CSUSB Advising Podcast

Ep. 36 - Answering Your Financial Aid Questions

January 17, 2023 Matt Markin Season 1 Episode 36
CSUSB Advising Podcast
Ep. 36 - Answering Your Financial Aid Questions
Show Notes Transcript

In Episode 36 of the CSUSB Advising Podcast, Matt Markin chats with Patricia Aguilera, Financial Wellness Advisor. Am I eligible for aid? What is work study? What's the difference between the Pell Grant and Cal Grant? Get your questions answered! 

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0:06  
Hey, Yoties. Welcome to another episode of the CSUSB advising podcast. Many of you have had questions about financial aid, what are grants versus loans, what's work study, and even more questions, and we have Patricia Aguilera, Financial Wellness advisor with us to help answer those questions. Patricia, welcome to the podcast. 

0:25  
Thank you. Good morning. 

0:27  
So let's go to get started. If I'm a student, how do I know if I'm eligible for financial aid?

0:35  
Okay, well, what if the chairman is students eligible eligibility for financial aid, the student must first complete the FAFSA or the California Dream Act application. You'll have to fill out the FAFSA every year your year in school in order to stay eligible for financial aid. Based on the students and parents income are adjusted gross income taxes pay the number in the household in college, among other factors. This information is used to determine the student's family's ability to pay for their college education. The students expected family contribution and cost of attendance are also known as the budget will allow the office of financial aid and scholarships to determine the student's eligibility for financial aid. Students can view their financial aid award on their my coyote portal under their student center. The award reflects both the annual award amount and by term financial aid awards are based on Full Time Attendance. The priority deadline to apply for financial aid every year is March the second.

1:40  
Awesome and yeah and I think it's great that students can look at their financial aid on their myCoyote and actually see it split up between semesters so they know exactly what they're gonna get. But when students do look at that, they may see sometimes that they see a Pell Grant and maybe also a Cal Grant. What are the Pell Grant and Cal Grants?

1:59  
Pell Grant is a federally funded program. Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a Bachelor's graduate or professional degree. However, in some cases, a teacher certification program might receive a Federal Pell Grant. A federal Pell Grant, unlike a loan does not have to be repaid. amounts can change yearly. The maximum Pell Grant award is 6895. For the 22-23 award year. The amount you get through will depend on your expected family contribution, the cost of attendance determined by your schools for your specific program, your status as a full time versus part time student, and your plans to attend school for the full academic year or less. Cal Grant is a state funded program Cal Grant does not need to be paid back. Cal grant applicants must apply by using the FAFSA or California Dream Act application by the priority deadline March 2, and meet all eligibility, financial and minimum GPA requirements of either program. Grants for students attending University of California, California State Universities or California community colleges are qualifying independent or career colleges or technical schools in California. There are three types of Cal grads, A, B and C. But you don't have to figure out which one to apply for. Your eligibility will be based on your FAFSA or California and during application responses. Your verified Cal Grant GPA and the type of California call it D list on your application. And whether you've, you're a recent high school graduate, typical Cal Grant awards are geared towards middle class income with 3.0 GPA and Cal Grant B awards are geared towards low income with 2.0 GPA. Your college will submit your GPA on your behalf by the march 2 deadline. Students must also complete the FAFSA and California GMAC application by March 2 In order to be considered for a Cal Grant Award. 

4:05  
Thanks. And so with these grants, are they available for the entire time that a student is at CSUSB? 

4:13  
Yes, California grants are available up to four years maximum.

4:19  
Usually Cal Grant A and Cal Grant B applied to the CSUs, which is approximately $5,742 for the fee component along with an additional 1600 If you are a Cal grab be recipient. Again, it is renewable up to four years as long as you complete the FAFSA or California Dream Act application by the March 2 priority deadline. There is also a fifth year Cal Grant for students pursuing a teaching credential.

4:51  
All right, and then one of the questions we get sometimes is what's the difference between being part time versus full time? 

4:58  
Okay, so the difference between

5:00  
a full time versus Part Time Attendance is for undergraduate students enrolled in 12 or more units is considered full time attendance. Undergraduate students enrolled six to eight units is considered part time attendance. And lastly undergraduate students 8.1 to 11.9 are considered three quarter Time Attendance. 

5:22  
If a student does receive financial aid as a full time student and then drops to part time does the student owe money back for that? 

5:29  
Well, financial aid is disbursed 10 days prior to the beginning of each term, based on the number of units a student is enrolled in. At census, the office of financial aid and scholarship will run a report if there have been any changes in the number of units the student was enrolled in at disbursement. For example, if a student was enrolled in 12 units and aid was dispersed based on 12 units or full time and then the student drops a class to eight units part time at census, then the aid will be reduced based on eight units and the student will owe a balance on their account. Well, the question another question we get is about loan. So can you talk about the difference between a subsidized versus an unsubsidized loan? Yes, Direct Subsidized loans are available to undergraduate students who demonstrate financial need.

6:21  
The school will determine the amount you can borrow and the amount may not exceed your total financial need. loan amounts are based on the student's class level and their dependency status. The US Department of Education pays the interest on a direct subsidized student loan, therefore, being called subsidize while you're in school at least half time for the first six months after you d school referred to as a grace period and during a period of deferment, a postponement of loan payments. Direct Unsubsidized loans are available to undergraduate and graduate students. There is no requirement to demonstrate financial need. Your school will determine the amount you can borrow based on your cost of attendance and other financial aid you have received. loan amounts are based on the student's class level and dependency status. You are responsible for pay the interest on a direct unsubsidized student loans during all periods. Both student loans are low interest loans and have to be paid back subsidized student loans the government subsidize or pays the interest on a loan while attending college at least half time. Repayment begins six months after the student has graduated and are no longer enrolled at least half time arm six units, unsubsidized student loans the government does not subsidize the interest on the lawn so is pay as you go.

7:46  
Now, are there any financial aid that's offered in the winter or summer intersessions?

7:52  
Unfortunately, there is no financial aid available during winter intersession. However, summer financial aid is available, students must enroll first before financial aid award can be made. Pell Grant is available for students who have not exceeded the six year maximum eligibility requirement, and student loans are offered based on the student's remaining eligibility for the academic year. For example, if a student already check out a 5500 subsidized student loan, then they would not have any more subsidized student loan eligibility during the summer. However, if they only took out 3000, then they would be offered the remaining 2500 during the summer. Sag is also available for students who qualify but there's limited funding. gig is also available for graduate seniors and pays their tuition.

8:46  
Now something else that we get asked about is work study. So what is work study? How does one apply or know that they're eligible for it?

8:56  
The Work Study is a federally funded program that allows students who demonstrate financial need students must answer yes on their FASFA if they're interested in part time work, if they wish to be considered for the work study program. However, federal work 70 is limited students may work part time 20 hours max a week to help offset some of their educational expenses while attending college.

9:21  
And after every semester, students receive grades and they get to see what grades they got. Sometimes they do very well maybe not so much some of those semesters. But if a student says hey, I didn't do well, this semester, do I lose my financial aid?

9:35  
Well, in order to receive financial aid, students must maintain satisfactory academic progress also known as SAP. Students are required to meet both a qualitative and quantitative standards to meet SAP requirements. Grades are reviewed at the end of each term. Qualitative standard means students must maintain a good academic standing by meeting the GPA requirements as they are outlined in The Office of Financial Aid and Scholarships SAP policy. The quantitative standard compares the number of units attempted versus the number of units earned on a term by term basis, and within time limits to complete a degree on a cumulative basis, students are required to complete a minimum of 70% of the number of units attempted. A student may earn up to 180 units or 150%. Because they only need 120 units to graduate Postback students may receive eight up to eight terms. If a student fails to maintain SAP due to any unforeseen and or extenuating circumstance, they have the right to appeal sap to request reinstatement of their financial aid by appealing the Office of Financial Aid will notify students who fail to maintain SAP. If the student has an extenuating circumstance that prevented them from maintaining SAP they have the right to appeal SAP. They may request reinstatement or the financial aid. Students will receive instructions in the notification from financial aid regarding the appeal process, it is recommended to submit any supporting documentation along with the appeal for consideration. For example, if a student was involved in a car accident, you may submit a police report and or picture of a car accident. Safa pills must be submitted by census in order for approval to be considered for the current term.

11:29  
Thank you. And then a question. Another question we get is, sometimes students are listed as a dependent, but maybe they're living on their own or they're fully supporting themselves. So would that particular student be now listed as an independent

11:45  
on a case by case basis, the Office of Financial Aid & Scholarships can use professional judgment to determine if a student is deemed independent versus dependent. If there's an estrangement between the student and the parent. Students will be asked to meet with their financial aid advisor and submit supporting documentation to determine their dependency status. If a student does not live with their parents is financially independent and or if the parent refused to provide parental income information on the student's FAFSA or dream act application does not constitute an approval of a dependency status. Override, students must demonstrate that an actual extreme it exists such as a student who has been raised by their friend, parents or a relative because both of the students parents are incarcerated, deceased and cannot be recently located etc. Relatives are not required to provide their income information on a student's FASFA or California dream Mac. Students who are at risk or homeless may also apply for dependency override and mess submit the request documentation. Also if there's any change in the parents income that will affect their financial aid. In this event, if there's a change in the students income, or parents income students can make an appointment with their financial aid advisor to request a special circumstance. This process allows the office of financial aid and scholarships to use the most recent income to reevaluate the student's true ability to contribute towards their educational expenses. There are other types of special circumstances with financial aid can reevaluate a student's application due to extenuating circumstances such as loss of income or benefits, death of a parent or spouse, divorce or separation, receipt of a lump sum payment, etc.

13:37  
Well, thank you, Patricia, for answering these questions. These are definitely been questions we've received. So I know students will benefit from hearing your answers. So thank you again. 

13:45  
You're welcome, Matt.

Transcribed by https://otter.ai