how am i going to pay for college? got money?

How am I going to pay for college?

Got Money?

Projected College Costs

Cost of Attendance BYU-Hawaii(2 Semesters)

UH-Manoa(2 Semesters)

Chaminade(2 Semesters)

HPU(2 Semesters)

Community(2 Semesters)

Tuition & Fees(For BYUH includes medical benefits)

$ 4,770 $ 9,904 $ 20,090 $ 19,980 $2,554

Books & Supplies 1,500 1,500 1,600 1,500 976

Room & Board 5,346 10,029 11,430 13,230 N/A

Personal Expenses 800 1,582 1,314 1,785 1,394

Total Estimated Annual Cost $ 12,416 $ 23,015 $ 34,434 $ 36,495 $ 4,914

Estimated Cost to Graduate $ 55,872 $ 92,060 $ 137,736 $ 145,980 $ 19,656

Budget• Calculate how much money you earn

or are given in a month.• Calculate your expenses.• Set your spending goals.• Decide on a method to keep track of

your budget (Budget Worksheet).• Review progress regularly.

Budget Ideas• Set and Stick to a Budget.• Pay Yourself (Savings).• Limit Eating Out.• Free or Low Cost Entertainment.

Sample Budget WorksheetMonth ________________ Year ____________________

Projected Actual

IncomeGifts/Allowance

Job Income

Other

Total Income $ $

ExpensesTithes & Offerings

Savings

Education Goal

Vacation Goal

Clothing

Entertainment

Other

Total Expenses $ $

Net Total (Income – Expenses) $ $

Savings ChartDaily 1 Month 1 Year 5 years

$0.25 $7.50 $90.00 $450.00

$1.00 $30.00 $360.00 $1,800.00

$5.00 $150.00 $1,800.00 $9,000.00

$10.00 $300.00 $3,600.00 $18,000.00

Financial AidWhat is Financial Aid?Financial aid consists of funds provided to students and families to help pay for postsecondary (college) educational expenses. When planning for college and comparing aid packages, it is important to look at the net cost of attendance:

How to determine your Net CostExample:

XYZ UniversityBYUHawaii

Tuition $20,000$2,385

Scholarship ($10,000)($500)

Net Cost $10,000$1,885

What are the different types of Financial Aid? Scholarships, grants, employment, and loans.

Financial AidScholarships and Grants• Money that does not have

to be paid back.• Awarded on the basis of

merit, skills, unique characteristics or financial need.

Financial AidEmployment• Students who work do

better in school. • Allows student to contribute

towards education.• A paycheck.• Non-monetary

compensation such as room and board.

Federal Aid• Aid awarded primarily on

the basis of financial need.• Must apply every year using

the Free Application for Federal Student Aid (FAFSA).

• Amount of aid is calculated based on government formulas and not determined by institution.

Federal AidCommon Federal Aid Programs at BYU-H:• Pell Grant• TEACH Grant• Stafford Loans• PLUS Loans

Federal AidLoans• Money students and parents borrow to help pay college expenses.• Repayment usually begins after

education is completed.• Interest will accrue while in

school. • Only borrow what is really

needed.

Other Resources at BYU-Hawaii?

• Student Employment• Deferred Payment Plan• Book Loan• Payroll Deduction

Mahalo!BYU-HawaiiFinancial Aid OfficePhone: 675-3316Fax: 675-3323Email: financialservices@byuh.edu

Office Hours:Monday – Friday 8:00am – 5:00pm