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FINANCIAL AID 101

FINANCIAL AID 101 How am I going to pay for college? College is affordable when you have the right information! 2 Key Factors that determine a financial aid award Grades income 3 Parts to a financial aid award Will I be eligible for student Loans?

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FINANCIAL AID 101

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  1. FINANCIAL AID 101

  2. How am I going to pay for college? College is affordable when you have the right information!

  3. 2Key Factors that determine a financial aid award • Grades • income

  4. 3 Parts to a financial aid award

  5. Will I be eligible for student Loans? • If I’m eligible, Will I have to take out student loans to pay for college? • When do I repay the loan? • will the payment be high? • Who is responsible for the loans, me or my parents?

  6. Cal State University financial aid award Financial aid award (+) Grants & scholarships: $7,576 Work study: $0 loans: $1800 total B: $9,376 Cost of attendance (-) Tuition & Fees: $4,058 Books: $1,200 total A: $6,258 PROFILE Name: elsa H.S.: ganesha G.P.A.: 3.0 Family Income: $35,000 College: Cal Poly Pomona Cost of attendance-financial aid award=+3118 PARENT CONTRIBUTION: $0 STUDENT CONTRIBUTION: $1800X4=$7,200

  7. Cal State University financial aid award Financial aid award (+) Grants & scholarships: $10,354 Work study: $0 loans: $4,000 total B: $14,354 Cost of attendance (-) Tuition & Fees: $4,058 Room & Board: $9,240 Books: $1,200 total A: $14,498 PROFILE Name: Raquel H.S.: Don Lugo G.P.A.: 3.6 Family Income: $30,000 College: Cal Poly Pomona Cost of attendance-financial aid award=-144 PARENT CONTRIBUTION: $144X4=$ 576 STUDENT CONTRIBUTION: $4000 X 4=$16,000

  8. Retail value $50,000 http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

  9. University of california financial aid award Financial aid award (+) Grants & scholarships: $18,201 Work study: $1,840 loans: $1,200 total B: $21241 Cost of attendance (-) Tuition & Fees: $9,141 Room & Board: $10,900 Books: $1,200 total A: $21241 PROFILE Name: Lizbeth H.S.: garey G.P.A.: 3.8 Family Income: $25,000 College: UC Riverside Cost of attendance-financial aid award=$0 PARENT CONTRIBUTION: $0 STUDENT CONTRIBUTION: $1200 x 4=$4,800

  10. Selective private college financial aid award Financial aid award (+) Grants & scholarships: $45,575 Work study: $1,325 loans: $0 total B: $46,900 Cost of attendance (-) Tuition & Fees: $34,884 Room & Board: $10,816 Books: $1,200 total A: $46900 PROFILE Name: Ernesto H.S.: ganesha G.P.A.: 4.3 Family Income: $30,000 College: Swarthmore Cost of attendance-financial aid award=$0 PARENT CONTRIBUTION: $0 STUDENT CONTRIBUTION: $0

  11. $4000 each summer to travel anywhere in the world http://www.youtube.com/watch?v=8LgKU8SMqm0

  12. BRIGHT Prospect alumni UC Berkeley California POMONA h.s. $ 90,000 MIT Massachusetts GANESHA H.S. $ 180,000 BRYN MAWR PENNSYLVANIA GAREY h.s. $ 180,000 Uc san diego California ganesha h.S. $ 85,000 bowdoin College maine $ 190,000

  13. HOW DO I APPLY FOR FINANCIAL AID? • Fafsa (FREE APPLICATION FOR FEDERAL STUDENT AID) • CSS PROFILE (College Scholarship Service) • When do I apply for financial aid? • Senior year of high school

  14. EARNING THE GRADE! What is an “A” worth in high school? Up to $4,000 What is an “B” worth IN HIGH SCHOOL? UP TO $ 3,000

  15. TEST YOUR FINANCIAL AID KNOWLEDGE! WHAT ARE THE 2 KEY FACTORS IN DETERMINING A FINANCIAL AID AWARD? WHAT ARE THE 3 CATEGORIES OF FINANCIAL AID AWARD? WILL I HAVE TO TAKE OUT LOANS? WHEN DO I PAY BACK MY LOANS? WHEN DO I APPLY FOR FINANCIAL AID? WHAT FORMS DO I FEEL OUT? 4/40 RULE!

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