Home
  • About ICA
    • ICA at a Glance
    • Bulletin
    • Calendar
    • Bell Schedule
    • Directory
    • Campus Tour
    • Vision/Mission
    • History
    • Board of Directors
    • Cristo Rey Study
  • Academics
    • Departments
    • Course Catalog
    • College Counseling
    • Personal Counseling
    • FLAME
    • Ed Resource Center
    • Tutorial Services
    • Book Info
    • 08-09 Fees
  • Student Life
    • Athletics
    • Campus Ministry
    • Student Govt
    • Clubs
    • Handbook
  • Admissions
    • Admissions Criteria
    • Visiting ICA
    • Tuition
    • Financial Asst
    • FAQ's
  • Parent Guild
    • Board
    • Events
    • Service Hours
    • Handbook
  • Alumnae
    • 21st C Campaign
    • Financial Assistance
    • Phonathon
    • Reunions
    • Steering Committee
    • Update
    • News About You
  • Development
    • 21st C Campaign
    • Financial Assistance
    • Update
    • Matching Gifts
    • Planned Giving
    • Gala
LINKS
Academics
Departments
Course Catalog
College Counseling
Personal Counseling
FLAME
Ed Resource Center
Tutorial Services
Access PowerSchool
08-09 Book Info
08-09 Fees

Home > Academics > Departments > Guidance > Pay For College

How to Pay for College and Still Have Money in Your Pockets

4CASTER | a-g list | ACT | CA Colleges | CA Community Colleges | CA Indep Colleges | Career Search
College Search Engine | Common Application | Common Black College Application | CSS Profile| CSU
CSU Eligibility Index | FAFSA | FastWeb| Kaplan Test Prep | PSAT Quick Start | SAT | Scholarships
Student Enrichment Programs | Transfer College Info | UC | UC Eligibility Index

Guidance Staff

  • College Resources
  • Senior Checklist
  • Junior Checklist
  • Sophomore Checklist
  • Freshman Checklist

  • Enrichment Programs
  • Scholarships
  • ICA College Tours
  • Onsite Admissions Day

PAYING FOR COLLEGE
Sources of Financial Aid
Higher Education Tax Incentives
How can I save?
Gift Aid
Types of Grants
Scholarships
Where do we go from here?
Let’s understand EFC
Filling out the financial aid forms
What you need to have
How to Apply
FAFSA
Self-Help Aid
Stafford Loan
PLUS Loan
Federal Perkins Loans
Private Loans
Work Study
Special Circumstances
Think College NOW!!!!
Resources
Finding Scholarships
Selected Scholarships
Hard Work = Money

Pay for college

      Sources of Financial Aid
    • Federal Government (FAFSA form)
    • State Government (Cal Grant )
    • Institution (University/Colleges)
    • Work Study
    • Private companies, foundations or individuals (Scholarships)
    • Various Investments

    There is money to pay for college
      Higher Education Tax Incentives
      • Hope Scholarship Credit
        -100 percent of the 1st $1,000 of the taxpayer’s out of pocket expenses for tuition
        -50 percent of the next $1,000 of the taxpayer’s qualified expenses for EACH student
        -Maximum amount is $1,500 per eligible student
        -Student or Parent can claim for the Hope Credit
        -Only for first or second year in college
      • Lifetime Learning Credit
        -Obtain a credit towards federal taxes that is equal to 20 percent of the taxpayer’s first $10,000 of out of pocket qualified expenses.
        -Calculation is per family NOT per student
        -No limit on years of education
      • Deduction for Higher Education Expenses
        1. Taxpayers can claim both this deduction and a Hope or Lifetime Credit for educational expenses in the same year
        2. 2004 and 2005, the max deduction is $4,000 per year.

        How can I save?
      • Qualified Tuition Program
      • Also Called 529 Plans
      • Scholarshare
      • $15.00 minimum contribution per pay period
      • Maximum account contribution limit ranged between $124,799 and $174,648 based on beneficiary’s age and cost for college.

      Top of Page

        Gift Aid
      • Grants (a.k.a. Free Money)
        -Federal (Pell Grant)
        -State (Cal Grant)
        -Institutional (school)
        -Private
      • Scholarships
        -Institutional
        -Private

        Types of Grants
      • Pell Grant*
        -Must demonstrate exceptional need
        -2004-05 maximum amount $4,050
      • Federal Supplemental Educational Opportunity Grant (FSEOG)*
        -Priority given to students with exceptional financial need and are Pell Grant recipients
        -Funding varies with each school
        -*Need to fill out FAFSA Form
      • University Grants
        -California State University
        -University of California
      • Cal Grant A l
        -3.0 GPA (10th & 11th grade)
        -Meets Income and asset limits
        -ex: $66,700 w/ 4 family members
        -UC: $5,682*
        -CSU: $2,332*
        -Indep: $8,322*
        *amounts based on 2004-2005
      • Cal Grant B
        -2.0 GPA (10th and 11th grade)
        -Low income families lReceive same funding as Cal Grant A except for first year. However, you receive an additional living expense of $1,550.00 per year
      • Cal Grant C (technical/vocational school)
        -Verified GPA
        -Pays up to $2,592/private or $576/community college

        Cal Grant Contact Numbers
      • Student Help Line 888-CA GRANT
      • Cal Grant
      • California Student Aid Commission
      • California Chafee Grant Program
      • Customer Service at California Student Aid Commission
      • EdFund 1-877.EDFUND or EdFund

      Top of Page

        Scholarships
      • Millions of scholarship dollars are available
      • How to find them:
        -Fast Web
        -Guidance Office room 109
        -University/College: UC’s, CSU’s, Privates
        -Unions/Employers

      Different Types of Scholarships
      Seniors Juniors
      -Elks Scholarship
      -Gates Millennium
      -McDonald’s
      -PG&E Scholarship
      -UC Scholarships
      -Cal Opportunity Scholarship
      -Toyota Scholarship
      -Burger King Scholars
      -Discover Card
      -Comcast
      Scholarships for ALL students:
      -Duck Tape Scholarship
      -Kaptest.com/essay
      -Dale E. Fridell Scholarship
      -GM Scholarship
      -& many more . . .
        Where do we go from here?
      • The steps to obtaining financial aid:
        1. Fill out the FAFSA (Free Application Federal Student Aid) Form between January 1st to March 2nd. Best before Feb.
        2. Check to see if you need the CSS Profile
        3. Apply, apply, apply, apply for scholarships through colleges, FastWeb and other resources

      Top of Page
        Let's Understand EFC
      • EFC (Estimated Family Contribution)
            Cost of Attendance
            Family Contribution (less)
            Grants + Scholarships (less)
            ------------------------------
           =Student Responsibility
      •  Expected Family Contribution
        -Generally speaking, students under the age of 24 are considered dependent students, so their parent information is considered when calculating financial aid eligibility.
        -For many low-income families, the family contribution is zero l
        - Family Contribution can be paid from savings, current income or loan

        Filling out the financial aid forms
        -FAFSA
        -GPA Verification Form
        -CSS Profile
        -Scholarship Applications

        Make sure you have the following:
      • CSS Profile
      • GPA Verification permission slip
      • Tax Forms 2005
      • Pay Stubs
      • Accounts/Assets

        How to apply
      • FAFSA: collects data to calculate eligibility for need-based financial aid (completed by student/family)
      • GPA VERIFICATION FORM: Collects GPA information used to make Cal Grant awards (completed by school)
      • CSS PROFILE: collects data to calculate institutional formula for aid

        FAFSA
      • Paper Application
        OR
      • ONLINE @ FAFSA

      Top of Page

      Self-Help Aid
      Loans Employment
      Subsidized Stafford
      Unsubsidized Stafford
      PLUS
      Federal
      Institutional
      Federal Perkiins Private (Alternative)
        Stafford Loan
      • Subsidized Stafford must show "need"
      • Unsubsidized Stafford "need" is not a consideration
      • Interest Rates - variable, changes every July 1st and capped at 8.25%
      • Fees
        - Up to 3% origination feed paid
        - Up to 1% insurance premium paid to guarantor

        PLUS Loan
      • Parent borrows for dependent undergraduate
      • Approval subject to credit check lInterest rate variable, capped at 9%
      • Repayment begins 60 days
      • Loan limits
        -Annual: COA less other aid
        -Aggregate: none

        Federal Perkins Loan
      • Priority given to those with exceptional need
        Eligibility for Federal Pell Grant
        Annual and aggregate loan limits:
        - $4,000/year - $20,000 (aggregate)
        - Fixed interest rate of 5 %
        - 9 month grace period
        - Repayment 10 year maximum
        - Deferment and cancellation provisions

        Private Loans
      • Also known as Alternative Loans
      • Not made under the Title IV regulations
      • Lender assumes the risk of default
      • Credit based and may require a co-signer
      • Interest and fees may be higher than a Stafford loan

      Top of Page

        Work Study
      • Funded by federal government or institution
      • Undergraduates and graduates
      • Job not guaranteed
      • Money must be earned
      • Can be either on or off campus
      • Funding levels vary at each institution

        Special Circumstances
      • Adjustments may be made to information on a case-by-case basis such as . . .
        -Dependency status
        -Income and assets
        -Child Support
        -Number in household or college
        -Medial or dental expenses
        -Private elementary/secondary institution

      Think College NOW
      Think College NOW!!!!
      Where to plan out and prepare:
      CSU Mentor
      University of California
      California Colleges
        Resources
        Financial Aid Information Page
        College Board (SAT)
        ACT
        On-Site Student Centers
        - Mapping Your Future
        - Princeton Review

        Finding Scholarships
      • Petersons
      • Fastweb
      • Mach25
      • SallieMae College Answer

        Selected Scholarships
      • Petersons
      • Fastweb
      • Mach25
      • SallieMae College Answer

        Hard Work=Money
      • 10 hours prep time to get a $500 scholarship comes out to $50 an hour
      • Petersons says there are 1.6 million scholarships

      College is always an option for everyone!

      Top of Page


Webmaster Site Map Contact Us Web Resources