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Paying for College

Paying for College. Summer Nance Vice President for Financial Planning Gardner-Webb University. Paying for College A Combination of Resources. Direct Cost vs. Indirect Cost. Direct Cost Tuition, on-campus room and board, and any special fees Indirect Cost Books Fees Transportation

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Paying for College

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  1. Paying for College Summer Nance Vice President for Financial Planning Gardner-Webb University

  2. Paying for CollegeA Combination of Resources

  3. Direct Cost vs. Indirect Cost • Direct Cost • Tuition, on-campus room and board, and any special fees • Indirect Cost • Books • Fees • Transportation • College Supplies

  4. Family Contribution • Savings plan • Current assets • Income • Payment plans

  5. Internal College Scholarships • Institutional Scholarships • Athletic, music, art, leadership, etc. • Other merit-based scholarships • Endowed scholarships • Need-based grants

  6. External Scholarships • Civic Organizations • Lion’s Club • Rotary Club • Veterans Benefits • Guidance Counselor • Websites • Military Service Scholarships (ROTC) • Vocational and Educational Services for Individuals with Disabilities

  7. Private Loans • Alternative education loans • Student or parent can apply • Credit based

  8. Federal and State Aid • FAFSA • Free Application for Federal Student Aid (file each year) • Can be used for Early Estimated Awards • A standard form that collects demographic and financial information about the student and family • Use it to apply for federal and state student grants, work-study, and loans

  9. Financial Aid Formula Cost of Attendance - Expected Family Contribution = Financial Need

  10. FAFSA Application • Complete the FAFSA as soon after January 1st online at www.fafsa.gov • Have 2010 tax return information available in order to complete accurately • List the schools you want to receive your information • The results (EFC) will be used by the schools to determine your financial aid award

  11. FAFSA TIPS • Parents: remember if you are completing the FAFSA for the student, use the student’s social security number and birth date • Try not to leave any questions blank- this could cause delays in the processing of your application • You must provide signatures using your FAFSA pin • Provide a reliable email address- all notification

  12. Estimated Family Contribution(EFC) • Calculated by the Federal Government • based of family's FAFSA data • Amount family can, reasonably, be expected to contribute to college • Colleges use EFC to award financial aid

  13. Special Circumstances • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses

  14. Examples of Federal Aid • Need- Based Federal Aid • Federal Pell Grant • FSEOG • Federal College Work-Study Program • Federal Student Loans -based on enrollment • Subsidized Federal Direct Loan • 2011-2012 Interest Rate • 3.4% • Unsubsidized Federal Direct Loan • 2011-2012 • 6.8% • Federal Parent Plus Loan- based on credit • Parent Plus Loan for Undergraduate Students (PLUS) • 2011-2012 • 7.9%

  15. North Carolina State Aid The North Carolina Education Lottery Scholarship (ELS)must have EFC of $5000 or less The North Carolina Legislative Tuition Grant (NCLTG)a state entitlement for permanent residents of North Carolina offered by the state legislature to all students attending a private four-year institution in this state The State Student Incentive Grant (SSIG) awarded to students with exceptional need, where family contribution is zero The North Carolina State Contractual Scholarship (SCSF)available to students who are a legal resident of North Carolina and have demonstrated financial need

  16. Questions or Comments?

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