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PLANNING FOR LIFEAFTER HIGH SCHOOL GRADUATION

Presented by:

Connie Corcoran

Associate Director

Student Financial Aid

Emporia State University

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Why Is A College Education So Important to Me? Personal reasons Professional reasons Financial reasons

Statistics show that higher levels of educational attainment are directly associated with higher levels of income

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Why Is Finishing School So Important to Me?

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,000

$100,000

Wages U.S. CensusBureau 2000

Some HS

HS Diploma

Some College

AssociateDegreeBachelor'sDegreeMaster'sDegreeDoctorate

ProfessionalDegree

ASK YOURSELF THESE QUESTIONS

What are your financial goals?

What are your educational goals?

What are your career goals?

http://www.salary.com/ http://www.bls.gov/oco/ 4

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HOW TO…..

Plan for CollegeFind a CollegePay for College

Check out this website http://www.collegeboard.com/student/index.html?student

PLAN FOR COLLEGE

The toughest part of planning something is finding out where to start. Take college prep

classes

Develop and fine tune study skills

Senior Action Plan Make a master

calendar so you don’t miss important dates and deadlines

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FIND A COLLEGE

Choosing a college is a big decision. There's no such thing as a "perfect" school. Explore your interests and take the time to find

the college that's right for you. Check size of college Location of college Do they offer the degree you wish to obtain? What about campus life? Cost???

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WHERE TO START

Research Your College Options Types of Colleges

Private, Public, 2-year, 4-year, Vocational, Community College

Your College Degree Options College Costs and Financial Aid Campus Life College Visits Virtual Visits

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PAY FOR COLLEGE

Tuition and fees Room and board Books and supplies Transportation Miscellaneous

personal expenses Loan fees

Each school determines their yearly COA to include:

COMPARE COSTS

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SCHOOL TUITIONFEES

ROOMBOARD

BOOKSSUPPLIES

TOTAL COST

CommunityCollege14 hrs

$2356 $5150 $1000 $8,506

ESU10 + hours

$4636 $6230 $900 $11,766

Public (large)14 HRS.$222

$6,228 $6,954 $900 $14,082

Private12 + hours

$22,200 $7,030 $1200 $30,430

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WHAT IS FINANCIAL NEED?

Cost of Attendance (COA) – Expected Family Contribution (EFC)

FAFSA requires information from the 2010 Federal tax return, which includes various asset information from both parent(s) and student

Various percentages from parent and student income and assets, household size, number in college determine EFC.

= Financial Need

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COA - EFC = NEED

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FEDERAL AID

Complete the 2011-12 Free Application for Federal Student Aid (FAFSA) Available online at www.fafsa.gov after January 1 Pre-application worksheet available from your high

school counselor in January or you can download it from www.fafsa.gov

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FAFSA on the Web

Web site: www.fafsa.gov Don’t be scammed – use

only this site 2011-2012 FAFSA available on or

after January 1, 2011 Call toll free 800-433-3243

for paper FAFSA Pre-Application Worksheet &

built-in edits to help prevent costly errors

Available from HS Counselor RENEWAL FAFSA for next year’s

application will use same PIN

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PIN Registration

Web site: www.pin.ed.gov

Not required, but speeds processing

Keep PIN in safe place

Can get PIN anytime PIN acts as electronic signature Both student and parent need a PIN

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Principles of Federal Need Analysis

To extent they are able, parents have primary responsibility to pay for dependent child’s education

Students also have a responsibility to contribute to their educational costs

Families are evaluated on their previous year’s financial information

A family’s ability to pay should be evaluated in an equitable and consistent manner, recognizing that special circumstances may affect ability to pay

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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 currently serving

on active duty (for other then training purposes) in the Armed Forces; or

Determined to be “independent” by financial aid administrator based on unusual circumstances

Federal Programs

PELL GRANT SUPPLEMENTAL GRANT WORK STUDY TEACH GRANT

Really an unsubsidized loan until teaching agreement to serve is fulfilled

PERKINS LOAN DIRECT STAFFORD LOAN

Subsidized Unsubsidized

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FEDERAL STAFFORD LOANS

Subsidized: Must demonstrate “need” Unsubsidized: Not based on “need” Base annual loan limits (combined subsidized

and unsubsidized): $3,500 for 1st year undergraduates $4,500 for 2nd year undergraduates $5,500 for each remaining undergraduate year Fixed interest 6.8% - Unsubsidized Subsidized – 4.5% in 10-11; 3.4% in 11-12;12-13

6.8% unless legislative action is taken

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What Happens Next?

FAFSA processed by federal processor (allow 3-4 weeks for paper app & 1-2 weeks for web

app) Student receives Student Aid Report (SAR)

EFC & Data Release Number (DRN) can be used to make some changes over

the phone with the federal processor

Remember to apply for Admission Meet your colleges priority deadline

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What is Verification?

Government selects 1/3 of applicants Some schools do 100% verification

School needs copy of parents’ & student’s tax return & copies of all supporting W2’s

May need copies of other documents Respond to all requests for information Call, when you have questions

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Your Award Notification

Depending on institutional policy, you may receive notification of your awards via US Mail or you may receive them electronically

Most awards are based on full-time enrollment. If you are not attending full-time, notify the financial aid office so they may revise your aid

Accept or decline awards If you decline or reduce your loans now and you

decide later you need additional funds, contact the financial aid office. You may still have eligibility for additional funds.

Revisions

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How do I find out about other scholarship opportunities? CHECK WITH EACH SCHOOL YOU ARE

CONSIDERING ATTENDING

Academic Scholarships Based on grades, ACT scores, rank in graduating class

Departmental Scholarships Based on college major; grades can make a difference

Activity Scholarships Available for being involved on college campus Grades not necessarily a factor (choir, band, SGA, etc.)

Athletic Scholarships/Grant-In-Aid For participation in athletic activities

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Are There Any Other Resources?

CHECK WITH YOUR COUNSELOR ON A REGULAR BASIS Private business scholarships (e.g., Wal-Mart,

Gates Foundation, etc.) Civic organization scholarships (e.g., PTA,

Elks Club, Lions Club, American Legion, etc.) Churches Parents employers Jones Educational Foundation

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Private Scholarship Search

Free Internet scholarship search engines: FinAid on the Web: www.finaid.org College Board: www.collegeboard.com FastWeb: www.fastweb.com GoCollege: The Collegiate Websource:

www.gocollege.com

STATE OF KANSAS RESOURCES Complete the 2011-12

State of Kansas Application Available online at:

http://www.kansasregents.org/student_financial_aid

Paper application available from your high school counselor perhaps late November

$12 application fee

Vocational Scholarship Kansas Ethnic Minority

Scholarship Kansas Nursing Service

Scholarship Kansas Teacher Service

Scholarship Kansas State Scholarship Kansas Comprehensive

Grants – no application Must file FAFSA by

April 1

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Tuition Voucher – $1000 Reside in Lyon, Osage, or Coffey County high school after

2008 Attend Emporia State University or Flint Hills Technical

College Be a full time student (12 hours or more) Maintain 2.00 cumulative GPA Complete 12 hours per semester

Educational Grant – Need to complete the FAFSA and Jones Educational

Grant Application

Contact Jones Foundation – 620/342/1714

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AVOID BEING SCAMMED

The Scholarship Fraud Prevention Act created a fraud-awareness partnership between the U.S. Department of Education and the Federal Trade Commission (FTC). For more information about scholarship scams or to report a scam, call the FTC toll free at 877-FTC-HELP (877-382-4357) or go to http://www.ftc.gov/bcp/conline/edcams/scholarship/

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How will I be able to pay for college? Start saving for your education now!

When you find a part time job – save half of your paycheck and put it in your college fund.

When you receive gift money – put half of it your college fund.

Apply for federal financial aid by completing the FAFSA each year after January 1

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Questions??