Paying for College

1. Paying for College Holly Franquet The College Place--CT

2. Today’s Topics 1 2 What is financial aid? How do I get financial aid?

3. What is Financial Aid? Any money provided to students and families to help pay for postsecondary educational expenses

4. Types of Financial Aid • Grants: Free money! • Scholarships: More free money! • Work-study: Jobs for students • Loans: Must be paid back

5. 1a. Federal Grants Pell Grant: Up to $5,645 Supplemental Educational Opportunity Grant: Up to $4,000 TEACH grant: Up to $4,000

6. 1b. Connecticut Grants • Governor’s Scholarship: • Need-Based Award up to $3,000 • Need/Merit Award up to $4,500 • CT Minority Teacher Incentive Grant/Weisman Teacher Scholarship up to $5,000 + loan reimbursement of up to $2,500 www.ctohe.org

7. 1c. Institutional Grants • Usually based on financial need • Could be for other reasons Remember that both grants and scholarships are free money!

8. 2. Scholarships Free money awarded based on… • Merit: A reward for being a good student whether or not you need the money. • Need: Financial need • Skill/talent: Athletic, artistic, leadership, etc. • Unique characteristic: ???

9. Scholarship Sources • Foundations • Businesses • Employers • Civic organizations and charities

10. Sample Scholarships • Fairfield County Community Foundation: Multiple scholarships. Minimum 2.7 GPA for most awards. $500-$5,000. FCCFoundation.org • National Action Council for Minorities in Engineering: Support for students at partner universities. • Tall Clubs International: Up to $1,000 • Big Y: 185 CT winners in 2013 BigY.com • LEAGUE Foundation: Up to $2,500 for LGBT students with a 3.0+ GPA & community service

11. Scholarship Websites studentscholarships.org collegeboard.com scholarships.com fastweb.com finaid.org Avoid scholarship scams: Don’t pay anyone to find scholarships for you!

12. 3. Federal Work-Study Federal money given to colleges to employ students with financial need • At least minimum wage • Work on or off campus • Earn up to a maximum per year • Average award is $1,500

13. 4. Loans Federal Direct Stafford Loan: Subsidized & unsubsidized: 3.86% Federal Perkins Loan: 5% Federal PLUS Loan (for parents): 6.41% CHESLA.org: 6.5% Private loans: Check rates & terms Loan forgiveness for public service employees www.StudentAid.gov Direct Stafford Loans: subsidized (better) & unsubsidized

14. How do I get financial aid? Available every year on January 1. www.fafsa.gov

15. What do I need for the FAFSA? Student: -Social Security number -Permanent resident number -Date of birth -Tax return, W-2, or cash earned Parent(s): -Social Security number(s) -Date(s) of birth -Mo./yr. if married, separated, divorced, or widowed -Tax return(s) Students under 24 MUST supply parents’ income information. Some exceptions apply.

16. FAFSA Advice • Know your college and state deadlines! • List up to 10 colleges at a time. • Apply for a PIN (student & one parent). • Read all emails from Federal Student Aid and colleges. REMEMBER… No financial aid is final until the college offers it and you accept it! Payment must be arranged before you can take classes.

17. Where can I get FAFSA assistance? • Guidance counselor • The College Place-CT • College Goal Sunday: Jan. 26, 2014(CollegeGoalSundayCT.org)

18. CSS Profile –Another financial aid form • Required by some private colleges and scholarship programs. • Available at www.collegeboard.com. • Fee: $9 for application & $16 per school. Waivers are automatic & based on income.

19. Financial Need = COA - EFC Cost of Attendance (COA): Tuition & fees + Room & board + Books & supplies + Transportation & personal expenses + Loan fees Expected Family Contribution (EFC): The amount, determined by the FAFSA, that your family can afford to pay for college.

20. Cost of Attendance Compare public, private, & community colleges: Uconn Fairfield university • Tuition: $9,256 • Fees: $2,766 • Room & board: $11,722 • Books & supplies: $850 • Total: $24,594 CT COMM. COLLEGES • Tuition: $3,360 • Fees: $426 • Total: $3,786 • Tuition: $42,320 • Fees: $600 • Room & board: $12,930 • Books & supplies: $1,150 • Total: $57,000 Don’t forget! ✔Transportation ✔Personal expenses

21. A Real Award Letter CT State University for On-campus Student Expected Family Contribution = 0 ☐Federal Pell Grant $5,645 ☐Federal Supplemental Grant $ 400 ☐University Grant $6,500 ☐Federal Stafford Loan $5,500 TOTAL FINANCIAL AID: $18,040 Direct costs: --Tuition, fees, room & board $19,715 Indirect costs: --Books $ 1,000 --Transportation/personal expenses $ 2,850 Cost of attendance $23,565

22. Another Real Award Letter Private University for On-campus Student Expected Family Contribution = 0 ☐Federal Pell Grant $5,645 ☐University Grant $8,200 ☐University Scholarship $13,000 ☐Federal Stafford Loan $5,500 TOTAL FINANCIAL AID: $32,090 Direct costs: --Tuition, fees, room & board $47,850 Indirect costs: --Books $ 1,000 --Transportation/personal expenses $ 1,400 Cost of attendance $50,250

23. CT Community Colleges • SCHOOL YEAR 2013-2014 • PELL GRANT (MAX.) $5,645 • TUITION & FEES (F/T) - $3,786 • BOOKS (est.) - $1,000 • REFUND TO STUDENT $ 859 • The maximum federal Pell grant covers tuition, fees, • & books for full-time community college students. • Refunds are distributed each semester.

24. Net Price Calculators • Required by the government • An ESTIMATE of your net cost • On each college’s website--sometimes hard to find • Variety of calculators: basic to complex • Sometimes helpful—sometimes not

25. Final Advice:What can we do now? • Have an honest family talk and make a plan. • Save what you can. • Apply for scholarships. • Cut expenses: cable, Internet, cell phone, dining out, clothing, bank/credit card fees.… • Get a job or a second job. • Attend the best fit college that offers the best financial aid package.

26. The College Place-CT Sponsored by the ECMC Foundation 900 Lafayette Blvd., B-110 Bridgeport, CT 06605 (203) 335-0381 (866) 326-2827 www.ecmcfoundation.org ConnecticutTCP@ecmc.org The College Place-CT