FINANCIAL AID SHOW ME THE MONEY! A presentation by: Gregorio Alcantar California State University Northridge
H IGH S CHOOL S ENIOR C OLLEGE T IMELINE 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
G ENERAL S TUDENT E LIGIBILITY C RITERIA • 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) *
G ENERAL S TUDENT E LIGIBILITY C RITERIA • 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 of 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 of Institutional Aid • May have different deadline than FAFSA • Best to check with university
D EFINITION OF N EED Cost of Attendance - Expected Family Contribution =Need
C OST OF A TTENDANCE ( 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
C OST OF A TTENDANCE • 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
H OW T HE F ORMULA W ORKS 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. *
Standard Educational Expenses Chart Living On-campus California California California Independent State University of Community Colleges University California (UC) Colleges (based on (CSU) median costs) Fees/Tuition $480* $3,797 $8,062 $25,918 Books and $1,566 $1,566 $1,523 $1,728 supplies Room and $7,800** $9,439 $12,083 $9,640 board Miscellaneous $2,394 $3,314 $3,632 $3,125 TOTAL $12,240 $18,116 $25,300 $40,411
Sample College Budget What is most important in this chart? Undergrad Students On or Off Campus Expense 7+ units Full Year Per semester 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
WWW . FAFSA . GOV
T HANK Y OU
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