Financial Aid 101 November 8, 2012
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Transcript of Financial Aid 101 November 8, 2012
Financial Aid 101November 8, 2012
Tourtellotte Memorial High SchoolJanice Hanny
Guidance Counselor
In-state Community College https://bigfuture.collegeboard.org/college-university-search/quinebaug-valley-community-college?searchType=bf_site&q=&bf_cat=bf
_
Tuition 3598Room and Board ----Books and Supplies 1300
TOTAL $4898
How much does it cost to attend college?
Univ. of Connecticut ECSU https://bigfuture.collegeboard.org/college-university-search/university-of-connecticut?searchType=bf_site&q=&bf_cat=bfhttps://bigfuture
.collegeboard.org/college-university-search/university-of-connecticut?searchType=bf_site&q=&bf_cat=bf_
Tuition 11,242 8911Room & Bd 11,380 10,674Books 850 1,554
Total 23,472 21,139
In-State Public College
Univ.of St. Joseph BostonCollege
31,826 43,878
13,598 12,608
1,100 1,000
46,524 57,478
4-year private collegehttps://bigfuture.collegeboard.org/college-university-search/boston-college?searchType=bf_site&q=&bf_cat=bf_ https://bigfuture.collegeboard.org/college-university-search/university-of-saint-joseph-1371
FEDERAL MONEYThrough the colleges
Grants, Loans and Work Study Programs
Where does the money come from?
STATE MONEYScholarships
Public Education
INSTITUTIONAL MONEYScholarship, grants
◦ Endowments, Alumni Funds More money in private schools
Merit money GPA, SAT scores, activities, majors, sports
Employers Companies Local Scholarships
Search Fastweb.org Finaid.com Scholarships.com
PARENTS AND STUDENTS ARE THE SWEEPERS
Savings SavingsBonds 529 Plan
PRIVATE LOANS
Scholarships and Grants “Free Money” Does not have to be paid
back May be renewable for 4 years. Understand
the conditions. GPA?
Can be paid to the college, to the student, as a surprise at graduation.
What kind of money?
Perkins Base Level, $10,000 or less, $5,500
Stafford (low % fixed) Subsidized (Govt pays interest) Unsubsidized (Interest accumulates)
Educational Loan Programs http://www.mefa.org/ http://www.cslf.com/
Variable Interest rates DEFAULTS, CREDIT CARDS, ONE YEAR COST OF
ATTENDANCE
LOANS
College Merit Awards◦Usually awarded at time of acceptance,
student considered automatically. No special application is needed.
These awards are sometimes enough so that the total cost of attendance may be very close to that of a public college.
How do you know how much you can get?
1. A special form or part of the college application that gets sent with the college application. “Intent to apply for financial aid”
2. FAFSA Free application for Federal Student Aid
3. CSS Profile 123 colleges require this supplementary form for more detailed information.
Applications
Fill the form out on line. They don’t let you make a mistake. Help! Explanation on every page.
Student and Parent information. Both are expected to pay for college. Dependent student, Student’s household, Savings accounts (today’s balance) Assets
Income and Wages (January first)
What information do you need for the FAFSA?
This is how much money the family is expected to pay for college.
Cost of Attendance -Expected Family Contribution
________________________ Financial need
This is all to get an EFC (expected family contribution)
UConn St. Joseph
23,472 Cost of Attendance 46,524 10,000 EFC 10,000_______________________________________ -----------------------------
$13,472 unmet need 36,524-17,000 merit___________________________________
$18,524 unmet need
Community College COMPACT with Eastern CT State University GAP with University of Connectict Liberal
Arts
Or other transfer of state college to private college
How can we change the bottom line?
State College
Compare $21,139 to $46,524
Graduate in 3 years instead of 4
May mean a heavier course load, summer classes
Earn college credit while you are in high school
College Career Pathways UConn Early College Experience A P courses Partnership Program
New EnglandRegional Student
Program
Defer Enrollment for a Year
Live at Home or with a relative
Go to School in Canada
Join the Military
Look into Grandparents giving gifts, other relatives
(tax benefits on inheritance)
1975 one earned16% more with a college degree.
Is it worth the money?
Today on average, one earns 66% more with a college
degree