FINANCIAL AID101 The Basics. Vance Pascua Dean of Admission & Financial Aid William Jessup University

Transcription

1 FINANCIAL AID101 The Basics Vance Pascua Dean f Admissin & Financial Aid William Jessup University

2 FINANCIAL AID Tpics: LEVERAGE FA/Admissin timeline BENEFIT Value vs. Cst PROCESS Hw T Get It SOURCES Where It Is

3 Leverage Timeline September 1 December 31 Typical admissin applicatin filing perid January 1 March 2 Windw f pprtunity t file FAFSA Nvember 15 March 1 Typical perid fr admissin ntificatins February 15 April 1 Typical perid fr financial aid ffer letters May 1 - Natinal Candidates Reply Date

4 Starting Salary by Educatinal Attainment HS Diplma $28,000 Assciate's $30,000 Bachelr's $45,500 Starting Salary

5 The Value f a Cllege Educatin Based n 40 years f wrk (age 25-64): Degree Annual Incme After 40 Years Bachelrs $60,550 $2,422,000 HS Diplma $34,275 $1,371,000 Difference $26,275 $1,051,000 Getting a Cllege Degree is an investment wrth OVER a MILLION DOLLARS!!! Surce: US Census Bureau

6 Cllege Csts (COA)* Cmmunity Cllege $17,072 (e.g. Sierra Cllege) Califrnia State University $23,324 (e.g. CSU Sacrament) University f Califrnia $31,816 (e.g. UC Davis) AICCU (Assciatin f Independent Califrnia Clleges & Universities) $39,895 (e.g. William Jessup University) *All cmparisns are fr On-Campus living.

7 But Vance, I can t write a check fr that, s HOW DO I GET FINANCIAL AID?

8 Financial Aid Is A PARTNERSHIP BETWEEN Gvernment Cllege Family (bth students AND parents) Financial Aid Exists T Prvide Access -- regardless f incme Prvide Chice -- regardless f cst Recruit -- desirable students

9 It all starts with The FAFSA Free Applicatin Fr Federal Student Aid (paper applicatin available if preferred) Sign electrnically get pin at Student and ne parent need a PIN REMEMBER PIN fr future uses FAFSA is available January 1, 2015 FAFSA On The Web (FOTW) Wrksheet Used as a pre-applicatin Questins fllw the rder f the real FAFSA

10 FAFSA Tips Read and fllw instructins. Assemble parent and student incme and asset infrmatin ahead f time (can use estimated tax inf). Yu d nt need t be accepted t a cllege. All inf is as f the day yu cmplete the FAFSA. Knwing SSN is very helpful GUYS Register with Selective Service Will need t be cmpleted each year

11 FAFSA Tips (cnt.) What if my situatin desn t fit with what the FAFSA is asking? In the case f special circumstances Invluntary change in emplyment status Change in parents marital status Unusually high medical expenses Unusually high dependent care expenses a Financial Aid Administratr can exercise Prfessinal Judgment.

12 Other Frms/Applicatins GPA Verificatin Frm (t be cnsidered fr a Cal Grant) Usually submitted by High Schl r yu can dwnlad frm at Independent Universities may use additinal frms. Remember: Use Accurate Data -- Mistakes cause prcessing delays. Respnd Prmptly t all crrespndence.

13 Deadlines! Submit FAFSA electrnically r paper frm by March 2 nd (n earlier than January 1 st ). March 2 nd Pstmark deadline GPA Verificatin Frm (Cal Grant) and the pririty deadline fr many prgrams and clleges. Individual schlarship deadlines will be all ver the calendar!

14 The EFC Estimated Family Cntributin Established by a Federal Frmula frm Incme/Asset Data reprted n FAFSA Gv t estimate f yur ability t cntribute The same amunt regardless f cllege Tw cmpnents Parent cntributin Student cntributin

15 Financial Aid Eligibility Cst f Attendance - EFC = Financial Need The gal f a FA Office shuld be t meet as much Financial Need as pssible Funds can be limited, s start early!

16 S WHAT FINANCIAL AID IS AVAILABLE?

17 Surces f Financial Aid Federal State Institutinal Outside

18 Federal Aid Grants depend n EFC (0-5157) Pell ($602-$5730) & FSEOG (amunt varies by schl) Lans ( Staffrd guaranteed by Federal Gv t at 4.66% Subsidized Unsubsidized Perkins Fr exceptinal financial need 5% PLUS Parent 7.21% Private/Alternative Federal Wrk Study Wrk n r ff campus, up t 20 hrs./week, arund yur class schedule Veterans Benefits

19 Cal Grants (unique t Califrnia) Cal Grants ( academic year) Cal A (3.00 GPA) Private = $9,084 UC = $12,192 CSU = $5,472 Cal B lw-incme ( ) The first-year stipend fr expenses = $1,648 Secnd year, receive bth A & B Cal C (cmmunity clleges/specialized schling) Tuitin & Fees = $2,462 Bks & Supplies = $547

20 CALIFORNIA STUDENT AID COMMISSION FOR NEW CAL GRANT APPLICANTS CAL GRANT PROGRAM INCOME CEILINGS Cal Grant Cal Grant A and C B Family size: Six r mre $100,800 $55,400 Five $93,400 $51,300 Fur $87,200 $45,800 Three $80,200 $41,200 Tw $78,300 $36, CAL GRANT PROGRAM ASSET CEILINGS Independent students Single, n dependents $32,000 $32,000 Married, n ther dependents $36,600 $36, CAL GRANT PROGRAM ASSET CEILINGS Dependent students $67,500 Independent students $32,100 Updated 12/08/2014

21 Institutinal Aid Merit GPA SAT/ACT scres Majr Department Perfrmance Athletic Art Music Drama Experience(s) Multicultural/ethnic Ministry/Church Hmeschled Cmmunity Cllege Internatinal student Need-based Grants Lans

22 Outside Aid Surces: Private Dnrs Businesses Fundatins Service Clubs Church/Religius rganizatins Veterans Benefits Resurces: Cunseling/Career Center at yur high schl Financial Aid Office at the cllege(s) f yur chice Internet

23 Schlarship Search Cmpanies Warning Signs: Guaranteed/Mney Back Exclusive Infrmatin We d all the wrk! Credit Card number required Yu have been selected as a finalist! We Prmise AND the biggie - Dn t g t Infrmatin: FTC-HELP ( )

24 NET Price Cmparisn Tuitin, Rm & Bard; A student Cllege A Cllege B Cllege C T/R/B = $ 34,990 T/R/B = $ 42,500 T/R/B = $ 51,750 Acad $ = 10,000 Music $ = 2,000 Dept. $ = 3,500 Cal Grant = 8,056 Ttal Aid = 23,556 Acad $ = 15,000 Music $ = 5,000 Cal Grant = 8,056 Ttal Aid = 28,056 Acad $ = 18,500 Music $ = 6,500 Cal Grant = 8,056 Ttal Aid = 33,056 Net Cst = $11,434 Net Cst = $14,444 Net Cst = $18,694 Despite higher financial aid packages, the net cst is greater! S, dn t be fled by, I gt mre schlarship at schl, because the bttm line may still be mre ut-fpcket!

25 Questins? Cntact: William Jessup University Admissin & Financial Aid r finaid@jessup.edu