Financial Aid & FAFSA Overview Presented by: Patti Serafin Financial Aid, Veterans & Scholarship Services
Agenda Financial Aid Overview Available Student Financial Assistance Basic Eligibility Cost of Attendance Determining Federal Need and Award Packages Special Circumstances 2017-2018 FAFSA On The Web (FOTW) Start Here- Accessing and Signing the FAFSA FAFSA sections Resources California Dream Act
Aid Available To Students Financial aid helps students pay for their educational expenses. **Plan carefully because aid may not cover all costs** Sources Federal State Institution Private Types of Aid Grants- Do not have to be repaid; usually need based Work Study- Must be earned through work Loans- Must be repaid Scholarships- no repayment, eligibility varies by donor Investigate and apply for all aid as soon as possible. **Be mindful of deadlines and eligibility requirements**
Federal Student Aid Must submit the Free Application for Federal Student Aid (FAFSA) Program 2016-2017 Amounts Notes Pell Grant Up to $5,815 Lifetime Eligibility 600% FSEOG $100 to $4,000 Priority to Pell Grant students TEACH Grant Iraq & Afghanistan Service Grant Up to $3,712 Up to $5,830 (estimate) Requires a service contract or it converts to an unsubsidized loan. Similar to Pell Grant; cannot exceed Cost of Attendance Work Study Varies by school On and off-campus employment Perkins Loan Up to $5500 (UG) 5% fixed rate; 9 month grace period Subsidized Direct Loan $3,500- $5,500 (UnderGrad level) Restricted to 150% of your academic program
Basic Federal Eligibility High school diploma or equivalent U.S. citizen or eligible non-citizen Valid Social Security number Enrollment in an eligible degree or certificate program Selective Service registration (males only) Certification of educational purpose and enrollment in program leading to degree, transfer or certificate No student loan borrower default or aid overpayment No drug conviction based on Department of Education standards Maintain Satisfactory Academic Progress (SAP) K n o w t h e s c h o o l s p o l i c y o n d u a l c r e d i t c o u r s e s!
California Student Aid Submit the Free Application for Federal Student Aid (FAFSA) or Dream Act Application and GPA verification by March 2 nd. Program Award Amounts Chafee Grant Up to $5,000 UC Student Aid Varies; minimum $100 State University Grant Middle Class Scholarship (CSU, UC) Child Development Grant Law Enforcement & Personnel Dependents Grant CCC Board of Governors Fee Waiver Covers full system-wide fees Up to 40% of tuition; final award based on number of awardees and budget allocation. $1,000 (CCCs); $2,000 (4-yr) Up to $11,259 Covers all CCCs enrollment fees
California Student Aid Deadlines: Round 1 is March 2 nd ; Round 2 is September 2 nd for California Community College students only. Program Cal Grant A & B Cal Grant B Access Award Cal Grant C FTSSG (Full-Time Student Supplemental Grant) Maximum Award (estimates) $12,192 (UC); $5,472 (CSU); $9084 (Independents); $4,000 (For Profit) $1,670 (all schools) $2,462 (non CCCs); $547 (CCCs) Additional amount up to $600 for full-time community college students receiving Cal Grant awards
Basic California Eligibility Must Meet Federal and Cal Grant Requirements * U. S. Citizen or Eligible non-citizen * California Resident as determined by the school Selective Service registration Attend an eligible California college * Valid Social Security number Enroll at least half-time in an eligible program Maintain Satisfactory Academic Progress Not owe a grant repayment or be in default on a student loan High School GPA Not have earned a bachelors degree Not incarcerated Application deadlines and limits on number of semesters eligible * Requirements are supplanted by other eligibility criteria for AB 540 students.
Cost of Attendance (COA) Standard Items Tuition & Fees Books & Supplies Room & Board Allowance* Transportation Personal/Miscellaneous Expenses 2016-17 Undergrad, With Parent Palomar SDSU UCSD $ 1,338 $ 6,976 $ 13,557 $ 1,764 $ 1,804 $ 1,502 $ 4,770 $ 4,197 $ 4,698 $ 1,132 $ 1,499 $ 1,658 $ 1,392 $ 1,392 $ 3,785 $ 10,396 $ 15,868 $ 25,200 * living at home, on-campus or off-campus will change COA.
Awarding Financial Aid Cost of Attendance Minus EFC Financial Need Minus Need-based aid & other resources Unmet Need COA varies by school, but EFC remains the same. EFC- Expected Family Contribution based on FAFSA responses. 2016-17 Palomar College With Parent Award Package COA $10,396 Minus EFC ( 0) BOG Waiver ( 1,288) Federal Pell Grant ( 5,775) Federal Work Study ( 3,163) Unmet Need $ 0
What s Changing for Fall 2017 Earlier availability of FAFSA form October 1 3 months earlier Prior-prior Year income Changes income year on FAFSA Report 2015 income for both 2016/2017 and 2017/2018 FAFSA forms Easier to use IRS Data Retrieval on FAFSA Community College BOG (Board of Governors ) Fee Waiver New academic progress requirements
FAFSA On The Web (FOTW) Why File Electronically? Edits prevent errors & delays; Skip-logic reduces number of questions; Quick submission of original application and any necessary corrections; Detailed instructions and Live Help available Simplified renewal application process www.fafsa.gov
14 Using a FSA ID to Sign the FAFSA The U.S. Department of Education has replaced the Federal Student Aid PIN or FSA PIN with a new Federal Student Aid (FSA) ID, effective May 10, 2015. The FSA ID will allow students and parents to access and electronically sign the online version of the FAFSA with a user-selected username and password. This new login process will be more secure, since it eliminates the need for students and parents to provide personally identifiable information (PII), such as their name, date of birth and Social Security Number (SSN), every time they access U.S. Department of Education web sites. This change permits self-service password retrieval by email without requiring the applicant to reveal PII. It also allows for name changes (e.g., through marriage) without requiring an application for a new FSA ID.
FOTW Sections Student Demographics School Selection Dependency Status Parent Demographics Financial Information Sign & Submit Confirmation
Student Demographics Check for: Name matches student social security card Transposed numbers Incorrect data in numeric fields Use the Help and Hints section on each page.
School Selection Add a School Federal School Code Search by: Name City and State Housing Plans On campus With parent Off campus
Dependency Status NO to all questions Makes the student a dependent Parental information is required Student must provide more than half of a child s financial support to answer Yes on the FAFSA
Dependency Status Yes to any of these makes the student independent and no parental information is required. Foster Youth Emancipated Minors Legal Guardianship Homeless Unaccompanied Youth Documentation may be required by the College to confirm dependency status.
Parent Demographics Provide both parents information if they are: Unmarried & living together Married Remarried (parent and step-parent) Regardless of gender A legal parent includes biological/adoptive parent or a person that the state has determined to be your parent (ex. listed on birth certificate).
Financial Information 2016-2017 & 2017-2018 Same for both student and parent Report 2015 income Use IRS Data Retrieval Tool (DRT) Requires a FSA ID Available February Must have already filed Do not skip questions about parent income and assets for Cal Grant purposes
Sign and Submit Student and Parent Select signature method Electronic or mail FSA ID Terms of Agreement Use funds to pay for educational expenses Receive Federal Pell from one school at a time Information provided is accurate under penalty of law
Confirmation Page Confirmation Number DRN Transfer FAFSA data Eligibility Information College Information Next Steps 2015-2016
Special Circumstances Can be indicated on the FAFSA Only those related to dependency status or parental information Contact the school for all other special circumstances, such as, loss of income or unexpected medical expenses Must follow up with each College/University Each school will have its own form and documentation requirements The school will notify the student of its decision Decisions cannot be appealed to the Department of Education
Financial Aid Application Process 25 Get FSA ID https://fsaid.ed.gov FSA ID Use FSA ID to make corrections and colleges will receive ISIR
Resources Federal Student Aid at www.studentaid.gov Preparing for College Types of Aid How Do I Apply Managing loans
Resources California Student Aid Commission (CSAC) at www.csac.ca.gov Cal Grants Dream Act Middle Class Scholarships
California Dream Act Online application and resources available at: https://dream.csac.ca.gov/ * Requirements are supplanted by other eligibility criteria for AB 540 students.
Questions? Angelina Arzate Financial Aid, Veteran & Scholarship Services (760) 744-1150 ext. 3249 aarzate@palomar.edu