Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity
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Transcript of Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity
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Melvin Monette, MSEd
DirectorUMN School of Public Health Recruitment and Diversity
Investing In Your Future
…an introduction to financial aid
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Financing Your FutureFinancing Your Future
• What does college cost?What does college cost?
• What is financial aid?What is financial aid?
• How do I apply for financial aid?How do I apply for financial aid?
• Where can I get more information?Where can I get more information?
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What does college cost?What does college cost?(annual tuition and fees)(annual tuition and fees)
• Private Colleges: $29,023
• Private Career Colleges: $12,233
• University of Minnesota: $11,466
• State Universities: $6,639
• Community & Technical Colleges: $4,708
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Estimated Annual Cost of Attendance (COA)
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How will I pay for it?How will I pay for it?
• Family support• Savings
• Work
• Grants
• Scholarships
• Loans
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What is financial aid?What is financial aid?
• Scholarships
• Grants
• Loans
• Employment Opportunities
Where does it come from?Where does it come from?Federal and state government, schools, employers, and other public and private sources like clubs and organizations.
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Search for scholarships• on the Web
• at the library
• high school counselor’s office or career center
• in the community: church, civic, and business organizations, parent’s employer
• your college(s) of choice
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Avoid scholarship scams • Know that legitimate
scholarships never charge fees and the application information is available to everyone.
• Don’t fall for guarantees or claims that someone has information you can’t get anywhere else.
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Grants
• Federal Pell Grant: need-based; annual award range is $400 - $5350
• Federal SEOG Grant: limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000
• Minnesota State Grant: MN resident enrolled at eligible MN school; for students from low and moderate income families; annual award range is $100 - $9,444
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...more on grants
• Minnesota Achieve Scholarship: MN resident with family income of < $75,000; must complete a rigorous high school curriculum; one-time award of up to $4,022; apply on-line at: www.getreadyforcollege.org/achieve
• Institutional Grant: college or university funds awarded to students with financial need
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Loans
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Work Study• Part-time student employment
• Earnings paid to student
• Work-study earnings not included when determining EFC on next year’s FAFSA
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How do I apply for financial aid?
• Complete the Free Application for Federal Student Aid (FAFSA)
• Complete school financial aid application (if required)
• Meet application deadlines
• Apply for scholarships
• Contact your financial aid administrator if you have special circumstances
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FAFSA on the Webwww.fafsa.gov
• Completing and processing the FAFSA
are free!
• Avoid being charged a fee to file the FAFSA.
• Contact your school’s financial aid office if you need help.
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Avoid Errors!• Put your name and SSN on FAFSA exactly how it
appears on your social security card.
• Refer to completed federal income tax return and consult instructions for proper line references.
• If entry is zero or none, enter 0. Don’t leave blank.
• Enter school code(s).
• Student and one parent must both sign dependent student’s FAFSA.
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What makes a student “independent”?
• At least 24 years old by December 31st of the award year covered by the FAFSA
• Graduate or professional student• Married
• Has legal dependents other than a spouse who receive more than one half of their support from the student
• Both parents deceased, in foster care, homeless or ward of the court
• On active duty or veteran of the U.S. Armed Forces
• Emancipated minor or in legal guardianship as determined by a court
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How does the school determine my financial aid awards?
Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid
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Expected Family Contribution (EFC)
• What is the EFC?
– Indicates how much of your and your family’s financial resources should be available to help pay for your education.
– The EFC is calculated from your FAFSA according to a formula established by law.
• The COA is different at each school, but a student’s EFC stays the same. A student’s need will be different from school to school.
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EFC Components
Dependent Student• Parents’ income
and assets• Number in family• Number in college• Student’s income
and assets
Independent Student• Student’s income
and assets• Number in family• Number in college
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Get free help with the FAFSA MNCollegeGoalSunday.org
It’ll take more than good luck and best intentions to pay for college. You need a plan. Begin with College Goal Sunday.
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Other Resources• Reciprocity Programs
– Wisconsin, North and South Dakota, Manitoba– MSEP: Kansas, Michigan, Missouri, Nebraska
• Federal Tax Benefits for Higher Education– Deduction for Qualified Education Expenses– Employer Paid Tuition Assistance– Hope and Lifetime Learning Tax Credits– Student Loan Interest Deduction
• Other Government Programs – Americorps Program– Bureau of Indian Affairs Grants– Dislocated Worker Programs– ROTC Scholarships and/or Stipends– Veterans Benefits– Vocational Rehabilitation Programs
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Where can I get more Where can I get more information?information?
• U.S. Department of Education: www.ed.gov
• Minnesota Office of Higher Education: www.ohe.state.mn.us
• Internet System for Education & Employment Knowledge: www.iseek.org
• FinAid! - The Financial Aid Information Page: www.finaid.org
• FastWEB scholarship search: www.fastweb.com
• The College Board: www.collegeboard.org
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Money management for students
• Graduate on time!
• Create a budget and stick to it.
• Avoid credit card pushers.
• Plug everyday spending leaks.
• Do you really need a car on campus?
• Live like a student.
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What do I do…and when?• Apply for scholarships now and throughout college.
• Apply for admission to your school(s) of choice.
• Complete the FAFSA (each year) as soon as possible after January 1.
• Review your Student Aid Report (SAR) for accuracy.
• Respond promptly if your school requests more information.
• Respond to financial aid award notice and complete any loan promissory notes.
• If awarded work-study, obtain work-study job and begin working once school begins.
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Scholarship Application Advice
• Keep records – they all ask for similar information
• Keep electronic records of essays – they can always be easily reworked to apply to specific scholarships
• ANSWER the Question!!
• Think of it as a job – what are you willing to do for $X per Hour??
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Investing In Your FutureInvesting In Your Future……an investment in you!an investment in you!