Thursday, September 10, 2020

Financial Aid Tip of the Month

October 1, is the day that the 2021-22 Financial Aid Application cycle opens. Here are some things that your students and their parents can do now to be ready to apply:

  • Create a FSA ID – Both the student and their parent need to complete this process to electronically sign the FAFSA. The California Dream Act application includes the prompts for setting up a State Student Aid PIN for electronic signatures.
  • Social Security Cards (If Applicable) – It’s important that the FAFSA information matches perfectly the students and parents data at the Social Security Administration. A slight change in a name or birthdate can cause delays in processing.
  • Determine Household Size – This number should include the parents and any other household members that receive more than half of their financial support from the parents.
  • Determine Number of College Students in the Household – Of the members identified in #3, excluding the parents, how many family members will be attending college at least half time in 2021-22
  • Gather Federal Tax Documents for 2019 – Families will need this information for the parents and the student applying for aid. IRS transcripts and other documents can be downloaded immediately at www.irs.gov.
Calculate the Net Cost of College – Colleges and Universities have financial aid calculators that allow students to get an estimate of what their cost might be. Find the calculators for UC campuses here

Remind your students that over 70% of California Students receive grants and scholarships to attend UC and more than 50% receive enough to cover their full tuition. 

Last year California students attending UC received over $2.4 Billion dollars in grants and scholarships with an average award of $18,000.

If your students need help applying for financial aid, there are Cash 4 College financial aid workshops scheduled throughout the state. To find one in your area click here.

All students should be encouraged to apply. The only way to know what student is eligible to receive is to apply. The application is free and families have no obligations to use the financial aid offered.

If you have any questions, please reach out to your counselors.