Investing in Your Future

Workshop Agenda

• The Financial Aid Equation• The Basic Formula

• Types of Financial Aid• Scholarships, Grants, Work-Study & Loans

• How to Apply for Financial Aid

• Free Scholarship Searches

What Financial Aid Offers

• Access to funds to help pay for• 4 year public and independent colleges• Community colleges• Private career colleges

• Choice among schools• Choose the best academic, cultural, and social fit rather than the

least expensive program

What are the Basic Concepts

• Cost of Attendance

• Expected Family Contribution

• Financial Need

Cost of AttendanceTuition & Fees

Books & Supplies

Room & Board

Personal Expenses

Transportation

Expected Family Contribution

The Expected Family Contribution (EFC) is the amount a family (parents and student) is expected to pay from

income and assets over time.

* Financial Need equals Financial Aid Eligibility.

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

= Determined Financial Need*

What is Financial Aid

•Federal Government

•State Government

•Colleges & Universities

•Private Agencies & Organizations

Sources of Financial Aid

Merit Based Aid• Scholarships – money awarded based upon merit and/or

special talent that the student does not need to repay.

Need Based Aid• Grants – money awarded based upon need that the

student does not need to repay.• Loans – money borrowed by the student to be repaid with

interest after graduation.• Work Study – money earned by the student as payment

for an on-campus job.

Types of Aid

• The EFC will be divided among the children enrolled in school.

• Where the sibling(s) is/are enrolled will be taken into consideration.

• Parents enrolled in college or siblings in graduate school are not considered in the analysis.

How Number in College Affects Your Family’s Contribution

• FAFSA (Free Application for Federal Student Aid)www.fafsa.gov

• CSS Financial Aid PROFILE

www.collegeboard.org

• Other Required Items• Parent and student IRS Federal Tax Returns (including

schedules and W-2 forms) and/or income documentation

How Students Apply

February 10th • College Scholarship Service

(CSS) Profile• Free Application for Federal

Student Aid (FAFSA)

Provide Additional Documents or Information when Requested

• 2013 Federal Income Tax Return Information

• CSS Noncustodial Parent Profile

Applying for USC Financial Aid

The Higher Education Opportunity Act (HEOA) of 2008 requires each institution that participates in Title IV federal student aid

programs to post a net price calculator on its website using institutional data to provide estimated price information to current and prospective undergraduate students and their

families based on a student’s individual circumstances. The net price calculator is required for all Title IV institutions that enroll full-time, first-time degree- or certificate-seeking undergraduate

students.

Net Price Calculator

• Contact the Financial Aid Office immediately if there is a: • Loss of a job• Decrease in salary• Death or serious illness in family• Change in your housing plans for the school year• Any other circumstances that reduce the family’s

ability to pay for education expenses.

Special Circumstances

• By March 3rd, complete and submit• the FAFSA• The Cal Grant GPA Verification Form, check

with your school for more details.

Cal Grant Programs

• Cal Grant A assists with tuition and fees at public and independent colleges.

• Cal Grant B provides a living allowance and tuition and fee assistance for low-income students.

• Cal Grant C awards assist with tuition and training costs for occupational, technical, and vocational programs.

Cal Grant Programs

• The California Community College Board of Governors’ Enrollment Fee Waiver (BOGW) waives the California Community College’s enrollment fee for California residents:• Who are eligible for need – based financial aid, or• Who receive CalWORKs/TANF, SSI, or General Assistance

payments, or• Whose family income falls below published income ceilings

• Learn more about the BOGW at

www.icanaffordcollege.com

Community College

• 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.

• To be eligible, the foster youth must have been in California foster care between ages 16-18 and not yet 22 years old.

www.chafee.csac.ca.gov

California Chafee Grant for Foster Youth

• Available from colleges, companies, community-based groups and other organizations

• Usually require separate applications• May require transcript, essay, interview, or audition• Beware of scholarship search companies that

charge a fee• Check with your high school about scholarship

opportunities• Use free scholarship searches

Scholarships

www.fastweb.comwww.finaid.org

www.collegeboard.comwww.scholarships.com

These sites also contain helpful

financial aid information

Free Scholarship Searches

• Funded by the Bill and Melinda Gates Foundation

• Renewable for all undergraduate study

• Application and more information available at

www.gmsp.org

Gates Millennium Scholarship

Beware false claims!– “Thousands of dollars in scholarships go

unclaimed each year”– “Guaranteed or your money back!”– “Give me your credit card or bank account

number to hold this scholarship”– “The scholarship will cost some money”– “You’ve been selected. . .”– “You’re a finalist in a contest” (that you never

entered)

Don’t Be Fooled!

• Make a list of colleges that have programs that interest you

• Consult with your school counselor• If possible, don’t make a final decision about which

school you will attend until you have visited the colleges

• Consider all factors – not just cost – when making the final decision

Before you Decide

Questions

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