COLLEGE

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COLLEGE MAKING IT HAPPEN
Financial Aid
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How Much Does College Cost?

• COMMUNITY COLLEGES
• Approximately 4,000 to 15,000
• CALIFORNIA STATE UNIVERSITY
• Approximately 13,000 to 17,000
• UNIVERSITY of CALIFORNIA
• Approximately 17,000 to 21,000
• PRIVATE COLLEGES
• Range from 18,000 to 48,000

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Cost of Attendance

• Cost of Attendance includes
• tuition (usually private schools)
• books (sometimes 100 per book or more)
• fees (registration adminstration costs)
• supplies (computer, notebooks, etc.)
• housing and food (dorm, cafeteria, etc.)
• transportation (car, gas, insurance, bus)
• personal and other educational expenses
• Does not include all the extras (concerts, iPod,
  vacations, etc.)

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Basic Equation of Need

• COST OF ATTENDANCE (COA)
• EXPECTED FAMILY CONTRIBUTION (EFC)
• FINANCIAL NEED (eligibility)
• The college will attempt to offer FINANCIAL AID
  to meet your calculated FINANCIAL NEED

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Expected Family Contribution

• The EFC is calculated by the federal processor
• Family Income (guardians in the home)
• Family Assets (homes, investments, etc.)
• Number in Household (dependents)
• Number Attending College (dependents)

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Financial Need
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Types of Financial Aid

• GIFTED AID (dont repay)
• Scholarships
• Income, Merit or Combination
• Grants
• SELF HELP AID (earned/borrowed)
• Work Study Program
• Loans (Subsidized or Non-subsidized)
• Student
• Parent

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Four Sources of Financial Aid
FEDERAL AID STATE AID INSTITUTIONAL
AID OUTSIDE / PRIVATE AID
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Federal Aid
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FAFSA

• PELL Grant
• BASED ON Cost of Attendance COA
• Expected Family Contribution EFC
• Enrollment status
• FSEOG Federal Supplemental Educational
  Opportunity Grant
• Campus Based Aid
• Priority Exceptional Financial Need

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FAFSA

• Federal ACG Grant
• Academic Competitive Grant
• Year One - 750.00
• Year Two - 1,300.00
• Federal SMART Grant
• Science and Math Access to Retain Talent
• Up to 4,000.00 for 3rd and 4th years
  only

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State Aid Cal Grants
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CAL GRANT ELIGIBILITY

• California resident
• US Citizen or eligible non-citizen
• Meet US Selective Service requirements
• California colleges only
• At least half-time enrollment
• Maintain satisfactory academic progress
• Family income and asset limitations

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Cal Grant A, B, and C's

• Based On
• Student educational goals
• Un-weighted GPA in 10th and 11th grade
• Income criteria
• Community College Transfer
• Vocational Programs

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Cal Grant A, B, and C's

• Cal Grant A
• Four year colleges
• 3.0 GPA
• Cal Grant B
• Two year colleges
• 2.0 GPA
• Cal Grant C
• Trade and Vocational Schools

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Getting Ready...

• Student Drivers License
• Student Alien Registration card
• Student and Parent
• Social Security cards
• W-2 forms and other records of money earned
• 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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Staying Organized...

• Create a file
• Keep copies of all documents and records used to
  complete the FAFSA
• Keep copies of all applications and forms
  submitted

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About Applications...

• Read all application instructions
• If planning to submit paper FAFSA
• Use pen with black ink
• Print clearly in CAPITAL letters
• Fill in ovals completely
• Do not leave blanks (unless directed to)
• Do not write comments anywhere on form
• Do not use correction fluid
• FAFSA can be completed online

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Notes in Closing...

• Dont rule out a school just because of cost.
• Apply to one or two financially safe schools.
• Talk about familys financial realities.
• Meet ALL deadlines.
• Keep copies of all forms filed.
• Guess-ti-mate if necessary.
• Student loans are a way of life.
• Families should save as much as they can- no
  amount is too small.
• Plan ahead.
• Appeal if circumstances change.
• Look at all financing options- start with those
  offered by the college at which student enrolls.
• Dont assume- ASK!