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Aspiring Scholars Workshop 12-3:

Financial Aid

Submitting a FAFSA/CA Dream Act Application

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Agenda/

Overview:

FAFSA /

California Dream Act

Different Types of Aid

Scholarship

Exploration Reminders

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    • Financial aid is financial assistance (money) that you receive to help pay for college expenses. This assistance covers educational expenses including:
      • Tuition & Fees
      • Room & Board
      • Books & Supplies
      • Transportation
    • Grants, work-study, student loans, scholarships
    • Students must apply every year they will need aid for educational expenses
    • Almost every student is eligible for some type of financial aid

What is Financial Aid?

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    • Get a Work-Study or part-time job.
    • Save money during high school.
    • Live at home or choose affordable off-campus housing.
    • Consider becoming a Resident Assistant (RA).
    • Use loans only for necessities.
    • Avoid buying an expensive new car.
    • Apply for scholarships

College Costs and How to Save Money

Cost of Attendance

Tuition & Fees

Room & Board

Books & Supplies

Equipment & Transportation

Personal Expenses

Miscellaneous

How Can You Save Money?

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Financial Aid Applications

FAFSA

Students who are U.S citizens or U.S Residents

CA DREAM ACT

Students who are undocumented or AB540 eligible

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FAFSA Overview

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    • What is FAFSA?
      • Free Application for Federal Student Aid
      • Students must complete the FAFSA every year to receive federal student aid. 

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    • Basic Eligibility Requirements
      • High school diploma, GED, or homeschooling completion.
      • Social Security Number.
      • U.S. citizenship or eligible non-citizen.
      • Males must be registered with Selective Service (doesn't affect eligibility).
      • Enrolled or accepted in an eligible program.
      • Pursuing a degree, certificate, or credential.
      • Maintain ‘Satisfactory Academic Progress’.

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    • Social Security Number (students only)
    • A-Number or USCIS number (if not a U.S. citizen).
    • Parent/guardian's federal income tax returns, W-2s, and other earnings records
    • Bank statements and investment records (if applicable).
    • Records of untaxed income (if applicable).
    • FSA ID for electronic signature (created during application for login).

DOCUMENTS NEEDED FOR FAFSA

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Items needed for 2024-2025 FAFSA: 

    • Parents 2022 federal income tax returns, W-2s, and other records of money earned. 
    • Your school code 
    • Social Security #
    • FSA ID and pin # (If you have a sibling who has completed FAFSA, your parents pin information will be the same)
    • Have Questions? https://studentaid.gov/help-center/contact

Personal Identifiers and Circumstances

Submit, signature

Demographics

Financial information

Colleges

Personal Identifiers

Demographics

Financial Information

Submit, signature

Student

Parent

Filling Out FAFSA

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What is the CA Dream Act Application?

    • California law allows qualifying undocumented students to access state-based grants and scholarships.
    • Eligibility for Cal-Grants (CA State money).
    • Filing deadline: March 3, 2025
      • Same as FAFSA
    • The application mirrors FAFSA, except no FSA ID is needed.

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California Dream Act Application Overview

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Who Can Apply?

Undocumented students (with or without DACA, TPS, U Visa holders).

Ineligible for federal financial aid.

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Additional Requirements

Must qualify for AB 540 nonresident tuition exemption.

Males 18-25 must register for Selective Service.

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DOCUMENTS NEEDED FOR THE CA DREAM ACT

Students must be Ab540

    • Attend a CA high school for 3 or more years
    • Graduate from a CA high school or receive the equivalent such as a GED

Student SNN as provided by DACA (if applicable) or ITIN (if applicable)

Parent's/Legal Guardian's federal income tax returns, W-2s, and other records of money earned

Bank statements & records of investments (if applicable)

Records of untaxed income (if applicable)

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Updates in the FAFSA include the following:

    • An FSA ID (username and password) is required to access the FAFSA form.
      • Users without a Social Security Number can still create an FSA ID.
    • The FAFSA form has roles: Student (Applicant), Parent, and Preparer.
    • Any role can submit the form once all data is provided and sections are signed.
    • Contributors (Parents, Other Parent, Student Spouse, and Student) must provide information and sign their sections for the FAFSA to be complete.
    • The FAFSA includes onboarding for both initial and correction entries.

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Updates in the FAFSA include the following:

    • FAFSA is integrated into StudentAid.gov’s Dashboard, Status Center, Notification Center, and Settings.
    • The FAFSA form's design is updated.
    • Users can directly import federal tax info via IRS direct data exchange, replacing the old Data Retrieval Tool.
    • Expected Family Contribution (EFC) is replaced by the Student Aid Index (SAI).
    • Users must consent to retrieve and disclose federal tax info, qualify for federal aid, and receive an SAI.
    • Predictive search helps with city, state, or school lookups.

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Office of Health Career Pathways

Key features of the FAFSA form:

    • Students, parents, and preparers can start, complete, and submit the 2024-25 FAFSA form.
    • Dependent students must invite their parents if their information is needed, and independent and dependent students’ parents must invite spouses if applicable.
    • Consent is required to retrieve and disclose federal tax information.

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Office of Health Career Pathways

Key features of the FAFSA form:

    • FAFSA info can be transferred to state aid applications in participating states (Iowa, Minnesota, Mississippi, New York, Pennsylvania, New Jersey, and Vermont).
    • No extra action is needed for FAFSA renewal applications.
    • After processing, students can update their applications, while contributors can only update their sections.

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CSS PROFILE

    • The College Scholarship Service Profile, managed by the College Board, helps students apply for non-federal financial aid.
    • Deadlines vary by school, typically from January 1 to March 31.
    • Assesses the need for institutional aid (scholarships, grants, etc.).
    • $25 fee, which can be waived if eligible.
    • Requires detailed information, such as home equity and household expenses.
    • Access on the College Board website.

https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx

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Questions?

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    • GRANTS
    • SCHOLARSHIPS

TYPES OF FINANCIAL AID

3. WORK-STUDY

4. LOANS

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GRANTS

FREE MONEY

Money from the federal government. (Only those who fill out the FAFSA will be eligible for this grant)

Amount awarded will be based on family's income

Can receive up to $6,000

You will receive a rough estimate of this grant immediately after completing the FAFSA

Pell Grants

Cal Grants

Appears as Cal Grants A, B, C

    • Cal Grant A- 3.0 or above
    • Cal Grant B- 2.0 or above
    • Cal Grant C- No GPA
    • Can receive up to $6,000

Money from the CA state government

Amount awarded will based on family's income and student's GPA (Student's with a 3.0 or above are eligible for more money)

Only covers tuition at a CA college/university

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GRANTS

FREE MONEY

Chaffee Grant

    • Awarded to foster youth who were in foster care between th ages of 16 to 18
    • Students may qualify for up to $5,000
    • Must fill out application to be considered
    • Must fill out the FAFSA or CA Dream ACT

California Promise Grant

    • Awarded to CA eligible residents
    • Pay for tuition fees at the community college
    • Must fill out the FAFSA or CA Dream ACT

Institutional Grants

    • Money from the college/university
    • Based on income or merit

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Scholarships

WHO OFFERS SCHOLARSHIPS?

Scholarships are offered by colleges/universities, employers, individuals, private companies, non-profit organizations, communities, religious groups, and professional/social organizations

HOW DO I KNOW IF I AM ELIGIBLE?

Each scholarship has different requirements. Students must meet the scholarship requirements to be eligible to apply.

WHEN DO I APPLY?

There are so many scholarships there is no specific deadline to apply

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Questions?

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Work-Study

    • Federal Work-Study offers part-time jobs for undergraduates with financial need.
    • To receive funds, you must be awarded Work-Study and secure a campus job.
    • Earnings go directly to you
    • Students must find their own Work-Study job on campus.
    • Jobs accommodate class schedules.

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Questions?

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LOANS

MONEY YOU NEED TO PAY BACK!

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PARENT PLUS LOANS

    • An additional loan option available to parents if they are eligible. If they choose this, they must fill out another application
      • 6.28% interest

LOANS

DIRECT UNSIBSIDIZED LOANS

    • Loans avaialble to eligible undergraduate, graduate, and professional students
    • Not based on financial need
    • Interest starts accruing from date loan is disbursed

DIRECT SUBSIDIZED LOANS

    • Loans available to eligible undergraduate students, who demonstrate financial need, to help cover the costs of higher education
    • Based on financial need
    • No interest accures while in school

PERKINS LOANS

    • Lower federal interest loan for undergraduate and graduate students
    • If you are attending school at least half time, you have nine months after you graduate, leave school, or drop below part-time status before repayment must begin
      • fixed 5% interest

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Reflection Time

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Different Types of Aid

Free Money

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Borrowed Money

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Earned Money

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Grants

Loans

Work-study

Are usually based on financial need and don’t need to be repaid

Are an investment in your future. But remember, they must be repaid with interest.

A work-study job lets you earn money while you’re in school.

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    • Federal Pell Grant
    • Cal Grant - A, B, C

(CA schools only)

    • Federal Supplemental Educational Opportunity Grant (FSEOG)

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    • Direct Subsidized Loan
    • Direct Unsubsidized loan
    • Direct PLUS Loan
    • A federal program through which undergraduates and graduate students at participating schools earn money to help pay for educational expenses
    • Students will AUTOMATICALLY be enrolled in Work Study on the FAFSA

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Important Reminders After Applying To

FAFSA/CA Dream Act

    • Regularly check your email and mail for your FSS (formerly SAR), which contains aid information and Estimated Family Contribution (EFC), soon to be replaced by the Student Aid Index (SAI).
    • Update and correct FAFSA/CA Dream Act as needed.
    • Follow up with schools for your award letter.
    • Continue seeking scholarships.

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Scholarship Exploration - Reminder

Why is it Important to Apply to Scholarships?

    • Scholarships are free money with no limit, from $50 to $50,000.
    • Apply and save now to help manage college costs.
    • Apply for at least 2 essay-based scholarships per month and track them using the provided tracker.
    • The main reason students miss out on funds is not applying.

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https://fsapartners.ed.gov/sites/default/files/2023-07/2425FAFSAPreviewPresentation.pdf

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