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

7. Types of Financial Aid  Categories Gift Aid (free money) 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 – if you are eligible, funds are available 2011-2012 maximum = $5,550 per year! Need-based 8 Federal Supplemental Educational Opportunity Grant (FSEOG) Limited amounts controlled by college Up to several thousand per year Need-based

9. Types of Financial Aid – Gift Aid (cont.) – State of California Sources Cal Grants A, B and C Student must meet Need & Merit-based Income and asset limits GPA requirement Amount determined by Grant program and school segment Renewal is based on program participation 9

10. 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/Talent/Activity-based Need-based Combination of the above 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 – Self-Help Federal Work Study Limited amounts available – college controlled 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 12

13. Types of Financial Aid – Self-Help (cont.) Loans Federal Perkins Loan School serves as lender William D. Ford Federal Direct Loan Program (DL) Money comes from U.S. Dept. of Education Student & Parent Loans available Private Loans (also known as ‘alternative’ loans) Money comes from lending institutions 13

14. 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 14

15. Application Process  Applying for Aid When applying for admission to an institution, a student should also ask the following regarding financial aid & scholarship applications: 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? 15

16. F ree A pplication for F ederal S tudent A id Apply for FEDERAL, California STATE, & INSTITUTIONAL financial aid funds. 16

17. FAFSA on the Web’s Homepage 17

18. Application Process - FAFSA 18

19. 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 19 https://profileonline.collegeboard.com

20. 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 Public Colleges don’t use it) 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 Public Colleges don’t use it) Assistance is available E-mail: help@cssprofile.orghelp@cssprofile.org https://www.profileonline.collegeboard.com/ 20

21. 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 21

22. Calculating Financial Aid Eligibility  Basic Equation of Need (Eligibility) Cost of Attendance (COA)  Expected Family Contribution (EFC)  Eligibility for Need-based Aid 22

23. 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 23

24. 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 24

25. 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 25

26. 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 26

27. 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 27

28. 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 28

29. 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 29

30. 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 30

31. 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) 31

32. Resources www.icanaffordcollege.com www.studentaid.ed.gov www.federalstudentaid.gov www.csac.ca.gov www.calgrants.org www.collegeboard.com www.going2college.org 32

33. 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 33

34. 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 34

35. 35 Don’t Self-Deny, Apply!

36. Questions? 36