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Figuring Out the FAFSA and Financial Aid

Financial aid presentation for CdM parents and students.
by

Joe Elizondo

on 8 January 2013

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Transcript of Figuring Out the FAFSA and Financial Aid

Figuring Out the FAFSA and Financial Aid Joe Elizondo
College Programs Coordinator Today's Agenda What types of financial aid are there?
FAFSA and Grants
Scholarships
Loans
Work and Work Study
Your Time Table What Types of Financial Aid are There? Public Aid Private Aid Grants Loans Fee Waivers Scholarships Loans Fellowships/
Internships Tuition
Reimbursement Work Study How it Breaks Down Nationally Institutional, Federal, and State Grants 49% Federal Loans Work Study 1% 43% Tax Credits, Employer Grants. 8% Public Funding Private Funding Estimates for yearly scholarship funds
vary from $1.25 Billion to $10 Billion The FAFSA and Grants What is the FAFSA? FREE! www.FAFSA.ed.gov Employers award tuition
reimbursement to employers
who ask, so numbers vary
from year to year. What you will need to complete your FAFSA Most Recent Tax Return W-2's Parent and Student Financial Records !!!NOTE!!! FAFSA wants you to estimate when
providing 2012 tax information. Student and Parent PINs and your SSN Expected Family Contribution or your EFC How FAFSA works... Considers many things... Number of family members in college
Student assets
Parent assets
Age of parents
Size of Household
Business loans and mortgages on second homes
Dependency status
Income What is considered an asset? Bonds (tax-exempt as well)
Certificates of deposit
Checking and savings accounts
Custodial accounts
Custodial bonds
Farm equipment/business assets and equipment
Investment property/Vacation homes
Limited partnerships
Money market accounts
Mutual funds
Stocks
Trusts
US savings bonds What is not considered an asset... Annuities
Cash value life insurance polices
Collections
Clothing, material goods
Equity value in primary residence
Family farm
Personal assets
Retirement accounts The BEST Policy Remember, this is the federal government you are reporting to. Some of you may move funds around to maybe make things appear more realistic for the FAFSA. Just remember to... BE HONEST! How Aid is Calculated Cost of Attendance: COA
Expected Family Contribution: EFC Your financial aid eligibility Grants
and
Work Study Loans Scholarships
and
Private Funds Other Important Cal Grant Requirements: GPA of 3.0-4.0 for Cal Grant A
GPA of 2.0-4.0 for Cal Grant B
CA Resident attending a CA School
Filled out and turned in your Cal Grant GPA Verification form
Maintain satisfactory academic progress in college
Must be enrolled at least half-time Pell Grants Need Based Aid (EFC based)
Varies from 0 to $5,550
EFC limits are rumored to be around 4,500 Scholarships There are many different kinds of scholarships Where to find scholarships Golden Rules When Applying to Scholarships Rule #1:
Find smaller applicant pools. Rule #2:
Never pay to complete a scholarship! Rule 3:
Take the time to complete more difficult scholarships. Scholarships can be given by a school, a foundation, a donor, a company...pretty much by anyone. Amounts and durations vary. Qualifications/requirements vary as well. $500/yr for 4 years One time award of $2,000 $750/semester for two years. Must have a 3.5 GPA or above and be active in tennis. Must have older siblings in college or the military and 40 hours of community service. Must write a 5 paragraph essay, have a 3.5 or higher, be left handed, and play an instrument. Websites like FastWeb.com
and Scholarships.com Local businesses or
organizations Your financial aid office Two Types of Loans Interest is paid so long as you are enrolled in college or a university at least part time. Interest accumulates while student is still enrolled in college or a university. Do not have to repay until 6 months after graduation
Can defer payments due to hardship
No bankruptcy Subsidized Un-Sub Both Types of Loans The Naviance Scholarship List Private School Loans Work study and Work Work study programs supply your student with a job on campus
No job hunting
Usually flexible hours (used to having student workers)
Lack of choices at times, but students who act early can get work in their area of interest Real world jobs supply your student with real world experience
Helps students build a network
More choice in their job selection
May be difficult to get time off for finals and other "crunch time" that may occur
Could lead to more aid (tuition reimbursement, scholarships) or a job after graduation. !!!!NOTE!!!!! You don't need to accept work study aid for all four years. Work study shows up as a part of your financial aid package, but the checks go directly to the student. Your Time Table TODAY JANUARY MARCH APRIL SEPTEMBER Go online to www.FAFSA.ed.gov
Submit your application. It's not the real deadline, but I always suggest students complete their FAFSA by February 14th. Expect a financial aid award letter in the mail outlining your financial aid package from each school that sent an acceptance letter. Make sure you return to FAFSA.ed.gov to update your financial information using your new tax information. THANK YOU! FAFSA.ed.gov FAFSA.ed.gov The CSS Profile Some private schools require students to
complete the CSS profile as well as a FAFSA. This gives a school a more complete picture of your family assets. While you will provide the CSS profile with a lot of information, schools may only be interested in a fraction of what you are reporting. For this reason, there is no "EFC" type number attached to the CSS. While this is not the FAFSA, it is still in your best interest to be honest. !!!NOTE!!! You can send you FAFSA application to 10 schools If you applied to more than 10 schools, there is a trick you need to know! To send your FAFSA to more than 10 schools: Include your top 10 schools or schools with early deadlines FIRST
Submit your FAFSA
Wait two weeks and make sure those schools have received your financial aid information from FAFSA.
Log in to "Make Corrections", remove as many schools as need and insert the schools that still needs your FAFSA information. !!!NOTE!!! When you update your FAFSA information and resubmit, your information is only sent to the schools listed on your FAFSA at that instant. If you are sending schools to more than 10 colleges, you need to repeat the process of adding and deleting schools EVERY TIME YOU UPDATE YOUR INFORMATION!!! Work Study Why You Should Fill Out the FAFSA... Scholarship opportunities
You may still get some money
Some universities require it
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