MAKING COLLEGE AFFORDABLE Presentati… · • Student income allowance is $6,310 (2015-16) •...

Presented by College Funding Group

MAKING COLLEGE

AFFORDABLE

Saving your Sanity and Solvency

College Funding Group

College Sticker Prices

In-State Public (UVA, Tech, VCU) $20,000 - $31,000 Out-of-State Public (WVU, USC) $34,000 - $45,000 Private (anywhere) $40,000 - $65,000


Sticker Price Components

Sticker Price

• Tuition and Fees

• + Room and Board

• + Books and Supplies

• + Transportation

• + Personal (other)


Sticker Price Components

James Madison 2014-15

Tuition & Fees $ 9,662

Room & Board $ 9,196

Books & Supplies $ 876

Transportation $ 1,942

Personal (other) $ 1,854

Total $23,530

Source: CollegeBoard.com


Sticker Price vs. Net Price

Sticker Price






Net Price






• - Grants & Scholarships


Financial Aid in 5 minutes or less

Need based aid

Income and assets (Expected Family

Contribution – EFC)

FAFSA, CSS Profile

Grants, Scholarships Loans, Work Study

Grants, Scholarships

Admissions application

Merit aid What types are there?

What is it based on?

How do you apply?

What can you get?

Grades and test scores (also talent,

leadership, etc.)


COA (Cost of

Attendance)

EFC (Expected Family

Contribution)

vs.

Will we get need-based aid?


Expected Family Contribution

• The EFC is the important number since it determines whether or not you will get aid. What goes into calculating the EFC?

Assessment Rates Parents Student

Non-retirement assets 5.64% 20%

Income 47% after allowances 50%



• Your goal is as low an EFC as possible

• Primary residence and retirement accounts are excluded

• Student income allowance is $6,310 (2015-16)

• More children in college = lower EFC

• Your EFC will be recalculated every year

• You can get BOTH need-based aid and merit aid

• Consider the impact on aid of all major financial decisions from Junior year in high school through Junior year in college



EFC Calculator

www.fafsa4caster.ed.gov


The percentages

% of Need met % Grants

UVA 100% 73%

Virginia Tech 64% 48%

Randolph-Macon 79% 74%

CNU 74% 41%

James Madison 41% 41%

Source: CollegeBoard.com


Net Price Calculators

• Don’t register or share personal information

• You can use estimates

• CollegeAbacus.com can compare 3 at a time

• CFGNPC.com for a list of links


Merit Aid

• Colleges use merit aid to recruit students.

• Some schools do not award merit aid, even to smart students.

• Some private schools award merit aid almost automatically.

• “Merit” at one college is not always “merit” at another.

• Apply where you’d be in the top 25%.


Private Scholarships: Where to start?

• What should I be searching for

• When should I be searching

• How often and what methods

• Where should I be searching

• Whom should I be asking


Types of Private Scholarships

• Merit: How good your grades are

• Athletic: Skill, experience in a sport

• Community Service: Participation in bettering the community

• Financial Need: Family income

• Major Field: Professional Organizations

• Participation in a school club or group

• Geographic


Who Administers Them?

• Parents work & Student part- time jobs

• Study Abroad

• Departmental & University specific Scholarships

• Community Foundations

• Fast food Chains

• Churches


A Scholarship by any other name…

Congressional Hispanic Caucus Scholarship

Deadline: April 25, 2015

Do I have to be Hispanic/Latino to apply?

“No, all qualified applicants are eligible to apply. CHCI does not discriminate based on age, gender or ethnicity.”


No Need, No Merit - Just Write

Scholarships are more than just grades and financial need. Let your essay do the talking.

Ayn Rand Scholarship:

Grades 8-12 - $2,000 - deadline March 20, 2015

Grades 11-12 - $10,000 - deadline April 26, 2015

Voice of Democracy Contest

Grades 9-12 - $30,000 - deadline Nov 1, annually


Scholarships are for ages 6 + • Ages 6-18: Kohl’s Cares Scholarship Program

March 14, annually

• 18 & Under: Davidson Fellows Scholarship Program Feb 11, 2015

• K-12: Doogle 4 Google Scholarship Program March 20, annually

• Ages 8-16: Young Eco Award Feb 28, 2015

• Ages K-12: Student Editorial Cartoon Contest March 16, 2015


A few examples Closing Soon: • Gates Millennium Scholars- January 14, 2015 • Asian & Pacific-Islander American Scholarship Fund- Jan 9, 2015 • Burger King Scholarship - December 15, 2014 • McDonalds Scholarship- January 20, 2015 • GE-Reagan Scholarship- January 8, 2015 • Jimmy Rane Foundation- February 3, 2015 Opening Soon: • Beyond the Buroughs- Opens January 2015 • Shawn Carter Foundation- Opens April 1, 2015-April 30, 2015 • Hispanic Scholarship Fund- January 1, 2015


Speaking of deadlines…

• Many scholarships have early application deadlines. Be sure to note the postmark vs. received by deadlines and requirements for each scholarship.

• Send all documents together including transcripts, letters of recommendation and your application as a complete packet - unless asked to do otherwise. Sometimes there are separate deadlines for documents.

• Some scholarships may have a set deadline, but may close an application early if they reach a certain number of applicants.


Small is the new BIG

• Small awards are often neglected

• Fewer Applicants = Less Competition

• Four $500 = one $2000


Where To Look for Scholarships

• University websites • Financial aid or guidance offices in High School or college • Military Base Facilities & Veterans Affairs • Local & school libraries • Professional & community organizations (Girl Scouts, golf clubs, honor societies, ELKS) • Teachers, coaches, and religious leaders • TV stations, Newspapers, Radio • Newsletters • Government websites • CFG ScholarBank website for local scholarships


Beware Search Engine Drawbacks

National search engines have some drawbacks:

• Outdated scholarships often posted

• “Survey” scholarships take personal info

• So many applicants you become a number

• Spam you with emails

• Search local, then expand to regional & national scholarships.


Graduating with college credits

Advanced Placement Courses & Dual Enrollment Advance College Academy = High School + Associates Diploma The perks: • No Room & Board costs • Save on Tuition • Save on Textbooks • Graduate sooner


College Level Examination Program • Administered by the College Board and credits earned from taking tests

are accepted at over 2,900 colleges around the country.

• The cost per CLEP exam is $80, pass or fail for 3-6 credits, with some foreign language courses available for 12 credits.

• Cost per credit hour at many colleges, ranging from $75/credit hour to $700/credit hour

• Students can avoid taking basic introductory classes by testing out of them, and graduate earlier by being able to take upper level classes sooner.

• CLEP exams are given free of charge for any qualifying US military personnel. All branches of service are considered eligible.


Work-study is not your typical job

• You are often not placed into a position, you have to find your own. Certain positions are reserved for work-study.

• If you do not get a work-study job you will still have the

funds show up on your financial aid package if you do not request removal.

• Work-study jobs have a cap on the amount you can be paid before you are no longer given any hours.

• Not all work-study jobs allow students to get

recommendations upon leaving.


How will you pay for college?

• Private scholarships

• Tax credits and deductions

• Community college transfer program

• Cost savings

• Work Study

• Cash flow planning

• Tuition payment plans

• Loans


Loans

• Freshmen can borrow up to $5,500 from the federal government with no credit check and no payments until after college (Direct Loans).

• Parents can borrow any remaining costs up to the Cost of Attendance (PLUS Loans).

• The FAFSA is required.


Summary

• Estimate your EFC.

• Research!

• Use the Net Price Calculators.

• File the FAFSA on time each year.

• Review your aid package thoroughly.

• Make a plan including all the ways to pay.

3761-A Westerre Parkway Richmond, VA 23233 804.855.2500 804.855.2502 fax www.thecollegecompanion.com

Thank you! Jonathan West [email protected] Lorraine SantaLucia [email protected]

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