The concept of having a financial plan is that you define a financial need based on your life circumstances, look at the array of financial choices for fulfilling that need and weave together the best options for you into a plan that will maximize your support over your educational career.
The most common elements of a financial plan are
A. Setting an academic goal
B. Establishing a path to graduation
C. Identifying the financial resources required to meet your goal
D. Matching your financial needs with the available financial options
E. Financial resources and payment options available to fund a GGU education include
Financial resources and payment options available to fund a GGU education include
1. Federal Financial Aid
• Loans are by far the most widely used tool in financial aid
and provide a very low cost alternative and a wide array of options not available with other programs.
•Grants are available to undergraduate students who
demonstrate financial need and are US citizens or eligible noncitizens.
2. State Grants – available to undergraduate students who demonstrate financial need. Students must also be a US citizen or eligible noncitizen and a California resident.
3. Scholarships – both need-based and merit-based scholarships are available to undergraduate and graduate students.
4. Alternative Private Loans
5. Student direct pay – you may pay upfront or in installments through a payment plan.
6. Corporate pay – your employer can reimburse you or we can bill them directly.
GGU encourages all you to consider applying for financial aid as part of your financial plan to cover educational costs. The Financial Aid Office is dedicated to providing student guidance through the financial aid application process. There are several types of financial aid programs for which a student may apply. Each program has specific criteria.
You must
• Be a US Citizen or permanent resident of the US
• Have registered with the Selective Service between the ages of 18 and 25, if you are male
• Possess a high school diploma, GED or state certificate, or pass a federally approved “Ability to Benefit” test
• Be admitted and matriculated in an approved degree or certificate program at GGU
• Be registered for courses at least half time at GGU per trimester
118 Student Financial Planning
• Maintain satisfactory academic progress (SAP) as required by the Financial Aid Office SAP policy (for continuing students)
• Not be in default on a federal student loan or owe a refund on a federal grant
• Not simultaneously receiving financial aid at another instituion.
• Complete the FAFSA (Free Application for Federal Student Aid). The application is available online at www.fafsa.ed.gov. Use the GGU Title IV school code 001205 in step six of the FAFSA.
• Complete the GGU financial aid application for the trimesters you are planning to attend GGU. The application is available at www.ggu.edu. Click on “Admissions and Costs,” then “Tuition and Financial Aid,” and then “Apply.”
• Submit a completed FAFSA to the US Department of Education processor. The fastest way to file is to do so online at www.fafsa.ed.gov.
• FAFSA information is processed and results are sent to the institutions indicated in step six of the FAFSA and to the student (average time 2-4 weeks).
• GGU reviews FAFSA information and may request other needed documents.
• Student returns requested documents to GGU. We will notify you by e-mail/letter if we are missing any documents.
• A financial aid award letter will be developed for the student dependent on the number of units and trimesters indicated on the GGU Financial Aid Application, and student program eligibility.
• Financial aid may not be used to cover tuition for repeated courses, whether or not the student received a grade.
• GGU calculates financial aid award and sends it to the student by e-mail and US mail.
• If a student accepts loans on the award letter, loans will be certified for disbursement.
• Financial aid is disbursed to a student’s account during the trimester depending on when the student returned the award letter to GGU and the date the loans are certified.
• If after financial aid is dispersed to a student’s account, a credit balance is produced, a refund check will be issued to the student.
• Refund checks are processed within 10 business days after the credit appears.
Calculation of Financial Aid A general budget is devised that includes housing, food, books/sup-plies, transportation, personal expenses and actual tuition costs per student. The tuition costs are based upon the unit enrollment information the student reports on the GGU Financial Aid Application. The budget is called cost of attendance (COA).
References:
Archives