Financial Aid Presentation

Transcription

1 Financial Aid Presentation

2 How Do Students Apply? o Complete the Free Application for Federal Student Aid (FAFSA) or California Dream Act Application o Applications are available at: o Applications available in both English and Spanish

3 Dream Act FAFSA

4 Timeline / Deadlines o For financial aid, students should apply between January 1, 2016 March 2, o March 2 nd is the deadline for Cal Grant consideration (Dream Act Application completed & GPA verification submitted). o Student s submitting a Dream Act Application after March 2 nd may be considered by their college for any institutional financial aid being offered (BOGW, EOPS), but they will not be considered for a Cal Grant award by the California Student Aid Commission (CSAC)

5 Preparing to File FSA ID - UPDATE On May 10, 2015, the Federal Student Aid PIN was replaced with the FSA ID. The FSA ID is a username and password that is used to log-in to certain U.S. Department of Education (ED) websites such as FAFSA. The FSA ID will be used to sign the FAFSA electronically for both the student/student s parent. Parents of dependent students will need their own FSA ID to sign their child s FAFSA electronically. PLEASE NOTE: Each FSA ID must have a unique address. Students/Parents should sign-up for an FSA ID before attempting to complete a FAFSA. The FSA ID website: The Dream Act Application does not require a FSA ID.

6 FSA ID - Continued Students and Parents will need a working address to sign up for an FSA ID. accounts should be set-up prior to attempting the FSA ID application process. If the student/parents will be attending a Financial Aid Workshop held by VC, they must create their FSA ID before attending a workshop. The FSA ID process is lengthy and in some instances the confirmation process can take up to 72 hours. The FSA ID website:

7 California Dream Act Application AB540

8 Who is the California Dream Act Application for? Students who are not eligible to file a FAFSA due to citizenship status can file a Dream Act Application if they meet the requirements of AB540: o Attend a California high school for at least three years, o Graduate from a California high school or pass the California o High School Proficiency Examination(CHSPE), or obtain a Certificate of General Education Development (GED), o Enroll in an accredited and qualifying California college or university, o If applicable, complete an affidavit to legalize immigration status as soon as student is eligible

9 CA Dream Act Financial Aid is not Deferred Action (DACA) o DACA does not prevent students from applying for CA Dream Act financial aid. o DACA does not confer a new legal status for students. o California students who have applied for or received approval for DACA should complete the CA Dream Act Application and NOT the FAFSA.

10 Selective Service Registration Changes Male students who are 18 years of age or older (including male AB540 students) must be registered with Selective Service to receive federal and state aid AB540 students completing a California Dream Act Application can also register for Selective Service by using the Register Me feature through the Dream Act Application (NEW) Students can also register by visiting their local post office or mailing a registration form available at or

11 Sources of Financial Aid o Board of Governors Fee Waiver (BOGW) o Cal Grants o Chafee Grant (Foster Youth) o EOPS Grant o Scholarships

12 Cal Grant Eligibility High School Counselors o In order for students to qualify for a Cal Grant entitlement award, the high school must verify the student s GPA by March 2, 2016 o Dream Act Application students must meet this deadline or they will not qualify for Cal Grant funding o Students must certify their high school completion status to be eligible for a Cal Grant. High schools can now certify a student s completion status online!

13 FAFSA

14 What Do Students Need to Apply? Student and Parent: o Social Security cards (the name you report on FAFSA should be identical to the name on your card)* o Parents legal name, date of birth and marital status and date o s, W-2 forms and other records of money earned o Records of untaxed income (child support received) o Current bank statements o Business, farm and other real estate records o Records of stocks, bonds and other investments o Citizenship or U.S. Permanent Resident information** * Not required for Dream Act Application

15 Sources of Financial Aid o Federal Pell Grant o Federal Supplemental Educational Opportunity Grant (FSEOG) o Federal Direct Loans o Federal Work Study o *Board of Governors Fee Waiver (BOGW) o *Cal Grants o *Chafee Grant (Foster Youth) o *EOPS Grant o *Scholarships *Available to Dream Act Applicants

16 Cal Grant Eligibility High School Counselors o In order for students to qualify for a Cal Grant entitlement award, the high school must verify the student s GPA by March 2, 2016 o Students must certify their high school completion status to be eligible for a Cal Grant. High schools can now certify a student s completion status online!

17 Important Eligibility Rules Pell Grant Lifetime Eligibility o 12 semesters (600% - 6 years of Full-Time Awards). Federal Subsidized Student Loan o Students are no longer eligible for the Subsidized Student Loan program if he or she exceeds 150% of the published length necessary to complete their program (e.g. pursuing a 2 year degree they become no longer eligible after 3 years) Must Maintain Satisfactory Academic Progress (SAP) o Qualitative Standard (2.0 GPA in all attempted coursework) o Quantitative Standard (70% of all coursework attempted) o Maximum Time Frame Standards (150% of the number of units required to complete educational objective)

18 Financial Aid UPDATES

19 BOGW Fee Waiver Changes Fall 2016 Beginning Fall 2016, students will be required to maintain academic and progress standards to be eligible for the BOGW Students must maintain a 2.0 or higher GPA Students must complete a minimum 50% of their coursework Any combination of two consecutive terms of cumulative GPA below 2.0 and/or your course completion is not a minimum of 50% may result in the loss of fee waiver eligibility.

20 FAFSA Changes On Sept. 14, 2015, President Obama announced significant changes to the Free Application for Federal Student Aid (FAFSA ) process that will impact millions of students. Starting next year, students will be able to do the following: Submit a FAFSA Earlier: Students will be able to file a FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, The earlier submission date will be a permanent change, enabling students to complete and submit a FAFSA as early as October 1 every year. (There is NO CHANGE to the schedule, when the FAFSA will become available January 1 as in previous years.) Use Earlier Income Information: Beginning with the FAFSA, students will report income information from an earlier tax year. For example, on the FAFSA, students (and parents, as appropriate) will report their 2015 income information, rather than their 2016 income information. The following table provides a summary of key dates as we transition to using the early FAFSA submission timeframe and earlier tax information. When a Student Is Attending College (School Year) When a Student Can Submit a FAFSA Which Year s Income Information Is Required July 1, 2015 June 30, 2016 January 1, 2015 June 30, July 1, 2016 June 30, 2017 January 1, 2016 June 30, July 1, 2017 June 30, 2018 October 1, 2016 June 30, July 1, 2018 June 30, 2019 October 1, 2017 June 30,