Financial Aid Night

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Financial Aid Night 2008-2009 Academic Year
Presented by Donna San Miguel Financial Aid
Advisor
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Tonights Discussion. Financing Your Education

• What is the goal of financial aid?
• How much does it cost to go to college?
• How do I apply for financial aid?
• How is financial need determined?
• What aid is available?
• What is the role of the financial aid office?
• Important deadlines

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Before We Get Started.. U.S. Department of
Education has a basic premise that states

• Students and parents are the primary source of
  funds for postsecondary education.
• The FAFSA is the federal method for determining
  the extent to which a family is able to
  contribute to education.

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Included in a Colleges Cost of Attendance are

• Tuition and Fees
• Room and Board
• Transportation
• Books and Supplies
• Misc Living Expenses

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COLLEGE COSTS How Much??

• Cost of Attendance can be found at every schools
  web site. You may also go to www.californiacolle
  ges.edu, page 5 FYF
• Estimates of annual costs
• Community Colleges Approx. 9,210 - 15, 186
• CSUs Approx. 11,452 - 17,243
• UCs Approx. 17,400 - 23,980
• Private Schools Approx. 30,685 - 35,778

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CSU San Marcos Cost of
Attendance 2007-2008
Living Living With
Parent Off-Campus Fees 3,374
3,374 Bks Suppl. 1,386 1,386 Food
Hous. 3,474 9,090 Transportation
1,170 1,170 Loan Fee 90
90 Misc/Personal 2,520
2,520 Total 11,984
16,232 Assumes California resident enrolled
full-time
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How Do I Apply? Complete FAFSA Each
Academic Year!

• FAFSA
• Free
• Application for
• Federal
• Student
• Assistance

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How Do I Apply?
Apply by March 2nd !
Easiest way to complete FAFSA is online
www.fafsa.ed.gov www.fafsa.com
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WHICH IS BETTER? Online FAFSA or
Paper FAFSA?
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Which is Better? Online
FAFSA is better! www.fafsa.ed.gov
?
Completing your FAFSA online Faster
Processing time Ability to list 10 colleges
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Dont have access to a computer?
Need a paper FAFSA? Call 1-800-433-3243 Or print
one at http//www.federalstudentaid.ed.gov/
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For 2008-2009, the FAFSA website has a new look!
www.fafsa.ed.gov
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Getting Ready

• Before starting the FAFSA, gather page 6 FYF
• Student drivers license
• Student and Parent
• Social Security cards
• 2007 W-2 Forms and other records of money earned
• 2007 federal income tax form (even if not
  completed)
• Records of untaxed income
• Current bank statements
• Business, farm and other real estate records
• Records of stocks, bonds and other investments

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Getting Ready

• If delayed in filing federal tax return, file
  FAFSA with estimated income to avoid missing
  priority filing date of March 2, 2008.

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FAFSA Pointers
Enter NAME as it appears on the Social Security
Card Federal Processor checks Name, SSN and Date
of Birth for match with Social Security
Administration
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FAFSA Pointers
Question 22 pertains to the Selective Service
Registration requirement for males between the
ages of 18 and 25. For more information on this
requirement, or to register, go to website
www.sss.gov
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FAFSA Pointers
FAFSA 29-30 Parents Educational Level

• Use birth parents or adoptive parents, but not
  stepparents or foster parents
• This definition of parents is unique to these two
  questions
• Indicate highest level of school completed vs.
  attended
• Information used for state award purposes ONLY

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FAFSA Pointers
FAFSA 31 Drug Conviction Question

• Answer NO if
• Conviction was for alcohol or tobacco
• Conviction was removed from record or occurred
  before age 18 (unless tried as an adult)
• No federal student aid received at time of
  conviction
• Answer YES if the student has been convicted of
  possessing or selling illegal drugs while
  receiving federal student aid
• If unanswered, defaults to ineligible for aid

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FAFSA Pointers

• Dependency status determined by
• born prior to January 1, 1985?
• currently working on a masters or doctorate?
  (not teaching credential)
• married?
• have child or dependent supported by you?
• both parents are deceased or a ward or dependent
  of the court?
• currently serving on active duty in US Armed
  Forces?
• veteran of the U.S. Armed Forces?

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FAFSA Pointers

• Parental Information
• FAFSA instructions to determine who would be
  considered parent for financial aid purposes.
• - Biological parent(s)
• - Adoptive parent(s)
• - Stepparent
• Regardless of prenuptial agreements

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FAFSA Pointers

• Other determining factors
• People in parents household, question 66
• Number in college for household, question 67
• Asset information, questions 87-89

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FAFSA Pointers

• When listing schools
• List all schools of interest regardless of
  application or admission status
• Once SAR received, additional schools may be
  listed by removing a school formerly listed

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Common FAFSA Errors

• No signatures!
• Must obtain PIN for electronic signatures of
  student and parent, or
• Send in signature page for student and parent
• Income/Asset information left blank!
• Mismatched marital status and wages!
• Mismatched social security number with name and
  date of birth!
• No schools listed!

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If you apply online, you need a PIN!

• Go to www.pin.ed.gov
• Youll need
• a PIN for You (Student)and a PIN for a Parent
• A PIN can be obtained NOW! The PIN can be
  e-mailed or mailed to you.!!!

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Secondary Application

• Private schools may use College Board CSS Profile
  to determine eligibility for institutional funds
• Must pay to submit CSS Profile
• Need to check with private schools - other
  applications may be needed. Contact each school
  directly.

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How is Financial Need Determined?
From filling out the FAFSA! Theres a Basic
Equation for Need
Expected Family Contribution (EFC)
Cost of Education
Financial Need

• Tuition Fees
• Books Supplies
• Room Board
• Transportation
• Personal/Misc. Expenses
• Loan Fees

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Submitting a FAFSA Results in Calculation of Your
Expected Family Contribution (EFC)
www.FAFSA.ed.gov
Expected Family Contribution (EFC)
Cost of Education
Financial Need

• Tuition Fees
• Books Supplies
• Room Board
• Transportation
• Personal/Misc. Expenses
• Loan Fees

• EFC determines eligibility for need-based aid
• EFC is not an amount the student or parent/s must
  pay

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Main Determinants of the EFC

• Income
• Assets
• Family size
• Number in College
• Age of the older parent

Adjustments to EFC may be made by Financial Aid
Office due to Verification and/or Special
Circumstances that limit ability to pay
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Financial Need
is Determined by the
Cost of Attendance minus the Expected Family
Contribution.
Expected Family Contribution (EFC)
Cost of Education
Financial Need

• Tuition Fees
• Books Supplies
• Room Board
• Transportation
• Personal/Misc. Expenses
• Loan Fees

• EFC determines eligibility for need-based aid
• EFC is not an amount the student or parent/s must
  pay

• Financial Need is
• the difference
• between the COA
• and the EFC.
• Need
• will be different at
• each school.

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What are the sources of financial aid?

• Federal
• State
• Colleges and
• Universities
• Private
• Organizations

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What types of financial aid are available?

• Grants
• Scholarships
• Loans
• Employment
• Opportunities

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Examples of Grants and Scholarships

• Federal
• Federal Pell Grant
• Academic Competitiveness Grant (ACG)
• National SMART Grant
• Federal Campus Based Funds
• Federal Supplemental Educational Opportunity
  Grant (FSEOG)
• Federal Work Study Program
• Federal Perkins Loan

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Examples of Grants and Scholarships

• State
• Cal Grants
• Education Opportunity Grants for public
  institutions
• State University Grants for CSUs and UCs
• Board of Governor Fee Waiver for Community
  Colleges

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Examples of Grants and Scholarships

• Institutional
• Federal Campus Based Aid
• Institutional Scholarships, Grants and Loans
• Private Scholarships
• Bill Gates Millennium
• Local Rotary Clubs
• Wal-Mart Scholarship Program

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Federal Pell Grant

• Can be received while completing 1st Bachelors
• and preliminary teaching credential
• Designed for low income students with an EFC
• between 0 and 4110
• Awards range from 400 to 4310 per year
• depending upon EFC and enrollment
• only at
  institutions which do NOT
• offer
  a Bachelors degree in education

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Academic Competitiveness Grant(ACG)

• First and second year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Completed rigorous secondary school program
• Award amounts
• 750 for first year students
• 1300 for second year students

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National Science and Mathematics Access to Retain
Talent Grant(SMART)

• Third and fourth year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Eligible major
• 3.0 GPA
• Enrolled in major required courses
• Award amount
• 4,000 for third and fourth year of study

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Federal Supplemental Educational Opportunity
Grant (FSEOG)

• Must be awarded to Pell eligible students first
• Awards may vary from 100 to 4,000

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Cal Grants

• Administered through
• California Student Aid Commission
• (CSAC)
• www.csac.ca.gov

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Cal Grant Programs at CSUSM

• California High School Graduates and Community
  College Transfers may be eligible for an
  Entitlement Grant
• Cal Grant A
• Cal Grant B
• For information about other Cal Grant programs go
  to the California Student Aid Commissions
  website
• www.csac.ca.gov

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Eligibility Requirements

• Students must
• Be a California resident attending a California
  college
• Apply by the March 2nd deadline (FAFSA and
  verified GPA)
• Have financial need
• Meet income and GPA requirements for at least one
  program
• Check Asset/Income
• requirements at
• www.csac.ca.gov

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It Takes Two !!!
To Apply for a Cal Grant, you must
complete 1. FAFSA 2. Cal Grant GPA
Verification Form Both must be submitted by the
March 2nd deadline
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Cal State Institutional Funds

• State University Grant
• Assists with the state fee, so cannot receive Cal
  A simultaneously and cannot receive with Cal B
  after 1st year
• Awarded to eligible students until funds depleted
• Important to meet priority filing dates

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Federal Student Loans

• Subsidized Loan
• Unsubsidized Loan
• Parent Loan for Undergraduate Students (PLUS)

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Federal Stafford/Direct Loans

• Subsidized and Unsubsidized Loans
• No credit check for students
• Repayment begins 6 months after graduating or
• Dropping below half-time
• Front end 1 loan fee
• Fixed interest rate of 6.8

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Federal Stafford/Direct Loans

• Subsidized Loans
• Financial need is required
• Interest is subsidized by the federal government
  while the student is in school so no interest
  accrues until the student drops below half time
  attendance

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Federal Stafford/Direct Loans

• Unsubsidized Loans
• Financial need is not required
• Interest accrues while in school. Accrued
  interest can be paid while attending school or
  be capitalized and added to principal.

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Federal Stafford/Direct LoansLimits for
Dependent Students

• Annual Limits
• Subsidized/unsubsidized
• 3,500 for Freshmen
• 4,500 for Sophomores
• 5,500 for Juniors or Seniors
• Aggregate Limits
• Subsidized/unsubsidized
• 23,000 for undergraduate degree

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Federal Stafford/Direct LoansLimits for
Independent Students

• Annual Limits
• Subsidized/unsubsidized
• 3,500 for Freshmen
• 4,500 for Sophomores
• 5,500 for Juniors or Seniors
• Additional unsubsidized
• 4,000 for Freshmen and Sophomores
• 5,000 for Juniors or Seniors
• Aggregate Limits
• Subsidized/unsubsidized
• 46,000 for undergraduate degree

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Federal Parent Loan

• Parent Loan for Undergraduate Students (PLUS)
• Only for dependent students
• Unsubsidized
• Credit check required
• Repayment begins 60 days after last disbursement
  of the academic year
• Limit is College Cost (COA) minus other Financial
  Aid. Financial Need is not a criterion, but
  FAFSA is required.

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Federal Perkins Loan

• A loan, expect to re-pay
• 9 month grace period
• 5 interest fixed rate
• Possible loan forgiveness

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Federal Work Study

• Aid that is earned by working
• Usually used for living expenses
• If you dont work, you dont get the
• Accept the award, can always decline later

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Educational Opportunity Program

• Apply using CSU Mentor http//www.csumentor.edu/
• Indicate that you are interested in EOP
• The EOP office will communicate with the student
  regarding eligibility

• EOP services include
• Personal and Academic
• Counseling
• Priority Registration
• Peer Mentoring
• First Year Experience
• Supplemental Instruction

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FREE Scholarship Services
www.fastweb.com
www.finaid.org
www.collegeboard.com
www.salliemae.com
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3
important
things to do to receive financial aid

• Obtain a PIN
• student AND parent
• Complete the FAFSA
• submitted by student/parent to federal processor
• Complete the Cal Grant GPA Verification Form
• submitted by school or student to CSAC
• Submit BOTH FORMS by March 2, 2008

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Role of the Financial Aid Office

• Answers your questions
• FERPA restrictions
• Determines financial need eligibility for various
  types of financial aid
• Verifies applicant data when required
• Develops policy and procedures to distribute aid
• Packages aid from all available sources
• Sends award notification letters/e-mails with
  information on
• Costs
• Amount awarded from each aid program
• How and when aid will be disbursed
• Terms and conditions of students award

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Contact School Financial Aid Office if

• Income/resources have changed
• FAFSA does not accurately reflect the household
  situation
• Dependency override

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CSUSM Financial Aid Contact Information

• [phone]
• finaid_at_csusm.edu
• Craven Hall Room 3700
• School Code 030113

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Questions ?