hello everyone my name is Desiree vonderos and I am a financial aid specialist with the mountain Sac financial aid office thank you for joining us for today's presentation financial aid basics in this presentation we will provide a general overview of financial aid let's hope you find this information helpful as you navigate through the process let's get started in today's presentation we will be talking about how financial aid is defined the various types of financial aid you may qualify for how to apply for these resources we will explain what the expected family contribution also known as EFC is the importance of reviewing your student aid report after submitting your application how to check your financial aid status on your Mount Sac portal to ensure you receive your Aid on time and lastly we'll share the summer support our office will be offering you along with sharing some financial aid myths with you so what is financial aid in its simplest terms financial aid is money that is available to help you pay for college this money may come from different sources such as the federal and state government as well as institutional and private sources the combination of these sources may make up your financial aid package if you are eligible now you may be asking yourself what types of Aid are available let's break it down the types of a that are available are broken down into three categories free money earned money and borrowed money you want to make sure you are accepting the free money first because this is gift aid meaning you never have to worry about paying this back as long as you are completing the courses that you are enrolling in this category we have scholarships and grants under earned money we have federal work study this type of funding is earned through employment just like a regular job you will earn These funds through a paycheck and use them for any of your educational expenses lastly there is borrowed money in this category we have student loans which do require repayment you want to be careful when borrowing student loans as you will need to prepare for repayment after graduation or if your enrollment ever Falls below half time whichever comes first foreign let's address a financial aid myth we hear all the time my income is too high I won't receive any grants or scholarships so this is false not all financial aid options are based on income higher income students may still qualify for need-based Aid so be sure to apply every year let your financial aid office determine what you qualify for now let's move on to the next section section how do I apply there are two financial aid applications available the student should only submit one the application that is applicable to them shortly I'll explain the requirements for each but first let me introduce you to the FAFSA also known as the free application for student aid and the California Dream Act application both applications have a priority deadline of March 2nd be sure to mark your calendars and apply by the priority deadline each year now the March 2nd deadline has passed but you could still submit your application if you missed the priority deadline don't worry just submit as soon as possible if you are going to be taking classes this summer you should be submitting the 2022 to 2023 application as it covers the fall 2022 through summer 2023 semesters of course if you are coming back for fall 2023 you should also be submitting the 2023 to 2024 financial aid application let's talk about requirements you are eligible for FAFSA if you are a U.S citizen eligible non-citizen permanent resident refugee rsidely t visa holder if you're not if you're not if you're not sure see FAFSA for further examples or contact our office the application is available online at fafsa.gov on this screen you will also see our federal school code be sure to include us in your application before you complete a FAFSA you will need to create an FSA ID the FSA ID authenticates your identity to ensure only you have access to the sensitive information your parents should also create an FSA ID if they have a Social Security number as this will be the quickest way to sign your FAFSA if your parent doesn't have a Social Security number don't worry they could print and mail the signature page now if you're not eligible for FAFSA you may be eligible for the California Dream Act application you're eligible for this application if you're undocumented have a valid or expired DACA our USB U.S visa holder or have temporary protected status TPS and you are a California resident and have the academic qualifications this application is completed online at dream.csac.ca.gov and the school code is on the screen once again our school code needs to be on your application in order for us to have access and determine your eligibility similar to FAFSA students will need to create a user ID on this screen you see the different options students have if you are now if you are a new user meaning you've never accessed this before then select start a new application if you're a returning user you should select login the parent will need to create a PIN to sign your application please know both applications are completed online and you should be applying every year the applications are typically available on October 1st of every year the fall 2023 application is now open before you start your application you want to make sure you gather all the documents that may be needed this ensures you could complete your application in one sitting be sure to note these documents down if one or more of these don't apply to you then don't worry proceed without social security cards permanent resident card 2021 income tax returns 2021 W-2s and other records of income earned from work bank statements and records of investment records of 2021 untaxed income such as child support received untaxed IRA distributions pensions are annuity payments here is a financial aid myth too my parents don't have a Social Security number I won't qualify for financial aid this is also false eligibility for Grants and scholarships is not based on parents having a social security number you've only heard the term expected family contribution before and imagine that this is the amount your parents will have to pay towards your education so you want to clarify that this is not what that means the EFC is simply a numerical score the score is used to determine financial aid eligibility it is calculated by the financial aid application if you believe the score is incorrect or not reflective of your parents financial status you could discuss with our office the score May change if there are Corrections needed you submit and are approved for an appeal due to special circumstance RFA subsequent financial aid applications are received corrections may be needed if something was incorrect was incorrectly reported on your application this is why it's so important to review your student aid report the student aid report is a summary of the information reported on the FAFSA or dream application you would want to check for errors review your EFC score and pay attention to comment and Aid history in this section you will be able to review any comment and find out if you are selected for verification many more information may be required from you as well as review your history and track your financial APAC usage once all of this is done you will need to check your status on your Mount Sac portal on your mindset portal you will have a financial aid tab once we have your application be sure to check for any missing documents and resolve them as soon as possible forms are completed online through a third party Source proverify be sure not to delete any emails from them if nothing is needed from you proceed to review your offer check your Aid offer on your Mount stack portal under the financial aid requirements section click on the financial aid status select the correct year and press submit lastly click on the word offer and then go to the offer overview tab here you'll find a summary of your financial aid eligibility for the school year the eighth posted is assuming you will be enrolled full-time if you won't be then some of the aid may be adjusted depending on your unit though here's a sample annual financial aid offer compared to amountsat costs students who have full need may have leftover money to cover expenses Beyond tuition fees and books so how do you receive your Aid Mount Tech payments schedule is broken down into three payments the first disbursement includes twenty percent of your Aid the second disperse the second and third disbursement will each include forty percent of your Aid to view your statement and payment history view student tab number 27. to make a refund selection be sure to set up your Bank Mobile account on here you'll be able to select paper check direct deposit or create a Bank Mobile account and receive a debit card from them if you already have your own bank account and want to access your funds as soon as possible direct deposit would be the best choice this summer our office has made the following day 10 times available to support our step students be sure to take advantage if you have additional questions or concerns on the step dates and times don't allow don't align with your schedule then contact our office we are happy to support you thank you so much for joining us