PUHSD College Night

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PUHSD College Night 2007
Presented by Lindsay Basile Financial Aid
Advisor California State University San Marcos
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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?
• Contact Information

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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 a family is able to contribute to
  education.

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COLLEGE COSTS How Much??

• Cost of Attendance can be found at every schools
  web site. Some estimates of annual costs
• Community Colleges Approx. 4,000 15, 000
• CSUs Approx. 17,000 to 19,000
• UCs Approx. 22,000 to 26,000
• Private Schools Approx. 30,000 to 48,000

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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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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 12,014 17,630 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
• Apply by March 2nd each year

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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 6 colleges
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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

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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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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 4,310 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
• Award amount
• 4,000 for third and fourth year of study

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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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Cal State Institutional Funds

• State University Grant
• Assists with the state fee, so can not receive
  Cal A simultaneously and can not 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 Work-Study (FWS) Aid that is earned by
workingUsually used for living expenses

• Check your Award Letter for an award
• Contact your schools Financial Aid Office to
  determine eligibility
• Find a job through Career and Assessment Center
  or contact your schools Financial Aid Office

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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 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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Private Loans

• Most Private Loans must be certified by the
  school
• Must meet eligibility criterial for Title IV Aid
• Usually called Alternative Loans
• Many Lenders and Types of Loans Available
• Utilize Federal Loan Eligibility First

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Notification of Aid

• Your first Award Letter may be sent through the
  mail
• Once enrolled, many schools will send award
  notices to your student e-mail account

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Once I Receive my Award Letter. then what?

• Financial aid cannot disburse earlier than 10
  days prior to the first day of class. Check the
  Student Handbook on our website for detailed
  information.
• Fees (other than parking and ID fee) may be paid
  directly from awarded aid.
• If aid is greater than fees owed, the difference
  is disbursed to the student for use for
  educational related expenses.

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FREE Scholarship Services
www.fastweb.com
www.finaid.org
www.collegeboard.com
www.salliemae.com
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Contact Your School Financial Aid Office if

• Income/resources have changed
• FAFSA does not accurately reflect the household
  situation
• Dependency override (change to an independent
  student based on special circumstances)

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CSUSM Financial Aid Scholarships
OfficeContact Information

• [phone]
• www.csusm.edu/finaid
• Use SMART Web to access
• your personal information
• finaid_at_csusm.edu
• Craven Hall Room 3700
• Title IV School Code 030113