Introduction to

Financial Aid
 ASCA Mindsets &
Behaviors for Student
Success
Category 1: Mindset Standards

M 4. Understanding that postsecondary education and life-long learning are necessary for long-term
career success

Category 2: Behavior Standards

B-LS 7. Identify long- and short-term academic, career and social/ emotional goals
Learning Objective:

By the end of this lesson, students will learn the different types of Financial Aid
available to pursue a Higher Education.
What is Financial Aid?

● Money to help pay for college or

career school.
Where does Financial Aid come from?

● U.S Federal government

● State where you live (California)
● College you will be attending
● Non- profit or private organizations
 What types of Financial Aid are
available to me?
● Grants
● Scholarships
● Work Study
● Loans
Grants
● Are free money or “gift aid” that does not have to be paid back
● They are “Need-based” which means they will determine the amount you
need based on your family’s income
● Types of Grants
1. Federal Pell Grant
2. State Grant
3. University Grant
 Federal Pell Grant
● You have to fill out your FAFSA application in order to receive a Pell Grant,
this is money you do not have to pay back.
● The amount you receive depends on:
○ your financial need
○ your cost of attendance
○ your status as a full-time or part-time student
○ ​your plans to attend school for a full academic year or less.

● Maximum Federal Pell Grant award is $5,920 per year

● Must maintain enrollment in an undergraduate course of study to receive a
Federal Pell Grant. Additionally, you will have to fill out the FAFSA form every
year you’re in school in order to stay eligible for federal student aid.
● Once you have earned a baccalaureate degree or your first professional degree, or
have used up all 12 semesters of your eligibility, you are no longer eligible to receive a
Federal Pell Grant.
 Cal Grant
Cal Grant B
● Free money or “gift aid” awarded by your
state (in this case, California) ● For low income students
1. File the FAFSA or Dream Act ● 2.00 high school GPA minimum
● May be used for an academic program that is at least 1 year in
2. Eligibility determined by the following: length
● Includes an additional annual Access Award amount (living
expenses)
Cal Grant A ● Sophomore through Senior years the student will receive
tuition and fees plus Access Award at tuition charging
● For low to middle income students institution
● 3.00 high school GPA minimum
● May be used for an academic program that is 2-4 years
in length Cal Grant C
● Can only be used for tuition and fees
● If awarded at a California Community College, will be
held in reserve up to two years until student transfers to ● Be U.S. citizens, permanent residents or have AB 540 student
a 4-year school status
● attend a Cal Grant Eligible vocational, occupational, or
technical program meet certain income, asset, and other
financial aid standards
● maintain satisfactory academic progress
● not be in default on a student loan
● not be incarcerated.
 Scholarships

● Are usually “Merit-based” , which means they are specific. They can be
academic, athletic, extracurricular, volunteer focused for example.
● Free money granted to you by private or non-profit organizations
● Trusted websites:

http://www.csac.ca.gov/

https://www.chegg.com/scholarships

https://www.unigo.com/scholarships/our-scholarships

https://www.fastweb.com/
Work-Study
Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need,
allowing them to earn money to help pay education expenses. The program encourages community service work
and work related to the student’s course of study.

Here’s a quick overview of Federal Work-Study:

● It provides part-time employment while you are enrolled in school.

● It’s available to undergraduate, graduate, and professional students with financial need.
● It’s available to full-time or part-time students.
● It’s administered by schools participating in the Federal Work-Study Program. Check with your school's
financial aid office to find out if your school participates.
Loans
● Money that is borrowed to cover the costs of Higher Education and needs to
be paid back.
● Federal Loans
● Private Loans
Federal Loans
DIRECT SUBSIDIZED LOANS
● Direct Subsidized Loans are available to
undergraduate students with financial need.
● Your school determines the amount you can borrow,
and the amount may not exceed your financial need.
● The U.S. Department of Education pays the interest on
a Direct Subsidized Loan
○ while you’re in school at least
half-time,
○ for the first six months after you leave
school (referred to as a grace period*),
and
○ during a period of deferment (a
postponement of loan payments).
DIRECT UNSUBSIDIZED LOANS
● Direct Unsubsidized Loans are available to
undergraduate and graduate students; there is no
requirement to demonstrate financial need.
● Your school determines the amount you can
borrow based on your cost of attendance and other
financial aid you receive.
● You are responsible for paying the interest on a
Direct Unsubsidized Loan during all periods.
● If you choose not to pay the interest while you are
in school and during grace periods and deferment
or forbearance periods, your interest will accrue
(accumulate) and be capitalized (that is, your
interest will be added to the principal amount of
your loan).
FAFSA (Free Application for Federal Student
Aid)
❖ Application that determines how much financial aid a student needs in order to pay for school
❖ Student will report Parents Income and their own income (2016 Income Taxes)
➢ Independent Student: a student who is considered independent is either at least 24 years old,
married, a graduate or professional student, veteran, member of the armed forces, orphan, ward
of the court, or someone with legal dependents other than a spouse, emancipated minor, or
someone who is homeless.
➢ Dependent Student: a student who is considered dependent is a minor who lives with a
parent/guardian.
❖ Students will receive an Expected Family Contribution (EFC): the measure of your family’s financial
strength and how much of your college costs it should plan to cover.
❖ Social security number required. Students who are U.S. citizens or a legal permanent resident are
eligible for federal aid
❖ Undocumented students will fill out a different form called the “Dream Act” app
❖ Application opens October 1st and is due March 2nd
 ❖ Go to https://fsaid.ed.gov and
create an FSA ID for you and your
parent (s).
❖ Fill out all of the information on

How do I get FAFSA worksheet so that you have

everything ready to transfer onto

started on
online version.
❖ Go to www.fafsa.gov and
complete your application for the

the FAFSA? 2018-19 school year before March

2nd.
❖ Have your parents 2016 tax return
ready.
❖ Have a list of all correct Federal
School Codes of colleges you will
be applying to.
 California Dream Act Application

❖ Application for undocumented/ nonresident documented students that

provides them with access to privately funded financial aid , state aid,
university grants, community college fee waivers, and Cal grants.
❖ Students must live in California and meet eligibility requirements of
Assembly Bill (AB) 540 or AB 2000; students who have “U” Visa or TPS
status also file this application.
❖ Social Security is NOT required to submit the application
❖ Application opens October 1st and is due March 2nd
 ❖ Go to www.caldreamact.org and start

How do I get ❖
filing your 2018-19 application.
Fill out all of information on Dream Act

started on
worksheet so that everything is ready to
be transferred.
❖ Have your parents 2016 tax return ready.
❖

the Dream
Have a list of all correct Federal School
codes of colleges you will be applying
to.

Act?
❖ Fill out “California Nonresident Tuition
Exemption Request”
❖ For UCs: must also complete the
“University of California AB 540
Nonresident Supplemental Tuition
Exemption”