Financial Aid Presentation - Desiree Vonderos

Jul 24, 2024

Financial Aid Basics Presentation Notes

Introduction

  • Speaker: Desiree Vonderos, Financial Aid Specialist at Mountain Sac
  • Purpose: Provide an overview of financial aid to help students navigate the process.

Overview of Topics

  1. Definition of financial aid
  2. Types of financial aid
  3. Application process for financial aid
  4. Understanding Expected Family Contribution (EFC)
  5. Importance of reviewing Student Aid Report (SAR)
  6. How to check financial aid status on Mount Sac portal
  7. Summer support offered by the office
  8. Financial aid myths

What is Financial Aid?

  • Definition: Money available to help pay for college from various sources: federal, state government, institutional, and private.
  • Financial Aid Package: Combination of different sources of financial aid if eligible.

Types of Financial Aid

  1. Free Money (Gift Aid):

    • Scholarships
    • Grants
    • Never need to pay back as long as courses are completed.

  2. Earned Money:

    • Federal Work-Study: Funds earned through employment, paid like a regular job.

  3. Borrowed Money:

    • Student Loans: Require repayment after graduation or falling below half-time enrollment.

Common Financial Aid Myths

  • Myth: "My income is too high; I won’t receive any grants or scholarships."
    • Fact: Higher income students can still qualify for need-based aid. Apply every year!
  • Myth: "My parents don’t have a Social Security number, so I won’t qualify for financial aid."
    • Fact: Eligibility for grants and scholarships isn't based on parents having a Social Security number.

How to Apply for Financial Aid

  • Applications: Two main applications:
    1. FAFSA (Free Application for Federal Student Aid)
      • Deadline: March 2nd (priority), can apply late but should do so asap.
      • Must create an FSA ID for identity verification.
    2. California Dream Act Application
      • Eligibility: Undocumented, DACA, TPS holders, California residents.
      • Completed online at dream.csac.ca.gov.

Application Requirements

  • Gather necessary documents before applying:
    • Social Security cards
    • Permanent resident card
    • 2021 income tax returns
    • 2021 W-2s
    • Bank statements
    • Records of untaxed income

Expected Family Contribution (EFC)

  • Definition: A numerical score used to determine financial aid eligibility.
  • Not the amount parents are obligated to pay.
  • Check and discuss with financial aid office if you believe the score is incorrect.

Reviewing Student Aid Report (SAR)

  • Importance of checking for errors and understanding EFC.
  • Pay attention to comments and aid history.
  • Determine if selected for verification and possible additional information requirement.

Checking Financial Aid Status on Mount Sac Portal

  1. Navigate to the Financial Aid Tab.
  2. Check for any missing documents and resolve them.
  3. Review your financial aid offer under financial aid requirements.
  4. Explore payment history under the student tab.
  5. Set up Bank Mobile account for refund selections !
    • Options: Paper check, direct deposit, Bank Mobile debit card.

Summer Support

  • Office hours and support available during the summer.
  • Contact the financial aid office for assistance or questions regarding summer support.

Conclusion

  • Thank you for joining the presentation!
  • For any further questions or concerns, feel free to contact the financial aid office.