how can i afford to send my child to college? shayla mcglothan & chris farr

How Can I Afford to Send My Child to

College?

Shayla McGlothan & Chris Farr

About Me• UGA Alum

• Georgia College Advising Corps College Adviser

AgendaO Understand Costs of CollegeO FAFSAO Types of AidO Hope Scholarship/ Zell Miller

ScholarshipO Private ScholarshipsO Questions

Understand College Costs

O Avg. Cost of College in Georgia (tuition & fees):O 2 year College -

$3,600O 4 year Public

College/University - $7,800

O 4 Year Private College/University- $28,700

Sample COA

COA vs. Net PriceO Published Costs of

Attendance (COA) vs. Net Price

O COA includes direct & indirect costs:O Tuition & FeesO Room & BoardO Books & SuppliesO Other Expenses

(Transportation, etc.)O Net Price

O COA - Grants & Scholarships

O Net Price Calculator

Sources of Financial Aid

O FederalO StateO InstitutionalO Private

FAFSAO FREE Application for Federal Student Aid

O www.fafsa.ed.govO About 100 QuestionsO Available every year on Jan. 1stO Complete annually

O Deadline- depends on school, but ASAPO Pin Number (Student & Parent)O Income Driven- Tax ReturnsO Cannot list special circumstancesO Send to up to 10 schools

What does the FAFSA Calculate?

O Demonstrated NeedO COA - Estimated Family

Contribution (EFC)O Student Aid Report

(SAR)O Receive in a week via

e-mailO 4-6 Weeks for college

to processO Financial Aid Award

Letter

What Influences the EFC

O ParentO IncomeO SavingsO Assets O Number of people in collegeO Family Size

O StudentsO IncomeO SavingsO Independent/Dependent

Common QuestionsO Divorced or Separated Parents

O Provide parent information for parent has child 51% of the time

O If equal, who provides more monetary support

O If parent is remarried, provide info for both biological parent and step-parent

O Independent Students

FAFSA TipsO Enter name exactly how

it appears on Social Security Card

O Use IRS Data RetrievalO Fill out the FAFSA the

day after monthly bills are paid

O Use "Help & Hint" link on right side of screen

O Select "Yes" for work-study

O IRS Data Retrieval Tool

Types of Financial AidO Free Money

O ScholarshipsO Grants

O Self-HelpO Work-StudyO Loans

Free MoneyO Grants- financial aid that doesn't have

to be repaid. Often need-based.

O Federal Pell Grant: max. amount $5,730

O Federal Supplemental Educational Opportunity Grant

O Teacher Education Assistance for College and Higher Education (TEACH) Grant

O Iraq and Afghanistan Service Grant

HOPE/Zell Miller Scholarship

O HOPE ScholarshipO 3.0 GPA in Core ClassesO Portion of tuition - ~90%

O Zell Miller ScholarshipO 3.7 GPAO 1200 SAT (CR & M) or 26

ACTO Full tuition covered

O Public vs. PrivateO Maintaining, Losing,

RegainingO www.gacollege411.org

HOPE/Zell Miller GrantO HOPE Grant-

seeking certificate or diploma at Technical College, will pay percentage amount of tuition,

O No GPA requirement

O 2.0 GPA at checkpoints

O Zell Miller Grant

Strategic Industries Workforce Development Grant

O Eligibility requirements same as HOPE Grant

O Certain high demand industries

O Commercial Truck Driving

O Practical NursingO WeldingO Diesel MechanicO Early Childhood

Care/EducationO Healthcare

TechnologiesO Information

Technology

Private ScholarshipsO National WebsitesO zinch.comO bigfuture.collegeboard.orgO fastweb.comO Local Scholarships- NewspaperO Your EmployerO Surrounding High School WebsitesO RENEWABLE!!!

Self-HelpO Work Study- on campus or off campus

job, students are paid at least federal minimum wageO Money does not have to be repaidO Does not count against you on

following years FAFSAO Job outside of school MAY count against

you

LoansO Must be repaidO Two Federal Student Loam

ProgramsO Federal Direct Loan (4 Types)

O Direct Subsidized LoansO Direct Unsubsidized LoansO Direct PLUS LoansO Direct Consolidation Loans

O Federal Perkins Loan Program

LoansO Direct Subsidized Loans, 3.86%

interest rateO financial needO may not exceed financial needO U.S. Dept. of Education pays the

interest while you're in school at least half-time for the first six months after you leave school

O loan postponementsO First Year- Max. $3,500O Second Year- Max. $4,500O Third Year and Beyond- Max.

$5,500

LoansO Direct Unsubsidized Loans, 3.86%

interestO No requirement for financial needO School determines amount based on

COA and other received financial aidO Student responsible for interest

during all periodsO Unpaid interest will be added to

principal amount of loan O Up to $20,500 (less any subsidized

amounts received from same period) depending on grade level and dependency status

LoansO Direct Plus Loan, 6.41%

O Parents of dependent undergraduate students can be used to cover costs not covered by other aid

O U.S. Dept of Education is lenderO Credit Check is conductedO Max. Loan amount: COA - any other aid received

O Federal Perkins Loan, 5%O Exceptional financial needO School is the lender

LoansO To receive loans, student must complete

entrance counselingO Any additional fund will be paid to the

studentO The student has to accept the amount they

choose to accept

*If you are a dependent student whose parents are ineligible for a Direct Plus Loan, additional funds from unsubsidized loans may be available.*

Questions?