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Finding Money for College

Finding Money for College. Basics of Financial Aid and the FAFSA. [Presenter Name | Presentation Date]. We will talk about:. Purpose of Education Cost of attendance Federal student aid State student aid Student aid from colleges Scholarships from other sources. Purpose of Education.

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Finding Money for College

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  1. Finding Money for College Basics of Financial Aid and the FAFSA [Presenter Name | Presentation Date]

  2. We will talk about: • Purpose of Education • Cost of attendance • Federal student aid • State student aid • Student aid from colleges • Scholarships from other sources

  3. Purpose of Education “Education that prepares children for life must go beyond fundamental skills to stimulate creativity, intellectual curiosity and honest inquiry...For all these reasons, there is no better investment that individuals, parents and the nation can make than an investment in education of the highest possible quality. Such investments are reflected and endure, in the formation of the kind of social conscience that our world so desperately needs.” His Highness the Aga Khan at the Foundation Stone Ceremony of the Aga Khan Academy

  4. Higher Education matters – a college diploma opens the door to a lifetime of higher earnings Higher Education Pays Average Annual Salary Earned by Degree Type • Bachelor’s degree holders earn $1 million more over a lifetime than high school graduates • Doctorate degree holders earn $2 million more • Those who attend college but don’t receive a degree earn only $300 more annually than high school graduates

  5. While there are many benefits of a college education, the reality is that college costs are rising at an increasing rate

  6. TRUE/FALSE: I can’t afford college, or I can’t afford to go the college of my dreams False Many students and parents see the tuition price, the cost of living in the dorms, and the price of textbooks and say there is just no way they could ever afford it. Let’s face it, college is expensive! It’s the largest single investment many families ever make. However, two out of three students get at least some financial aid to help make college more affordable, according to Sallie Mae, the largest education lender.

  7. Average Debt of Top Private Colleges About two-thirds of recent graduates borrowed to help pay for their college education. Graduates of private schools walked away with an average of $28,100 in student debt, according to The College Board

  8. TRUE/FALSE: I should go to community college for the first two years to complete my core classes before I go to a four-year University? False

  9. Sources of Funding • Parental Contribution • Federal & State Grants – Free $ but must apply for ($4,000 - $7,400/Year) • Federal Loans • Direct Loans – loan directly to the student; can be subsidized or unsubsidized • Direct PLUS loans – unsubsidized loans made to the parent of student • PERKINS Loans – need based and must attend specific schools • Private Loans • Private Scholarships

  10. Average Cost of Attendance • Tuition and fees ($10,138) • Loan fees (depends on loan company) • Room and board ($11,362) • Books and supplies (750) • Transportation ($1,470) • Miscellaneous living expenses ($2,766) ___________________________________________________ • $27,086 Average Cost of Attendance for Undergraduate at UT Austin for 2013 -2014

  11. What is financial aid? • Money to pay for college or career school • Grants • Loans (Private vs. Public Loans) • Work-study • Scholarships

  12. Who can get federal student aid? • U.S. citizen or permanent resident (generally) • High school graduate/GED holder • Eligible degree/certificate program • Valid Social Security number • Males registered for Selective Service • Satisfactory academic progress in college/career school

  13. Who can get other kinds of financial aid? • States, colleges, and private scholarships have their own eligibility criteria. • Be sure you know what you need to do to qualify.

  14. How much federal student aid can I get? In general, depends on your financial need. • Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA) • EFC comes from what you report on FAFSA and depends on you and your family’s income and assets • COA is tuition, fees, room and board, transportation, etc. COA – EFC = financial need

  15. How much federal student aid can I get? Maximum amounts for the major programs for a dependent freshman in 2014-15: • Federal Pell Grant: 2014-15 max award TBD [$5,645 in 2013-14] • Direct Subsidized and Unsubsidized Loans: $5,500 total (increases after first year) • Federal Work-Study: depends on funds available at school • Direct PLUS Loan (for parents): COA minus other aid received Funds from other programs are available; see StudentAid.gov/needmoney for details.

  16. How much federal student aid can I get? For early estimate, use FAFSA4caster: • Go to www.fafsa4caster.ed.gov • Enter some financial information • Get an estimate

  17. How much state, school, and private scholarship money can I get? Depends on the program; do your research! • Our state aid: www.collegefortexans.com (limited $ so apply early!) • Ask college financial aid offices for info about aid available at their schools • Free scholarship search at StudentAid.gov/scholarships

  18. How do I apply for aid? • Federal student aid: fill out Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov • State aid: www.applytexas.org • School aid: contact financial aid offices at schools you are considering • Scholarships: visit scholarship website or call contact number for information

  19. How do I apply for federal student aid? • Get a PIN at www.pin.ed.gov. • Your parent might need a PIN too. • Choose your own PIN or let the site choose one for you. • Don’t tell anyone your PIN!

  20. How do I apply for federal student aid? • Gather the documents you need to apply. • Find checklist at StudentAid.gov/resources#fafsa-documents • Optional: Use FAFSA on the Web Worksheet to prepare your answers. (Get the Worksheet at StudentAid.gov/resources#worksheet)

  21. How do I apply for federal student aid? • Fill out your FAFSA at www.fafsa.gov. • Apply on or after January 1 but as early as possible to meet all deadlines. • There is only a certain amount of money so applying earlier may get you more money. • Need help? Use the help functions within the FAFSA (including live chat) or call 1-800-4-FED-AID. • Don’t forget: watch for the confirmation page that says your FAFSA has been submitted. THEN log out.

  22. How do I apply for federal student aid? • Watch for response by e-mail or by mail. • Double-check that your info is correct by logging on at the FAFSA site and reviewing your data. • Correct any mistakes and submit the corrected info.

  23. How do I apply for federal student aid? • Watch for e-mails or letters from the schools you are considering. • Give the schools any additional paperwork they ask for. • Meet all deadlines or you could miss out on aid!

  24. Scholarships

  25. Types of Scholarships

  26. Searching for Scholarships • MUST start AS SOON AS POSSIBLE • Start with www.fastweb.com • Best way to learn of scholarships is the web; look for private organizations and companies giving away scholarships; most schools have scholarships that are for their school only Strategies for Scholarships: • It’s a numbers game – apply to as many as you can • Watch for deadlines • Make sure you meet qualifications so you have a chance • Prioritize scholarships based on deadline and amount • Use calendars and reminders to stay organized

  27. Other Scholarship Tips • Create and use a professional email address just for this • Clean up the content of your social medial (Facebook, Twitter, etc.) and remove any questionable/inappropriate content • Google your name and see what shows up • Save a copy of your application before you send it so you know what you wrote • Have a friend proofread or review essays you wrote for suggestions • IMPORTANT: Beware of scholarship scams! If you have to pay money just to apply, it is probably a scam

  28. Scholarship Resources • Federal Loan • Fafsa.ed.gov • General advice on college applications • Collegenavigator.ed.gov • Collegecost.ed.gov • General advice on financial aid • https://bigfuture.collegeboard.org/pay-for-college • http://www.collegeconfidential.com/financial_aid/ • Popular Search Engines • Fastweb.com • Scholarships.com • Finaid.org • Resource for Undocumented Students • Educators for Fair Consideration (E4FC) • International Scholarships • IEFA.org • Scholarships for Disadvantaged Students • http://www.hrsa.gov/loanscholarships/scholarships/disadvantaged.html

  29. Ready To Get Started?? • Recap of websites mentioned: • www.studentaid.gov (general financial aid information including scholarship, checklists, worksheets, etc.) • www.fafsa4caster.ed.gov (federal financial aid calculator) • www.collegefortexans.com (Texas state aid information) • www.fastweb.com (Scholarship matching site) • www.fafsa.gov (Federal Aid application) • Hotline assistance: 1-800-4-FED-AID • List of Documents available for more resources and assistance: • Do you Need Money for College? (general information) • Scholarship List (List of Scholarships) • FAFSA Help Guide ebook (help uide to understanding FAFSA) • 2014-2015 FAFSA Web screen shots (step-by-step guide for filling out FAFSA application)

  30. Questions?

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