Summer STEP Financial Aid Workshop – How to Apply

Summary

In this informative video, Paola Gutierrez, a financial aid specialist at Mount Sac, guides students through the process of applying for financial aid. She explains the different types of aid available, including grants, scholarships, federal work-study, and loans. Paola also clarifies common financial aid myths and emphasizes the importance of submitting applications on time. She provides detailed steps for filling out the FAFSA and California Dream Act applications, as well as what happens after submission. Additional support for summer students and resources for help are also highlighted, ensuring students are well-equipped for the financial aid process.

Takeaways

• 😀 Financial aid is money available to help pay for college, and it comes from various sources like the federal government, state, school, and private institutions.
• 😀 Financial aid is categorized into three types: free money (grants and scholarships), earned money (federal work-study), and borrowed money (federal student loans).
• 😀 Grants, like the Federal Pell Grant, Cal Grant B, and Supplemental Opportunity Grant, do not require repayment and are based on financial need.
• 😀 Scholarships are free money that can help students pay for college. At Mount Sac, students can apply for over $400,000 in scholarship funding.
• 😀 Federal Work Study is a need-based program that provides on-campus jobs, allowing students to earn money to help with educational expenses.
• 😀 Federal loans (subsidized and unsubsidized) are available for students, but repayment is required after graduation or if enrollment drops below half-time.
• 😀 Students are never forced to take out loans when applying for financial aid. Loans are simply available as an option if needed.
• 😀 The FAFSA and California Dream Act (CADAA) are the two main applications for financial aid, and they both have a priority deadline of March 2nd.
• 😀 It's important to gather necessary documents (like tax forms and identification) before starting the FAFSA or CADAA applications to avoid mistakes and delays.
• 😀 The FAFSA or CADAA application determines your eligibility for financial aid. For dependent students, parent information is required, while independent students only need their own information.
• 😀 After applying, students should check the Mount Sac Student Portal regularly to ensure all additional financial aid requirements are met and their financial aid package is finalized.

Q & A

What types of financial aid are available to students?

Financial aid is available in three main categories: free money (gift aid), earned money (federal work-study), and borrowed money (federal student loans). Gift aid includes scholarships and grants, earned money refers to employment through federal work-study, and borrowed money involves student loans that need to be repaid.

What is the difference between subsidized and unsubsidized student loans?

Subsidized loans do not accrue interest while you're in school, whereas unsubsidized loans begin accruing interest as soon as the loan is disbursed. Both types require repayment after graduation or if enrollment drops below half-time.

What is the Federal Pell Grant, and who is eligible for it?

The Federal Pell Grant is a need-based award for students who demonstrate financial need through their FAFSA application. The amount varies based on financial need, enrollment status, and the number of units enrolled, with a maximum award of up to $6,895.

What is the Cal Grant B, and who can benefit from it?

The Cal Grant B is a financial aid program available to California residents attending community colleges. It provides a stipend of about $824 per semester for books, supplies, and other educational expenses. It’s available to students who demonstrate financial need.

What is the California College Promise Grant?

The California College Promise Grant covers course enrollment fees for California community college students, allowing them to attend school without paying tuition or mandatory fees. It’s an essential resource for students seeking to reduce their out-of-pocket costs.

How does the Federal Work-Study program work?

Federal Work-Study is an employment program that allows students with financial need to work on campus and earn money to help pay for their education. Students earn the money through a paycheck and can use it for educational expenses like transportation, books, or meals.

What are the eligibility requirements for the FAFSA?

To complete the FAFSA, students must be U.S. citizens or eligible non-citizens (such as permanent residents or refugees). The FAFSA application is completed online at fafsa.gov, and students must add the school’s code to allow the school to receive their information.

What is the FSA ID, and why is it important?

The FSA ID is a username and password used to sign your FAFSA application electronically. It is also used to verify your identity. Both students and parents can create an FSA ID, and it’s necessary to complete the application process securely.

Can students be forced to take out loans by completing the FAFSA?

No, students are never forced to accept loans when they submit a FAFSA application. The FAFSA determines eligibility for all types of financial aid, including grants, scholarships, and loans, but students can choose not to accept loans as part of their financial aid package.

What should students do if they miss the FAFSA priority deadline?

If students miss the priority FAFSA deadline of March 2nd, they can still submit their application. However, it is recommended to submit the application as early as possible to ensure timely processing and eligibility for all types of financial aid.