2012 FAFSA presentation

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2012 FAFSA presentation Powered By Docstoc
					WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID
• What is financial aid?
• Cost of attendance (COA)
• Expected Family Contribution (EFC)
• What is financial need?
• Categories, types, and sources of financial aid
• Free Application for Federal Student Aid
  (FAFSA)
• Special circumstances
WHAT IS THE COST OF ATTENDANCE (COA)?

Cost of Attendance (COA) VARIES from college to college

COA can be found at every school’s web site. You may
also go to: www.californiacolleges.edu
WHAT IS THE EXPECTED FAMILIY
CONTRIBUTION (EFC)?


 • Amount family can reasonably be expected
   to contribute
 • Stays the same regardless of college
 • Two components
   – Parent contribution
   – Student contribution
 • Calculated using data from a federal
   application form and a federal formula
MAIN DETERMINANTS OF THE EFC

   Income
   Assets
   Family size
   Number in College
   Age of the older parent

 Adjustments to EFC may be made by Financial
  Aid Office due to Verification and/or Special
     Circumstances that limit ability to pay
 FINANCIAL NEED is Determined by the Cost
of Attendance minus the Expected Family
Contribution.


                                  Expected
         Cost of                   Family                 Financial
       Education                Contribution                Need

                                    (EFC)

  •Tuition & Fees            •EFC determines         •Financial Need is
  •Books & Supplies          eligibility for need-   the difference
                             based aid               between the COA
  •Room & Board                                      and the EFC.
  •Transportation            •EFC is not an
                             amount the student      •Need
  •Personal/Misc. Expenses   or parent/s must        will be different at
  •Loan Fees                 pay                     each school.
TYPES OF FINANCIAL AID


 • Need-Based Gift Aid
    • Grants
    • Scholarships (performance-based)

 • Self-Help Aid
    • Loans (need and non-
      need based)
    • Student Employment
SCHOLARSHIPS


 • Money that does not have to be paid
   back

 • Awarded on the basis of merit, skill,
   or unique characteristic
GRANTS


 • Money that does not have to be paid
   back

 • Usually awarded on the basis of
   financial need
LOANS

 • Money students and parents borrow to help pay
   college expenses
 • Repayment usually begins after education is
   finished
 • Only borrow what is really needed
 • Look at loans as
   an investment in the future
EMPLOYMENT – WORK STUDY


 • Allows student to earn money to help pay
   educational costs
  – A paycheck

  – Non-monetary compensation, such as room
    and board
SOURCES OF FINANCIAL AID


 • Federal government

 • States

 • Private sources

 • Civic organizations and churches

 • Employers
FEDERAL GOVERNMENT

• Largest source of financial aid
• Aid awarded primarily on the basis of
  financial need
• Must apply every year using the Free
  Application for Federal Student Aid
  (FAFSA)
CALIFORNIA STATE PROGRAM


 • California Student Aid Commission (CSAC) administers
   Cal Grant program. Web site www.csac.ca.gov
 • Student must:
     Be a California resident attending a California college
     Apply by the March 2nd deadline (FAFSA and verified GPA)
     Have financial need
     Meet income and GPA requirements for at least one program
 • CSAC uses information from the FAFSA
 • Deadline is March 2nd
HOW DO I APPLY ?

      Complete FAFSA Each Academic Year!

  FAFSA
  • Free
  • Application for
  • Federal
  • Student
  • Assistance
  •    The FAFSA is a standard form that collects demographic and financial
       information about the student and family

  •    FAFSA website
       – Available in English and Spanish
FAFSA ON THE WEB




 • Web site: www.fafsa.ed.gov
 **DO NOT USE ANY OTHER WEBSITES **
 **AVOID SCAMS (fafsa.com will charge $)**
 • 2012-13 FAFSA on the Web available on January
   1, 2012
 • FAFSA on the Web Worksheet:
   – Used as “pre-application” worksheet
   – Questions follow order of FAFSA on the Web
STUDENT FINANCIAL AID PERSONAL
IDENTIFICATION NUMBER (PIN)

 • Web site:
   www.pin.ed.gov
 • Student and Parent must
   sign FAFSA electronically
 • Request PIN before
   January 1, 2012
 • PIN remains the same for
   student and parent all
   through college years
GETTING READY

  Before starting the FAFSA, gather
   Student driver’s license
   Student and Parent:
       Social Security cards
       2011 W-2 Forms and other records of money earned
       2011 federal income tax form (even if not completed)
       Records of 2011 untaxed income
       Current bank statements
       Business, and other real estate records
       Records of stocks, bonds and other investments
GETTING READY



 • If delayed in filing federal
   tax return, file FAFSA with
   ‘estimated’ income to avoid
   missing priority filing date
   of March 2, 2012
List up to 10 colleges to receive FAFSA data:

• Include CA school (CSUSM?) in one of the
  top 3 spots for Cal Grant!

• Federal School Code for each college

• Housing plans for each college
SIGNATURES


• Required
  – Student
  – One parent (dependent students)
• Format
  – Electronic using PIN (most frequently used)
  – Signature page (least frequently used)
FAFSA PROCESSING RESULTS


  Central Processing System (CPS) notifies
  student of FAFSA processing results by:
  • Student Aid Report (SAR)
FAFSA PROCESSING RESULTS


 • Institutional Student Information Record
   (ISIR) sent to colleges listed on FAFSA
   approximately 10 to 14 days after FAFSA
   submitted

 • College reviews ISIR
   – May request additional documentation, such
     as copies of federal tax returns
STUDENT AID REPORT

 • Review data for accuracy

 • Update estimated information when
   actual figures are available
MAKING CORRECTIONS

 If necessary, corrections to FAFSA data may
 be made by:
 • Using FAFSA on the Web (www.fafsa.ed.gov) if
   student has a PIN; or
 • Submitting documentation to college’s
   financial aid office
SPECIAL CIRCUMSTANCES


  • Cannot report on FAFSA
  • Send explanation to financial aid office at
    each college
  • College will review special circumstances
    – Request additional documentation
    – Decisions are final and cannot be appealed
      to U.S. Department of Education
              FAFSA4CASTER

Early estimate of eligibility for financial aid

Student Aid on the Web
http://studentaid.web.gov
        Palomar College GEAR UP
                    &
        College and Career Center
• Scholarship Assistance – in Library After School, Mon.-Fri.
          – Assistance for the FAFSA will be available all of January and February
• General College Application Workshop
          – Thursday, Nov. 17th, 2011; Career Center; 3pm-4pm
• Community College Workshop
          – Wednesday, Nov. 30th, 2011; Career Center; 3pm-4pm
• Financial Aid Evening
          – Wednesday, Dec. 7th, 2011; Library; 6pm-7pm
             » Parents encouraged to come!
Remember November 30th is the deadline
     for CSU/UC Applications!
       FAFSA Workshop
• Cal SOAP “Cash for College” Workshop
  – Free
  – CSUSM
  – Saturday, Feb 25th
  – 9-1pm

  **More info to follow**
CSUSM FINANCIAL AID CONTACT
INFORMATION

• (760) 750-4850

• finaid@csusm.edu

• Craven Hall Room 3700

• School Code: 030113
FREE Scholarship Services




  www.fastweb.com




                         www.finaid.org
  www.collegeboard.com

				
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