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The End of Free Education . How am I going to pay for college? . How am I going to pay for college?. When we were younger (and maybe more naïve), we really didn’t have to think much about this question; did we? We just assumed that college would somehow magically pay for itself. .
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The End of Free Education How am I going to pay for college?
How am I going to pay for college? When we were younger (and maybe more naïve), we really didn’t have to think much about this question; did we? We just assumed that college would somehow magically pay for itself. One of the best things you can do now is to take the time to think this through before you actually go to college. Otherwise, you may look up in four years and find yourself with an entry-level job and a very expensive school bill that needs to be paid.
Take the time now to plan out how you will pay for college. Create a pie chart on your handout – consider all the sources that you might have available.
Consider this…. • 7 in 10 college seniors (71%) who graduated last year had student loan debt, with an average of $29,400 per borrower. • From 2008 to 2012, debt at graduation (federal and private loans combined) increased an average of 6% each year Student loans are an investment in your education but if you graduate from college with several thousands dollars in student loan debt and no way to pay it off, that’s a bad start to the real world. With that in mind, let’s explore other options beyond loans to help pay for college…
Ways to Pay for College • FAFSA – financial aid (grants and loans) • Community Colleges • Work Study Programs • AP & CLEP tests • Scholarships
FAFSA(Free Application for Federal Student Aid) The FAFSA is the single largest source of financial aid available, so you definitely need to fill out this form. The government will use this information to determine your eligibility for federal student aid including Pell grants, Stafford loans, PLUS loans, and work-study programs. • You can fill out the FAFSA anytime after January 1st. • It is best if your parents file their taxes first and then 2 weeks later you complete the FAFSA • Be sure to check with your school about financial aid deadlines and have the FAFSA completed before the deadline.
FAFSA(Free Application for Federal Student Aid) If you or your parents have not attended an information night on the FAFSA you might want to do so. Remember that you can attend any meeting in the district. The information and flyer are posted on the CCR webpage.
Community College If you are planning on attending a 4 year college, you might consider getting your general education classes knocked out at a local community college. You will almost always find it to be much less expensive, and the classes can often transfer. • Be sure to check with the school you are planning on attending to be sure that the classes will transfer. • You need to apply now – the application will be good for the year
Work Study Programs Many colleges offer some type of work study program where you can have a part-time job on campus that helps contribute towards the cost of your education. These jobs on campus usually work around a student’s classes and they have the same breaks as the students. • Mark on your FAFSA that you are interested in the work study program • Check with the financial aid office of the college you are interested in to see what they have available for students.
AP & CLEP tests These are two great ways to earn college credit and save money while still in high school. AP (Advanced Placement) and CLEP (College Level Examination Program) are programs that allow you the opportunity to receive college credit for what you already know by earning qualifying scores on various tests. Consider the path taken by Meghan Price of Gainesville, Georgia. Because she scored well on the six AP subject exams she took in high school, she was able to enroll as a college sophomore for her first year at the University of Massachusetts in Boston. By spending three years on campus instead of four, she will save between $32,000 and $34,000.
Scholarships The best kind of money if FREE money!! While getting scholarships and grants for college is not extremely difficult, it does require a major investment on your part: TIME. You have to take the time to not only find the scholarships and grants that you are eligible for, but also take the time to apply for them. Think of it this way though: If it takes you an hour to apply and you get a $5000 scholarship as a result, that’s a pretty good payday considering how little time you put into it! Do you know a job that pays $500 an hour?
Scholarships Did you know that there were $63 billion in grants awarded last year? That is A LOT of money available! So how do you get your hands on some of this money? Three simple steps… • Find It • Apply For It • Spend It Wisely
Scholarships Step 1 – Find It This is a little like you are mining for gold or that you’re a bargain hunter who has to browse through piles of items to find the buried treasure you’re looking for. While it may seem overwhelming, remember it’s worth the time. Scholarships are given out for a variety of reasons ranging from the major categories: - academics - athletics - interests - parent’s employer / company - community involvement - ethnicity So where do you look…
Where to look? Online There are tons of scholarship searches online that are worth your time to look into. When looking online be sure to avoid the scams.
Don’t Be Fooled Scammers will steal personal information and even money by using the promise of funds for college. Here are some warning sings: • “The scholarship is guaranteed or your money back” No one can make such a guarantee, and refunds often have strings attached • “You can’t get this information anywhere else” Legitimate scholarships are not kept secret • “I just need your credit card or bank account number to hold this scholarship” Never give out this information to anyone calling you. It may be a setup for identity theft • “We’ll do all the work” Don’t be fooled. You must do the work of finding and applying for scholarships yourself. • “This scholarship will cost money” Don’t pay anyone who claims to be “holding” a scholarship for you • “You’ve been selected by a national foundation” or “You're a finalist in a competition” If you don’t recognize the name of the foundation and never applied for the competition, it’s a scam.
http://www.rphsccrcenter.weebly.com CCR website Scholarship Page
http://www.rphsccrcenter.weebly.com CCR website Scholarship Page
Where to look? Corporations Almost all of the major corporations you’ve heard of and whose products you use offer scholarships. From Coca-Cola to Microsoft, they all have scholarships available. For them, it is an opportunity to not only advertise their brand but also to possible attract future employees to their company. Many of these are listed on the CCR webpage but you can find more if you look.
Where to look? Local Businesses Realistically, you may have a better chance earning a scholarship from a local company than from a national corporation, but it is smart to check both options. If you know what field you plan on going into, call local businesses in that industry to see if they offer any scholarships, or if they would be willing to help fund any of your education.
Where to look? Area Clubs & Groups There are several local civic groups and organizations in your area that offer scholarships. Groups like Rotary Clubs, Lion’s Club, and Jaycees all offer scholarships. Visit your Chamber of Commerce, browse the phone book or the internet, and scan your local newspaper to find some of these local groups.
Where to look? Professional Associations Just like the strategy for working with local businesses, if you know what type of work you want to pursue, look into the various professional associations to see what kinds of scholarships they offer to students going into that field. Associations for journalism, engineering, psychology, and marketing are just a few of the many industry organizations that can provide you with scholarship options.
Where to look? Religious Institutions Check not only with your own church but also with other area churches. While some require you be a member, others just want to help support area youth, so it never hurts to ask.
Where to look? Your Parents Check with your parents’ employers or labor unions to see if they offer scholarships to children of their employees. Also, ask if any of the clubs and organizations they belong to offer scholarships.
Scholarships Step 2 – Apply For It Things to know • Every Application is Different • Every Dollar Matters • It’s a Numbers Game
Every Application is Different Some are just a simple one page form you have to fill out. Others require an essay, recommendation letters, etc. Make sure you know exactly what you need to do to apply. Some have a set deadline and some are ongoing. Be sure to pay attention to deadlines!!
Every Dollar Matters It is easy to overlook the $250 and $500 scholarships because they don’t seem worth your time. However, because many students think of it this way, you may have a better chance of getting these scholarships. Plus, every dollar in scholarships you get is that much more you do not have to take out in loans or pay for out of pocket. Try for them all no matter the amount – it adds up!
It’s a Numbers Game To some degree, applying for scholarships is a numbers game. You are smart enough to know that the more scholarships you apply for, the more likely you’ll be to receive some. But that also means being strategic and figuring out which ones best fit you and your qualifications.
Scholarships Step 3 – Spend it Wisely Every scholarship is different, so make sure you know exactly what each one is for. Some scholarships are open-ended, and may be spent on whatever educational expenses you have, ranging from tuition to books. Others are a little more specific and may be used for only certain expenses. On top of that, find out if the scholarship is a one-time award or if it is renewable, which means you could receive that scholarship each year you are in college. If it is renewable, make sure you know what you need to do to keep getting the money. Do you need to maintain a certain FPA? What happens if you change your major?
