Financial Aid 101

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Financial Aid 101
Presented by Elizabeth Ochoa
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Welcome

• Introduction
• Language
• Cell Phones
• Raise Hands
• Restrooms
• Handouts
• Evaluation
• Resources

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Financial Aid 101

• Types of Financial Aid
• Calculating Eligibility
• Application Process
• Awarding and Packaging
• Special Circumstances

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Cost of Attendance

• Tuition and fees
• Room and board
• Books and supplies
• Transportation
• Miscellaneous personal expenses
• May also include allowance for
• Child care
• Costs associated with a disability
• Rental or purchase of computer

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Sticker Shock

• Cal Poly 24,360
• UC Berkeley 32,634
• UC Santa Cruz 33,291
• Boston University 59,100
• Stanford University 58,846

2012-2013 Average cost of attendance as
reported by institution above.
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Federal Philosophy

• Family is responsible to pay for students
  education
• To the extent they are financially able
• Who gets to decide what financially able means?
  
• You or the feds?

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Basic Equation of Need

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• Students Financial Need (eligibility)

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Santa Clara COA 57,848 - EFC 1,000
Need 56,848
San Jose State COA 25,925 - EFC
1,000 Need 24,925
West Valley COA 12,451 - EFC 1,000
Need 11,451
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Types of Financial Aid
Gift Aid Grants Scholarships Self Help Work
Study Loans
Financial Aid is any money given, paid or
loaned to help pay for education.
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Grant Programs
FEDERAL PELL FSEOG TEACH CHAFEE
STATE CAL GRANTS UC AND CSU GRANTS BOARD OF
GOVENORS FEE WAIVER
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Extended Opportunity Program And Services
EOPS has been a California state funded program.
They provide an accessible and rewarding college
experience to low income and educational
disadvantaged students. You must apply for the
FAFSA to be considered for this program.

• Academic Counseling
• Career Counseling
• Personal Counseling
• Transfer Assistance
• Tutoring
• Money for books
• Transportation

• Priority Registration
• CARE Program for SINGLE PARENTS
• Monthly gas/food coupons
• School supplies

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CA Dream Act Application

• Application is available at http//www.csac.ca.go
  v/dream_act.asp

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Federal Work Study

• Campus-based aid
• Must be earned through work
• Job may be on or off campus
• Undergraduate and graduate students
• May have annual maximum
• funding levels vary at each institution
• Need-based

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Loans

• Subsidized- Need based. Interest is paid by the
  federal government while you are in school. Fixed
  6.8. Repayment starts six months after you
  graduate or drop below half-time.
• Unsubsidized- Not need based. You pay the
  interest or add it to the principle balance and
  begins to accrue at the time you receive 1st
  check. Fixed 6.8. Repayment starts six months
  after you graduate or drop below half-time.
• PLUS- Unsubsidized loan for parents of
  undergrads. Can borrow up to the COA any
  financial aid. Fixed 8.5 and begins to accrue at
  the time funds are released.
• Perkins- Need based. Campus based 0 interest
  while you are in school. Fixed 5 after
  graduation and a grace period up to 9 months.

Interest rates may vary year to year and are set
by the Dept. of Education
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Scholarships

• Additional FREE money to help pay for educational
  expenses.
• May come from various organizations
• Community
• Government
• College or University
• May be merit-based or need-based
• www.maldef.org
• www.icanaffordcollege.comwww.studentaid.ed.govww
  w.calgrants.orgwww.collegeboard.comwww.going2col
  lege.org
• www.fastweb.com

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Community Opportunities

• Opportunity Fund
• Sobrato Savers
• High School Seniors
• Ingrid Holguin
• IDA Program Manager
• 111 W. St. John Street, Suite 800
• San Jose, CA 95113
• 408.516.4597
• ingrid_at_opportunityfund.org

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Cheap Books

• chegg.com
• cheapbooks.com
• half.ebay.com
• amazon.com
• abebooks.com
• ecampus.com
• bookrenter.com
• affordabook.com

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CSS Financial Aid Profile

• www.profileonline.collegeboard.com/index.jsp
• 2 step process
• 25 online registration
• 16 per school
• Not used for awarding federal financial aid
• Not all schools require the Profile
• Application is customized for each student.
• Filing starts October 1st
• File no later than two weeks before the EARLIEST
  priority filing date
• specified by your colleges.
• Assistance is available
• Phone [phone]
• E-mail help_at_cssprofile.org

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2012-13 Steps to Apply for Financial Aid

• Apply for a PIN at www.pin.ed.gov
• Student needs a PIN
• Parents need a PIN
• The PIN is your electronic signature for the
  FAFSA
• Social Security Number
• Last name, First name, Middle initial
• Date of Birth
• Address
• E-mail
• Select and Answer a Challenge Question
• Apply to FAFSA at www.fafsa.ed.gov AND/OR
  California Dream Act Application at
  http//www.csac.ca.gov/dream_act.asp
• Receive confirmation of submission
• Follow-up with any requested documents

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What is a FAFSA?
The FAFSA application is the foundation for any
financial aid gifted or loaned to help pay for
your education. File a FAFSA online or on
paper 1-800-4-FED-AID (1-800-433-3243) Available
in Spanish and Braille.
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Whats the deadline?
MARCH 1st
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Are you a U.S. citizen?

• U.S. Citizen, Eligible non-citizen, or Neither
• Must have a Social Security Number to continue
  online application
• Matched with name and date of birth registered
  with SSA
• Naturalized citizens should make sure SSA has
  naturalization on file
• If checked eligible non-citizen, must provide
  the Alien Registration Number (ARN)
• US permanent resident with alien registration
  card
• Conditional permanent resident
• Refugee, asylum granted
• The ARN will be matched with records at
  Department of Homeland Security (DHS)

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Selective Service/ Inactive Draft

• Males between 18 and 25 must register
• Check Yes and you will be automatically
  registered
• Not yet 18, check yes and SSS will register you
  on birth date
• May also register using Web site
• www.sss.gov

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Dependency Status

• Students dependency status
• If all No responses, student is dependent
  requires parent information
• If Yes to any question, student is independent
  does not require parent information

• 24 years of age or older
• Completed first BA/BS degree
• Married
• Parent of a child for whom you are providing 50
  or more of the financial support
• On Active Duty / A Veteran
• At age 13 or older were a ward of the court, an
  orphan (both parents deceased), or in foster care
• Emancipated minor
• In legal guardianship
• Unaccompanied youth, homeless, or self-supporting
  and at risk of being homeless

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Parent Information

• Who is considered a parent for this section?
• Biological parent(s)
• Adoptive parent(s)
• Who is not considered a parent for this section?
• Foster parent(s)
• Legal guardian(s)
• The student is automatically
• considered an independent student

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Parent Information

• Marital Status
• Married / Remarried
• Single
• Divorced / Separated
• Widowed
• Common-law marriage-Not recognized in California

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Parents Household Size

• Include student and parents
• Siblings/ other people (regardless of age)
• If they live with parents and parents provide 50
  or more of the financial support from July 1,
  2013- June 30, 2014

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Number in College

• Write in number of people who will be college
• students between July 1, 2012 and June 30,
  2013
• Always include student, siblings, and other
  people, if they will be enrolled at least
  half-time from July 1, 2012-June 30, 2013
• DO NOT include parents,
• even if parents are in college

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2012 IRS Tax Returns

• Complete your tax returns ASAP
• Have your parents completed their IRS Tax Return?
• Already completed their return
• Will file, but have not yet completed
• Not going to file
• What income tax return did your parents file?
• IRS 1040
• IRS 1040A
• A foreign tax return
• A tax return w/ Puerto Rico, other US territory
  or Freely Associated State.

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• Financial Information
• Electronically filed tax return information will
  be available from the IRS in 2-3 weeks, data from
  paper tax returns will be available in 6-8 weeks

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• If answer is yes, the three asset questions
  will display.
• If answer is no, the asset questions will not
  display, as we do not need to count the asset
  value in the calculation of the EFC.

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Investments Are

• Real Estate
• Trust Funds
• Money Market Funds
• Mutual Funds
• Certificates of Deposit
• Stocks

• Stock Options
• Bonds
• Coverdell Savings
• College Saving Plans
• Installment and Land Sale
• Commodities

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Investments Are Not

• Home You Live In
• Value of Life Insurance
• Retirement Plans
• Prepaid Tuition Plans-
• if in students name
• Checking or Savings Accounts (separate question)

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What Happens After Applying?

• Students receive Student Aid Report (SAR)
  from federal processor
• ê
• If necessary, corrections to FAFSA data may be
  made by using FAFSA on the Web (www.fafsa.ed.gov)
  if student has a PIN
• ê
• Students who complete the FAFSA and Cal Grant GPA
  Verification Form receive California Aid Report
  (CAR)
• ê
• Colleges receive Institutional Student
  Information Record (ISIR) that the student listed
  on the FAFSA
• ê
• Colleges match admission records with the ISIR
  and determine financial aid eligibility
• ê
• Colleges notices of financial aid eligibility
  to admitted students who have completed all
  required financial aid forms

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Sample Award Letter

• Dear Student,
• Congratulations! This is an official award
  notification for the 2012-2013 academic year
• Budget (COA) 12,017
• EFC 1,017 NEED 11,000
• AWARD PROGRAMS AWARD TOTAL FALL SPRING
• BOGW
• Board of Governors
  1008.00 504.00 504.00
• GRANTS
• Federal Pell Grant 5,550.00 2,775.00 2,775.00
  
• Fed Supp Ed Opp Grant 500.00 250.00 250.00
• Cal Grant B 1,551.00 776.00 775.00
• Ext Opp Prog Ser 0.00
• Ext Opp Prog Book 0.00
• SELF-HELP
• Federal Work Study 2,200.00 1,100.00 1,100.00
• Fed Sub Stafford Loan 0.00
• Award Total 10,809.00 5,405.00 5,404.00

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Comparing Awards

• Gather Information
• Award letters come from each college
• Every college may have a different cost of
  attendance and awarding policy

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Professional Judgment

• If you have a change in
• Dependency Status
• Income and Assets
• Child Support
• Number in Household or College
• Private elementary/secondary school tuition
• Medical or dental expenses
• (not covered by insurance)

Contact your Financial Aid office for more
details
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Questions?
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West Valley Contacts

• Lien Pham
• Financial Aid, Supervisor
• [phone]
• lien.pham_at_westvalley.edu

Elizabeth Ochoa Financial Aid, Outreach
Specialist [phone] elizabeth.ochoa_at_westval
ley.edu
Maritza Cantarero Financial Aid, Director (408)
741-2611 maritza.cantarero_at_westvalley.edu
Spanish-speaking Vietnamese-speaking