1.  Copyright 2008 Financial Aid Overview 2009-2010 Presented by The East Bay Cash for College Coalition Presenter: …….. Presentation available for download at: www.eastbayconsortium.org

2.  Copyright 2008 2 Cash for College $1,000 Scholarship Evaluation Complete and turn in the Student Evaluation BEFORE you leave! Location and Date Write Clearly! Scholarship Rules on pg 2 Must submit your FAFSA and Cal Grant GPA by March 2nd Winner will be chosen after March 2nd and announced by your counselor or by a letter mailed to the address provided. Scholarship will be sent to the college.

3.  Copyright 2008 3 Federal government State government Colleges and universities Private agencies, companies, foundations, and your parents’ employers Sources of Financial Aid

4.  Copyright 2008 4 Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest

5.  Copyright 2008 5 How Does Financial Aid Work? Cost of Attendance (COA)  Expected Family Contribution (EFC)  Financial NEED (Financial Aid Eligibility) Colleges determine and offer their students financial aid based on the following equation. Also known as “Need Analysis.”

6.  Copyright 2008 6 What is the Expected Family Contribution (EFC)? A number produced by the FAFSA used by colleges to calculate the amount that your family (student and parent/s) will be expected to pay for college from income and assets over time. - recalculated each time you submit a FAFSA (once per year)

7.  Copyright 2008 7 What is the Cost of Attendance (COA)? u Tuition and/or fees u Room and board u Books and supplies u Transportation u Misc. personal expenses Cost of Attendance includes most everything related to college expenses for one academic year. Also known as the “Student Budget.”

8.  Copyright 2008 8 Financial Aid Eligibility - Varies Based on Cost (COA) Private 4-year COA $50,000 - EFC 2,000 = Need $48,000 Public 4-year COA $25,000 - EFC 2,000 = Need $23,000 Public 2-year COA$12,000 - EFC 2,000 = Need $10,000

9.  Copyright 2008 9 Financial Aid Award Letter All Financial Aid Award letters include the following: Cost of Attendance (or Student Budget) Expected Family Contribution Aid Offered - grants - work-study - loans - scholarships

10.  Copyright 2008 Types of Applications FAFSA Cal Grant GPA Verification Form Check college websites for additional forms such as: –CSS Financial Aid Profile –Scholarships Applications –CCC Board of Governor’s Fee Waiver May need to provide a copy of your family’s 2008 Federal tax returns GPA Form

11.  Copyright 2008 CSS/Financial Aid PROFILE www.collegeboard.com/profile –2 step process: »$9 online registration »$16 per school »fee waiver built into website NOT used for awarding federal financial aid NOT all schools require »mostly private schools Filed earlier than the FAFSA

12.  Copyright 2008 12 2009-2010 Cal Grant Application Requirements Check with your high school or college counselor for more details on how to file your Verified GPA for Cal Grant consideration. www.calgrants.org By March 2, 2009, complete and submit: Free Application for Federal Student Aid (FAFSA) Cal Grant GPA Verification Form OR Release Form

13.  Copyright 2008 13 Cal Grants Cal Grant A Entitlement Awards – up to $7,126 at a U.C., $3,048 at a CSU, and $9,708 at an independent or private college. If attending a Community College, award will be held in reserve for up to 3 years until you transfer to a four-year college. Cal Grant B Entitlement Awards – additional living allowance of $1,551 and up to the same award amounts of Cal Grant A for the second year. Cal Grant C Awards – for students from low income families pursuing vocational programs of study. Awards up to $576 for books, tools, etc. and up to $2,592 for tuition and fees at a private college.

14.  Copyright 2008 14 Need-Based Federal Grants Pell Grants -$4,731 maximum per year Academic Competitiveness Grants -$750 for the first year -$1,300 for the second year Supplemental Educational Opportunity Grants (SEOG) -$4,000 maximum per year See Fund Your Future Workbook pg 12

15.  Copyright 2008 15 More Need-Based Aid Federal Work-Study Institutional Grants, Scholarships, or Fee Waivers Federal Perkins Loan -5% Interest begins at repayment = 9 mo. after graduation Federal Subsidized Stafford Loan -6.0% Interest begins at repayment = 6 mo. after graduation

16.  Copyright 2008 16 NON-Need-Based Aid Some institutional or private scholarships Federal Unsubsidized Stafford Loan -6.8% interest begins immediately, accruing on the original loan amount unless you pay the interest while in school. -Repayment begins 6 months after graduation. Federal PLUS Loan for Parents -7.9 - 8.5% interest begins immediately, accruing. -Repayment begins after 60 days or can be deferred until the student drops below ½ time.

17.  Copyright 2008 17 California Chafee Grant The California Chafee Grant program provides up to $5,000 annually to current and former foster youth (16-24 yrs old) for college or vocational training at any accredited college in the U.S based on available funding. To learn more about the Chafee Grant, go to: www.chafee.csac.ca.gov To apply, the foster youth must complete: - 2009-2010 FAFSA - California Chafee Grant Program Application

18.  Copyright 2008 18 Special Circumstances Contact the Financial Aid Office if there is: –Loss or reduction in parent or student income or assets –Death or serious illness –Natural disasters affecting parent income or assets –Unusual medical or dental expenses not covered by insurance –Reduction in child support, social security benefits or other untaxed benefit –Financial responsibility for elderly grandparents –Any other unusual circumstances that affect a family’s ability to contribute to higher education See presenter for handout on Special Circumstances documentation

19.  Copyright 2008 19 Citizenship Status u A valid social security # (for the student only) is required on the forms for federal and state financial aid. u You may be eligible for in-state tuition costs at California public colleges or universities. u Check with colleges and universities to see if institutional financial aid is available. u Apply for all private scholarships for which you may be eligible For more information and a list of scholarships, go to: www.latinocollegedollars.org NOTE: if you are undocumented or under-documented

20.  Copyright 2008 20 FAFSA Information & Tips File early, but no later than March 2, 2009 Use estimated 2008 income information if taxes are not complete at time of FAFSA submission Student and at least one parent whose information is reported must complete and sign the FAFSA PINs available in Real Time thru the FAFSA Website: www.fafsa.ed.gov

21.  Copyright 2008 21 Questions and Answers

22.  Copyright 2008 FAFSA on the Web Worksheet Line-by-Line Presentation Presented by the East Bay Cash for College Coalition Presenter: ……..

23.  Copyright 2008 FAFSA on the Web Worksheet Black = questions for student Purple = questions for parent READ all instructions and gather what you need to complete this form!

24.  Copyright 2008 24 Your Social Security Number (Q8) Your last name (Q1) List the student’s name and Social Security number exactly as they appear on the Social Security card. Both will be compared through a database match process. 1 2 3 4 5 6 7 8 9 HERNANDEZ-GARCIA

25.  Copyright 2008 25 a.If U.S. citizen, status will be confirmed by a Social Security match. b.If eligible noncitizen, SSN and ARN will be confirmed by Department of Homeland Security (DHS) match.  Write in your eight- or nine-digit Alien Registration Number (ARN) c.If neither a citizen or eligible noncitizen, you are ineligible for federal/state aid, but might still be eligible for state or institutional funds. Citizenship Status (Q14, Q15) 0 1 2 3 4 5 6 7 8

26.  Copyright 2008 26 Your State of Legal Residence (Q18) Residency relates to your permanent home state if you are DEPENDENT, the state of legal residence is usually the state in which your custodial parent/s live. State of legal residence is also used: to determine eligibility for state grants to determine the allowance for state taxes CA

27.  Copyright 2008 27 Selective Service Registration (Q22) MALE students will be entered into a database for use if there is a draft. There has not been a draft since 1973. If you are not 18 as of the day you submit your FAFSA, you can leave it blank, but remember to select “Register me” on next year’s FAFSA. For more information, go to : www.sss.gov

28.  Copyright 2008 28 Drug Conviction Question (Q23) SKIP! Most high school seniors have NOT received federal student aid yet, so SKIP Q23. If you are convicted of possessing or selling illegal drugs while receiving federal financial aid, you will affect your financial aid eligibility.

29.  Copyright 2008 29 Parents’ Educational Level (Q24-25) Indicate highest level of schooling completed by your biological or adoptive parents (for state award purposes only) Use birth parents or adoptive parents - NOT stepparents or foster parents This definition of “parents” is unique to these two questions

30.  Copyright 2008 Q26, 27, & 28 NOT on Worksheet: Q26 When you begin college in the 2009-2010 school year, what will be your high school completion status? - High School Diploma - General Educational Development (GED) certificate? - Home schooled - None of the above Q27 Will you have your first bachelor’s degree before July 1, 2009? NO Q28 When you begin the 2009-2010 school year, what will be your grade level? High School Seniors should indicate: “Never attended college and 1 st year undergraduate” (Even if you took some college classes in high school) 30

31.  Copyright 2008 31 Indicate the student’s most immediate degree or certificate objective for 2009-2010. Degree Objective & Enrollment (Q29-30) Select “Full-time.” If you drop below full-time, the FA Office will make the change for you.

32.  Copyright 2008 Interest in Work-study and Loans does NOT obligate you to work or borrow, nor will it cause you to lose grants and scholarships. Answering “Neither” may restrict some options for limited loans and work-study funds. 32 Work-study and Loans? (Q31)

33.  Copyright 2008 33 Section 2 Determination of Student Dependency Status You will need proof if you answer YES.

34.  Copyright 2008 Dependency (continued)

35.  Copyright 2008 35 Section 3 – Parental Information See top of Page 4 about who is considered a parent: –Biological or adoptive parent(s) –Stepparent (regardless of any prenuptial agreements) –Use only one parent’s information if divorced or separated DO NOT include information on: - legal guardians - grandparents, or - other relatives See presenter for handout on Special Circumstances documentation

36.  Copyright 2008 36 Your parents’ marital status as of today (Q61) Month and year your parents were married, separated, divorced, or widowed (Q62) M M Y Y Y Y

37.  Copyright 2008 37 Father’s and/or Mother’s SSN, Last Name, and Date of Birth (Q63-70) 2 3 4 5 6 7 8 9 0 JONES 0 5 0 3 1 9 5 9 0 0 0 0 0 0 0 0 0 PARKER 0 7 1 9 1 9 6 0 Information should be listed as they appear on the parent/s’ Social Security Card for a database match If parent does NOT have a SSN, enter 000-00-0000 Do NOT include additional information on parent if single, divorced, separated, or widowed.

38.  Copyright 2008 38 Parents’ State of Legal Residence (Q72-74) Indicate the two-digit state code for your parents’ permanent address. If the answer to the previous question is “no,” enter the month and year residency began for your parent who has been a legal resident of that state the longest. CA M M Y Y Y Y

39.  Copyright 2008 39 Parents’ Tax Return Filing Status for 2008 Q82 NOT in Worksheet: For 2008, have your parents completed their IRS income tax return? - My parents have already completed their return. - My parents will file, but they have not completed their return. - My parents are NOT going to file (skip to Q89) Type of income tax return (Q83-84)

40.  Copyright 2008 40 Parents’ Household 2008 Federal Benefits Indicate if you, your parents, or anyone in your parents’ household received benefits in 2008 from any of the federal programs listed.

41.  Copyright 2008 If a person quits work, generally they are not considered a dislocated worker even if the person is receiving unemployment benefits. If you answer “Yes” The Financial Aid Office will require that you provide proof that your parent is a dislocated worker. 41 Dislocated Worker (Q85)

42.  Copyright 2008 42 Parent 2008 Adjusted Gross Income (Q86) If your parents have not yet filed their 2008 federal tax return information, estimate using 2007 taxes. Remember to go back into your FAFSA to make corrections as soon as 2008 taxes are filed. If the answer is zero or the question does not apply, enter 0. 45, 250

43.  Copyright 2008 43 Money Earned from Work in 2008 (Q89-90) Use W-2 forms and other records to list all income in 2008 earned from work (including income earned from self-employment) 40, 500 13, 200

44.  Copyright 2008 Parents’ Income Tax Paid in 2008 (Q87) What was the amount your parent/s paid in income tax for 2008? - Use U.S. Income tax paid (or to be paid) - NOT the amount withheld from your parents’ paychecks 2, 130 Parents’ 2008 Tax Exemptions (Q88) 5

45.  Copyright 2008 Include in your parents’ household: –yourself –your parent(s) –your parents’ other dependent children, if your parents provide more than half their support or the children could answer “no” to every question in Section 2, regardless of where they live –other people, if they now live with your parents and will continue to do so from 7/1/09 through 6/30/10, and if your parents provide more than half their support now, and will continue to provide support from 7/1/09 through 6/30/10. 45 Parents’ Household Information for 2009-10 6

46.  Copyright 2008 46 Family Members Attending College in 2009-10 NOTE: Some financial aid offices will require proof that other family members are attending college Always include yourself even if you will attend college less than half-time in 2009-2010. Include other household members only if they will attend at least half time in 2009-2010 in a program that leads to a college degree or certificate. Never include your parents. 2

47.  Copyright 2008 47 Parent Assets (Q91) Report the current balance of your parents’ cash, savings, and checking accounts as of the day you complete the FAFSA. 2, 155 TIP: Report available cash (after the bills are paid) NOTE: Some financial aid offices may request supporting documentation for the answers to these questions.

48.  Copyright 2008 48 Parent Assets (Q92) bonds and other securities Coverdell IRAs 529 plans installment and land sale contracts commodities, etc. Net Worth means current value minus debt Investments include: real estate (other than parents’ home) trust funds UGMA and UTMA accounts money market and mutual funds certificates of deposit stocks and stock options 7, 900

49.  Copyright 2008 49 Parent Assets (Q92 continued & Q93) DO NOT include investments like: - the home you live in - the value of life insurance - parent retirement plans (pension funds, annuities, non-education IRAs, Keogh plans, etc), or - the value of a small business with 100 or fewer full-time or full-time equivalent employees Business/Investment Farm includes: – market value of land, buildings, machinery, equipment, and inventory. Debt means only those debts for which the business was used as collateral. 0

50.  Copyright 2008 50 2008 Additional Financial Information These items will be excluded from taxed income reported earlier.

51.  Copyright 2008 51 2008 Untaxed Income These items will be added to your 2008 income.

52.  Copyright 2008 These questions are identical to the parent financial questions we covered in the Section 3 In Section 4 (page 6): – If you worked, report your 2008 income – If you are single, ignore references to “spouse” – Q96-103 are for INDEPENDENT students only 52 Section 4 – Student Finances

53.  Copyright 2008 53 001170 001328 023456 Section 5 – School Information 034567 List up to 10 colleges - that you have applied and/or are planning to apply List at least one California College 1st, 2nd or 3rd, for Cal Grant consideration List those schools with the earliest financial aid deadlines, regardless of whether they are in-state or out-of-state Find school codes at: www.fafsa.ed.govwww.fafsa.ed.gov List a community college for summer 2009!

54.  Copyright 2008 54

55.  Copyright 2008 55 What Happens Next? Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor  Students who complete FAFSA and Cal Grant GPA Verification Form receive California Aid Report (CAR)  Students and families review SAR and CAR for important information and accuracy of data  Colleges match admission records with financial aid applications and determine aid eligibility  Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

56.  Copyright 2008 56 Summary of the Financial Aid Process Submit all required forms, including the FAFSA, by each college’s published deadlines (but no later than March 2) By March 2, submit a Cal Grant GPA Verification Form (or Release Form) Keep a copy of all forms submitted Review the Student Aid Report (SAR) and California Aid Report (CAR) for accuracy Watch for financial aid award notifications from colleges to which the student has been admitted Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible ASK QUESTIONS!

57.  Copyright 2008 57 Questions and Answers