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Financial Aid & College Expenses

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  1. Financial Aid& College Expenses

  2. How much does college REALLY cost? • Depends on: • the college you select • If you choose to live at home or in a dorm • Range anywhere from $9,000 - $33,000

  3. Check this out… Even if your EFC on the SAR and ISIR sent out by the CPS, as determine by the FAFSA. Is less that the COA, your FAA may require a CSS Profile. Do WHAT???

  4. What is your COA? • COA = Cost of Attendance: • Tuition • Fees • Books • Supplies • Housing • Food • Transportation • Personal Expenses

  5. Cost of Attendance @ Based on a 9-month academic year for an average undergraduate student

  6. How will I pay for college? • Money you and your family have saved over time. • A portion of your family’s current income. • Your part-time and summer earnings. • Financial Aid (including student loans) • Other resources

  7. Financial Aid • Based on EQUAL ACCESS…anyone should be able to attend college • Don’t be scared by the rising prices of college. Financial Aid is intended to make up the difference b/w what your family is expected to pay and what college costs.

  8. What is financial aid? • Any type of assistance used to pay college costs that is based on FINANCIAL NEED.

  9. How does financial aid work? • Students and families expected to pay cost of what they can afford • If unable to pay entire cost, financial aid available. • FIRST STEP……

  10. FAFSA The ENTIRE financial aid process revolves around FAFSA. • Free Application for Federal Student Aid • http://www.fafsa.ed.gov/ • Seniors may begin filling it out January 1st (second semester of your senior year). • The sooner you turn it in, the better. As the saying goes, “the early bird catches the worm.”

  11. Who determines how much a family can afford? • After filling out FAFSA, you will immediately receive your SAR, Student Aid Report, along with the following info: • The amount your family is able to contribute is frequently referred to as theExpected Family Contribution, orEFC • It’s determined by whomever is awarding the aid— usually the federal government or individual colleges and universities • Formulas that analyze your family's financial circumstances (things like income, assets, and family size) and compare them proportionally with other families' financial circumstances.

  12. 4 Sources of Financial Aid • FEDERAL • FAFSA form due, March 2 • STATE • FAFSA form + Cal Grant GPA Verification form, due March 2 • INSTITUTIONAL • Aid from the college itself, check with each college for special forms like Profile • OUTSIDE AGENCIES • Scholarship Foundation, Santa Barbara Foundation, Internet Search, Bulletin Board/Notebooks at HS Counselor’s office

  13. INTERSTING FACT!!! • You’re likely to be asked to contribute about the same amount whether you apply to a low-cost school or a high-cost school.

  14. Don’t rule out more expensive colleges!!! • Example: your EFC is $5,000. At a college with a total cost of $8,000, you'd be eligible for up to $3,000 in financial aid. • At a college with a total cost of $25,000, you'd be eligible for up to $20,000 in aid. • In other words, your family would be asked to contribute the same amount at both colleges.

  15. Net Cost to Students (A) COST OF ATTENDANCE (COA) less (B) PARENT CONTRIBUTION (EFC) less (C) GRANTS & SCHOLARSHIPS equals (D) STUDENT RESPONSIBILITY (savings, loans, and work)

  16. Types of Financial Aid Three main types • Grants & Scholarships (“gift-aid”) • Loans (self-help aid) • Work-study programs (self-help aid)

  17. Grants & Scholarships • aka. “gift aid” • Do NOT have to be repaid • Do NOT need to work to earn them • $$$ comes from… • federal & state governments • Individual universities • Grants based on need • Scholarships based on merit

  18. ED Fund information on Grants ¹ 2010-11 award amounts. ² except for students working toward teacher certification or enrolled in a five-year baccalaureate program.

  19. Other Scholarship Info. Athletes and other meritorious students Students with Disabilities Students with dependants Military and their dependents The possibilities are ENDLESS, but it’s a full time job!

  20. Loans • Most common form of financial aid • MUST be repaid! • Usually lower interest rate and provided by fed gov’t • You don’t pay the interest while in school and you have a 6-month grace period. • Loans are paid over 10 years • If you return to school (higher forms of education), your loan will be temporarily placed “on hold.”

  21. Types of Loans: • Stafford Loans (Federal) • Most common • Lower interest rates & flexible payback options • Perkins Loans (Federal) • Low-interest for students w/ EXCEPTIONAL need • Funding limited • PLUS Loans (Federal) • Allow your parents or stepparents to borrow • Graduate or professional students

  22. True & False Game • ED Fund p. 14

  23. Will you be able to repay your Loan??? • Look at ED Fund p. 16

  24. Work-Study Programs • Helps students pay for education costs (books, supplies, personal expenses, etc.) • Federal program • Provides students part-time employment to help meet financial needs. • Gives them work experience

  25. Financial Aid Calendar • Summer prior to senior year: • Request college applications & financial aid info. • August – meet w/ counselor to talk about financial aid and scholarships • Apply for a PIN at www.pin.ed.gov so you can sign your FAFSA in January! • Fill out EFC if not sure if you qualify for financial aid.

  26. What steps do I take to fill out financial aid? • Collect your information: (Your Social Security #, Federal Student Aid PIN (www.pin.ed.gov), Financial Records, E-mail Address, Driver’s License #, Your Alien Registration #) • Fill out FAFSA worksheet • Complete FAFSA • Submit any other applications *** • Review your SAR *** • Evaluate your Financial Aid Offers

  27. What can I do to cut college costs and help pay for college? Fireballs

  28. How about… Sign up for challenging courses in high school and get the best grades you can! This will increase your chances in receiving scholarships! Take AP courses and exams in high school. If you score high enough, you can get advanced placement in college or college credit, which can save you time and money. Serve your country. You can serve in the military, ROTC, AmeriCorps, Peace Corps – all entitle students to scholarships of varying sizes to cover college expenses.

  29. IMPORTANT INFO.!!!! • Get to know your college’s financial aid office because it is a HUGE resource of information on grants, scholarships, work-study opportunities, loans, and other programs! • Ask Alex (our tutor) – she’s “BFF” with KSU’s financial aid office  • Apply early, even before you are accepted to specific colleges!

  30. Helpful Websites • Financial Aid: www.edfund.org www.fafsaed.gov • Scholarships: www.fastweb.com Adapted from AVID’s Preparing for College

  31. Georgia’s Financial Aid Info. Georgia Student Finance Commission 770.724.9000 800.505.4732 www.gacollege411.org www.gsfc.org

  32. Let’s fill out… FAFSA and discuss being