Financial Aid Night 2014 PowerPoint presentation

Report
CSS/FINANCIAL AID PROFILE
Jill Haley, MSW, PPS
[email protected]
Independent College Counselor
www.getyouintocollege.com
Tonights Agenda
• Financial Aid and The FAFSA
• Cal Grant, Dream Act and the Middle Class
Scholarship
• CSS Profile
• Barb Ross, District Scholarships.
What is Financial Aid?
Money to pay for college
 Grants- free money that you don’t have to pay back. Usually
federal or state monies
 Scholarships- free money- private or corporate sponsored or
awarded on the basis of merit, athletic skill, or unique
characteristic
 Work-study- paid jobs at college
 Loans- must pay back. Available to students and/or parents
3
Need-Based/Merit Based Aid
• Need based aid is financial support given to
students whose families cannot afford the total
cost of college. Usually in the form of grants,
scholarships and loans.
• Merit based aid is aid given to students because
of exceptional talent, high GPA or athletic ability.
Usually in the form of scholarships.
4
3 Important Terms
FAFSA- Free Application For Federal Student Aiddocument used to determine financial aid eligibility
EFC- estimated family contribution- the amount of
money the family is expected to contribute
COA- cost of attending specific colleges
5
• FAFSA- Free Application for Federal
Student Aid- www.fafsa .gov.
• Document that is filled out using
financial information from parent(s) and
student.
• Used to apply for federal, state grants,
work-study and loans.
• 2015-2016 Application
6
FAFSA On The Web Worksheet
• FILL OUT AHEAD OF TIME
• SAVES TIME WHEN FILING
8
• All families should file the FAFSA regardless of income!
• Under The CA Dream ACT• The California Dream Act allows undocumented and
nonresident documented students who meet certain
provisions to apply for and receive private
scholarships funded through public universities,
state-administered financial aid, university grants,
community college fee waivers, and Cal Grants
• FAFSA information is sent to each college’s
financial aid office that you select on the
form
• Be careful of fraudulent sites that ask for
money.
• www.FAFSA.gov is free!
10
Who Files The FAFSA?
Most likely the Parent(s)
You are considered a dependent of your parent(s) for financial
aid purposes unless you are:
•
•
•
•
•
•
•
•
Age 24 or older
Married
Have already earned a BA or BS degree
Active duty in Military
Veteran of the Armed Forces
Have children which you support 50% of time
Orphan, in Foster Care or Dependent of Court
Designated homeless
Responses on the 2014-2015
FAFSA
Never Married
Married or remarried
Unmarried and both parents living together
Divorced or separated
Widowed
© 2013 CASFAA
Divorced or Separated
Parents
• Provide information for the parent(s) with whom the student
lived with most during the last 12 months
• If the student spent equal time with both parents, use the
information for the parent who provided the greatest amount of
financial support for the student
• Does not matter who declared them on income tax
© 2013 CASFAA
NO Parental Information
Do not provide parent information for
• Foster parent(s)
• Student is automatically considered an independent student
• Grandparents, other relatives, or legal guardian(s)
• Colleges may use professional judgment to allow the student to file as
an independent student
• Exception: Adoptive parents
© 2013 CASFAA
Remarried Parent
Provide information about the parent and stepparent regardless of:
• Agreement of “nonsupport”
• Prenuptial agreement
• Divorce decree designating tax filing exemptions
Note: A parent claiming the student on their tax return need
not be the parent required to provide data on the FAFSA
© 2013 CASFAA
Philosophy of Financial Aid
 Students and their families have the primary responsibility
to pay for postsecondary education expenses if they can.
 EFC- Estimated family Contribution.
This is the amount of money parent(s) are expected to
pay based on the FAFSA using a federal methodology
EFC
• The Important Number
• Estimated Family Contribution- how much the federal government
determines you should pay for your child to go to college
• Determined by the financial information on the FAFSA using federal
formula which includes:
• Employment income- (AGI)
• Money in saving s and checking
• Assets
• Investment property
• Stocks and Bonds
Parent Asset Information
Primary resident, vehicles are not considered
assets
Small business not considered asset if less than
100 employees
*Most retirement accounts, not considered
assets.
© 2013 CASFAA
Assets
• Money in qualified retirement plans, such as a 401(k),
403(b), IRA, pension, SEP, SIMPLE, Keogh and certain
annuities, is not reported as an asset on the FAFSA.
• Money is STRS, PERS not counted as assets on FAFSA
Parent Income & Asset
Information
• Same questions asked
of students
• Selecting a box
displays additional
fields to complete
Note: Asset filtering
question
© 2013 CASFAA
Cost of Attendance (COA)
Standard Costs
Optional Costs
Tuition and fees
Dependent care
Room and board
Study-abroad
Books and Supplies
Disability-related services
Transportation
Note: Costs vary from institution to institution
Calculating Eligibility
For Need-Based Aid
Cost of Attendance (COA)
 Expected Family Contribution (EFC)
 Eligibility for Need-Based Aid
Calculating Eligibility
 Student A- CSU Chico
COA- $24,444 – EFC- $14,000=
$10,000 eligibility for aid
Student A- Santa Clara University
COA= $55,830-EFC-$14,000=
$41,830 Eligibility
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Tools
When Do I apply for federal student
aid?
1. Get a FAFSA PIN at
www.pin.ed.gov
• Parents and students will both
need a PIN
• This is your electronic signature
Can Apply for PIN now!
25
WHEN DO I APPLY?
For the parents of current senior students,
file the FAFSA on or after Jan.1 2015,
Early as possible to meet all deadlines.
 For this years Seniors-based on
parent’s income form January 1, 2014December 31, 2014
•
Estimating Income
• Most families will estimate income tax
information when filing the FAFSA
• Once taxes are filed, use PIN and make
corrections on FAFSA
Parent Income Information
IRS Data Retrieval Tool
(DRT)
• Transfers information
directly from the IRS
• Requires PIN
• After filing tax return
Use of the IRS Data Retrieval Tool may reduce
the likelihood that the FAFSA will be selected
for verification.
© 2013 CASFAA
Student Aid Report (SAR)
• Sent electronically or by mail about 3-5 days after
submitting FAFSA
• Summarizes FAFSA information
• Displays EFC
EFC- Expected Family Contribution;
used to determine eligibility for federal aid
R13
© 2013 CASFAA
FAFSA information is sent to each
financial aid office of the college the
student indicated on the FAFSA.
The student must watch for e-mails or letters from
the college.
Give the schools any additional paperwork they ask for
•
Meet all deadlines or you could miss out on aid!
30
What happens next?
• Each school will tell you how much aid you can get at
that school.
• Once you decide which school to attend, keep in
touch with the financial aid office to find out when
and how you will get your aid.
31
TOOL
How much student aid can I get?
For early estimate, use FAFSA4caster:
• Go to www.fafsa4caster.ed.gov
• Enter financial information and get an
estimate of your EFC
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Most Frequent Mistakes ON the FAFSA
•
•
•
•
Families don’t file it!!
Report primary residence as an asset
Have too much money in their checking and savings accounts
Report business as an asset if have fewer than 100
employees
• Too much money/assets in child’s name
• Failure to include other children as dependents if in college
•
Special Circumstances
• If students and families have unusual circumstances, contact
the financial aid office at the college they plan to attend; the
office will advise them on how to proceed.
CAL Grants
• Only for California residents - must fill out
FAFSA and GPA verification form.
• Submit the FAFSA by March 2nd
• School will submit GPA verification if
student turned in their Senior Contract
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CAL Grants
California Student Aid Commission...
www.csac.ca.gov/
• Provides tuition and college fee
assistance at 2 and 4 year colleges.
• Can only be used at California
Colleges
• Have GPA requirements
• Cal Grants are Free money!!!
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Cal Grant Income and Asset
Ceilings
Our Blue + GoldGold
Opportunity Plan will cover
systemwide tuition and fees
for students who qualify.
About $13,000
For UC only!
UC COUNSELOR CONFERENCE SEPTEMBER 2014
How does it work?
• The Blue and Gold Opportunity Plan gives California
families who qualify for financial aid the assurance that
they won’t have to pay UC’s systemwide tuition and fees
if their total income is less than $80,000.
How do students apply?
• Students must file a FAFSA or the California Dream Act
Application and Cal Grant GPA Verification form by March
2 of the year they plan to enter UC.
• No separate application is needed; students will receive
benefits automatically if they qualify.
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Starting in the 2014-15 academic year, California’s
Middle Class Scholarship (MCS) program will
provide scholarships to undergraduate California
students who apply for aid on time and have family
incomes up to $150,000.
Eligible students will be notified of the actual
scholarship amount by the California Student Aid
Commission (CSAC).
UC COUNSELOR CONFERENCE SEPTEMBER 2014
For UC and CSU
Some colleges may require the
CSS Profile
• Mostly private colleges
• Customized for each college
• May increase or decrease aid determined
by FAFSA alone.
• Almost 400 colleges and scholarship
programs require the PROFILE.
• www.collegeboard.com
41
Loans
• Must fill out FAFSA or subsidized or Parent
PLUS loans
• Students should access subsidized loans first
• Subsidized- rate is fixed and interest deferred
• Parents can take out PLUS loans.
42
Each College Is Different
• Some colleges say they will meet all eligible need
• Some colleges do not put loans in their financial aid packets
• Some colleges say they are “need blind” when deciding on
admissions.
44
45
Private
Direct Costs
Tuition & Fees
Room & Board
Fall
18751
4250
_____
Spring
18749
4250
_____
Total
37500
8500
_____
Direct Costs
23001
22999
46000
Fall
1,000
12,500
2,750
6,750
------23,000
Spring
1,000
12,500
2,750
6,750
------23,000
Total
2,000
25,000
5,500
13,500
------46,000
Financial Assistance Program
Source:
Cornell Art Award
Trustee Scholarship
Federal Direct Unsubsidized Loan
Credit Based Loan
Total Awards:
Please return this award letter ONLY if you are DECLINING or REDUCING any or all of the financial assistance listed. To
decline an item, cross out and initial the item. To reduce individual amounts, cross out the original amount, write in the new
amount and initial.
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This revision reflects a change to your financial aid award due to the Cornell Art Award that you received.
If you have a Federal Work Study Award, the award is designed to offset costs and to supplement your family resources. All
What Happens to FAFSA Once
You File?
Parents and
students
file FAFSA
College
acceptance
letters with
aid offer to
student by
April 1st 2015
Financial
Aid offices
at colleges
determine
aid
FAFSA EFC
calculated and
families
receive SAR to
review
Sent to
colleges
listed on
FAFSA
Summary
• Before Jan 1, 2015
• Apply for a PIN number for FAFSA
• Gather all information needed, fill out the
FAFSA on the web worksheet
• Narrow down college choices- check to
see if a CSS Profile is needed
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Summary
• After January 1, 2015
• Complete FAFSA
• Review your FAFSA information (SAR
Report) for accuracy when it arrives
• Revise income information once tax results are
in, using your PIN
• Make sure your FAFSA information is sent to
all colleges
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For More Info
Need Help
Contact Information
Jill Haley, MSW PPS
[email protected]
• www.getyouintocollege.com

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