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Financial aid update

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					FINANCIAL AID UPDATE
          &
     OVERVIEW

      For Providers
RAISE AWARENESS
•   Many low income families still don’t know financial aid is available to help with college
    expenses
     • Utilize existing outreach events & websites
           • www.icanaffordcollege.com
           • California Cash for College Workshops www.calgrants.org
•   Be sure students/parents know deadlines
     • Priority deadline is March 2 nd for Cal Grant
     • Some schools have earlier deadlines
•   Emphasize must apply every year
•   Encourage students to apply for scholarships at their high school, potential college or use
    a scholarship aggregator like www.fastweb.com
BE SURE STUDENTS & PARENTS UNDERSTAND
THE PROCESS
•   Apply for financial aid
     • Need tax info for self and parent if required
     • Apply at www.fafsa.ed.gov
•   Student and parent sign it
     • Get a pin for student & parent at www.pin.ed.gov
•   Get a response
•   Contact the school & turn in follow up paperwork, if necessary
•   Receive your award letter
•   Get a check if your eligible
TIPS FOR COMPLETING THE FAFSA
•   Be sure names & social security numbers are correct
•   Estimate tax info using 2011 W2’s, year-end pay stubs, and 2010 taxes
•   Be sure they don’t overstate their assets
•   Know which factors are considered heavily when determining eligibility
•   Does the student need a parent to help complete the FAFSA?
•   Who is a parent?
•   Who is in the household?
DEADLINES ARE IMPORTANT
•   March 2nd is the priority deadline for
    California, including the Cal Grant
•   Miss a deadline & typically it’s too late


•   Some schools have earlier deadlines
     • Often private schools have earlier
       deadlines
     • California State Universities have
       priority deadlines as early as
       January 15th for the following Fall
       semester
BE SURE STUDENTS/PARENTS UNDERSTAND
THE CAL GRANT PROCESS
                    •   Two Chances At Cal Grant Entitlement
                         • Senior year of high school
                         • Year afterward
                    •   Complete FAFSA by March 2
                    •   Get GPA verified by High School
                         • Paper www.csac.ca.gov
                         • Electronic
                    •   Receive notification from CSAC
                    •   Accept awards online
KNOW THE CAL GRANT ASSET & INCOME
STANDARDS - INITIAL AWARDS 2011/2012

Cal Grant A - Family Size   Cal Grant B – Family Size
•   Six or more $90,300     •   Six or more $49,600
•   Five $83,800            •   Five $46,000
•   Four $78,100            •   Four $41,100
•   Three $71,900           •   Three $36,900
•   Two $70,200             •   Two $32,800


•   Asset Ceiling $60,500   •   Asset Ceiling $60,500
CAL GRANT A
   Renewals have Income & Asset
    Standards too
     Slightly higher than initial
        award Income & Asset ceilings

   Only held on reserve for 2 years

   Students can request an extension
    if they haven’t completed transfer
    work in 2 years

     Must be beyond their control
NO MORE ACG OR SMART GRANT
•   Academic Competitiveness Grant
     • Extra $750 for 1 st year
     • Extra $1300 for 2 nd year
     • Pell eligible students, who completed a rigorous course of study in high school


•   National Science & Mathematics Access to Retain Talent Grant
     • Up to $4000 per year for 3 rd & 4th year Pell Eligible Students at a four year school
REVIEW OF TYPES OF AID
•   Pell Grant
•   Supplemental Educational Opportunity Grant
•   Federal Work Study
•   Stafford loans
•   Plus loans
•   Cal Grant A
•   Cal Grant B
•   Cal Grant C
•   Extended Opportunites Programs & Services
•   Fee Waivers (public schools)
•   Institutional Aid (private schools)
ENCOURAGE STUDENTS TO LIMIT BORROWING
•   Student’s borrow unless they can’t go to school without it.
     • Much more expensive at a 4 year than it is at a community college, recommend
       students don’t borrow until at the university level – if at all
     • Many schools require students to complete a loan request & define a long term
       borrowing plan.
     • No credit necessary
     • Some loans are Subsidized
     • Better terms than a student credit card
MARGARET MANN
COORDINATOR, FINANCIAL AID & OUTREACH
SANTA ROSA JUNIOR COLLEGE
MMANN@SANTAROSA.EDU

				
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