FINANCIAL AID OPPORTUNITIES

SENIOR PARENTS, your student will soon be applying to colleges and as you know a higher education is very important.  There are endless career opportunities awaiting your student.  If you need help paying for college, there is good news:  financial aid is available and now is the time to begin the process.

In December, Mrs. Merport will be in the Economics classes to explain to seniors the process of filing for financial aid.  Packets containing the FAFSA and the GPA Verification Form will be distributed at that time.  The information below gives you a heads-up on forthcoming information.

FINANCIAL AID ELIGIBILITY

“Financial need” is the difference between what it costs to attend college and your expected family contribution.  Your financial need is based on your family’s income, assets and other factors.

Cost of Attendance (-) Expected Family Contribution (EFC) = Financial Need

IT BEGINS WITH THE FAFSA…..It’s free

Applying for financial aid is free and begins with completing the FAFSA (Free Application for Federal Student Aid). The FAFSA is the universal application for both federal and state financial aid.  A standard federal formula is used to calculate your Expected Family Contribution (EFC).  The EFC is used to determine your financial need and is forwarded to the colleges your student lists on the FAFSA.  This form must be mailed or filed on the web (www.fafsa.ed.gov) between January 1 and March 2, 2009. If your 2008 tax return is not complete, estimate your income or use your 2007 tax return figures.  You will be able to make corrections to your information later.  Please note that many private colleges require the FAFSA to be filed earlier.  Check college brochures. 

If you mail the FAFSA, you will receive a STUDENT AID REPORT (SAR) within three weeks.  If you file online and provide your e-mail address, you will receive your SAR within 72 hours.  The SAR summarizes the information you provided and lists your expected family contribution (EFC).  This form allows you to verify the information and make revisions or corrections.  It is imperative that you make final corrections upon receipt of your 2008 tax return.

Each college your student is accepted to will send you a letter listing the types and amounts of financial aid you are eligible to receive, along with their terms and conditions.  The financial aid may include grants, scholarships, work-study, loans (student and parent), tuition discounts or other types of assistance.  Your financial aid offers may vary from school-to-school.

PERSONAL IDENTIFICATION NUMBER (PIN) You and your student should obtain a PIN to use the full range of online FAFSA services.  A PIN allows you to electronically sign the FAFSA, which can speed up processing time, make necessary changes to the SAR without having to send a signature page, and view your EFC.  The student and one parent should log onto www.pin.ed.gov and click on “Apply for a Pin” and follow the prompts.  It’s quick and easy.   YOU CAN APPLY NOW.

The CAL GRANT PROGRAM, administered by the California Student Aid Commission, is California’s largest source of state-funded student aid.  Students must complete the GPA Verification Form and the FAFSA.  GPA’s are calculated on a 4.00 scale for courses taken during the sophomore and junior years excluding physical education.   The “Cal Grant GPA Information Release Form” was included in the summer packets (page 20).  In order for us to release your student’s GPA, student/parent signatures are required.  Please return the forms to Mrs. Merport in the Career Center.

Cal Grant A assists with tuition and fees at California’s public and independent four-year colleges and some occupational and career colleges, and awarded based on family income and assets.  At the University of California and the California State University, the awards pay up to full system-wide fees ($7,126 at UC and $3,048 CSU), and provides up to $9,708 at independent colleges (2000-09 school year).  Cal Grant A can only be used at a four-year college; however, if the student begins at a community college, the award will be held in reserve until transfer to a four-year college.  Minimum GPA requirement is 3.0.

Cal Grant B assists low-income students with living expenses and books.  This award provides up to $1,551 and can be used at a two or four-year college.  If the student is at a four-year college, the award increases the second year to include tuition and fees.  Minimum GPA requirement is 2.0.

Cal Grant C assists students in occupational or career training programs.  This award provides $576 for books, tools and equipment and up to $2,592 in tuition assistance.

COLLEGE BOARD’S CCS FINANCIAL AID PROFILE form is used to assist more than 800 independent colleges/universities in awarding nonfederal financial aid.   Request for applications should be filed now.  Registration forms are available in the Career Center or go to www.collegeboard.com

FAFSA WORKSHOP – To assist you in completing the FAFSA, the district will hold a workshop in English and Spanish for students and parents on Wednesday, January 14, 2008, 7:00 – 9:00 p.m. at San Mateo High School in the Performing Arts Center.  Step-by-step instructions will be given with ample time for questions.  Flyers in English and Spanish will be mailed in December.

FINANCIAL AID TERMINOLOGY

Award Letter – Means of notifying students of the assistance being offered, information on the types and amounts of money offered, specific program information and student responsibilities.

Cal Grants A, B, C – Financial aid for California residents attending a two or four-year college and vocational schools in California.

Cal Grant GPA Information Release Form—Due to the California Information Privacy Act, this release form must be signed by both the student and a parent.

Cost of Attendance – Also known as the budget; it includes tuition, fees, room, board, allowances for books and supplies, transportation, and personal expenses.

Expected Family Contribution (EFC) – Amount that the student’s family is expected to pay towards college.  Based on family income, assets, family size, and number of students in college.

FAFSA – Free Application for Federal Student Aid – Federal form used to determine your Expected Family Contribution (EFC). 

Federal Methodology – Need analysis formula used to determine a family’s EFC.

Federal Work Study Program – Funds provided for on- and off-campus jobs to students with financial need.  Awards may be part of a financial aid package.

FSEOG – Federal Supplemental Educational Opportunity Grants that do not need to be repaid.  Based on exceptional financial need.

GPA Verification Form – The application form used to apply for State of California l Grants (Cal Grants).

Independent Student Status – A student must meet one of the following to be declared an independent student:  (1) at least 24 years of age, (2) an orphan or ward of the court, (3) a veteran of the armed services, (4) has legal dependents other than a spouse, or (5) is married or is a graduate or professional student.

PLUS (Parent Loan for Undergraduate Students) – Parents loans of dependent college students.  Interest rate is currently fixed at 8.5%.  Payments begin immediately.

Pell Grant – Award demonstrated by financial need that are made by the Federal government that do not need to be repaid.

Perkins Loans – Federal loans are fixed at 5%.  Payments begin nine months after graduating, leaving college, or enrolled less than half time.

PROFILE – The application for requesting non-federal funding from private institutions.

Promissory Note – A written contract between you and the lender.  It is a promise to repay the amount you borrow and an agreement to the terms and conditions of your loan.

Stafford Loans – Student federal loans (subsidized and unsubsidized).  Interest rate is currently fixed at 6.8%.  Repayment begins six months after graduating, leaving college or enrolled less than half time.

Student Aid Report (SAR) – Official notification sent to students after submitting the FAFSA indicating the Expected Family Contribution (EFC).  This form also allows you to verify information and make revisions or corrections.

Subsidized Loan – Student loan whereby the federal government pays the interest while the student is in college.  Based on financial need.

Unsubsidized Loan – Student loan whereby the student is responsible for paying the interest that begins to accrue immediately.

WEBSITES FOR INFORMATION

Financial Aid

• Federal student financial aid: www.ed.gov/studentaid
• FAFSA Online Application: www.fafsa.ed.gov
• Financial Aid Information:  www.finaid.org
• Sallie Mae (paying for college): www.salliemae.com
• College Board (SAT dates, college prep financial aid, career counseling, college search)            www.collegeboard.org

Scholarships

• Free Scholarship searches: www.fastweb.com  and www.scholarshipexperts.com

SCHOLARSHIPS

Scholarships are available to students of all grade levels.  Available scholarships are posted on Career Center bulletin boards, in all Advisory classes and on Hillsdale’s website:  www.hillsdalehigh.com Scholarship Information.  Please encourage your student(s) to check these postings often as additions are made weekly.