financing college 2018 - FELICIA FAHEY COLLEGE CONSULTING · 2020-03-16 · FELICIA FAHEY PH.D....
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LAUNCH YOUR COLLEGE CARRIER WITH CONFIDENCE FELICIA FAHEY PH.D. Financing College
Transcript of financing college 2018 - FELICIA FAHEY COLLEGE CONSULTING · 2020-03-16 · FELICIA FAHEY PH.D....
LAUNCH YOUR COLLEGE CARRIER WITH CONFIDENCE
FELICIA FAHEY PH.D.
Financing College
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TERMINOLOGY 3
Know What You Need to Know Merit Aid Financial Need-Based Aid Loan, grant, scholarship FAFSA CSS Profile Cal Grant Pell Grant
Make The Calculations
Net Cost Calculator = Total Cost — Any Aid
Estimated Family Contribution Calculate aid you might receive
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1 · Carefully Research The Cost of Colleges
• Some schools offer generous merit aid. Be open minded and consider less prestigious, ¨high value¨ options.
• Use the Chronicle to research in-state and out-of-state costs. • Look at out-of-state, state universities. See Wiche • Discuss family expectations and make agreements. Working a
job in college is a great way for students to contribute!
• Tip: Use the Kiplinger Report of best college values and pay attention to 4 year graduation rates!
STEPS EVERYONE SHOULD TAKE
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STEPS EVERYONE SHOULD TAKE 5
Cañada Community Colleges Tuition: $3200 Total Cost of Attending: $8000Financial Aid Sources: local Foundation
California State Universities Tuition: $7000Total Cost of Attending: $22,000 Financial Aid Sources: Cal Grant Merit Aid: Foundation Scholarships
University of California Tuition: $14,000Total Cost of Attending: $35,000 Financial Aid Sources: Cal Grant $25,000Merit Aid: Regent´s Scholarship
Private Small Liberal Arts Colleges (Bates) Tuition: $52,000Total Cost of Attending: $68,000+ Need-Based and Merit Aid: College Scholarships, Private
Out-of-State, State Universities (UIUC) Tuition: $30,000 Total Cost of Attending: $48,000+Need-Based and Merit Aid: College Scholarships, Private
Top Tier Colleges and Universities (Stanford) Tuition: $46,000Total Cost of Attending: $68,000+Need-Based and Merit Aid: College Scholarships, Private
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2 · Research Need Based aid (if you qualify)
• Who qualifies? Ceilings for Cal Grant 2018-19 • Nationwide ceiling for federal aid is around 50k. Fafsa4caster • Institutional Aid (see the Net Price Calculator at each college)
• Sources of Aid: • Quest Bridge • Pell Grant • Cal Grant • Middle Class Scholarship up to $165k (run net price calculator)
STEPS EVERYONE SHOULD TAKE
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Merit aid goes to students with… • strong academic record • creative promise • ability to play on D1 athletic team • history of community outreach • history as 1st Generation
Tips • visit financial aid pages and identify scholarships
for the activities you pursue: service, conservatory • show creative promise: arts supplement • D3: contact the coach if you aren’t recruited
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3 · Research Merit Aid
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4 · Run the Net Cost Price Calculator For The Colleges That Interest You
• Every school has its own list of costs that it covers. Sometimes travel and books are included, other times they are not.
• Create your own list of costs. Does the calculator cover all your projected costs: travel? medical? personal expenses? books?
• Google “Net Price Cost Calculator + College Name • Fill out the form and see what it will cost to attend the college. • Often, the calculator will give you a rough estimate of aid that you
might receive. There are no guarantees.
STEPS EVERYONE SHOULD TAKE
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5 · Fill Out A FAFSA (state) and CSS Profile (privates)
• For federal, state, and college-specific aid • Qualifies you for need-based aid and may qualify you for merit aid
Tips: • Watch Kahn Academy video on both applications • Find out what you need to fill out a CSS Profile application, a tax
return, for example • Complete FAFSA opens Oct. 1st • Check aid deadlines • Put in an application early
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• Get a job in college! It is a win-win. • Look out for deadlines for both types
of aid: USC Dec. 1st • Early Decision is a financial agreement
if you haven’t applied for need-based aid.
• You received aid? You are required to maintain your grades!
• Read the small print: You must be enrolled full time to receive the full amount of an award.
Final Take Away Tips
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Thank you!
Find this presentation at: feliciafahey.com/blog
• Essay writing workshops start in April 2018! • I run workshops through summer and fall • 15 years of college teaching and advising • Deep listener • Connects easily with all kinds of students • Background in creative and expository writing • Consulting tailored to personality and time limitations • Knowledge expertise on academic trends shaping admissions
and campuses
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Run the EFC CalculatorHow much money do you have for college?
• EFC = the minimum amount a family is expected to pay toward the cost of college. Determined by the assets and income of the parents and student.
• Aid formulas weigh assets in students’ names more heavily (20-25%) than they do parents' assets (5-5.64%).
• All spouses are expected to contribute.
APPENDIX
