Students’ financial plans are developed based on the students current financial circumstances. An array of financial choices for meeting the students’ financial needs are considered and, in most cases, students can choose the best options to support meeting the educational goal.
The most common elements of financial planning 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
Financial resources and payment options:
1. Federal Financial Aid
• Loans are 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 — Students may pay up front or in installments through a payment plan.
6. Corporate Pay — Student’s employers can reimburse you or we can bill them directly.
Federal Financial Aid GGU encourages all students to consider applying for financial aid as part of their financial plan to cover educational costs. The Financial Aid Office staff can provide guidance through the financial aid application process.
Eligibility Requirements for US Federal Aid Programs:
• US Citizen or permanent resident of the US
• Males between the ages of 18 and 25 must have or be registered with the Selective Service
• Possess a high school diploma, GED or state certificate, or pass a federally approved “Ability to Benefit” test
• Admitted and matriculated in an approved degree or certificate program at GGU
• Register for courses at least half time at GGU per trimester (minimum 15-week period)
• Maintain satisfactory academic progress (SAP) as required by the Financial Aid 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 institution
How to Apply
• 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. (Do not use forms from other websites.)
• 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.
• Complete the GGU financial aid application for the next trimesters. The application is available at www.ggu.edu. Search for “financial aid application.”
• Application is reviewed and a financial package is prepared if the student is eligible. 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. NOTE: 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 or 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 returns 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 and a direct deposit refund or paper check refund will be issued to the student.
• Direct deposit refunds or paper check refunds are processed within 10 business days after the credit appears.
Calculation of Financial Aid
A general budget is devised that includes housing, food, books/ supplies, 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).
Standard financial aid policy requires that students and/or students’ families contribute a portion of financial resources to pay for the cost of education. The amount students are expected to contribute varies depending on individual circumstances and program eligibility. The contribution amount is calculated by the information provided on the FAFSA and is called expected family contribution (EFC).
To determine the student’s financial need, take the COA and subtract your EFC — the remainder is the financial need. Depending on the programs for which a student is eligible, the Financial Aid Office then calculates program awards based on the criteria for each program.
In some instances, financial aid awards may not be able to cover tuition in full. If this is the case, consult your Student Financial Planner to discuss your options.
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