Financial Aid 101November 8, 2012

Tourtellotte Memorial High SchoolJanice Hanny

Guidance Counselor

In-state Community College https://bigfuture.collegeboard.org/college-university-search/quinebaug-valley-community-college?searchType=bf_site&q=&bf_cat=bf

_

Tuition 3598Room and Board ----Books and Supplies 1300

TOTAL $4898

How much does it cost to attend college?

Univ. of Connecticut ECSU https://bigfuture.collegeboard.org/college-university-search/university-of-connecticut?searchType=bf_site&q=&bf_cat=bfhttps://bigfuture

.collegeboard.org/college-university-search/university-of-connecticut?searchType=bf_site&q=&bf_cat=bf_

Tuition 11,242 8911Room & Bd 11,380 10,674Books 850 1,554

Total 23,472 21,139

In-State Public College

Univ.of St. Joseph BostonCollege

31,826 43,878

13,598 12,608

1,100 1,000

46,524 57,478

4-year private collegehttps://bigfuture.collegeboard.org/college-university-search/boston-college?searchType=bf_site&q=&bf_cat=bf_ https://bigfuture.collegeboard.org/college-university-search/university-of-saint-joseph-1371

FEDERAL MONEYThrough the colleges

Grants, Loans and Work Study Programs

Where does the money come from?

STATE MONEYScholarships

Public Education

INSTITUTIONAL MONEYScholarship, grants

◦ Endowments, Alumni Funds More money in private schools

Merit money GPA, SAT scores, activities, majors, sports

Employers Companies Local Scholarships

Search Fastweb.org Finaid.com Scholarships.com

PARENTS AND STUDENTS ARE THE SWEEPERS

Savings SavingsBonds 529 Plan

PRIVATE LOANS

Scholarships and Grants “Free Money” Does not have to be paid

back May be renewable for 4 years. Understand

the conditions. GPA?

Can be paid to the college, to the student, as a surprise at graduation.

What kind of money?

Perkins Base Level, $10,000 or less, $5,500

Stafford (low % fixed) Subsidized (Govt pays interest) Unsubsidized (Interest accumulates)

Educational Loan Programs http://www.mefa.org/ http://www.cslf.com/

Variable Interest rates DEFAULTS, CREDIT CARDS, ONE YEAR COST OF

ATTENDANCE

LOANS

College Merit Awards◦Usually awarded at time of acceptance,

student considered automatically. No special application is needed.

These awards are sometimes enough so that the total cost of attendance may be very close to that of a public college.

How do you know how much you can get?

1. A special form or part of the college application that gets sent with the college application. “Intent to apply for financial aid”

2. FAFSA Free application for Federal Student Aid

3. CSS Profile 123 colleges require this supplementary form for more detailed information.

Applications

Fill the form out on line. They don’t let you make a mistake. Help! Explanation on every page.

Student and Parent information. Both are expected to pay for college. Dependent student, Student’s household, Savings accounts (today’s balance) Assets

Income and Wages (January first)

What information do you need for the FAFSA?

This is how much money the family is expected to pay for college.

Cost of Attendance -Expected Family Contribution

________________________ Financial need

This is all to get an EFC (expected family contribution)

UConn St. Joseph

23,472 Cost of Attendance 46,524 10,000 EFC 10,000_______________________________________ -----------------------------

$13,472 unmet need 36,524-17,000 merit___________________________________

$18,524 unmet need

Community College COMPACT with Eastern CT State University GAP with University of Connectict Liberal

Arts

Or other transfer of state college to private college

How can we change the bottom line?

State College

Compare $21,139 to $46,524

Graduate in 3 years instead of 4

May mean a heavier course load, summer classes

Earn college credit while you are in high school

College Career Pathways UConn Early College Experience A P courses Partnership Program

New EnglandRegional Student

Program

Defer Enrollment for a Year

Live at Home or with a relative

Go to School in Canada

Join the Military

Look into Grandparents giving gifts, other relatives

(tax benefits on inheritance)

1975 one earned16% more with a college degree.

Is it worth the money?

Today on average, one earns 66% more with a college

degree