Financial Aid
Visit Cash4College for a complete list of workshops in your area.
Federal Student Aid:studentaid.gov/h/understand-aid/how-aid-works- You may complete the Free Application for Federal Student Aid through this link.
Financial Aid
What is this Financial Aid Thing Anyway?
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Expected Family Contribution (EFC)
• Amount family can reasonably be expected to contribute, but not what the family will pay to the college
• EFC the same regardless of what college the student attends
• Calculated using a federal form and formula
What Is Financial Need?
• Difference between college costs and EFC
• Will vary by college
• Amount of financial need determines the aid a student will receive
Types of Financial Aid
• Scholarships
Awarded on the basis of merit or unique characteristics; does not have to be paid back
• Grants
Awarded on the basis of financial need; does not have to be paid back
• Loans
Considered self-help aid
Must be paid back, usually after student finishes school
Many different types
A good investment in child’s future
• Employment
Self-help aid
Earnings used to cover college expenses
Sources of Financial Aid
• Federal government
Largest source of financial aid
Awarded mainly on the basis of financial need
Apply every year using a standard form
• States
Offer both merit-based and need-based aid (CalGrant)
Usually have residency requirements
• Colleges
Varies widely from college to college
Offer both merit-based and need-based aid
May be offered as part of the admissions process
• Private sources
Churches, civic organizations, and employers
Varying award amounts and application procedures
Small awards add up
How to Apply for Financial Aid
• Complete a standard federal form every year
• Standard federal form is the Free Application for Federal Student Aid (FAFSA)
CA High School Seniors file between October 1st and March 2nd of Senior Year.
Collects demographic and financial information about the student and his or her family
Data used to calculate the EFC
• File the CalGrant GPA Verification Form by March 2nd of the senior year for CalGrant consideration
• Information from the FAFSA may be used by states, colleges, and private sources to award aid
• Ask colleges if other forms are required - Many Private schools require the CSS Profile in addition to the FAFSA.
Federal Financial Aid Programs
• Federal grant programs
Federal Pell Grant
Academic Competitiveness Grant (ACG)
National Science and Mathematics Access to Retain Talent (SMART) Grant
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal loan programs
Federal Perkins Loan Program (borrowed by students)
Stafford Loans (borrowed by students)
PLUS Loans (borrowed by parents and graduate students)
• Federal employment programs
Federal Work-Study (student earns money through a campus provided job to help pay for education)
Researching Financial Aid
• Begin early
• Find scholarships that match student’s academic interests, hobbies, and unique characteristics
• Don’t pay for scholarship searches
• Be wary of promised results
• Report fraud
What to Do Now
• Begin researching financial aid options
• Start saving
• Encourage your student to take college prep classes
• Share information with student
• Encourage student to participate in extracurricular activities
Develop leadership skills
• Help your student develop strong study skills
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Accordion
What Is Financial Aid?
Any money from outside the family that pays postsecondary (college) expenses
Understanding College Costs
• More than just tuition:
Also includes room and board, books, transportation, personal expenses, etc.
• Vary by type of college:
Community colleges are less expensive than four- year schools
Private colleges can be more expensive than public colleges
• Look at costs over a child’s entire postsecondary education
Four to six years total
Video On Financial Aid
Get Help With FAFSA & CADAA Applications!
Do you need help paying for college? The Free Application for Federal Student Aid (FAFSA), is the first step to Financial Aid. If you are not eligible to file the FAFSA but meet AB540 criteria, you may be eligible to file the California Dream Act Application (CADAA) and qualify for California Aid.
Attend a FREE Cash For College Workshop. We'll assist you with filling out the FAFSA or CADAA.
Think your family income is too high and you won't qualify for financial aid?
- MIDDLE CLASS SCHOLARSHIP provides undergraduate students with family income up to $177,000, and household assets of no more than $177,000 a scholarship to attend University of California (UC) or California State University (CSU) campuses.
Checklist
Information and Materials you need to bring to the workshop in order to complete the FAFSA or CADAA:
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Student's and parent's FSA ID (if available)
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Student's Social Security card and drivers license (or government issued ID) if available
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Rarent's Social Security card (if available)
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Rarent's federal income tax return or W-2 forms from tax year 2019
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Records of untaxed income such as child support, TANF, interest income, veterans non-education benefits, Social Security benefits
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Student W-2 forms, pay records or records of income earned during 2019
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Bank account records or statements
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Records of stocks, bonds or investments
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Business records
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If not a US citizen, bring alien registration card (if available)
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A list of the colleges you are interested in
Remember, to qualify for a Cal Grant you must submit the FAFSA or CADAA no later than March 2nd.
LUSD high schools will submit all senior Cal Grant GPA's to the California Student Aid Commission for Cal Grant consideration by October 1st. Create your account on Webgrants4students to check your California Aid Report (CAR) once your FAFSA and GPA have been submitted.