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© American Student Achievement Institute
Please delete this slide before printing or presenting.
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© American Student Achievement Institute
Paying for College
Professional Development SeriesFor Adults Who Advise Students
© American Student Achievement Institute
© American Student Achievement Institute
COST OF COLLEGE
Financial Aid
© American Student Achievement Institute
College Costs
TYPICAL COLLEGE COSTS
•Tuition
•Room and Board
•Books
•Fees
•Personal costs (pizza, shampoo, etc.)
•Transportation to and from home
© American Student Achievement Institute
Indiana College Costs Estimator
www.indianacollegecosts.org
• Compares the estimated net cost of Indiana colleges
• FREE!
© American Student Achievement Institute
SAVING FOR COLLEGE
Financial Aid
© American Student Achievement Institute
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.
© American Student Achievement Institute
FINANCIAL AID
Financial Aid
© American Student Achievement Institute
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
© American Student Achievement Institute
Types of Financial Aid
Grants and Scholarships
• Gifts
Student Loans
• Must be repaid to the lender
Work-Study
• Student paid for working
© American Student Achievement Institute
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
© American Student Achievement Institute
Sources of Aid
1. Federal Government 88%
2. State Government 3%
3. Institutions (colleges)
4. Private Businessand Organizations
9%
© American Student Achievement Institute
FEDERAL AID
Financial Aid
© American Student Achievement Institute
All students and their families should apply for
federal aid.
Almost every student qualifies for an unsubsidized student loan regardless
of need.
© American Student Achievement Institute
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.
© American Student Achievement Institute
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
© American Student Achievement Institute
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
© American Student Achievement Institute
SAR
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
© American Student Achievement Institute
Applying for Fed Aid - Step 3
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
© American Student Achievement Institute
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
Expected Family Contribution 8,300 8,300
Unmet Need (Need – Package) 1,500 0
Cost to the Family 9,800 8,300
© American Student Achievement Institute
Which package is best for the student?
College A College B
Total College Cost 24,000 24,000
Expected Family Contribution 8,300 8,300
Need 15,700 15,700
FINANCIAL AID PACKAGE
Federal Grants 7,500 9,200
Loan 4,200 3,500
Work Study 2,500 2,500
Total Financial Aid Package 14,200 14,200
Cost to the Family 9,800 9,800
© American Student Achievement Institute
Which package is best for the student?
College A College B
Total College Cost 24,000 24,000
Expected Family Contribution 8,300 8,300
Need 15,700 15,700
Financial Aid Package
Federal Grants 7,500 7,500
Loan 4,200 4,200
Work Study 2,500 2,500
Total Financial Aid Package 14,200 14,200
Cost to the Family 9,800 9,800
© American Student Achievement Institute
Which package is best for the student?
College A College B
Total College Cost 24,000 41,000
Expected Family Contribution 8,300 8,300
Need 15,700 15,700
Financial Aid Package
Federal Grants 7,500 7,500
Loan 4,200 4,200
Work Study 2,500 2,500
Total Financial Aid Package 14,200 14,200
Cost to the Family 9,800 9,800
LOAN College A College B
Subsidized 2,000 3,200
Unsubsidized 2,200 1,000
TOTAL 4,200 4,200
© American Student Achievement Institute
Applying for Fed Aid - Step 4
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
© American Student Achievement Institute
Applying for Fed Aid - Step 5
Let the colleges know if the student is going to accept or not accept
their financial aid offer.
© American Student Achievement Institute
STATE AID
Financial Aid
© American Student Achievement Institute
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
© American Student Achievement Institute
To Apply for State Aid
1. Complete the FAFSA
2. Complete application for each award
Applications available at:
www.in.gov/ssaci/2359.htm
© American Student Achievement Institute
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
© American Student Achievement Institute
INSTITUTIONAL AID
Financial Aid
© American Student Achievement Institute
Institutional Aid
Award Amount:• Varies
Eligibility:• Varies
Application:• College Financial Aid Office
© American Student Achievement Institute
PRIVATE AID
Financial Aid
© American Student Achievement Institute
Private Aid
Amount:• Varies
Eligibility:• Varies
Application:• High School Counselor• Community Foundation• Employers• Service Clubs• Local Media
© American Student Achievement Institute
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!
© American Student Achievement Institute
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
© American Student Achievement Institute
INDIANA FINANCIAL AID
EVENTS
Financial Aid
© American Student Achievement Institute
Cash For College Campaign
© Am
erican Student Achievement Institute
www.learnmoreindiana.org/cashforcollege
• Statewide campaign to encourage students to apply for financial aid
© American Student Achievement Institute
FAFSA Friday
© Am
erican Student Achievement Institute
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!
© American Student Achievement Institute
College Goal Sunday
© Am
erican Student Achievement Institute
www.collegegoalsunday.org
• Community-based events where financial aid experts help students and parents complete the FAFSA
• 30+ locations in Indiana
• FREE!
© American Student Achievement Institute
Paying for College
Professional Development SeriesFor Adults Who Advise Students
© American Student Achievement Institute