1 planning for life after high school graduation presented by: connie corcoran associate director...
TRANSCRIPT
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PLANNING FOR LIFEAFTER HIGH SCHOOL GRADUATION
Presented by:
Connie Corcoran
Associate Director
Student Financial Aid
Emporia State University
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Why Is A College Education So Important to Me? Personal reasons Professional reasons Financial reasons
Statistics show that higher levels of educational attainment are directly associated with higher levels of income
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Why Is Finishing School So Important to Me?
$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,000
$100,000
Wages U.S. CensusBureau 2000
Some HS
HS Diploma
Some College
AssociateDegreeBachelor'sDegreeMaster'sDegreeDoctorate
ProfessionalDegree
ASK YOURSELF THESE QUESTIONS
What are your financial goals?
What are your educational goals?
What are your career goals?
http://www.salary.com/ http://www.bls.gov/oco/ 4
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HOW TO…..
Plan for CollegeFind a CollegePay for College
Check out this website http://www.collegeboard.com/student/index.html?student
PLAN FOR COLLEGE
The toughest part of planning something is finding out where to start. Take college prep
classes
Develop and fine tune study skills
Senior Action Plan Make a master
calendar so you don’t miss important dates and deadlines
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FIND A COLLEGE
Choosing a college is a big decision. There's no such thing as a "perfect" school. Explore your interests and take the time to find
the college that's right for you. Check size of college Location of college Do they offer the degree you wish to obtain? What about campus life? Cost???
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WHERE TO START
Research Your College Options Types of Colleges
Private, Public, 2-year, 4-year, Vocational, Community College
Your College Degree Options College Costs and Financial Aid Campus Life College Visits Virtual Visits
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PAY FOR COLLEGE
Tuition and fees Room and board Books and supplies Transportation Miscellaneous
personal expenses Loan fees
Each school determines their yearly COA to include:
COMPARE COSTS
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SCHOOL TUITIONFEES
ROOMBOARD
BOOKSSUPPLIES
TOTAL COST
CommunityCollege14 hrs
$2356 $5150 $1000 $8,506
ESU10 + hours
$4636 $6230 $900 $11,766
Public (large)14 HRS.$222
$6,228 $6,954 $900 $14,082
Private12 + hours
$22,200 $7,030 $1200 $30,430
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WHAT IS FINANCIAL NEED?
Cost of Attendance (COA) – Expected Family Contribution (EFC)
FAFSA requires information from the 2010 Federal tax return, which includes various asset information from both parent(s) and student
Various percentages from parent and student income and assets, household size, number in college determine EFC.
= Financial Need
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COA - EFC = NEED
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FEDERAL AID
Complete the 2011-12 Free Application for Federal Student Aid (FAFSA) Available online at www.fafsa.gov after January 1 Pre-application worksheet available from your high
school counselor in January or you can download it from www.fafsa.gov
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FAFSA on the Web
Web site: www.fafsa.gov Don’t be scammed – use
only this site 2011-2012 FAFSA available on or
after January 1, 2011 Call toll free 800-433-3243
for paper FAFSA Pre-Application Worksheet &
built-in edits to help prevent costly errors
Available from HS Counselor RENEWAL FAFSA for next year’s
application will use same PIN
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PIN Registration
Web site: www.pin.ed.gov
Not required, but speeds processing
Keep PIN in safe place
Can get PIN anytime PIN acts as electronic signature Both student and parent need a PIN
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Principles of Federal Need Analysis
To extent they are able, parents have primary responsibility to pay for dependent child’s education
Students also have a responsibility to contribute to their educational costs
Families are evaluated on their previous year’s financial information
A family’s ability to pay should be evaluated in an equitable and consistent manner, recognizing that special circumstances may affect ability to pay
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Independent Student Definition
At least 24 years old by December 31 of award year covered by the FAFSA;
Graduate or professional student; Married; Has children or dependents (other than a spouse)
for whom the student provides more than half support;
Orphan or ward/dependent of the court; Veteran of U.S. Armed Forces or currently serving
on active duty (for other then training purposes) in the Armed Forces; or
Determined to be “independent” by financial aid administrator based on unusual circumstances
Federal Programs
PELL GRANT SUPPLEMENTAL GRANT WORK STUDY TEACH GRANT
Really an unsubsidized loan until teaching agreement to serve is fulfilled
PERKINS LOAN DIRECT STAFFORD LOAN
Subsidized Unsubsidized
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FEDERAL STAFFORD LOANS
Subsidized: Must demonstrate “need” Unsubsidized: Not based on “need” Base annual loan limits (combined subsidized
and unsubsidized): $3,500 for 1st year undergraduates $4,500 for 2nd year undergraduates $5,500 for each remaining undergraduate year Fixed interest 6.8% - Unsubsidized Subsidized – 4.5% in 10-11; 3.4% in 11-12;12-13
6.8% unless legislative action is taken
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What Happens Next?
FAFSA processed by federal processor (allow 3-4 weeks for paper app & 1-2 weeks for web
app) Student receives Student Aid Report (SAR)
EFC & Data Release Number (DRN) can be used to make some changes over
the phone with the federal processor
Remember to apply for Admission Meet your colleges priority deadline
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What is Verification?
Government selects 1/3 of applicants Some schools do 100% verification
School needs copy of parents’ & student’s tax return & copies of all supporting W2’s
May need copies of other documents Respond to all requests for information Call, when you have questions
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Your Award Notification
Depending on institutional policy, you may receive notification of your awards via US Mail or you may receive them electronically
Most awards are based on full-time enrollment. If you are not attending full-time, notify the financial aid office so they may revise your aid
Accept or decline awards If you decline or reduce your loans now and you
decide later you need additional funds, contact the financial aid office. You may still have eligibility for additional funds.
Revisions
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How do I find out about other scholarship opportunities? CHECK WITH EACH SCHOOL YOU ARE
CONSIDERING ATTENDING
Academic Scholarships Based on grades, ACT scores, rank in graduating class
Departmental Scholarships Based on college major; grades can make a difference
Activity Scholarships Available for being involved on college campus Grades not necessarily a factor (choir, band, SGA, etc.)
Athletic Scholarships/Grant-In-Aid For participation in athletic activities
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Are There Any Other Resources?
CHECK WITH YOUR COUNSELOR ON A REGULAR BASIS Private business scholarships (e.g., Wal-Mart,
Gates Foundation, etc.) Civic organization scholarships (e.g., PTA,
Elks Club, Lions Club, American Legion, etc.) Churches Parents employers Jones Educational Foundation
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Private Scholarship Search
Free Internet scholarship search engines: FinAid on the Web: www.finaid.org College Board: www.collegeboard.com FastWeb: www.fastweb.com GoCollege: The Collegiate Websource:
www.gocollege.com
STATE OF KANSAS RESOURCES Complete the 2011-12
State of Kansas Application Available online at:
http://www.kansasregents.org/student_financial_aid
Paper application available from your high school counselor perhaps late November
$12 application fee
Vocational Scholarship Kansas Ethnic Minority
Scholarship Kansas Nursing Service
Scholarship Kansas Teacher Service
Scholarship Kansas State Scholarship Kansas Comprehensive
Grants – no application Must file FAFSA by
April 1
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Tuition Voucher – $1000 Reside in Lyon, Osage, or Coffey County high school after
2008 Attend Emporia State University or Flint Hills Technical
College Be a full time student (12 hours or more) Maintain 2.00 cumulative GPA Complete 12 hours per semester
Educational Grant – Need to complete the FAFSA and Jones Educational
Grant Application
Contact Jones Foundation – 620/342/1714
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AVOID BEING SCAMMED
The Scholarship Fraud Prevention Act created a fraud-awareness partnership between the U.S. Department of Education and the Federal Trade Commission (FTC). For more information about scholarship scams or to report a scam, call the FTC toll free at 877-FTC-HELP (877-382-4357) or go to http://www.ftc.gov/bcp/conline/edcams/scholarship/
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How will I be able to pay for college? Start saving for your education now!
When you find a part time job – save half of your paycheck and put it in your college fund.
When you receive gift money – put half of it your college fund.
Apply for federal financial aid by completing the FAFSA each year after January 1
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Questions??