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Louisiana’s First Choice for College Access

Louisiana’s First Choice for College Access. LOSFA Workshops 2010. LOSFA. TOPS START Saving Program TOPS Tech Early Start Program Chafee Educational Training Voucher (ETV) Program Volunteer Firemen’s Tuition Reimbursement FLY – Financial Literacy for You. LOSFA. College Knowledge

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Louisiana’s First Choice for College Access

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  1. Louisiana’s First Choice for College Access LOSFA Workshops 2010

  2. LOSFA TOPS START Saving Program TOPS Tech Early Start Program Chafee Educational Training Voucher (ETV) Program Volunteer Firemen’s Tuition Reimbursement FLY – Financial Literacy for You www.osfa.la.gov

  3. LOSFA College Knowledge Early Start Go Grant LA LEAP Grant Rockefeller State Wildlife Scholarship Health Care Educator Loan Forgiveness www.osfa.la.gov

  4. College Knowledge:Students of Grades 6, 7, 8, 9, 10

  5. What is College? Think of “college” as any form of education after graduating high school: Public Colleges Private Colleges Community Colleges Louisiana Technical Colleges Cosmetology Schools Proprietary Schools Find the perfect fit & major for you! 2-year, 4-year, etc.

  6. Who should use the College Knowledge tool? • Any student searching for information about … • Preparing for college • Choosing a career path & course of study • Choosing a college • College admissions and enrollment • Paying for college

  7. Why do I need to go to College? • College graduates earn greater lifetime incomes than high school graduates • College graduates have more leisure time • College graduates have more consistent work hours • College graduates receive better job benefits, such as vacation time and healthcare • College graduates are promoted more often than those without a college degree • College graduates have greater savings

  8. Make your plan!

  9. Start Thinking Now It’s never too early to start thinking about your future: What do you want to be? Where do you want to go to college? Where do you want to live? Your future begins NOW – in high school

  10. How to Make it Happen Take challenging classes to build your verbal, math & reasoning skills Keep a record of your academic achievements & activities Get involved in extracurricular activities Clubs, sports, church, etc. Research colleges on the internet Plan college visits during the summer Prepare for the SAT & ACT Work hard to keep your GPA high Start saving for college

  11. Your Future Job Complete an interest inventory Laworks.net - click on Louisiana Youth Works Learn your likes, dislikes, strong points, weak points & natural abilities Pick a career that most suits you with your likes & dislikes You will change your mind many times – that’s ok!

  12. Research Careers Research careers on the internet Make a list of 5 careers you are interested in Research wages & the demand for these careers List pros & cons for all 5 of them

  13. Meet With Others Meet with people in the careers you like Make a list of 4 people to interview Family members, Family friends, Parents of your friends, Church members, etc. Volunteer to “shadow” people in the fields you’ve chosen

  14. Financial Literacy for You (FLY):Students of Grades 11, 12

  15. Banking: Stay In Balance • Checking accounts are important for paying month to month expenses • Some banks waive monthly fees for students • Many banks will also give discounts for electronic banking • Questions to ask when opening a checking account • Is there a minimum balance required? • What if I fall beneath the minimum balance? • What kind of fees does the bank charge? • Is there a limit to the number of checks I can write monthly? • Does the account offer overdraft protection?

  16. Banking: Preventing Overdrafts • Overdrafts are expensive • There are lots of fees you’ll be charged if you do not keep a positive balance in your checking account. For example: Freddy’s Pizza check = $15.86 Non-sufficient Funds (NSF) fee = $25.00 Pizza parlor charge for NSF check = $25.00 Total cost of pizza = $65.86 • Ways to prevent an overdraft • Overdraft Protection • Be sure to record your checks, debits and automatic drafts in your check register, and balance your checkbook often

  17. Credit Cards: Take Charge • The Grace Period is the amount of time that you have to make a payment or pay off your balance before you are charged interest or finance charges • Look for a card with a grace period of at least 20 days • Fees • Annual fee • Transaction fees – if you use your card at an ATM for a cash advance • Overlimit fee • Late fees

  18. Credit Cards: Take Charge • Credit cards can be expensive • For example: If you have a beginning balance of $2,939 on a card with an APR of 19% and a credit limit of $3,000, and you are late with your payment… Balance: $2,939 Interest: + 46 New Balance: $2,985 Late fee: + 35 New Balance: $3,020 Overlimit fee: + 35 New Balance: $3,055 Payment: - 120 New Balance: $2,935

  19. Debt: Setting Priorities Pays Off • Record each of your debts and set priorities for paying your debt • At $100 per month, the Collection Agency debt is paid off in 5 months

  20. Identity Theft: Protect Your Financial Security • Identity theft occurs when someone uses your personal information without your consent to commit fraud or other crimes • People under the age of 25 are the number one targets of identity thieves • Many people do not monitor their credit reports closely and thieves have an opportunity to exploit the situation

  21. Identity Theft: Protect Your Financial Security • People are victimized by two types of identity thieves • Skilled professional thieves • Acquaintances with access to your personal financial information

  22. Financial Aid:Parents & Students of 9, 10, 11, 12

  23. Financial Need • Cost of Attendance (COA) • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • Expected Family Contribution (EFC) • Income • Assets (excluding the family home) • Family size • Number of family members attending college (excluding parents) • Age of parents

  24. Financial Need COST OF ATTENDANCE - EXPECTED FAMILY CONTRIBUTION FINANCIAL NEED

  25. Types of Financial Aid • Scholarships • Gift Aid – Based on Merit • Grants • Gift Aid – Based on Need • Employment Opportunities • Loans • Must be repaid – may be based on need

  26. Sources of Financial Aid • State • Federal • Institutional • Private • Military

  27. LOSFA Administered Programs TOPS START Saving Program TOPS Tech Early Start Program Chafee Educational Training Voucher (ETV) Program Safer Volunteer Firemen’s Tuition Reimbursement Early Start Go Grant LA LEAP Grant Rockefeller State Wildlife Scholarship Health Care Educator Loan Forgiveness

  28. Campus-Based Federal Aid Programs www.studentaid.ed.gov • FSEOG • Academic Competitiveness Grant • National SMART Grant • Federal Work Study • Pell Grant • TEACH Grant • Iraq & Afghanistan Service Grant • Federal Perkins Loans • Direct Loans

  29. Institutional Aid • Each institution has its own merit-based scholarship programs • Many schools have their own need-based aid programs • Investigate aid opportunities early • Each institution has its own aid application process and deadline • Upperclassmen should also check with their department for aid opportunities for students in a specific major

  30. Private Aid • The best source of information on private aid is the Internet. There are numerous free scholarship search services available • See LOSFA website Useful Internet Links page or Surfing the Web for a listing • Private aid can be based on merit or financial need • Providers of private aid include companies, civic organizations, religious organizations, clubs, etc.

  31. Military Educational Opportunities G.I. Bill Education benefits for service members who have served on active duty for 90 or more days Up to 100% Tuition and Fee Coverage Monthly Living (Housing) Stipend Up to $1000 a year for Books and Supplies Loan Repayment Program Individuals enrolled in the LRP earn 33 1/3 percent or $1,500, whichever is greater, toward the remaining original unpaid principal on all qualifying loans for each successfully completed year of enlisted active duty up to $65,000

  32. Military Educational Opportunities ROTC Scholarships In exchange for a service commitment, the Reserve Officers' Training Corps (ROTC) scholarships pay for almost all tuition, fees and books charges for four years of college Louisiana National Guard Tuition Exemption Waives the cost of tuition only for Louisiana Army and Air National Guard soldiers attending a Louisiana institution

  33. START:Parents of all students

  34. www.osfa.la.gov START Saving Program • The START Saving Program is an Educational Savings Account and is recognized as a Qualified Tuition Program under section 529 of the Internal Revenue Code • START provides an opportunity for all families, regardless of economic status, to have a professionally managed Education Savings Account

  35. www.osfa.la.gov Eligible Programs & Institutions • START funds may be used for: • Undergraduate Programs • Graduate Programs • Professional Programs • START funds may be used to pay the qualified higher education expenses at: • Any accredited college or university, in-state or out-of-state • Louisiana Technical College (all campuses) • Eligible Louisiana proprietary schools

  36. www.osfa.la.gov Qualified Higher Education Expenses • Tuition & Fees • Room & Board • Books & Supplies • Special Needs Services

  37. www.osfa.la.gov Account Ownership • Accounts may be opened by anyone who wishes to assist a designated Beneficiary in paying for their college education • Category I – Parents, grandparents, court-ordered custodians, and persons claiming the Beneficiary as a dependent on their federal tax return • The account owner or Beneficiary must be a Louisiana resident • Category II – Members of the Family: Brothers, sisters, aunts, uncles, spouses, in-laws, step-parents, step-siblings and first cousins of the Beneficiary • The account owner or the Beneficiary must be a Louisiana resident

  38. www.osfa.la.gov Account Ownership • Category III – Independent Student • Must be a Louisiana resident • Category IV – Other persons or juridical entities • Beneficiary must be a Louisiana resident • Category V – Other persons or juridical entities who are Louisiana residents • Non-resident Beneficiary • Category VI – Philanthropists opening accounts on behalf of a needy student • Provides a higher state match for irrevocable deposits • The Adjusted Gross Income (AGI) of the Beneficiary’s family must be less than $30,000, or the Beneficiary must be eligible to participate in the free school lunch program • Beneficiary must be a Louisiana resident

  39. www.osfa.la.gov Opening a START Account • START accounts may be opened online or by paper application • Accounts may be opened for Beneficiaries at any age at any time during the year • The Beneficiary must have a Social Security Number • There is no limit to the number of accounts which can be opened for a Beneficiary • The sum of funds in all accounts may not exceed the Maximum Allowable Account Balance for a Beneficiary • Currently: $248,300

  40. www.osfa.la.gov Earnings Enhancements • As an incentive to save, the state of Louisiana matches a portion of the Account Owner’s annual deposits until the Earnings Enhancement Cap is reached • Category I, II, and III accounts receive Earnings Enhancements of 2% to 14% of annual deposits, determined by the adjusted gross income (AGI) of the account owner • Category IV accounts receive a 2% Earnings Enhancement • Category VI accounts receive a 2% to 14% Earnings Enhancement based on the AGI of the Beneficiary’s parents • Category V accounts are not eligible for Earnings Enhancements

  41. Earnings Enhancement Ratesfor Category I, II, III & VI Accounts

  42. TOPS:Parents & Students of Grades 9, 10, 11, 12

  43. Opportunity, Performance & Honors Awards • GPA on a 4.00 scale (not rounded) on 17.5 core units • Must complete the 17.5 core classes • Maximum of eight semesters or twelve quarters • A TOPS award may be combined with other forms of financial aid up to the “Cost of Attendance” for the institution • Provides amount equal to tuition to a public school in Louisiana or the average cost of a public education tuition to a private school • ($1515 per semester for 2010-2011)

  44. TOPS Awards • Opportunity Award (tuition amount) • 2.50 core curriculum GPA on a 4.00 scale • A minimum score of a 20 on the ACT (940 SAT) • Performance Award (tuition plus $400 stipend) • 3.00 core curriculum GPA on a 4.00 scale • A minimum score of 23 on the ACT (1050 SAT) • Honors Award (tuition plus $800 stipend) • 3.00 core curriculum GPA on a 4.00 scale • A minimum score of 27 on the ACT (1210 SAT)

  45. TOPS Tech Award • Eligibility Requirements • 2.50 core curriculum GPA on a 4.00 scale • A minimum score of 17 on the ACT (810 SAT) • Completion of one of the Tech Core Option curriculums or the OPH curriculum • Award Amounts • Amount equal to full time tuition at any LA Technical college or community college if the student is enrolled in a 2-year Tech program • Can be used for a maximum of 2 years/4 semesters • Any Cosmetology school in Louisiana which has a current certificate of registration issued by the State Board of Cosmetology • Any accredited proprietary school which has a valid license issued by the Louisiana Board of Regents

  46. TOPS Application • Apply Jan 1 – July 1 • FAFSA (Free Application for Federal Student Aid) – www.fafsa.ed.gov • Must be completed if the student is eligible for federal grant aid (Pell Grant) • Must be completed if the student is seeking any other form of financial aid • The only application needed for TOPS

  47. TOPS Processing Cycle • STEP 1 – Student takes ACT • ACT scores are sent to LOSFA electronically • STEP 2 – Student files FAFSA (Jan 1-July 1) • FAFSA data is sent to LOSFA electronically • STEP 3 – Student completes 17.5 core units prior to high school graduation • Academic Records from the high schools are sent to LOSFA electronically • STEP 4 – Student is determined eligible for TOPS • Students will be mailed an award letter (by mid-July) • College will see student online at TOPS Master Roster • STEP 5 – College will send LOSFA a bill • Students enrolled full-time through the 14th class day

  48. TOPS Award Status • Students eligible for a TOPS award will be notified by means of an official award letter from LOSFA • TOPS recipients should familiarize themselves with the Rights and Responsibilities included with their award letter • TOPS recipients are personally responsible for knowing and complying with the TOPS continuation requirements • Students can check their TOPS award status online by creating a TOPS Portal Account at www.osfa.la.govafter June 1, 2010

  49. Award Acceptance • Must enter an eligible institution as a full-time student by the first semester following the first anniversary of high school graduation • Military Students – join the Armed Forces on active duty within one year of high school and must return by the fall following the 5th anniversary of high school graduation • TOPS Recipients serving in the National Guard will receive: the tuition exemption equal to the TOPS award amount; any applicable TOPS stipend; $600 annually for books and supplies • Returning Out of State Students • Graduate Study • Summer Sessions

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