Financial Literacy for College Planning
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Transcript of Financial Literacy for College Planning
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When thinking about college…
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Think
Seasonally
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In the Fall
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Register and take or… re-take the
or the Register for the ACT HERE
Register for the SAT HERE
SAT
ACT
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Schedule college
visits to make
sure you like the
school…
Or at least take a
look with a virtual tour
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Create your
Student
Résumé
Outline it first,
then have an
advisor review it!
Tips for writing a great high school
resume
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your favorite teachers, coaches or advisors for
student recommendations
Tips for the best ways to ask for a recommendation
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Decide how you want to
apply to college
What is Early Decision?
What is Early Action?
What is Regular Decision?
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Control your early
symptoms of senioritis
and keep working hard!
HERE are 7
reasons to avoid
senioritis!
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In Winter
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Finish up college visits
Start regular decision applications
HERE are some tips for planning the
perfect college visit
HERE are the dates you need to know
for college applications
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How are your
social media
profiles looking?
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If you think that admissions officers can’t find you, read
this article
Don’t be this guy
4 easy ways to clean up your social media profiles
1 - Choose appropriate pictures If your grandmother wouldn’t be happy with it, un-tag yourself
2 - Search Your Name on Google If any embarrassing/inappropriate tweets or public posts come up from your social profiles, you should probably delete them
3 - Check privacy settings You can easily privatize your social media by changing your personal settings
4 - Sticks, stones and words… In addition to sticks and stones, words can also hurt you – so be careful what you post, tweet, pin etc.
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File the FAFSA on time!
“The early bird gets the worm”
File the FAFSA by:
Rule of thumb for maximum financial aid eligibility!
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Financial aid is generally awarded on a first come first serve basis
The earlier you file the FAFSA, the
more likely you can qualify for maximum funding
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Q: What if tax returns are not ready by FAFSA filing date? A: Estimate figures and file FAFSA before deadline; Update figures later once taxes are filed
FILE YOUR FAFSA!
January 1st: New FAFSA is available online
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Grants: Awarded considering student financial need
Sources: Federal, state, institutional Most popular: Federal Pell, FSEOG, various state programs, school based programs
Know your sources of funding
Scholarships: Awarded based on merit
Sources: College of attendance, charities, social organizations
Most popular: Academics, community service, leadership, personal attributes, athletics
Work Study: Earn the hourly federal minimum wage, up to 20 hrs per week
Federal Loans: Widely available for students
Sources: Federal Direct Loans
Most popular: Subsidized, unsubsidized, parent plus
Reminder Always maximize grants, scholarships and other financial aid before applying for student loans!
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Apply for
Scholarship Search Basics
1 - Use online resources: Filter for national options 2 - Check local: Community groups can help 3 - Avoid scams: Don’t pay for scholarship applications
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Review Your Student Aid Report, Admissions Decisions and Financial Aid
Awards
Also remember to…
Fill Out Your CSS Profile For Elite Schools
Which schools qualify as
elite? Here’s
the list
Tips for
reviewing your
financial aid
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Spring
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Understand your
Financial Aid Package
•What are Federal Loans? •What is Federal Work Study? •What are Federal Grants? •What are State Grants? •What are Institutional Grants?
Sample Financial Aid Package FAQs
Click to check out NASFAA’s Cash for
College brochure for more (.PDF on
NASFAA site)
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KEY FINANCIAL AID TERMS
YOU SHOULD KNOW!
Financial Need = COA – EFC The difference between COA and EFC is the student’s financial need, and determines eligibility for need based financial aid resources. Student with greater financial need will qualify for more financial aid. EFC = Expected Family Contribution The amount of financial support your family is expected to provide towards college costs (determined mostly by family income and assets as calculated on the FAFSA). COA: Cost of Attendance Total costs associated with attending college including tuition, room & board, books, transportation, personal expenses.
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Calculate your Financial Need!
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Review your Financial Aid Offer
So what’s the deal with professional
judgment?
Do I qualify?
How to receive merit-based scholarships?
How to review a financial aid offer?
What is professional judgment?
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Know your Degree vs Debt potential
1. Engineering 2. Computer Science 3. Physics 4. Applied Math 5. Economics 6. Info Systems 7. Finance 8. Government & Political Science 9. Construction Management 10. Biochemistry
Top-Paid Degrees
What is Degree vs. Debt?
Tips for career to debt repayment?
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“Socially, academically & financially balanced…
…your decision should be.”
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Make an Informed Decision about your School Choice that
incorporates social and financial reasoning Now
What?
Consider Your Debt Versus Your Potential Earnings in Your Career
Submit your deposit to the school of your choice
Congratulations! You’ve been
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It’s Summer
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To complete the Direct Loan
Master Promissory Note and Entrance
interview online
Federal Direct
Loan Website
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Ask your college billing office
• Is your account up to date?
• Financial & medical clearance • How do you set up a monthly bill-payment plan? • Do you need college health insurance?
• In most cases if you’re covered by your parents, you may waive charges
• Are you cleared to move into your dorm?
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Prepare your college
What does a college budget look like?
How can I calculate MY college budget?
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Learn more about your private student loan options at banks or credit unions
like Great Lakes Credit Union
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SO WHAT’S THE
DIFFERENCE BETWEEN…
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Banks
Credit Unions
&
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CREDIT UNIONS
• Provide private student loans • Owned by it’s members • Not-for-profit
• left over profits are put towards additional benefits for members like higher savings rates, lower-interest loans
• Lower processing fees than banks
• Provide private student loans • Owned by it’s shareholders • For-profit
• left over profits are redistributed to the shareholders and employees of the bank rather than as member benefits
• Higher processing fees than credit unions
BANKS
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Banks have exited the student loan market…
Bank of America in 2008
Citigroup in 2010
US Bank in 2012
JP Morgan 2012
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…but credit unions like Great Lakes Credit Union have your back!
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Great question,
Squeaky!
It’s a non-federal
student loan that
helps cover college
costs your financial
aid can’t.
Business Barry Squeaky
So what’s a
private
student loan
from Great
Lakes Credit
Union?
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How is Great
Lakes loan
program,
different than a
bank loan
program?
Well, Great Lakes
can offer you
lower rates and
better terms that
can help you save
money!
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Now I
understand!
Great Lakes Credit
Union can save
me a lot of
money!
Let us help you
with all of your
future financial
needs!
See some fun financial literacy videos HERE!