1 / 55

Financing Education Beyond High School 2012-13

Financing Education Beyond High School 2012-13. Danville Schools. College Costs:. BCTC $11,160 Western $18,489 Louisville $21,726 Kentucky $22,260 Georgetown $40,480 Transylvania $39,800 Centre $45,100. What is Financial Aid?.

lindley
Download Presentation

Financing Education Beyond High School 2012-13

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financing Education Beyond High School 2012-13 Danville Schools

  2. College Costs: • BCTC $11,160 • Western $18,489 • Louisville $21,726 • Kentucky $22,260 • Georgetown $40,480 • Transylvania $39,800 • Centre $45,100

  3. What is Financial Aid? Financial aid is funds provided to students and families to help pay for college.

  4. Two Categories of Financial Aid • Merit-based • Need-based 2

  5. Types of Financial Aid) • Scholarships (Merit-based) • Grants (Need-based) • Loans (Need-based) • Employment opportunities (Need-based)

  6. Grants • Usually awarded on the basis of financial need • Money that does not have to be paid back • Must apply every year: (FAFSA)

  7. MERIT-BASED AID • Scholarships: • Money that does not have to be paid back • Test Scores: ACT/SAT • Special Skills or Talents • GPA and other factors

  8. Loans • Money students and parents borrow to help pay for college expenses • Money that does have to be paid back—usually after end of college

  9. Employment • Allows student to earn money to help pay educational costs—jobs on college campus

  10. Goal of Financial Aid • Primary goal is to assist students in paying for college and is achieved by: • Evaluating family’s ability to pay for educational costs • Distributing limited resources in an equitable manner

  11. Principles of Need Analysis • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their educational costs • Families should be evaluated in their present financial condition 6

  12. FACTORS CONSIDERED IN NEED ANALYSIS • Income • Asset Equity (excludes home) • Family size • Number of children in college

  13. What is Financial Need? Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

  14. Cost of Attendance • Tuition and fees • Room and board • Books and supplies, transportation • Study abroad costs • Varies widely from college to college

  15. Need Varies Based on Cost 4

  16. FAFSA • Free Application for Federal Student Aid

  17. Free Application for Federal Student Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • File electronically--filed no earlier than January 1

  18. WWW.FAFSA.GOV Click Here >

  19. FAFSA on the Web: www.fafsa.gov

  20. FAFSA on the Web • Built-in edits to prevent costly errors • More timely submission of original application and any necessary corrections • Electronic

  21. FAFSA on the Web • Website: www.fafsa.gov • 2013–14 FAFSA on the Web available on January 1, 2013 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  22. OLD PAPER FAFSA • FAFSA was an 8-page booklet containing: • General instructions for completing the form; • 97 questions,

  23. Completing the FAFSA • GENERAL NOTES Review instructions carefully before starting • Collect documents you’ll need (tax returns, bank statements, investment summaries, etc.) • Make it a joint effort (student and parent share responsibility) • “FAFSA on the Web” is faster!

  24. Student Financial Aid:Personal Identification Number • To Register for a PIN (today): www.pin.ed.gov • Sign FAFSA electronically • Can request PIN before Jan. 1 • May be used by students and parents, including subsequent school years

  25. Where Do I Go From Here? • Obtain and review admission and financial aid materials from each school to which you are applying • Meet all application deadlines • Complete FAFSA • Investigate other sources of aid

  26. Senior Calendar (FALL) • Go online and request admission information from colleges • Meet college admission representatives at DHS or college fair • Make a college visit (Educational Opp.Form—Mrs. Hawkins) • Complete all applications ON TIME • Check for scholarships

  27. Recommendations • Give a resume, web address and deadlines to each recommender • Decide upon people you plan to ask for recommendations (early) • Keep organized! Put all application deadlines on a calendar • Do Not Procrastinate

  28. DHS Scholarship Search • Internet: • http://www.danvilleschools.net • Scholarship binder on the counter in the counseling office

  29. DHS Scholarship Search www. kheaa.com (access information about KEES award)

  30. Private Scholarship Search Free Internet scholarship search engines: • FinAid on the Web: www.finaid.org • College Board: www.collegeboard.com • FastWeb: www.fastweb.monster.com • Scholarship Resource Network Express: www.srnexpress.com • GoCollege: The Collegiate Websource: www.gocollege.com

  31. Private Scholarship Search • Internet: • College Board’s Scholarship Search www.collegeboard.com/paying • FastWeb Scholarship Search www.fastweb.com

  32. Private Scholarship Search • Local library resources • Local businesses and civic organizations • Parents’ places of employment

  33. Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: • U.S. Department of Education: www.studentaid.ed.gov/students/publications/lsa/index.html • Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm • Better Business Bureau: www.bbb.com

  34. KEES GPA Amount • 2.5 $ 125 • 2.75 $ 187 • 3.0 $ 250 • 3.25 $ 312 • 3.50 $ 375 • 3.75 $ 437 • 4.0 $ 500

  35. KEES ACT Amount • 15 $ 36 • 18 $ 143 • 20 $ 214 • 22 $ 286 • 24 $ 357 • 28+ $ 500

  36. Questions/Answers? • School Policy regarding school visits? www.campustours.com • Early Decision and Early Action? • ACT/SAT help? • KEES Scholarships?

  37. Independent Student Definition • At least 24 years old by December 31 of award year covered by the FAFSA; • Graduate or professional student; • Married; • Has children or dependents (other than a spouse) for whom the student provides more than half support; • Orphan or ward/dependent of the court; • Veteran of U.S. Armed Forces; or • Determined to be “independent” by financial aid administrator based on unusual circumstances

  38. Early Action/Early Decision Early Decision is a contract between you and the college. You agree that if the the college accepts you, you’ll withdraw all other applications and attend their early decision college. You can only apply early decision to only one college. Early Action—you do not have to commit to attending the college. You just send your application in earlier, and the college sends you its decision earlier.

  39. Federal Pell Grant • Awarded to eligible undergraduates • Actual award amount based on Cost of Attendance, Expected Family Contribution (EFC), and enrollment status • Maximum award for 2011-2012 = $5,550

  40. Federal Work-Study • Undergraduate or graduate students are eligible • Employment may be on or off campus • Eligible employers • School • Federal, state, or local public agency • Private nonprofit organization • For-profit organization

  41. Federal Perkins Loan • Eligible students • Undergraduate or graduate students • Priority to students who show exceptional need • Loan amount varies • Maximum annual loan • $4,000 undergraduate students

  42. Stafford Loans (Subsidized and Unsubsidized) • Subsidized Stafford: Must demonstrate “need” • Unsubsidized Stafford: Need is not a consideration • Base annual loan limits (combined subsidized and unsubsidized) • $3,500 for 1st year undergraduates • $4,500 for 2nd year undergraduates • Fixed Rate interest 6.8 percent

  43. PLUS Loans • Loan program for parents of undergraduate students • Annual loan limit: COA minus other aid • Fixed Rate interest

  44. Other Sources of Funds • State grants, scholarships, loans, and work programs • School need-based and non-need-based programs • Academic, athletic, and other talent-based scholarships and grants • Private business scholarships • Civic organization scholarships

  45. ACT/SAT • www.act.org • www.collegeboard.com

  46. The Official SAT Question of the Day™ • Get an official SAT question delivered to your email inbox for free! • http://www.collegeboard.com/apps/qotd/question

  47. ACT 2011-12 • Test Date Deadline • Sept. 10 Aug. 12 • Oct. 22 Sept 16 • Dec 10 Nov. 4 • Feb. 11 Jan. 13 • Apr.14 Mar. 9 • June 9 May 4

  48. 175 minutes / 215 Questions • Divided into 4 sections • English • Math • Reading • Science Reasoning

  49. English • 75 Questions—45 minutes • Grammar (12) • Punctuation (10) • Sentence structure (18) • Organization No spelling or vocabulary

More Related