The Economics of College (CREAM). EQ: What sources of money exist to help me pay for college??. The Economics of College. College Can Be Expensive. College is WAY different than MS/HS because you have to pay for everything (books, classes, housing, food, and tons of fees)
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College is WAY different than MS/HS because you have to pay for everything (books, classes, housing, food, and tons of fees)
What does it cost to go to college?
That's a tricky question because of a couple of variables:
Living on or off-campus? Or at home?
Financial aid received?
What's your major?
Very few people pay the "sticker price"
~70% receive some form of financial aid, whether it be scholarships, grants, to loans.
...but so is life.
Check out this clip and then we'll look at the financial facts.
Everything begins with a form....
The FAFSA = Free Application For Student Aid
You have to be a legal resident/citizen to fill out the FAFSA
If you are not a legal resident, then you can fill out the DREAM ACTApplication
You are not eligible for a lot of financial aid unless you fill it out.
After you fill out the FAFSA, you will know how much aid you are qualified for (grants + student loans)
2 main sources of financial aid
1) Need-Based Financial Aid (grants, work study, loans, fee waivers)
You are awarded this type of financial aid because you cannot afford school all by yourself.
2) Merit-Based Financial Aid (scholarships for sports, academics, the arts, etc.)
You earn this type of money for college by demonstrating some skill
Cal Grant is a need-based form of financial aid, given to students with good grades whose parents don't make a lot of money.
Up to $12,192 per year!
Deadline is March 2
Grants are cool because it's free money.
Pell Grant is a need-based form of financial aid, given to students with good grades whose parents don't make a lot of money.
Up to $5,550 per year!
Loans are money have to pay back, and should be a last-resort.
Stafford Subsidized Loan = up to $8,500 per year, gov. pays the accruing interest while you are in school
Stafford Unsubsidized Loan = up to $12,00 per year, the interest accrues interest while you are in school and gov. doesn't pay
Federal Perkins Loan = lowest interest rate, but you have to have extreme financial need to qualify.
Q: Which of the two Stafford Loans is better, and why?
Remember, you are making an investment in yourself. But, you have to pay back your loans whether you finish school or not.
Scholarships are money you don't have to pay back, but often come with strings attached. Keep being awesome, or we're pulling your scholarship!
Athletic Scholarship= full or partial, given to people who play on athletic teams (not everyone on a team is on scholarship)
Academic Scholarship= for students with good grades, keep your grades up to keep your scholarship
"Arts" Scholarships= Theater, choir, dance, music, etc.
"Other" Scholarships= There are some pretty weird (and specific) scholarships out there you can apply for
1) Take AP classes and pass the AP exam.
You will earn college credit for that course and don't have to take it again.
Taught like a college class and culminates in AP exam at end of year.
2) Enroll in a "middle college high school" instead of a traditional high school
You will take part of your coursework at the high school and part at the local community college, earning both high school and college credit at the same time! Graduate with a HS diploma AND AA degree from college.
There's one in San Bern and in Corona
3) Community College to complete GE classes before transferring to your university of choice.
Community College is WAY less expensive, but BEWARE!!!!!! .... Only about 22% actually transfer and complete their 4-year degree.
Hard to get classes and may take longer than you planned to finish.
4) Get good grades, get involved, and get educated about your financial options.
High grades and involvement make you eligible for scholarships and grants.