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Funding Educational Costs Financial Planning for College/Career Technical Pathway

Funding Educational Costs Financial Planning for College/Career Technical Pathway. p. F5. Overview. Cost Benefit Analysis 2. Education Funding for Service Members Living on the Income/Funding Student Loan Repayment/Forgiveness Additional Resources and Knowledge. p. F5.

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Funding Educational Costs Financial Planning for College/Career Technical Pathway

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  1. Funding Educational CostsFinancial Planning for College/Career Technical Pathway p. F5

  2. Overview • Cost Benefit Analysis 2. Education Funding for Service Members • Living on the Income/Funding • Student Loan Repayment/Forgiveness • Additional Resources and Knowledge p. F5

  3. 1. Cost Benefit Analysisaka “going to college and the debt that could occur” p. F6

  4. The Cost of Education Debt • 1 year at public college = $7,605 • 1 year at private college = $27,293 • Average net price at public college per year = $1,505 • Average debt of a graduate from a public college = $10,000 p. F6

  5. Student Debt Statistics • $100 Billion Loans Taken Out • $1 trillion Loans Outstanding • #1 Source of U.S. Household Debt (outside mortgage) • Graduating Senior borrows average $23,000 • Borrowing twice more than a decade ago p. F6

  6. High School Dropout $1.0 Million Education Pays p. F6

  7. Salary Potential vs. Education Debt • Review Career Field and Salary Projections • Research Salary Potential vs. Educational Costs Average $49,000 projected salary vs. $50,000–$100,000 Educational Costs www.salary.com www.payscale.com http://onetonline.org http://www.bls.gov DON’T FORGET TO USE… p. F8

  8. School Costs vs. Benefit Received Don’t forget to… • Compare each school’s total costs and compare it to the financial assistance you are expecting. • Confirm its accreditation. • Work with an Education Specialist p. F9

  9. 2. Education Funding for Service Members p. F10

  10. Not in Book What is Financial Aid? At your table, list as many words or topics about paying for college. Debt FAFSA Loan Yellow Ribbon Program Grant Scholarship MGIB Work Study Post 9/11 GI Bill Debt Consolidation

  11. Overview • Educational Resources for Marines • Other Military Programs • Grants/Free Money • Loans • Avoiding Scams • IRA Withdrawals • Living on the Income/Funding Received • Additional Income • Repaying Student Loans/Forgiveness • CFPB • Additional Knowledge p. F10

  12. Educational Opportunitiesfor Marines • Service Member Opportunity Colleges Marine Corps (SOCMAR) • Sailor/Marine American Council on Education Registry Transcript (SMART) • Marine Corps College Fund (“Kicker”) • Yellow Ribbon Program • Post 9/11 GI Bill • Montgomery GI Bill p. F11

  13. Sources of Funding p. D 24 • VA Programs • MGIB • Post 9/11 • Student Loans • Work Study • Grants • Scholarships Tuition Assistance (USMC) • 100% Tuition • Courses Capped • $250 per Semester Hour • $166.67 per Quarter Hour • $4500 per Fiscal Year • Classes must end prior to EAS

  14. GI BILL QUIZ 1. The MGIB is most commonly known as ____________ 2. The post 9/11 GI Bill is most commonly known as ___________ 3. T or F: The MGIB is transferrable to your family members 4. The Post 9/11 GI Bill will pay eligible individuals attending private or foreign schools tuition & fees up to __________ per academic year. 5. The MGIB program benefits are payable for ___ years following your release from active duty. 6. The post 9/11 GI Bill benefit provides up to _____ months of education benefits.

  15. GI BILL QUIZ (Continued) 7. T or F: The post 9/11 GI Bill will pay tuition & fees directly to the school for all public school in-state students 8. The MGIB benefit provides up to _____ months of education benefits. • The post 9/11 GI Bill pays ups to $_______ for books and supplies. 10. T or F: The Montgomery GI Bill monthly benefit paid to you is based on the type of training you take, length of your service and your category

  16. MGIB vs. Post 9/11 GI Bill p. D 24 MGIB • Enrollment fee $1200 • Use within 10 years • Monthly rate paid to you • F/T = $1473 per/mo • ¾ Time = $1104.75 per/mo • P/T = $736.50 per/mo • ¼ Time = $365.25 per/mo Post 9/11 • No enrollment fee • Use within 15 years • Tuition paid to the school • Public School In-State rate • Private/Foreign School up to $17,500 per year • Yellow Ribbon Program • BAH E-5 with dependents rate (doesn’t apply while on active duty) • Based on zip code of the school and rate of pursuit • Books up to $1000 per year

  17. BAH Calculator

  18. p. D 24 MGIB and Post 9/11 GI Bill Approved Schools and Application www.gibill.va.gov • Is the school approved for GI Benefits? • Click on “Choosing a School” • Application VA form 22-1990 review • Use “Roadmap for Success”

  19. Not in Book Yellow Ribbon Program • Out of state tuition $16,000 • In state tuition $10,000 • Post 9/11 GI Bill will provide $10,000 to school so YOU are responsible for remaining $6,000. • Yellow Ribbon school provides $2,000, so the VA will match that $2,000, meaning YOU are NOW responsible for paying $2,000 to the school.

  20. Grants/Free Money • Federal Pell Grants • Federal Supplemental Educational Opportunity Grants (FSEOG) • Campus-base Institutional Grants • Scholarships p. F11

  21. FAFSA Not in Book Federal Application for Student Aid

  22. p. D 28 Federal Grants and Loans — FAFSA Application • Federal Student Aid Programs • Federal Grants • Do not have to be repaid if classes are completed successfully • www.fafsa.ed.gov • Federal Work Study • Undergraduate students jobs either on or off campus and are paid at least federal minimum wage

  23. p. D 29 FAFSA Application Tips: What you need: Your SSN and driver’s license number(s) Tax records for you and your spouse (if relevant) Documentation for your VA benefits and any worker’s compensation or child support received Combat pay (if it was taxable and part of your adjusted gross income on your last tax form) Business records, including recent bank statements and investment information • Applications available on January 1st of each year for academic year that begins in August • Have prior year’s tax returns available • Try to apply by February 14th of each year • Attend one of the Education Center’s Financial Aid Workshops if assistance is needed

  24. p. D 27 National Resource Directory Wacky Scholarships

  25. Loans • Federal Loans (must be repaid) • Stafford Loan • Subsidized • Unsubsidized • Perkins (school loan) Private Loans Federal Direct Consolidation Loan p. F12

  26. Avoiding Scams Be wary of: • Solicitations for federal aid • Loan conversion promises • Application processing fees • Giving out your information p. F13

  27. IRA Withdrawals • Qualified expenses • Avoid 10% penalty • HOWEVER, PAY INCOME TAX • Eligible family member • Look for other options • NO SCHOLARSHIPS/LOANS FOR RETIREMENT • Life will always have expenses — will you truly reimburse it? • Be careful! p. F14

  28. 3. Living on the Income/Funding p. F14

  29. Living on the Income/Funding • BAH for E-5 with dependents • Up to $1,000 for books and supplies • One time relocation allowance (rural locations) • Scholarships, Grants, Loans • Develop a budget • Evaluate costs of schooling against the income. • Consider rental costs, transportation costs, utilities and other daily expenses. • Search out sites that can help you save or earn money. • Live below your means and practice “Needs vs. Wants” p. F14

  30. Additional Income • Employment at the college (Free or reduced tuition) • Full/Part-time Job • Spouse’s Income • Unemployment Income • Be Creative 70 – 20 – 10 Rule p. F15

  31. 4. Student Loan Repayment/Forgiveness p. F16

  32. Repaying/Reducing Student Loans • Combination Degree • Community Service qualifies for loan forgiveness • Work Study • Off Peak Semesters • Paid Internships • Debt Consolidation (Get Professional Advice First) p. F16

  33. Public Service Loan Forgiveness p. F16 Make 120 payments Qualify for forgiveness of the remaining balance due on their eligible federal student loans While employed full-time by certain public service employers

  34. Consumer Financial Protection Bureau • “Know Before You Owe” • Financial Aid Shopping Checklist • Student Debt Repayment Assistant www.CFPB.gov p. F17

  35. 5. Additional Resources and Knowledge p. F17

  36. Additional Knowledge VA POCs Mike Pike (910) 451-0804 Rick Bledsoe (910) 451-7657 Dee Dee (910) 451-7656 • E-Knowledge • College Entrance Exams • Non-College Degree Program • On-the-Job/ Apprenticeship Training • Flight Programs • Correspondence Training • PFM Financial Education Workshops Personal Financial Management (910) 451-9297 Roy Ellis (910) 451- 0174 Lewis Summerville (910) 451- 3219 p. F18

  37. Summary • Start early • Do your research • Explore your options Jennifer Zundel 910- 750- 1462 zundeljg@usmc-mccs.org p. F18

  38. Please help me!

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