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Paying for College

Paying for College. Lew DeLuca Financial Literacy Coordinator DeLucaL2@southernct.edu http:// southernct.edu/financial-advising/index.html. Payment Options. Grants & Scholarships (FREE $) Loans (Student & Parent: Repaid with interest ) Payment/Installment Plans (10 month)

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Paying for College

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  1. Paying for College Lew DeLuca Financial Literacy Coordinator DeLucaL2@southernct.edu http://southernct.edu/financial-advising/index.html

  2. Payment Options • Grants & Scholarships (FREE $) • Loans (Student & Parent: Repaid with interest) • Payment/Installment Plans (10 month) • Investments (529, IRA, Coverdell & Custodial Accounts, U. S. Savings Bonds, Stocks & Bonds, Variable Life Insurance, Annuities, etc.) • Employment (Earnings, Tuition Waiver or Reimbursement) • Credit Card (2.75% Convenience Fee) • Home Equity Line of Credit

  3. Applications • FAFSA (FREE application for federal student aid) • https://fafsa.ed.gov/ • Complete October 1 annually • CSS Profile (FEE application for non federal aid) • https://student.collegeboard.org/css-financial-aid-profile • Complete October 1 annually EFC (Estimated Family Contribution)

  4. Cost of Attendance (COA) • Direct costs • Tuition & Fees ($4,300, $11-15,000, $50,000) • Room & Board ($12-15,000) • Indirect costs • Room & Board (live home/off campus) • Books & Supplies ($1,500) • Personal & Transportation ($1,500-$4,000)

  5. Sample Awards

  6. Sample Awards

  7. Next Steps • FAFSA4Caster & Net Price Calculator • Submit FAFSA & CSS Profile 10/1 annually • Apply for private scholarships monthly • Work & save money each summer • Commute if campus costs prohibit attendance • Appeal Financial Aid awards if special circumstances Questions?

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