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Paying for College

Paying for College . Revised 8/2013. Agenda. College Costs: Education Pays. Postsecondary education creates more job stability. 8.3 . 7.7 . 6.8. 6.2. 4.5. College Costs: Education Pays. Postsecondary degrees lead to greater weekly earnings.

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Paying for College

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  1. Paying for College Revised 8/2013

  2. Agenda

  3. College Costs: Education Pays Postsecondary education creates more job stability 8.3 7.7 6.8 6.2 4.5

  4. College Costs: Education Pays Postsecondary degrees lead to greater weekly earnings Source: Bureau of Labor Statistics, Current Population Survey, 2013.

  5. College Costs

  6. College Costs: Terms Cost of Attendance/Budget: what the college estimates an academic year of school should cost for the average student.

  7. College Costs: Cost of Attendance ?

  8. College Costs: 4-year Public Schools

  9. College Costs: 4-year Private Schools

  10. College Costs: 2-year and Vocational Schools

  11. College Costs: Other Costs • How long will it take to graduate? • What will my job prospects be like once I graduate? • What will my earning potential be once I graduate? • What can I do to lower the cost of attendance? • What kind of financial aid can I get?

  12. Agenda

  13. Money: Financial Aid = Paying for College Family Financing

  14. Money: Financial Aid Hierarchy *Need-based *Available to everyone *On financial aid award letter High High • Gift Aid: Grants COST AVAILABILITY Low/No Low

  15. Money: Scholarships and Grants

  16. Money: Scholarships • TO • Academics • Athletics • Community involvement • Leadership • Interests • Hobbies • Demographic • Field of Study • Family heritage • Income • School choice • Where you live • Where you’re from • Contest • Raffle • Essay • Portfolio • Affiliation • Beliefs and passions • Participation • Extra-Curricular • Skill • Birthday • FOR • School • Company • Organization • Individual • FROM • YOU

  17. Money: Work Study

  18. Money: Federal Loans

  19. FEDERAL LOANS *Limited loan forgiveness & deferment programs available

  20. Money: Private Loans • Variable interest rates • Large loans sometimes required to access lower interest rates • More fees • Risky grace periods • Lack the options of government loans: repayment, deferment, forbearance, forgiveness, consolidation Exhaust federal loan options first. Only take out private loans as a small, short-term option.

  21. Money: Other Options • Transferring from community college • Western Undergraduate Exchange (www.wiche.edu) • Deferring • Part-Time Enrollment • Working • Budgeting • HOPE & Lifetime Learning tax credits • Individual Development Accounts (www.cfed.org) • Government Programs • Peace Corps • Americorps • Military Service

  22. Agenda

  23. Getting It: Financial Aid = Paying for College Family Financing

  24. Getting It: Scholarships • TheWashBoard.org • Studentaid.ed.gov • Finaid.org • Scholarships360.org • ScholarshipJunkies.com • Collegeboard.com • Scholarships.com • Petersons.com • Zinch.com • ScholarshipExperts.com • Fastweb.com

  25. Intro to the FAFSA

  26. Aid

  27. Review: Resources • Your College Financial Aid Office!!! • Financial aid information: • www.finaid.org • Free Application for Federal Student Aid: • www.fafsa.gov • Federal student aid: • www.studentaid.gov • College Bound: • http://www.wsac.wa.gov/PreparingForCollege/CollegeBound • College Affordability and Transparency Center: • www.collegecost.ed.gov

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