FAFSA/DREAM Application Financial Literacy
It is borrowed , given, or earne d money that can What is financial aid? be obtained from various sources to help pay for college.
FAFSA (Free Application for Federal Student Aid) • Available October 1 st for the upcoming academic year WHEN • Must be renewed every year • Available to H.S. graduating students, college students and WHO returning adults • U.S. citizens and eligible non-citizens (Permanent Residents) HOW • Available on-line (preferred way) www.fafsa.gov • Determines eligibility for federal and state financial aid programs WHY • Used by colleges and universities to award institutional aid
How to Apply Go to www.fafsa.gov OR Click on
FEDERAL AID WORK STUDY PELL GRANT A need-based employment program that provides $6,195 (2019-2020 amount) on- and off-campus jobs to students. $100- $4,000 FSEOG (Federal Supplemental Educational Opportunity Grant) $100 - $4,000 Need based Parent PLUS Loan Parent can borrow on behalf of student, lower interest Not need based 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 Receive and Complete review the Complete FAFSA verification Student Aid process (if selected) Report Receive and Complete all Respond review pending to College processes Award Offer Renew FAFSA every year
CA DREAM Application (DREAM): https://dream.csac.ca.gov/ 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 Application opens
Getting Ready to apply for the 2020-2021 2021 financial aid application • 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 1 1
STATE AID sophomore year and junior year GPA Application Calculated on an unweighted scale Cal Deadline Grant March 2 nd Consideration You must list at least one California College/University on the FAFSA or DREAM Application to be considered
Cal Grant Entitlement Awards Cal Grant A Cal Grant B For high school seniors, recent For high school seniors, recent high school grads, and transfer high school grads students GPA of at least 3.0 for high GPA of at least 2.0 for high school students and 2.4 for school students and 2.4 for transfer students transfer students • Family income and assets Family income and assets below state ceilings 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 14
California Student Aid Commission WEBGRANTS4STUDENTS.ORG After applying for Financial Aid create a WebGrants account for access to Cal Grant award information Making education beyond high school financially accessible to all Californians.
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 To apply for a • Current or former foster youth are encouraged to apply Chafee Grant, go to: during their senior year of high school as early as www.chafee.csac.ca.gov October 1 • To apply, foster youth must complete: • FAFSA or Dream (Every year) • California Chafee Grant Program Application (One time)
Middle Class Scholarship (M (MCS) • 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
Institutional Aid Community Colleges California College Promise Grant (formerly known as the BOG Fee Waiver) Income Based *California Promise NOT Income Based * Not offered at every California Community College All high School students who will be graduating this academic year are First Time college students
Institutional Aid (cont) • 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
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. Based on various criteria: • Merit • Need Never pay money to apply • Major • Ethnicity/Gender to an outside scholarship. • 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!
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