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College Research and Financing

Career Explorations Burlington High School A. Nolte. College Research and Financing. What to consider I. Type of College or University 2-yr or 4-yr ? technical /vocational? single gender or coed? particular affiliation, e.g. religious, military, business? Cost Available Aid

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College Research and Financing

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  1. Career Explorations Burlington High School A. Nolte College Research and Financing

  2. College Intro What to consider I Type of College or University 2-yr or 4-yr ? technical /vocational? single gender or coed? particular affiliation, e.g. religious, military, business? Cost Available Aid Academic Programs Selectivity (GPA, class rank, SAT/ACT, leadership, service, work ethic, recommendations, etc.) Faculty

  3. College Intro What to consider II Reputation Location Size of school Student/Teacher Ratio Infrastructure (housing, atmosphere, activities, student life, facilities) Diversity

  4. College Intro Cost Tuition – the cost of classes Room and Board – the cost of living on campus (live in dorm, eat at cafeterias) Student Fees – various lab, athletic or activity fees, health care Books and Supplies Other Fees – some schools have other random fees Personal Items (living expenses) Transportation, travel

  5. College Intro Cost per year Source: www.finaid.org

  6. College Intro Cost for 4 Years Assuming college costs go up about 7% per year:  avg. student debt (class of 2008): $25,000

  7. College Intro Reducing Cost I go to nearby school and live at home go to school part-time (w/part-time job) participate in work-study program Buy used textbooks and supplies needed live off-campus prepare own meals, not eating at cafeteria

  8. College Intro Reducing Cost II 2+2 = savings (start 2-yr community college + transfer) connections (e.g., family member) Dual Enrollment (take college classes during H.S.) AP classes in H.S. to earn credits for free Take Gap-year (for work or personal advancement) Go to school abroad (e.g. Canada) Etc.

  9. College Intro How to Pay? Financial Aid (Sources: Fed. Govnmt, State, Colleges, Private Scholarships, Banks, etc.) Grants and Scholarships Work Study Program Loans Savings (yours, parents’, 529 plans, etc.) Work and SAVE (have you started??)

  10. College Intro How to Pay – a puzzle… Plus own contribution from savings and earnings!

  11. College Intro Grants and Scholarships “gift aid” – do not need to be repaid but: scholarships are not entirely “free” – you may “owe”: (community) service athletic activities academic results scholarships are based on, for example: Financial need Academic / Athletic Achievements Activities, Services, Involvement Recommendations Essay, Interview, Personal Statement

  12. College Intro Work Study Program “self-help aid”: students earn money for education jobs usually within the college (hours are appropriate for students) jobs sometimes useful (e.g., desk job where you can study, do homework)

  13. College Intro Loans “self-help aid”: money borrowed to pay for school (parents or students) loans must be repaid with interest (lots of interest…!) typical: repay 6 mos. after leaving school no interest while in school deferment if continue on to grad school  work closely with financial aid advisor!

  14. College Intro Interest on Loan – an example Federal Stafford Loans are now at about 5% interest p.a. Example: UVM will cost you $110,000 over 4 years Assumption: you borrow $100,000 at 5% Approx. total cost over 10 years: Pay total ~$133,000 over 10 years Which is ~$1,100 per month for 10 years! Including ~$33,000 in interest  avg. student debt: ~$23,000 (www.finaid.org for 2008)

  15. College Intro Sources of Financial Aid Federal Government = the primary source of financial aid (FAFSA.ed.gov) VSAC – limited to Vermont residents Vermont state grants, scholarships, and some federal and private loans College – colleges provide their own amount of financial aid Grants, Scholarships, Loans, Work Study Other – foundations, civic groups, organizations, sponsors, employers, etc.

  16. College Intro Financial Aid Criteria - General Family income before taxes (incl. student’s!) Family assets: savings, investments (incl. student’s!) Family size (parents plus children) Family members in college The age of your older parent Other factors sometimes considered include: Credit card debt Home and/or Business equity Rent/Mortgage payments Retirement accounts

  17. College Intro Financial Aid Criteria – Income and Assets Budget minus Resources = Need 1. Income Statement = Family income before taxes minus certain expenses = Resource 1 2. Balance Sheet = Family assets minus certain liabilities/debt = Resource 2 Yields EFC = Expected Family Contribution

  18. College Intro FAFSA www.FASFA.ed.gov Free Application for Federal Student Aid Example: Cost / yr = $40,000 You pay(EFC) = $15,000 (per FAFSA) Financial Aid = $25,000 (to be covered by grants, loans, etc.)

  19. College Intro College Search - Resources Free tools, e.g. VSAC’s “School Finder, ” or “Choices” or: www.collegeaccess.org or: www.collegeboard.com or: www.FastWeb.com or: www.vsac.org or: www.onetcenter.org, etc. Internet Research (colleges and aid programs) Campus visits, open houses, fairs College Pathways Conference (at St. Mike’s) Workshops Recommendations Guidance LLL Office (“College Connections”, Dhyana Bradley) Etc.

  20. College Intro College Search - Preparation Meet with school counselor (check your high school “course map”) Keep on track with work, grades, exams Meet with “Linking Learning to Life” Talk to your parents, guardians, siblings, friends, teachers, mentors, classmates, etc. Prepare for tests (PLAN, PSAT, SAT, ACT, etc.) Explore / Research / Visit more than one college (target schools + reach schools) Sign up for extracurricular activities Stay involved (volunteer, service, clubs, sports, music, drama, …)

  21. College Intro College Search – Preparation cont’d Save money, manage funds wisely Continue “Career Exploration” (interests, skills, values, talents, empl. outlooks) Attend Informational Meetings (“Pathways”) Know due dates for tests, applications, fairs Line up letters of recommendation Clean up your image (e.g. Facebook...) Stay informed (news, changing world, competition,...) …and again: distinguish yourself…

  22. College Intro Education pays in higher earnings and lower unemployment rates

  23. College Intro Education & Earnings – some statistics Workers w/bachelor’s degree earn avg. $26K/yr more than workers with H.S. diploma only ($57K vs. $31K p.a.) 29% of adults (25+ yrs) have a bachelor’s degree: 29.4 mio. women 28.4 mio. men

  24. College Intro More Reading/Reasearch Sources College: How Much to Spend? http://www.pbs.org/now/shows/528/college-expenses.html Census Bureau Releases Data Showing RelationshipBetween Education and Earnings http://www.census.gov/Press-Release/www/releases/archives/education/013618.html Look Before You Leap: Student Loan Shopping Tips http://projectonstudentdebt.org/look_leap.vp.html Gap year, Time Off With A Plan http://www.bls.gov/opub/ooq/2009/fall/art04.pdf Student Loans: Avoiding Deceptive Offers http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre43.pdf Characteristics of Borrowers with Excessive Debt http://www.finaid.org/educators/20090511excessivedebt.pdf

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