Paying for College
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Transcript of Paying for College
What is Financial Aid?Any money
provided to students and families
to help pay for postsecondary educational
expenses
Types of Financial Aid
1. Grants: Free money!
2. Scholarships: More free money!
3. Work-study: Jobs for students
4. Loans: Must be paid back
1a. Federal Grants
Pell Grant: Up to $5,645
Supplemental Educational Opportunity Grant: Up to $4,000
TEACH grant: Up to $4,000
1b. Connecticut GrantsGovernor’s Scholarship:
Need-Based Award up to $3,000
Need/Merit Award up to $4,500
CT Minority Teacher Incentive Grant/Weisman Teacher Scholarship up to $5,000 + loan reimbursement of up to $2,500
www.ctohe.org
1c. Institutional GrantsUsually based on financial need
Could be for other reasons
Remember that both grants and scholarships are free
money!
2. ScholarshipsFree money awarded based on… Merit: A reward for being a good student whether or not you need the money.
Need: Financial needSkill/talent: Athletic, artistic, leadership, etc.
Unique characteristic: ???
Sample ScholarshipsFairfield County Community Foundation: Multiple scholarships. Minimum 2.7 GPA for most awards. $500-$5,000. FCCFoundation.org
National Action Council for Minorities in Engineering: Support for students at partner universities.
Tall Clubs International: Up to $1,000Big Y: 185 CT winners in 2013 BigY.comLEAGUE Foundation: Up to $2,500 for LGBT students with a 3.0+ GPA & community service
Scholarship Websites
studentscholarships.org
collegeboard.com
scholarships.com
fastweb.com
finaid.org
Avoid scholarship scams:
Don’t pay anyone
to find scholarships for you!
3. Federal Work-Study
Federal money given to colleges to employ students with financial need
At least minimum wageWork on or off campusEarn up to a maximum per year
Average award is $1,500
4. Loans
Federal Direct Stafford Loan:
Subsidized & unsubsidized: 3.86%
Federal Perkins Loan: 5%
Federal PLUS Loan (for parents): 6.41%
CHESLA.org: 6.5%
Private loans: Check rates & terms
Loan forgiveness for public service employees
www.StudentAid.gov
Direct Stafford Loans: subsidized (better) & unsubsidized
What do I need for the FAFSA?
Student: -Social Security number
-Permanent resident number
-Date of birth
-Tax return, W-2, or cash earned
Parent(s): -Social Security number(s)
-Date(s) of birth
-Mo./yr. if married, separated, divorced, or widowed
-Tax return(s)
Students under 24 MUST supply parents’ income information. Some exceptions apply.
FAFSA AdviceKnow your college and state deadlines! List up to 10 colleges at a time.Apply for a PIN (student & one parent).Read all emails from Federal Student Aid and colleges.
REMEMBER…
No financial aid is final until the college offers it and you accept it!
Payment must be arranged before you can take classes.
Guidance counselor
The College Place-CT
College Goal Sunday: Jan. 26, 2014 (CollegeGoalSundayCT.org)
Where can I get FAFSA assistance?
CSS Profile –Another financial aid
form
Required by some private colleges and scholarship programs.
Available at www.collegeboard.com.
Fee: $9 for application & $16 per school. Waivers are automatic & based on income.
Financial Need = COA - EFCCost of Attendance (COA):
Tuition & fees
+ Room & board
+ Books & supplies
+ Transportation & personal expenses
+ Loan fees
Expected Family Contribution (EFC):
The amount, determined by the FAFSA, that your family can afford to pay for college.
UCONN• Tuition:
$9,256• Fees:
$2,766• Room & board:
$11,722• Books & supplies:
$850• Total:
$24,594
CT COMM. COLLEGES• Tuition: $3,360• Fees: $426• Total: $3,786
• Tuition:$42,320
• Fees: $600
• Room & board:$12,930
• Books & supplies: $1,150
• Total:$57,000
Don’t forget!✔Transportation✔Personal expenses
FAIRFIELD UNIVERSITY
Cost of AttendanceCompare public, private, & community
colleges:
A Real Award LetterCT State University for On-campus Student
Expected Family Contribution = 0
☐Federal Pell Grant $5,645• ☐Federal Supplemental Grant $ 400• ☐University Grant $6,500• ☐Federal Stafford Loan $5,500TOTAL FINANCIAL AID: $18,040
Direct costs:--Tuition, fees, room & board $19,715Indirect costs:--Books $ 1,000--Transportation/personal expenses $ 2,850Cost of attendance $23,565
Another Real Award LetterPrivate University for On-campus Student
Expected Family Contribution = 0
☐Federal Pell Grant $5,645• ☐University Grant $8,200• ☐University Scholarship $13,000• ☐Federal Stafford Loan $5,500TOTAL FINANCIAL AID: $32,090
Direct costs:--Tuition, fees, room & board $47,850Indirect costs:--Books $ 1,000--Transportation/personal expenses $ 1,400Cost of attendance $50,250
•SCHOOL YEAR 2013-2014
• PELL GRANT (MAX.) $5,645• TUITION & FEES (F/T) - $3,786• BOOKS (est.) - $1,000• REFUND TO STUDENT $ 859
• The maximum federal Pell grant covers tuition, fees,
• & books for full-time community college students.
• Refunds are distributed each semester.
CT Community Colleges
•
Required by the governmentAn ESTIMATE of your net costOn each college’s website--sometimes hard to find
Variety of calculators: basic to complexSometimes helpful—sometimes not
Net Price Calculators
Have an honest family talk and make a plan.
Save what you can.Apply for scholarships. Cut expenses: cable, Internet, cell phone, dining out, clothing, bank/credit card fees.…
Get a job or a second job.Attend the best fit college that offers the best financial aid package.
Final Advice:What can we do now?
The College Place-CT Sponsored by the ECMC
Foundation900 Lafayette Blvd., B-110
Bridgeport, CT 06605(203) 335-0381 (866) 326-2827
The College Place-CT