FINANCIAL AID SHOW ME THE MONEY! A presentation by: Gregorio - - PowerPoint PPT Presentation

A presentation by: Gregorio Alcantar California State University Northridge

FINANCIAL AID

SHOW ME THE MONEY!

Fall

• Apply for College

Winter

• Apply for Financial Aid (January 1)

Spring

• Follow up with colleges accepted from
• Check financial aid status from college(s)
• MEET DEADLINES

HIGH SCHOOL SENIOR COLLEGE TIMELINE

GENERAL STUDENT ELIGIBILITY CRITERIA

• Must be enrolled or accepted for enrollment in

eligible program of study

• Must be pursuing degree, certificate, or other

recognized credential

• Must be U.S. citizen or eligible noncitizen
• Must be registered with Selective Service

(if male & required)

*

GENERAL STUDENT ELIGIBILITY CRITERIA

• Must have valid Social Security Number
• May not be in default on federal student loan
• Must be making satisfactory academic progress (as

defined by school)

*

Sources of Financial Aid

• Federal government
• State government
• Colleges and universities
• Private agencies, companies,

foundations, and your parents’ employers

4 Major Types of Financial Aid

• Grants – Money that generally does not need to be

repaid

• Work - Money earned by the student as payment for a

job on or off campus

• Loans - Borrowed money to be paid back, usually with

interest

• Scholarships- Money awarded to support a student's

education, awarded on the basis of academic or other achievement

Middle Class Scholarship (MCS) The Middle Class Scholarship (MCS) provides a scholarship for undergraduate students with family incomes up to $150,000 attending a CSU or UC. Additionally, the student must:

• Be a California resident or eligible AB 540 student
• File a FAFSA by the March 2 deadline
• Be enrolled at least half-time
• Be meeting Satisfactory Academic Progress standards

Western Undergraduate Exchange (WUE) http://www.wiche.edu/wue

Eligibility To receive the WUE tuition rate, an admitted student must be a resident of one of the following states or U.S. insular areas: Alaska, Arizona, Colorado, Commonwealth

• f Northern Mariana Islands, Hawaii, Idaho, Montana, Nevada, New Mexico,

North Dakota, South Dakota, Oregon, Utah, Washington, or Wyoming.

CSS PROFILE

• An online form
• May request different documents
• Required by private colleges for consideration
• f Institutional Aid
• May have different deadline than FAFSA
• Best to check with university

DEFINITION OF NEED

Cost of Attendance

• Expected Family Contribution

=Need

COST OF ATTENDANCE (COA)

• The Cost of Attendance for a

school is an estimate of how much money may be needed to attend school for a specific academic year

COST OF ATTENDANCE

• Tuition & fees
• Room & board
• Books, supplies, transportation, &

miscellaneous personal expenses, including documented costs for personal computer

• Study abroad costs
• Bottom line – any expense that could possibly

prevent you from attending class

HOW THE FORMULA WORKS

CC CSU UC Private

Cost $ 11,500 $16,000 $21,000 $40,000 EFC - 500 - 500 - 500 - 500 Need $ 11,000 $15,500 $20,500 $38,500

In the best of all possible worlds, full “need” will be met with a financial aid package made up of grants and scholarships along with reasonable amounts of work and loan. Some schools are not able to meet full need.

*

Living On-campus California Community Colleges California State University (CSU) University of California (UC) California Independent Colleges (based on median costs) Fees/Tuition $480* $3,797 $8,062 $25,918 Books and supplies $1,566 $1,566 $1,523 $1,728 Room and board $7,800** $9,439 $12,083 $9,640 Miscellaneous $2,394 $3,314 $3,632 $3,125 TOTAL $12,240 $18,116 $25,300 $40,411

Standard Educational Expenses Chart

What is most important in this chart?

Undergrad Students On or Off Campus Expense 7+ units Per semester Full Year Fees * $1,851 $3,702 Books/Supplies 782 1,564 Room and Board 5,076 10,152 Transportation 600 1,200 Miscellaneous 1,360 2,720 TOTAL $9,669 $19,338

Sample College Budget

WWW.FAFSA.GOV

THANK YOU