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FAFSA and Financing
Transcript of FAFSA and Financing
Understanding the Costs of College
Financing College 101
Completing your FAFSA is absolutely vital.
Free Application for Federal Student Aid
A free application for federally subsidized loans and grants
Students should do their FAFSA every year
Fill it out early. "Free money goes fast!"
Late is better than never.
Available on January 1 of the new year, but you can fill it out up until July 29th.
College is absolutely
I hear them talking
about it on the news
all the time.
Bog Fee Waiver:
requires 2.0 GPA in College
Must finish 2/3 of classes
re-apply each year
Lifetime maximum of 6 years of $5645
part time can be 12 years at $2822ish
More to come on this one.
Former Foster youth
$5000 a year
Must fill out FAFSA
Must fill out Application
No SSN needed
Work Study Jobs
Loans (you have
to pay back later)
Work Study (its like a job)
(its like a job)
Breaking Down What College Costs:
Cost of living/other
Researching College Costs
Use the Net Price Calculator - Like Alberto did.
Alberto did his FAFSA as soon as possible. His "Estimate Family Contribution" (EFC) was $0.
Alberto is going to start at CCSF and transfer to SFSU after two years when he has an associate's degree.
Cost of Tution: Covered by BOG Waiver
Cost of Fees: Covered by BOG Waiver
Housing: Living with Friends' Parents
Food/Living Exp: $2275 per semester to live on
*got extra scholarship $ - and is saving it for when he transfers.
Comparing the Costs
Before any Financial Aid
Comparing Tuition/Fees Only
Good Debt Bad Debt
5555 55555 55555 5555
Education Debt Has the *least* impact on your credit score and financial future
investing in yourself and your future can be one of the smartest investments you ever make.
Important things to consider with
You will have to pay back your loans after college, or after you drop out.
Only some loans can be deferred.
Private loans will have higher interest rates than government subsidized ones.
Consider what your future income will be and how much your monthly loan payment will be.
If you file for bankruptcy, you can never erase or get rid of your education loans. You will have to pay them back no matter what.
-1/1 - FAFSA is Available
-1/30 - W2 tax forms are mailed
-3/2 - CalGrant First Deadline
-3/2 - California FAFSA Deadline
-4/15- Taxes are due
-6/30 Federal FAFSA deadline
- 9/2 CalGrant Deadline 2
- First few weeks of classes, financial aid money
- Students and parents should get taxes done here, as early as possible.
-Students should double check their FAFSA 2 weeks after they submit it.
April or sooner- Students recieve aid package from colleges (email or mailed document.)
-Students should check email for important messages from financial aid departments.
Know an Undocumented
Qualified Students can pay in-state rates
Students can access BOG FW, CalGrants
3 years spent at a CA high school
Graduated (or GED) from CA high school
Complete affidavit form and give copy to desired college
The affidavit form simply states that you will apply for citizenship as soon as possible
Everyone can attend college, regardless of if they qualify for AB540
You should NEVER have to pay
to apply for a scholarship or
and be careful about who you give your personal information to - banking information, SSN, etc.
Organization is Key
Double check everything - and in a timely manner.
Keep track of your scholarship deadlines as soon as you learn of them.
Track what money you get (scholarships, loans, etc) and keep it in one place for easy reference.
... and do your FAFSA as soon as possible, even if you think you aren't going to go to college this year.
Comparing the Costs
Financial Aid can Add Up
Before Scholarships or Loans
Do your FAFSA
or Dream ACT
It's the only way to get this money
Many For-Profit colleges cannot accept CalGrants, BOG Fee Waivers, and some other financial aid.
Which could mean you're taking out a $20,000 loan....