2015-2016 Financing Education Beyond High School Mt. San Jacinto College Financial Aid Office

2015-2016
Financing Education Beyond High School
Mt. San Jacinto College Financial Aid Office
2015-2016
Mt. San Jacinto College
Financial Aid Office
What is financial aid?
Cost of attendance (COA)
Expected Family Contribution (EFC)
What is financial need
Categories, types, and sources of
financial aid
 Free Application for Federal Student Aid
(FAFSA)
 Special circumstances
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 Funds provided to student and families to
help pay for postsecondary educational
expenses
 Financial Aid Philosophy:
Students AND their parents have the primary
responsibility to pay for postsecondary education
expenses
Note: even if the student has left the household
 DIRECT COSTS
 INDIRECT COSTS
 Tuition and fees
 Loan Fees
 Room and Board
 Study abroad costs
 Books, transportation
 Dependent care
expenses
 Personal expenses
 Personal computer
 Disability-related
expenses
 Direct and indirect costs combined into Cost of Attendance
 Varies widely from college to college
 EFC is the amount a family can
reasonably be expected to
contribute
 Stays the same regardless of
college
 Two components
• Parent contribution
• Student contribution
 Calculated using data from a
federal application form and a
federal formula
What determines Financial Need?
Cost of Attendance (COA)
– Expected Family Contribution( EFC)
= Financial Need
• Self-Help Aid
• Gift Aid
 Employment
 Grants
 Need-based
 Scholarships
 Non-need
 Need-based
based
Merit-based
 Largest source of financial aid
 Aid awarded primarily on the basis of
financial need
 Must apply every year using the Free
Application for Federal Student Aid
(FAFSA)
Pell Grant
Supplemental
Educational
Opportunity Grant
Work Study
Teach
Grant
Subsidized and
Unsubsidized Loans
 Awarded to eligible
undergraduates pursuing first
baccalaureate degree and certain
students enrolled in postbaccalaureate teacher certification
or licensing programs
 Portable
 Actual award amount based on
COA, EFC, and enrollment status
 The amount of Federal Pell Grant
funds a student may receive over
his or her lifetime is six years. A
year is equal to 100%, the six-year
equivalent is 600%.
 Eligible students:
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Undergraduates pursuing first
baccalaureate or professional
degree
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Awarded first to students with
the lowest EFCs who are Federal
Pell Grant recipients
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Eligibility criteria varies from
school to school
 Award amounts from $100 up to
$4000 per year
 Eligible students: Undergraduate,
graduate, and professional students
 Employment may be on or off campus
 Schools must use portion of FWS funds
for community service employment
activities
 Must mark interested on FAFSA
 Limited funds, apply by priority deadline
For Students who plan on pursuing a Degree and
K-12 Teaching Credential
Minimum part time enrollment
Student must be enrolled in or pursuing a
Teacher Preparation accredited program
Student must maintain a minimum 3.25 GPA
annually
Not all institutions of higher learning
participate in this grant program
Award amount $4000 per academic year
Certain restrictions and commitments apply
to this grant; inquire at your institution
 School determines loan eligibility and disburses loan proceeds to students
 Base Annual loan limits (combined subsidized and unsubsidized)
 Fixed interest rate at 4.66%
 6 month deferment period after student completes academic program and enters repayment
DIRECT PLUS LOANS
 Loan program for parents of dependent undergraduate students as well as graduate students
 Annual loan limit: COA minus other awarded aid
 Fixed interest rate at 7.21% Repayment begins 60 days after loan is fully disbursed for parent borrowers
 Loan fees based on principal amount of each loan
PERKINS LOANS
 Low interest loan for students with exceptional Financial Need
 Loans are made directly by the institution
 0% interest rate while student is in school and 0 fees
 Students can be enrolled less than halftime
 9 month deferment period after student completes academic program and enters repayment
 Repayment will incur 5% interest rate
 Must be enrolled or accepted for enrollment
in eligible program of study
 Must be pursuing degree, certificate, or other
recognized credential
 Must be U.S. citizen or eligible noncitizen
 Must be registered with Selective Service
(required if male)
Dream Act
Cal Grant
Middle Class
Scholarship
Institutional Aid
 Cal Grant A Entitlement Awards – for students with a Grade
Point Average (GPA) of at least 3.0, family income and assets
below the state ceilings, and who demonstrate financial need.
Up to $12,192 for Tuition/Fees. Students going directly to a 4
year university within the state of California.
 Cal Grant B Entitlement Awards – for students from
disadvantaged or low income families with a GPA of at least
2.0, family income and assets below the state ceilings, and
who demonstrate financial need. Up to $12,192 for
Tuition/Fees and $1,648.00 Access Fee.
*Students either attending a 4 year or 2 year college within the
state of California.
 Cal Grant C Awards - for students from low
income families pursuing vocational programs of
study.
Up to $2,462 for Tuition/Fees and $547 for
equipment or supplies.
*Students pursuing a 4 to 24 month certificate program at a
California Community College or private institution within the
state of California.
 Students that are AB 540 eligible may apply
for and receive:
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BOG Waiver
Cal Grant and Chafee
Scholarships
Apply by completing the Dream Act
application at
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www.dream.csac.ca.gov
Application is similar in questions and layout to the
FAFSA
 Attend a California high school for
a minimum of 3 years
 Graduate from a California high school or
pass the California High School Proficiency
Exam (CHSPE)
 Enroll in an accredited and qualified California
college or university
 If applicable, fill out an affidavit stating your
intent to legalize your immigration status as
soon as possible.
 On or before March 2, 2015 Complete and submit:
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The Free Application for Federal Student Aid (FAFSA) online
at www.fafsa.gov or the California Dream Application online
at www.caldreamact.org
The Cal Grant GPA Verification Form
 Check with your high school Counselor or Registrar
for more details on how to file the Cal Grant GPA
Verification form
 Create an account at:
https:/mygrantinfo.csac.ca.gov/login.asp
The Middle Class Scholarship (MCS) is a new
program beginning in the 2014-15 academic year
that provides undergraduate students with family
incomes up to $150,000 a scholarship to attend
University of California ( UC ) or California State
University ( CSU) campuses
For additional details-go to www.csac.ca.gov
 Apply starting January 1, 2015
 Complete either the 2015-16 FAFSA at
(www.fafsa.ed.gov) or the California Dream Act
Application at (www.caldreamact.org)
 The Priority Filing Deadline is March 2 , 2015
o Make sure your GPA Verification is on file with the California
Student Aid Commission by March 2nd
CHAFEE Grant
 Must have been in Foster Care for at least one (1) day
 Must be under 22 years of age
 Based on Need
 Must be Independent Living Program (ILP) eligible
 Good academic standing
 Minimum half time enrollment
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To apply or for more info go to www.chafee.csac.ca.gov
 Must meet residency requirements
 Aid awarded on the basis of both merit and need
 State grant(s) use information from the FAFSA
 Deadlines vary by state
 To be eligible for a California State Grant(Cal Grant), the
student must also:
 be a U.S. citizen, eligible non-citizen or AB540 student
 be a California resident
 attend a California College or University in 2015-2016
California State University System
State University Grant (SUG) - provides need-based awards to cover a
portion of the State University Fee for eligible undergraduate,
graduate, and post baccalaureate students who are California
residents.
University of California System
University Grant (UG)- provides need based awards to eligible
undergraduate students who meet institutional guidelines.
California Community College System (110 campuses statewide)
Board of Governors Fee Waiver (BOGW)- Waives the California
Community Colleges’ enrollment fee for California residents who
meet requirements.
Separate application from FAFSA
 Money that does not have to be paid back
 Awarded on the basis of merit, skill, or unique characteristic
Private Sources
 Foundations, businesses, charitable organizations
 Deadlines and application procedures vary widely
 Begin researching private aid sources early
Civic and Local Organizations and Churches
 Research what is available in community
 To what organizations and churches do student and family
belong?
Employers
 Companies may have scholarships available to the children of
employees
 Companies may have educational benefits for their employees
 Application process usually spring of senior year
 Student applies for Admission to schools of choice
 FAFSA is submitted online
 FAFSA is received by DOE and processed
 Electronic ISIR is sent to each school that student applied to
 Student will begin to receive acknowledgment letters and
possible requests for additional documentation
 Student should return any additional information that is being
requested
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Available in English and Spanish
• Web site: www.fafsa.gov
• 2015-2016 FAFSA on the Web available
on January 1, 2015
• IRS Data Retrieval available 2/1/2015.
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Student Demographics
School Selection
Dependency Status
Parent Demographics
Financial Information
Sign and Submit
Confirmation
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• Web site: www.pin.ed.gov
• Sign FAFSA electronically
• Not required, but speeds
processing
• May be used by students
and parents throughout aid
process, including
subsequent school years
 Send written explanation to financial aid office at
each college
 Change in employment status
 Medical expenses not covered by insurance
 Change in parent marital status
 Unusual dependent care expenses
 Student cannot obtain parent information