paying for college

MVCAPMahoning Valley College Access Program

Paying

for

College9/27/2010 Paying for College 1


Dr. Joe Rottenborn

Executive Director

9/27/2010 Paying for College 2


3 Mahoning Valley Locations:• Columbiana County: KSU Salem Campus

• Mahoning County: Youngstown State University

• Trumbull County: KSU Trumbull Campus



The MVCAP is a nonprofit, charitable

organization, started-up in 2002.



We are one of 35 programs

in our state affiliated with the

Ohio College Access Network (OCAN).



All of our services are

free.



Since 2002, the MVCAP has assisted over

9,000 students and parents in the

Mahoning Valley and awarded over 160

Last-Dollar Scholarships—most, for

$1,000.



Our Mission

• The Mahoning Valley College Access

Program believes an educated population

creates a more prosperous and socially-

responsible community.

MVCAP advises, encourages, and assists

students and families to prepare for and

finance a post secondary education.



How we help students: • Career exploration




• College search




• College search

• ACT preparation




• College search

• ACT preparation

• Admissions information




• College search

• ACT preparation


• Financial-aid advising




• College search

• ACT preparation


• Financial-aid advising

• Last-Dollar Scholarships



College can be expensive.



Did you know?

Individual students may pay

different amounts to attend the

same college--even if they choose

the same major and take all the

same courses.



Why?



Because of financial aid.



•Here’s how financial aid

is calculated:Cost of attendance

-Your family’s contribution (EFC

from the FAFSA)

= Financial need



If you have been accepted and

file your Free Application for

Federal Student Aid (FAFSA),

you will be sent a “financial-

aid award offer letter” by the

college.



Some types of financial aid you may be awarded:

• Scholarships (often based on

GPA, class rank, ACT composite)

• Grants (federal Pell, state OCOG)

• Federal work study

• Loans (federal Stafford, PLUS)



However, many students will

still have an “unmet-need

gap.”



Some ideas to help you

pay for college:




pay for college:• Get the highest GPA, class rank, and ACT

score you can—to receive “merit aid.”






• Save for college in parents’ names.







• Contribute to retirement accounts (IRAs).








• Apply to several colleges.








• Apply to several colleges.

• Consider commuting to a regional campus—to save money.



You can go to college.



The MVCAP can help you!



You can go to college--and graduate!

Dr. Joe Rottenborn

Executive Director

Mahoning Valley College Access Program (MVCAP)

Offices:

KSU Salem: 330-337-4214 [email protected]

YSU: 330-941-7477 [email protected]

KSU Trum: 330-675-7602 [email protected]

Facebook: MVCAP Financial-Aid Friends

http://www.facebook.com/home.php?#/group.php?gid=126580419181&ref=nf

Twitter: http://twitter.com/rottenbornj

YouTube: http://www.youtube.com/user/THEMVCAP


https://exchange.kent.edu/owa/redir.aspx?C=203c599141c144e8858bbc9502d1fa54&URL=mailto%3ajrottenb%40kent.edu

https://exchange.kent.edu/owa/redir.aspx?C=203c599141c144e8858bbc9502d1fa54&URL=mailto%3ajfrottenborn%40ysu.edu

mailto:[email protected]

http://www.facebook.com/home.php?

http://twitter.com/rottenbornj

http://www.youtube.com/user/THEMVCAP



• MERIT AID

• Decided by each college or university, based on its own applicant pool

• Usually called a “scholarship”—though, often, a discount on the price to be paid

• Common Criteria for Merit Aid

• 1. Grade-Point Average (GPA)—“The higher, the better!”

• The rigor of courses on a student’s high school transcript is determined:

• The more Advanced Placement (AP) courses taken, the more rigorous the curriculum is regarded.

• The more higher-level courses in math and lab science taken, the more rigorous the curriculum is regarded.

• 2. Class Rank— “The higher, the better!”

• The larger a senior class, the more impressive a high class rank is.

• The higher-achieving a school is, the more impressive a high class rank is.

• 3. ACT Composite Score— “The higher, the better!”

• ACT scores range from 0 to 36; the national average is approximately 21.

• A student’s score is compared to the state and national averages.

• A score in the 30s put a student’s score in the highest 5% of test-takers.

• 4. Distinctions

• Academic

• Arts

• Leadership in extracurriculars

• 5. Under-representation

• 6. Division I recruited athlete— particularly, in a major revenue-producing sport

• 1% of all U.S. athletes will receive a Division I “full ride” grant-in-aid.



• NEED-BASED AID

• Determined by responses on Free Application for Federal Student Aid (FAFSA), which should be filed online by February 1 and must be filed again each year

• Expected Family Contribution (EFC)—How much the Federal formula calculates a student and parent(s) can pay for college

• Types of Financial Aid

• 1. Grants—do not have to be repaid (“gift aid”)

• Federal Pell Grant—If EFC is $0, (maximum) Pell Grant amount is $5,350/yr.

• But, if EFC is $4,000, Pell Grant amount is $0/yr.

• Ohio College Opportunity Grant (OCOG)—If EFC is $0, OCOG is

• $1,008/yr. at a public college or university

• $2,256/yr. at a private, non-profit college or university

• $0/yr. at a private, for profit institution

• But, if EFC is $2,191, OCOG is $0.

• Therefore, if EFC is 0, $5,350 Pell Grant + $1,008 OCOG = $6,358/yr.

• 2. Federal Work Study—In exchange for work in a campus job, a student gets paid.

• 3. Federal Loans

• Federal Stafford Loan—subsidized or unsubsidized

• Federal Perkins Loan

• Federal PLUS Loan (Parent Loans for Undergraduate Students)—Parents who qualify can borrow up to the total annual cost minus other aid received, with 10 yrs. to repay

• Private Loans—at a higher rate of interest



• HOW MUCH WILL A COLLEGE COST ME?

• Remember the airplane-flight analogy: on average, 60 different fares per flight!

•

• Each college or university sets its “sticker price.”

• Like buying a new car, you may or may not have to pay the “sticker price.”

• Determining your Cost at a particular College or University

• 1. Total Cost of Attendance (C of A)—Which may include the following:

• Tuition and fees—rising by 3-10%/yr.

• Books/Supplies—average $100 per course/yr. (5 courses in Sem. I + 5 courses in Sem. II = 10 courses x $100 = $1,000/yr.)

• Transportation—driving/flying to and from campus; gasoline; parking fees; fares

• Room and Board—vary by college; estimate an additional $7,000/yr.

• Student Health Insurance

• Other Expenses— food & drink; entertainment (games, movies, concerts, cable TV, music downloads, etc.); laundry/dry cleaning; toiletries; internet access; credit-card interest; cell phone (estimate $50/mo. = $600/yr.); decorating dorm room (average $1,200/yr.)

•

• 2. Minus Expected Family Contribution (EFC)— Based on FAFSA responses

• What was your adjusted gross income for 200_?

• As of today, what is your total current balance of cash, savings, and checking accounts?

• As of today, what is the net worth of your investments, including real estate (not your home)?

• As of today, what is the net worth of your current businesses and/or investment farms? Do not include a farm that you live on and operate.

• 3. Equals Financial Need (= Aid Eligibility)

• 4. Minus Federal Pell Grant— to qualify, your EFC must be < $4,000 ($5,350/yr. max)

• 5. Minus Ohio College Opportunity Grant—to qualify, your EFC must be < $2,200

• 6. Minus Federal Work Study—generally, about $2,500/yr. for working up to 20 hrs/wk

• 7. Minus Merit Aid—any institutional scholarships or discounts

• 8. Minus Federal Stafford Loan—subsidized/unsubsidized ($5,500/$6,500/$7,500/yr.)

• 9. Equals “Out-of-Pocket” Amount—The check you must write--often indicating a “financial-need gap,” which may have to be met by a Federal PLUS loan or private loans

• 10. Calculate “Loan-Debt”—For student and parent(s)

paying for college

Documents

mahoning valley locations

financial aid

individual students

federal student aid

columbiana county

free application

dollar scholarshipsmost

familys contribution