Understanding Financial Aid Essentials
Explore key aspects of financial aid with Veronica Medina, the Financial Aid Wellness Coordinator. Learn about different types of financial aid assistance, distinguishing features of subsidized and unsubsidized loans, reading and interpreting financial aid awards, factors for maintaining Satisfactory Academic Progress (SAP), the role of financial aid, funding sources, tuition and fees breakdowns, completing the FAFSA for various aid types, and understanding the difference between subsidized and unsubsidized loans.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Understanding Financial Aid Veronica Medina Financial Aid Wellness Coordinator
Learning Outcomes Students will be able to 1. Name the 3 different types of assistance offered through Financial Aid. 2. Understand the difference between Subsidized and Unsubsidized Loans 3. Read and interpret their Financial Aid Award 4. Identify 3 factors to maintain SAP
What is the role of Financial Aid? Financial aid is meant to HELP you pay for college. Financial Aid is not a guarantee to pay for all your expenses. Eligibility is based on your own family s income; therefore everyone s award is different. The maximum amount of money is based on your cost of attendance!
Where do financial aid funds come from? State & Federal Money Tax Dollars Yours and Mine Funds awarded are a privilege not owed to you!
HOW MUCH WILL TUITION & FEES BE PER SEMESTER? 0-6 units $1,655 6.01 + units $2,871 Tuition Mandatory Fees $627.83 $627.83 Total Cost Per Semester Tuition/Fees $2,292.83 $3,498.83 Less than Full time Full time For additional information visit: https://www.csusb.edu/student- financial-services/tuition-and-fees/academic-year-2020-2021
Completing the FAFSA offers 3 different Types of Aid Federal Work Study Program Find job on campus Work flexible hours Earn anywhere from $12 - $17.78 per hour Work up to 20 hours per week https://www.csusb.edu/financ ial-aid/current- students/federal-work-study FREE money! Money that you BORROW and must pay back! Subsidized Loans Unsubsidized Loans CA Dream Loan Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Cal Grant Educational Opportunity Grant (EOP) State University Grant
Whats the difference between Subsidized and Unsubsidized? Direct Subsidized Loan Program - The interest Does Not accumulate while you are in school, must be enrolled in at least half-time status - Max offered for Freshmen: $3,500 - Interest Rate 2020-2021: 2.75% Direct Unsubsidized Loan Program - The interest accumulates while you are in school - Max offered for Freshmen: $2,000 - Interest Rate 2020-2021: 4.3%
California Dream Loan The Interest Does Not accumulate while you are enrolled in school Not all who are eligible will be offered loan Funds are limited - - -
3 Steps for Accepting Loan(s) 1) Accept & View loans on MyCoyote 2) Complete Entrance Counseling - First time borrowers must complete at www.studentaid.gov 3) Sign Master Promissory Note (MPN) www.studentaid.gov - You can complete these items 5-7 business days after you accepted your loan on MyCoyote - You can check your to-do list when it s ready. 4) CA Dream Loan - Sign Master Promissory Note (MPN) http://www.heartlandecsi.net/
POP QUIZ 1) If you were offered a Subsidized and Unsubsidized Loan what would your first choice be? Why? 2) Do you have to accept the loan(s) that are offered? 3) If you have accepted a loan will you automatically receive it? Yes or no why?
What are Scholarships? Free money, but you must apply for it. MyCoyote Scholarship Application https://www.csusb.edu/financial-aid/current- students/scholarships Applying for scholarships is never a waste of time! Applications open November 1st and priority date March 2nd deadline Scholarships are very competitive Focus on ANSWERING the question! You can also apply for outside scholarships not the one s offered by our school
Financial Aids MAXIMUM Budget is Based on Where you Live Here is an example of a cost of attendance Commuter On-Campus Off-Campus Cost of Attendance Tuition/Fees $6956 $6956 $6956 Books/Supplies $1272 $1272 $1272 Food/Housing $6725 $12142 $11054 Transportation $1566 $610 $1342 Personal/Misc, $1744 $1566 $2620 TOTALS $18263 $22546 $23244
Disbursement of Financial Aid 1. Financial Aid is disbursed approximately 10 days before school starts (If you are officially enrolled in 12 units) and is disbursed on semester basis 2. If Anticipated OR Pending Financial Aid is displayed on your account, your classes will not be cancelled 3. Your financial aid will release to the Student Financial Services office to help pay for fees 4. If you have a remaining balance it will be mailed or sent to you via direct deposit (you can sign up for Direct Deposit by visiting https://www.csusb.edu/student- financial-services/services/direct-deposit) 5. If your financial aid does not cover your total charges, you are still responsible for paying the difference on the payment deadline date of August 13, 2020
Satisfactory Academic Progress (S.A.P) THE FINANCIAL AID OFFICE CONDUCTS AN ANNUAL REVIEW OF YOUR GRADES. YOU MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS IN ORDER TO RECEIVE AND CONTINUE TO RECEIVE FINANCIAL AID 1)You must maintain a minimum of 2.00 grade point average (GPA) 2) You must complete a minimum of 80% of your attempted units 3) Only eligible for a maximum of 180 attempted units at Cal State San Bernardino and other colleges.
Aggregate Limits Undergrad Students The aggregate Stafford Loan limit is $31,000 for dependent undergraduate students. The aggregate limit for independent undergraduate students and dependent students whose parents are unable to obtain Direct PLUS Loans is nearly twice as much at $57,500. No more than $23,000 may be in Subsidized Loans
Aggregate Limits Grad Students Independent Undergraduate Students/Dep w/PLUS denied loan Independent Graduate or Professional Students $138,500 for graduate or professional students. No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study. Dependent Students Subsidized Loan Limit Unsubsidize d Loan $23,000 $23,000 $65,500 $8,000 $34,500 $73,000 Limit Total Loan Limit $31,000 $57,500 $138,500
BEING SMART OR WASTEFUL WITH MONEY Smart use of Dollars Wasteful Tuition Failing classes (Not taking classes seriously) Parking Shopping Spree Expensive Cell Phone Contracts Housing Insurance Books Lend or give Money to Family or Friends School Supplies Socializing Food Transportation
Applying for Financial Aid Must apply every year in order to receive it Organization is key Students can submit their FAFSA OR Cal Dream Act beginning October 1st of each year Priority deadline is March 2nd of each year Save your FSA ID and Password Make sure you create an FSA ID and Password for your parent(s)
Office of Financial Aid & Scholarships Office Hours: Monday Friday 8:00am-5:00pm **Currently Operating Virtually** Located: University Hall 150 Phone Number: (909) 537-5227 Fax: (909) 537-7024 Email: financialaid@csusb.edu Visit Office of Financial Aid & Scholarships Website https://www.csusb.edu/financial-aid
