How to Pay for College?

Dr. Alfredo Perez-Davila

perezd@cl.uh.edu

First Consider Total Cost and Compare

YEAR 2007/08

Per Semester UT-Austin CC (SJCD) UHCL

Tuition/Fees 4100 490-790 2189

Books 400 400 400

Room/Board 4350 800 800

Transportation 470 1000 1000

Pers./Misc 1150 1150 1150

TOTAL 10470 3840-4140 5539

Over 8 Semesters(Assuming no increases)

UT-Austin10500 * 8 = $84,000

2 Years at CC + 2 years at UHCL4000 * 4 + 5500 * 4 = $38,000

$38,000 is still A LOT OF MONEY!!!

Answer : Financial Aid

How do I get it? STEP 1

– FAFSA – FREE Application for Federal Student Aid– http://www.fafsa.ed.gov/– Paper Copy in Financial Aid Office– Result:

Student Aid Report Expected Family Contribution

Based on SAR, School produces Financial Aid Award

Financial Aid Award/Package

One or more of:– Grants (Pell Grants, FSEOG, State Grants)

Based on financial need Gift Money does not need to be repaid

– Scholarships (NSF Scholars, TSCS, others) Gift Money does not need to be repaid Based on field of study and personal record

– Federal Work Study Program Based on financial need/sponsored by government. Encouraged to work in study area (get experience)

– Loans (Money that needs to be repaid)

Types of Loans

Federal Perkins Loans Federal Stafford Subsidized and Unsubsidized

Loans– Based on School Year– No CREDIT QUALIFICATION REQUIRED

Federal PLUS Loans for Parents– Easy CREDIT QUALIFICATIONS– If Denied => Additional Stafford Loan Available

Private/Alternative Loans for Students– Typically CREDIT BASED

Limits for Stafford Loans

Year 1: $2625 Year 2: $3500 Year 3-5: $5500 If Parent’s PLUS Loan Request is Denied Year 1 and 2: Up to an additional $4000 Year 3 and 4: Up to an additional $5000

Scholarships for CS/CIS/CSEN/MATH

TSCS (only for Computer Science)– Can pay for ALL books, tuition and fees while

attending CC or UHCL– Easy application– http://sce.uhcl.edu/tscs/

UHCL NSF Scholar Program– Scholarship worth $2600 to $5000 while attending

UHCL– Easy application– http://sce.uhcl.edu/nsfcsems/