HOW TO PAY FOR COLLEGE FINANCIAL AID & SCHOLARSHIPS.
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HOW TO PAY FOR COLLEGE FINANCIAL AID & SCHOLARSHIPS
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Transcript of HOW TO PAY FOR COLLEGE FINANCIAL AID & SCHOLARSHIPS.
HOW TO PAY FOR COLLEGE
FINANCIAL AID & SCHOLARSHIPS
Average Cost for College
• 4 year- Private/nonprofit
• 4 year Public
• 2 year Private
- $ 35, 000
- $29,000
- $12, 000
Surviving College on a Budget• Tuition and Fees
• Room and Board (dormitories or living off campus)
• Books and Supplies• Personal Expenses• Transportation
Tuition Example
Tuition Fees Room & Board
Books Personal Expenses
Travel
$39,700 $3,190 $14,730 $2,000 $1,000 $800
Fees include: General, Laboratory, Equipment, Student Activity, Immunization Fees, as well as HEALTH INSURANCE
Room & Board: Housing and Meal Plans
Drexel University: Philadelphia, PA: 4 Year Private Institution
GRAND TOTAL = $61,420
What is financial aid
Cost Of Attendance Estimated Family Contribution
MONEY
Sources to Pay for College
Pell Grant: FAFSA
Scholarships: SHPE
Loans: SALLIE MAE
Pell Grants”Helps more than 9 million
Americans pay for college, may
receive each year up to $5,550”
USNEWS-Education
Pell Grant• A Pell grant does not have to be repaid
• Can receive up to $5,500 in free money
• Amount depends on: tuition costs, financial need, type of college 2/4 year, and if a full/part-time student
• Must complete a FAFSA (free application for
student federal aid) • Amount award via FAFSA depends on
Parents Income
Free Application for Financial Student Aid
• Go here to complete: http://www.fafsa.ed.gov/
• Call this number as well: 1-800-433-3243
• Fasfa4caster-helps to predict financial aid for the student, follow this link:
https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
SCHOLARSHIPS-Free money for School
-Types of Scholarships: Academic, Sport, Cultural, Disability, and hobbies
-The Make-up: Application, Essay, Recommendation Letters, Resume, and Transcripts
SHPE SCHOLARSHIP-Scholarship Amount= $1,000-$3,000
-All STEM (Science,Technology,Engineering & Math)
Majors may apply
-Deadline is APRIL 1st
- www. shpefoundation.org/scholarships to apply
Other ScholarshipsHispanicfund.org
Hispanicheritage.org
Hispa.org
Hacu.org
Latinocollegedollars.org
Salliemae.com
Fastweb.org
Scholarships.com
Uncf.org
engineeringedu.com
LOANS• Visit www.SallieMae.org• Types of Loans: Stafford, Perkins &
Plus Federal Loans – Subsidized and Unsubsidized– Parent or Student
• If possible never get a Private Loan-They have very high interest rates and can’t be consolidated
Federal Loan Types• Perkins- low-interest loans to help needy
students finance the costs of postsecondary education
• Stafford- offered to eligible students enrolled in accredited American institutions of higher education
• Plus- Helps to cover expenses such as books/supplies, Personal expenses, and transportation
Subsidized vs UnsubsidizedSubsidized- federally guaranteed loans based
on financial need. Interest does not accrue on the loan while in school. Instead, the interest is paid by the federal government
Unsubsidized- are federally guaranteed loans that are not based on financial need. But, interest does accrue on these loans once it is disbursed to the school.
FINANCIAL BEHAVIOR
1.Open a bank account –checking and savings
2.Create a spending budget3.Obtain a part-time job: work study or
campus job4.Use web services to monitor
spending
Bank Accounts• Bank of America has great Student Checking
& Savings Accounts – www.bankofamerica.com/studentbanking/
• ING DIRECT has an Electric Orange Checking and Orange Savings Account
*Open an ESA (Education Savings Account)
– www.ingdirect.com
• Community Credit Unions establishes accounts for families
–www.natfed.org
Budget1. Write a list of all mandatory
expenses: Books, Tuition, Toiletries,
Food
2. Establish a source of income
3. Create a plan for spending
4. Monitor your bank account(s)
5. Pay ALL BILLS ON TIME
Part-Time Jobs-Work Study (look for postings around
campus, in labs, library, financial aid office)
-Try to work in the computer/Engineering lab, an academic department, or Student Government
-Become a Tutor
College Bears Financial Wealth
• Build a credit score- get a credit card with a low Annual Percentage Yield & low credit line, and then pay bills on time
• Limit excessive debt-Don’t Eat Out or Shop Too Often
• Be Frugal and SAVE• Earn money by working on/off
campus and through internships
Parents You Can Help Your Children Financially:
