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Financial Aid 101
A Financial Aid Workshop
Financial Aid 101
Financial Aid ProgramsScholarships
FAFSA on the webSAP and Appeal Process
Timeframes and Deadlines
Financial Aid Programs
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 with interest
Primary Sources of Funding
Federal Government
State Government
Colleges & Universities
Private Agencies & Organizations
2010-2011 Need Based Grants
Pell Grant
CalGrant
Academic Competitiveness Grant
Supplemental Educational Opportunity Grant
Pell Grant
Federally funded grant $2,775 maximum per semester (Summer, Fall, and
Spring) Amount based on EFC and enrollment status Fall and Winter is considered as one semester Requirements:
Submit a FAFSA US Citizen or eligible non-citizen High school graduate / GED / ATB test For males, Selective Service registration Must be enrolled in an eligible program
Cal Grant
Cal Grant B - $1,551 High school or college GPA of at least 2.0 Demonstrate financial need through FAFSA File FAFSA by March 2 or September 2 4 years of eligibility – Save last 2 years for transfer
Cal Grant C - $576 Enrolled in a vocational or technical program Demonstrate financial need through FAFSA 2 years of eligibility File FAFSA by March 2 or September 2 Submit Supplemental form to CSAC Provide Educational Plan to the Financial Aid Office
Academic Competitiveness Grant
A $750 grant is available to graduating high school students in their first and second year of college if they:
Completed a rigorous high school course of study, e.g., A-G College Prep or AP classes
Graduated high school in 2006 or later Are eligible for Federal Pell Grant Enrolled at least half time (6 units)
Second-year (completed 31 to 60 units) students who earned a 3.0 GPA in college and continue to meet eligibility requirements may receive up to $1,300
Supplemental Educational Opportunity Grant
$500 year grant
EFC = 0
Priority given to early applicants
Eligibility may differ each academic year
Federal Work Study
Full time enrollment required
Employment on campus MLK Library
Administrative Offices
Academic Departments
Maximum 16 hours a week
Federal Student Loans
Subsidized Stafford Loan The student must demonstrate “need” through FAFSA
$3,500 per year for students with less than 30 degree applicable units
$4,500 per year for students with 30 or more degree applicable units
The government pays the interest (5.6%) while student is enrolled at least half time (6 units)
Federal Student Loans
Unsubsidized Loan Student needs to demonstrate “need” through FAFSA $6,000 per year regardless of the number of units
completed The student is responsible for the interest (6.8%) while
enrolled at least half time (6 units)
Board of Governor’s Fee Waiver
Paper Fee Waiver Form Eligibility based on household size and income level
Automated Fee Waiver (through FAFSA) Eligibility based on need
BOGG waives the tuition fees for students who are determined by the Admissions Office to be California residents.
BOGG applies to the 9 colleges within the Los Angeles Community Colleges District
Chafee Grant
The California Chafee Grant Program provides up to $5,000 annually to current and former foster youth for college or vocational training at any accredited college in the U.S.
Fill out FAFSA and the California Chafee Grant Application online. Be enrolled at least half time (6units) Maintain satisfactory academic progress Demonstrate financial need Must be verified as a foster youth between ages of 16 and 19 High School diploma not required
To learn more about the CHAFEE go to:www.chafee.csac.ca.gov.
Scholarships
Are available from colleges, companies, community-based groups, and other agencies and organizations
Usually require separate applications
May require transcripts, an essay, an interview, or an audition
Beware of scholarship search companies that charge a fee
Check with your high school about scholarship opportunities
Use free scholarship searches
LACC Foundation Scholarships
Foundation and Departmental Scholarships
Applications available starting in February
Most of them need to be submitted by the end of March
Check the LACC Foundation website at
www.laccfoundation.org/scholarships
General Questions: [email protected]
Scholarships Searches
First, begin with the college or university to which you are applying
Next, check with your or your parents’ employer and/or union Call the Chamber of Commerce for scholarships offered by
clubs and organizations in your community Check out scholarship search engines:
www.fastweb.com www.scholarships.com www.finaid.org www.collegeboard.com www.laccfoundation.org/otherscholarships
FAFSA on the Web
Apply online at www.fafsa.gov Tax and income information Parents’ information (if applicable) Student’s PIN (and parents’ if applicable)
Assistance at the FASTLab located in CH126
Financial Aid Process
Three Step Process: Complete FAFSA application online
Submit documents to the Financial Aid Office: Questionnaire/Ed Goal form
Picture ID
Verification Worksheet *
Income Tax Forms and W-2 *
Additional documentation may be required
Select disbursement option through myLACCDcard
Satisfactory Academic Progress (SAP)
To qualify for financial aid, a student must meet the following academic standards:
Cumulative GPA above 2.0 Complete at least 2/3 (67%) of all units attempted Have attempted less than 90 units Do not have an Associate degree or higher outside the
LACCD
Submit an appeal along with an Educational Plan to be considered for reinstatement
Deadlines Fall:
Appeal: December 3, 2010 Loans: December 3, 2010 Financial Aid Documents: December 17, 2010
Winter: Appeal: January 21, 2011
Spring Appeal: May 20, 2011 Loans: May 6, 2011 Financial Aid Documents June 6, 2011
Timeframes
General timeframes Appeals at least 30 business
days 2nd and 3rd level appeals up to 4 weeks Loans at least 30 business days Processing financial aid documents usually 3 to 6 weeks Replacing LACCD card (inactive) 5 to 7 business days
Q&A
