Financial Aid Info - LMU - New Millennium Secondary School

Report
2013-14
Financial Aid Workshop
Why are you here?
• Jobs of the future will require more skills than those
provided by a high school education alone
• Students who go to college have financial
advantages
– their life-time earnings are higher than those of
high school graduates
– they are less likely to be unemployed
– their children are more likely to attend college
Who wants a million dollars?
What will be covered this evening?
• Philosophy of Financial Aid
• Financial Aid Administrators – what is our role?
• Types & Sources of Financial Aid
• How to Apply for Financial Aid
• The Financial Aid Formula
• College Expenses – what are the costs?
• What is the Expected Family Contribution (EFC)?
• Awarding Process & Comparing Awards
• Tips
Philosophy of Financial Aid
• Providing access and information
• Parents and students have the responsibility to
pay for higher education expenses to the extent
they are able
• The aid application process should provide
Financial Aid Office a consistent and equitable
evaluation of a family’s financial circumstances
for all that are applying
• Allocation of finite resources
Our Roles
The Financial Aid Office’s Role…
• Stewards of federal, state and institutional
financial aid dollars
• To administer federal, state and institutional
financial assistance to students and their parents
in an accurate, informative, timely and friendly
manner
Parent & Student’s Role…
• To contribute to the application, awarding and
financing process throughout student’s
Undergraduate Education
Funding Types
• Need-Based Funding (must complete FAFSA)
• Grants
• Gift aid that does not need to be repaid
• Based on household financials
• Loans
• Stafford Subsidized Loans
• Government pays loan interest while attending
• Work
• A set amount that a student can earn by
working on campus funded by the Federal
Government or the college
• How does “work” work? Benefits?
Funding Types
• Non-Need Based Funding
• Merit/Academic Scholarships
• Based on Admission Information
• Separate Application/Interview Process?
• Athletic Scholarships
• Non-Need Based Loans (Stafford, PLUS, Private)
• Stafford Unsubsidized Loans
• Parent Loans
• Alternative Educational Loans
Four Primary Sources of Aid
1. Federal Programs (FAFSA Application)
•
•
•
Pell Grant
Supplemental Grants
Stafford Loans
•
•
•
Subsidized vs. Unsubsidized
Perkins Loan
Work Study
Sources of aid – Cal Grant
• All students who have earned a high school GPA of
3.0 or greater, demonstrate financial need, meet
parental income and asset requirements, and file by
March 2, 2013 will receive up to four years of
– system-wide fees at UC ($12,192) and CSU
($5,970) campuses
– as much as $9,084 at independent California
colleges or universities
– as much as $4,000 at California private career
colleges
Sources of aid – Cal Grant
 All students who have earned a high school GPA of 2.0 or
greater, demonstrate financial need, meet parental income and
asset requirements, and file by March 2, 2013 will receive up to
four years of
 a $1,473 stipend for living expenses for up to four years
at all California colleges and universities including the
community colleges
 plus
 - system-wide fees at UC ($12,192) and CSU ($5,970)
campuses for second through fourth years
 - as much as $9,084 at independent California colleges or
universities for second through fourth years
 - as much as $4,000 at California private career colleges
Sources of aid - Chafee
 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 on his or her 16th birthday and
not have reached his or her 22nd birthday before July
1, 2013
 To apply, complete the:
 2013-2014 FAFSA
 California Chafee Grant Program Application
 To learn more about the Chafee Grant, go to
www.chafee.csac.ca.gov
Sources of Aid
3. Institutional Programs
•
•
•
•
Scholarships
Grants
Loans
Work
4. Outside Resources
•
•
•
•
•
Community: Rotary, YMCA, Elks
Parent’s Employer
Web Sites: www.fastweb.com
Time spent on searches… Worthwhile?
Outside Scholarships can replace loans/work
Resources for Parents
•
Parent Programs
•
Employer Reimbursement for Dependents
•
Federal Plus Loan Program
•
Payment Plans
•
Federal IRS Educational Tax Benefits
Connecting Admissions & Financial Aid Process
• Apply for Admission
AND
• Apply for Financial Aid
• Don’t wait for an admission decision to apply
for financial aid
• Schools will prepare & send financial aid
awards once student is admitted
May 1, 2013 National College Decision Date
How to Apply…
• Free Application for Federal Student Aid (FAFSA)
• http://www.fafsa.ed.gov
• Required for Federal and State fund eligibility
• January 1, 2013 – March 2, 2013
• FAFSA4caster for non-seniors
• PIN Number required for E-Signature
• Each school has their own deadlines!
• February 1, 2013 priority deadline for LMU
• Estimate Information if taxes are not complete
Cash for College
 Participate in all college information sessions at your
high school
 Attend a Cash for College FAFSA Workshop on
Saturday, January 26, 2013 for
 help completing the FAFSA and the Cal Grant GPA
Verification Form (both due by March 2, 2013)
 a chance to win one of many scholarships
 To find a location close to you, visit:
www.lacashforcollege.org
Cal Grant - How to Apply
• Cal Grant G.P.A. Verification Form
• Check the status of your Cal Grant at
• https://mygrantinfo.csac.ca.gov
• March 2, 2013
• New California law states that we must
check income and assets annually.
• How does your High School process Cal
Grant GPA Verification Forms?
Undocumented Students
 Undocumented and under-documented students, while not eligible for
federal aid, may be eligible for state aid in California
 start inquiring in elementary and high school to see if it is possible for
the student to become a permanent resident
 apply for all scholarships for which the student may be eligible
 check with colleges and universities to see if institutional financial aid
is available
 watch for changes in federal and state laws regarding the eligibility of
undocumented or under-documented students
 for more information: call (213) 629-2512
 For a list of scholarships, go to
www.maldef.org/assets/pdf/MALDEF_Scholarship_Resource_Guide.
pdf
and
www.latinocollegedollars.org
The Expected Family Contribution (EFC)
• The Expected Family Contribution (EFC) is what the
family is expected to pay according to the Federal
Government and the information reported on the
FAFSA.
• The Federal Government offers limited resources, so
the entire need is not always met.
• Often the families do have to pay more than the
estimated EFC.
• Institutions may calculate their own EFC for allocating
their own limited resources by collecting CSS Profile
application information. Currently, the CSS Profile is
not required by LMU.
The Financial Aid Formula
Cost of Attendance
MINUS
Expected Family Contribution (EFC)
EQUALS
Family Financial Aid Eligibility (Need)
The Formula with Numbers!
School
Private
UC
CSU
CC
*Est. Cost/yr.
$55,000
$30,000
$20,000
$15,000
**Est. Family
Contribution/yr.
$10,000
$10,000
$10,000
$10,000
***Amount of
“Need” for Fin. Aid
$45,000
$20,000
$10,000
$5,000
*Cost for college includes: Room & board (whether living home or on/near campus), books, fees &/or
tuition. Information based on estimates provided by State information and rounded up or down.
**Estimated Family Contribution would be based on the information provided on the FAFSA &/or PROFILE.
Amount used above is for demonstration purposes only.
*** “Need” is the difference between the two numbers. The financial package would include one or
more of these items: Grants, Scholarships, Loans, Work/Study Program.
Packaging Financial Aid Awards
Cost of Attendance
$60,000
Expected Family Contribution
$20,000
Financial Need
$40,000
Example Financial Aid Package
Stafford Loan
LMU Loan
Work Study
Institutional Award(s)
$ 5,500
$ 2,000
$ 3,000
$25,000
Total Awarded
$35,500
Unmet Need
$4,500
Net Price Calculator
• New regulations state that every US school must
have a standardized calculator to give families an
idea how much it will cost to attend.
• Different schools = different calculators
– Some schools use a generic calculator
– Some schools have broad ranges
– Some schools use the lowest estimate
• Output is only as accurate as the information entered
Disbursing Awards
• Full Time Enrollment
• Accepting, Declining & Adjusting Awards
• Entrance Counseling Requirements for Loan
Programs
• Completing Promissory Notes
• Finding Employment/Completing Time Sheets
• Satisfactory Academic Progress
Tips
 Put all deadlines on the calendar!!!
 File taxes early
 Start a financial aid file
• Make copies of all documents submitted for all
four years
 Apply for a FAFSA PIN
 Apply Each and Every Year
Tips
 If you send any documents through the mail, make
sure to get a certificate of mailing
 Research outside agencies for scholarships
 Review Websites
 Use on-line “web services tool” provided by the
school
 Notify Financial Aid Office of any changes in family
circumstances
Scholarship & Application Services
 Be Cautious
 Limit Dependency
 Do your Homework
 Manage Expectations
• Consultants
• Scholarships
 Refer to institutional resources on the web
Contact Information
• Charles Von Der Ahe Building
Suite 270
• Email: [email protected]
• Phone: 310-338-2753
• Fax: 310-338-2793
Thank you!
ANY QUESTIONS?

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