Financial Aid and Paying for College

Financial Aid OfficeCollege of the Desert

January 2015

• What is financial aid?• Applying for financial aid• Helpful tips• Resources

Overview

• Financial aid can help to pay for college expenses: tuition, room and board, books and supplies, transportation and miscellaneous expenses.

• Financial aid makes up the difference between what college costs and what a family can afford to pay.

• Approximately 2/3 of full-time undergraduate college students receive some sort of financial aid.

• There are three main types of financial aid: – Grants and scholarships– Work-study– Loans

Financial aid

• Originate from federal/state government and institutional sources

• Do not need to be repaid or earned• Include the Federal Pell Grant, State

Cal Grant, Chaffey grant, CSU Grant (SUG) and UC Grant

• Need-based• Require FAFSA

Grants

• Low income grant• EFC range of 0 to 5198 for full-time students• $5,775 full-time award for 15-16 (EFC=0)• Award amount relatively constant between

colleges• Award adjusted if less-than full-time• 600% max timeframe (6 full-time years)

Federal Pell Grant

• Low income grant; must be awarded Pell Grant first

• Award amounts vary between colleges ($500 to $2,000)

• Tied to priority processing date• May be directed towards high cost programs

Federal SEOG Grant

• Low or middle income grant• Must complete FAFSA/ and GPA verification

by March 2nd

• Award amounts vary between colleges and programs (go to www.csac.ca.gov)

• Renewable up to 4 years• Must meet annual income and asset ceilings

State Cal Grant

• Low or middle income grant• Tied to priority processing date• Award amounts vary between colleges and

programs (comparable to Cal Grant)• Non-renewable • Non-stacking w/ Cal Grant (Can’t receive

both)

CSU Grant or UC Grant

• Low or middle income award • Must be California resident attending a

California Community College• Eligibility tied to info on FAFSA • Covers all enrollment fees• A, B or C awards• Must have financial aid need of $1104 or more

BOG Fee Waiver

• Part-time employment• Must have financial need• Often tied to priority date• On and off-campus employment

Federal Work Study

• Gift aid from public and private sources• Criteria and award amounts vary • Separate application processing• Where to find?– Financial Aid office website (COD scholarship application– Pathways to Success(www.cvpts.com)

• Beware: Never pay for a scholarship

Scholarships

• Federal Direct Loans (student and parent)• Subsidized vs. unsubsidized (at 4 year

institutions)• Private loans• Can be awarded up to the cost of

attendance• Borrow responsibly

Loans

• Apply for admissions to desired colleges

• Complete FAFSA/Dream Act application starting January 1st

• Cal Grant GPA Verification Form• Scholarship application(s)

Applying for Financial Aid

• California Dream Act – AB540 – AB 130 & AB 131

• Type of Assistance– BOG fee waiver, Cal grant, Chafee Grant, UC Grant,

and Cal State University grant• Application:– dream.csac.ca.gov– Submit by March 2nd

California Dream Act

• Apply early, meet deadlines and complete all documentation

• Can estimate tax information on FAFSA and correct later using IRS DRT

• Verify all FAFSA, PROFILE or other data is accurate—affects eligibility

• Check www.webgrants4students.org for Cal Grant status

Helpful Tips

• Check student portal, campus email account and Financial Aid Office website regularly

• If dropping below full-time, contact the Financial Aid Office to see how this affects your financial aid

• Apply early and complete all paperwork to ensure your receive your funds when you need them

• Be sure to maintain Satisfactory Academic Progress standards

Helpful Tips (cont.)

• College financial aid office and high school counseling office

• FAFSA - www.fafsa.gov • College Board/PROFILE – www.collegeboard.org • CA Student Aid Commission – www.csac.ca.gov• US Dept. of Education – http://studentaid.ed.gov• General Financial Aid Info – www.finaid.org

Resources

Questions?