Financial Literacy It is borrowed , given, or earne d money that can - - PowerPoint PPT Presentation

FAFSA/DREAM Application Financial Literacy

What is financial aid?

It is borrowed, given, or earned money that can be obtained from various sources to help pay for college.

• Available October 1st for the upcoming academic year
• Must be renewed every year

WHEN

• Available to H.S. graduating students, college students and

returning adults

• U.S. citizens and eligible non-citizens (Permanent Residents)

WHO

• Available on-line (preferred way) www.fafsa.gov

HOW

• Determines eligibility for federal and state financial aid programs
• Used by colleges and universities to award institutional aid

WHY

FAFSA (Free Application for Federal Student Aid)

How to Apply

Click on

OR

Go to www.fafsa.gov

PELL GRANT

$6,195 (2019-2020 amount)

FEDERAL AID

WORK STUDY

A need-based employment program that provides

• n- and off-campus jobs to students.

$100- $4,000

FSEOG (Federal Supplemental

Educational Opportunity Grant)

$100 - $4,000

Need based Not need based

Parent PLUS Loan

Parent can borrow on behalf of student, lower interest rate than many private lenders

TAKE STEPS TO MINIMIZE DEBT

Don’t borrow any more than you absolutely need. Grants and Scholarships - are not paid back if you attend your classes Loans - must be paid back

What is an FSA ID?

An FSA ID is a username and password needed for the FAFSA, it is your electronic signature.

Create a FSA ID

fsaid.ed.gov

Graduating high school students filling out the FAFSA – you and 1 parent will need to create a FSA ID. (Takes 3-4 days to process)

If a parent does not have a Social Security number they print, sign and mail in a signature page.

The Financial Aid Process

Complete FAFSA Receive and review the

Student Aid Report

Complete

verification

process (if selected) Receive and review

Award Offer Respond

to College Complete all

pending processes Renew FAFSA

every year

Students who are not a US citizen or eligible Permanent Resident AND If eligible under Assembly Bill 540 (AB540), AB 2000, and/or SB 68

CA DREAM Application (DREAM):

Application opens https://dream.csac.ca.gov/

• Before starting the FAFSA on the Web (FOTW), gather:
• Student driver’s license
• Student Alien Registration Card, if applicable
• Student and Parent

Social Security cards 2018 W-2 and 1099 Forms and records of money earned and other taxable benefits 2018 federal income tax form (even if not yet completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments

• Complete FOTW Worksheet (optional)
• Create a file for copies of all financial aid documents submitted

Getting Ready to apply for the

2020-2021 2021 financial aid application

1 1

Application

Cal

Consideration

Grant

sophomore year and junior year GPA Calculated on an unweighted scale

You must list at least one California College/University on the FAFSA or DREAM Application to be considered

STATE AID

Deadline March 2nd

Cal Grant Entitlement Awards

14

Cal Grant A Cal Grant B

For high school seniors, recent high school grads, and transfer students For high school seniors, recent high school grads GPA of at least 3.0 for high school students and 2.4 for transfer students GPA of at least 2.0 for high school students and 2.4 for transfer students Family income and assets below state ceilings

• Family income and assets

below state ceilings

• From disadvantaged or low

income families Must demonstrate financial need

Cal Grant C Awards - for students from low to middle income families pursuing vocational programs of study

Making education beyond high school financially accessible to all Californians.

Student Aid Commission

California

WEBGRANTS4STUDENTS.ORG

After applying for Financial Aid create a WebGrants account for access to Cal Grant award information

California Chafee Grant

• The California Chafee Grant program provides up to

$5,000 annually to current and former foster youth for college or vocational training at any accredited

college in the U.S., based on available funding

• To be eligible, foster youth must be a current or former

foster youth who was a dependent or ward of the court, living in foster care for at least one day between the ages of 16 and 18 and not have reached their 26th birthday as of July 1 of the award year

• Current or former foster youth are encouraged to apply

during their senior year of high school as early as October 1

• To apply, foster youth must complete:
• FAFSA or Dream (Every year)
• California Chafee Grant Program Application (One time)

To apply for a Chafee Grant, go to:

www.chafee.csac.ca.gov

• Undergraduate students with family incomes of up to $177,000 and

net worth of assets of up to $177,000 who:

• Submit FAFSA or CA Dream Act Application by March 2
• attend a UC or CSU
• are U.S. citizens, permanent residents, or have AB 540/AB 2000/SB 68 status

and

• are California residents
• Annual award amounts:
• Up to 40% of system tuition and systemwide fees

Middle Class Scholarship (M (MCS)

California College Promise Grant (formerly known as the BOG Fee Waiver)

* Not offered at every California Community College NOT Income Based Income Based

*California Promise

Community Colleges

Institutional Aid

All high School students who will be graduating this academic year are First Time college students

• California State University (CSU)

State University Grant - (SUG) at least equal to the amount of the State University Fee;

students with an (EFC) of $4,000 or less; and who are not receiving a Cal Grant or other award designated to cover fees

• University of California (UC)

University Grants and Scholarships Blue and Gold Plan – assistance with UC system wide tuition and fees for California

residents whose total family income is less than $80,000 a year and qualify for financial aid.

• Private Colleges/Universities

Grants/Scholarships – varies by institution

Institutional Aid (cont)

BE SMART ABOUT SCHOLARSHIPS

Thousands of scholarships exist. Some colleges automatically consider all applicants for scholarships. Other scholarships from colleges, universities, and private sources require special applications and additional work and motivation to make it happen. Never pay money to apply to an outside scholarship.

Based on various criteria:

• Merit
• Need
• Major
• Ethnicity/Gender
• Athletic/Extracurricular Activities

You must APPLY for the FAFSA or the DREAM application to be considered for financial aid and to find out what you might be eligible for WHAT IF…….

I am not sure about college I am not going to college I am going into the military

Get t help lpin ing fillin filling out t your r FAFSA/DREAM Appli licatio ion fr from th the EXPERTS

CASH FOR COLLEGE NIGHT at YOUR school! Don’t miss out!

Questions