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Paying for College

Professional Development SeriesFor Adults Who Advise Students

COST OF COLLEGE

Financial Aid

College Costs

TYPICAL COLLEGE COSTS

•Tuition

•Room and Board

•Books

•Fees

•Personal costs (pizza, shampoo, etc.)

•Transportation to and from home

Indiana College Costs Estimator

www.indianacollegecosts.org

• Compares the estimated net cost of Indiana colleges

• FREE!

SAVING FOR COLLEGE

Financial Aid

College Choice 529 Direct Savings Plan

https://collegechoicedirect.s.upromise.com/content/home.html

• Indiana taxpayers are eligible for a state income tax credit of up to 20% of contributions to a College-Choice 529 account, up to $1,000 credit per year.

FINANCIAL AID

Financial Aid

Types of Financial Aid

Need Based Aid

• Available to any student who meets the government’s definition of needy

Merit Based Aid

• Awarded, usually on a competitive basis, to students who meet certain criteria

Types of Financial Aid

Grants and Scholarships

• Gifts

Student Loans

• Must be repaid to the lender

Work-Study

• Student paid for working

Types of Loans

LOANS TO STUDENTS

Subsidized• Government pays the interest • Repayment begins after college

Unsubsidized• Student pays the interest• Repayment begins after college

LOANS TO PARENTS

Unsubsidized• Parents pays the interest• Repayment begins immediately

Sources of Aid

1. Federal Government 88%

2. State Government 3%

3. Institutions (colleges)

4. Private Businessand Organizations

FEDERAL AID

Financial Aid

All students and their families should apply for

federal aid.

Almost every student qualifies for an unsubsidized student loan regardless

of need.

Eligibility for Federal Aid

Federal government uses an eligibility formula based on:

• Parent income• Parent assets• Parent age• Student income• Student assets

Note: The formula requires students to contribute a higher percentage of income and assets than their parents.

Applying for Fed Aid – Step 1

Submit the FAFSA

• Free Application for Federal Student Aid

• College Goal Sunday

Financial aid professionals available in communities to help families complete the FAFSA.

• Submission Deadline: March 10

Applying for Fed Aid - Step 2

STUDENT AID REPORT

1. Families receive the SAR report

• SAR = Student Aid Report

• Families check SAR for accuracy and send back corrections

2. Colleges identified by the student on the FAFSA also receive the SAR report

STUDENT AID REPORT

• Contains the EFC (Expected Family Contribution)

• Colleges will try to create a financial aid package that equals the difference between the EFC and the actual cost of attending the college.

• The financial aid pack will include:

o Grants and/or scholarships (gifts)o Student Loanso Work Studies

FINANCIAL AID LETTER

Families will receive a Financial Aid Letter from each of the colleges that they identified on the FAFSA. The letter contains the:

• Financial Aid Package

Which college costs more?State College Private College

Total College Cost 24,000 41,000

Expected Family Contribution 8,300 8,300

Need 15,700 32,700

FINANCIAL AID PACKAGE

Federal Grants 7,500 9,200

Loan 4,200 3,500

Work Study 2,500 2,500

College Scholarship (merit) 0 17,500

Total Financial Aid Package 14,200 32,700

Unmet Need (Need – Package) 1,500 0

Cost to the Family 9,800 8,300

Which package is best for the student?

College A College B

Need 15,700 15,700

FINANCIAL AID PACKAGE

Loan 4,200 3,500

College A College B

Need 15,700 15,700

Financial Aid Package

Loan 4,200 4,200

College A College B

Need 15,700 15,700

Financial Aid Package

Loan 4,200 4,200

LOAN College A College B

Subsidized 2,000 3,200

Unsubsidized 2,200 1,000

TOTAL 4,200 4,200

IF THE FINANCIAL AID PACKAGE IS NOT SATISFACTORY:

• Contact the Financial Aid Office at the college

• Explain your circumstances

• Share what other colleges have offered

Let the colleges know if the student is going to accept or not accept

their financial aid offer.

STATE AID

Financial Aid

State Financial Aid AwardsFrank O’Bannon Grant

Hoosier Scholar Award

Twenty-first Century Scholars Program

Nursing Scholarship

Minority Teachers / Special Education Services Scholarship

Robert C. Byrd Honors Scholarship

Summer State Work Study Program

Indiana National Guard Supplemental Grant

Part-Time Grant Program

Child of Certain Veterans and Public Safety Officers Supplemental Grant Program

To Apply for State Aid

1. Complete the FAFSA

2. Complete application for each award

Applications available at:

www.in.gov/ssaci/2359.htm

Twenty-first Century ScholarsAmount:

• 2 or 4 yr college = public college tuition• At a private career college = cost of

Ivy Tech

Eligibility: 6th, 7th, and 8th graders who:• Enroll in the program• Sign a promise of good citizenship• Qualify in one of the following ways:

o Receive free/reduced luncho Live in a foster homeo Meet family income requirements

Application:• School counselor• 1-888-528-4719• Apply online: http://www.in.gov/ssaci/2429.htm

Deadline:• June 30

INSTITUTIONAL AID

Financial Aid

Institutional Aid

Award Amount:• Varies

Eligibility:• Varies

Application:• College Financial Aid Office

PRIVATE AID

Financial Aid

Private Aid

Amount:• Varies

Eligibility:• Varies

Application:• High School Counselor• Community Foundation• Employers• Service Clubs• Local Media

Private Aid

DOLLARS FOR SCHOLARS

•Community-based scholarship foundations

•Managed by a board of local volunteers whoo Receive training from Indiana Dollars for Scholarso Receive resources form Indiana Dollars for Scholars

(e.g. scholarship application templates)o Manage local organizations’ scholarshipso Raise fundso Awards scholarships to local students

•104 Indiana communities currently have DFS chapters!

Scholarship Scams• The scholarship is guaranteed or your money back.

• You can't get this information anywhere else.

• I just need your credit card or bank account number to hold this scholarship.

• We'll do all the work.

• The scholarship will cost some money.

• You've been selected by a 'national foundation' to receive a scholarship

• You're a scholarship finalist for a scholarship you never sought

INDIANA FINANCIAL AID

EVENTS

Financial Aid

Cash For College Campaign

erican Student Achievement Institute

www.learnmoreindiana.org/cashforcollege

• Statewide campaign to encourage students to apply for financial aid

FAFSA Friday

http://www.learnmoreindiana.org/college/paying/financialaid/fafsa/Pages/fafsafriday.aspx

• Online webinars where students and parents can chat with a financial aid expert

• FREE!

College Goal Sunday

www.collegegoalsunday.org

• Community-based events where financial aid experts help students and parents complete the FAFSA

• 30+ locations in Indiana

• FREE!

Paying for College

Professional Development SeriesFor Adults Who Advise Students

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