password www.Collegeboard.com Under “For Parents”, click on Pay for College Click on Financial Aid Easy Planner Estimate your Share 34

35. Timeline of Financial Aid  Application Forms CSS/ Financial Aid Profile – As early as October 1 st of the senior year Free Application for Federal Student Aid... FAFSA on the Web (FOTW) – Beginning January 1 st of the senior year Cal Grant GPA Verification Form – By March 2 nd of the senior year 35

36. 36 Don’t Self-Deny, Apply!

37. Questions? 37 Contact Information: Rita.Grogan@MissionCollege.edu (408) 855-5072