College Financial Planning FAFSA
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All colleges require students to complete the FAFSA (Free Application for Federal Student Aid). Plan on attending to tax information early. This info is needed to fill out the FAFSA. If your current taxes are not complete, base your FAFSA on your last returns and adjust as necessary. Apply for a FAFSA pin for student and parent by December. Complete and send your FAFSA after January 1st but no later than March 2nd. Money is given out first-come-firstserved, so don’t delay. You will receive a SAR (Student Aid Report) to make any necessary changes or adjustments. If asked to make changes, send a copy of your parents’ income tax returns to colleges. Examine your financial aid award letter.
Forms are available in the Counseling Center and online at www.fafsa.ed.gov
Show me the money!
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College Financial Planning CSS/Financial Aid Profile
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In addition to the FAFSA, some colleges require the CSS Profile. To learn which schools require the Profile, check the schools’ websites, pick up a form in the Counseling Center or go to www.collegeboard.com/parents/pay. The Profile gathers additional financial info beyond what the FAFSA requires. Complete the Profile as early as the 1st week of October.
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How the Profile Works 1. Register for your customized Profile Application. 2. Complete and submit your Profile Application. There is a $5 non-refundable registration fee. 3. There is an $18 fee charged for each school or program to which you want this info sent.
Forms are available in the Counseling Center and online at
www.collegeboard.com/parents/pay
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College Financial Planning Financial Aid Formula
Cost of Attendance = Tuition, fees, books, supplies, room, food, transportation, etc. Estimated Family Contribution = Federal estimate of your ability to pay. For current estimates, visit www.finaid.org. Eligibility = The amount the college will try to find for you from various sources called the “Financial Aid Package.” Sample Package: College A Cost of Attendance Est. Family Contribution Eligibility/Need $7,616 2,125 5,491 College B $18,335 2,125 16,210 College C $37,461 2,125 35,336
Colleges then put together grants, scholarships, and loans that meet some of this need. The reality is that most families will find themselves with unmet need or a “gap.” According to the National Center for Education Statistics, at 4-year public colleges, the unmet need averages around $1,820, and at 4-year private colleges it averages $3,500. Cal Grant A 2007-08 Income Ceilings for parents of dependent students and for independent students with dependents other than a spouse: $84,600 with 6 or more $78,400 with 5 $73,200 with 4 $67,400 with 3 $65,800 with 2 Cal Grant B 2006-07 Income Ceilings for parents of dependent students and for independent students with dependents other than a spouse: $46,500 with 6 or more $43,000 with 5 $38,500 with 4 $34,600 with 3 $30,700 with 2
Asset Ceiling for Cal Grant A & B is $56,600. In determining your assets, you should NOT include assets like your home equity, retirement funds, prepaid tuition plans, and life insurance. Please refer to www.csac.ca.gov and click on Income & Asset Ceilings under Frequently Asked Questions. Jesuit automatically submits the CalGrant GPA Verification form for each student.
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Scholarships & Financial Aid Resources
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Pick up your free copy of Get a Jump! The Student Aid Answer Book in the Counseling Center. Read Don’t Miss Out:The Ambitious Student’s Guide to Financial Aid by Anna & Robert Leider. Available for check-out in the Counseling Center. Check out Naviance Family Connection for weekly updates on scholarship opportunities made available to the Counseling Center. Look in the red Scholarship binders in the Counseling Center. Free scholarship search websites: www.fastweb.com www.collegeboard.com www.scholarships.com Other important websites: www.fafsa.ed.gov www.csac.ca.gov www.finaid.org www.edfund.org
FAFSA Student Aid Commission* Student guide to aid Federal loan programs
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A note about Scholarship Scams ⇒ Don’t give away your money! No one can guarantee you will receive a scholarship or apply for a scholarship on your behalf. ⇒ Project ScholarScam (www.ftc.gov/bcp/online/edscams/scholarship) lists companies that the FTC has targeted in the past. This site also offers useful suggestions for avoiding scams. ⇒ For more tips on spotting questionable offers go to www.finaid.org/
scholarships/scams/phtml
*Jesuit High School automatically submits the
CalGrant GPA Verification Form for every student!
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