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Paying for College

Paying for College. Holly Franquet The College Place--CT. Today’s Topics. 1. 2. What is financial aid?. How do I get financial aid?. What is Financial Aid?. Money provided to students and families to help pay for postsecondary educational expenses. Types of Financial Aid.

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Paying for College

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  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? 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: Work while you study • Loans: Must be paid back

  5. 1a. Federal Grants Pell Grant: Up to $5,550 Supplemental Educational Opportunity Grant: Up to $4,000 TEACH grant: Up to $4,000

  6. 1b. Connecticut Grants • CT Aid for Public College Students: Up to amount of unmet need • CT Independent College Student Grant Program: Up to $8,166/year • CT Minority Teacher Incentive Grant: Up to $5,000/yr. for juniors & seniors + loan reimbursement for teaching in CT • Weisman Teacher Scholarship: Same as above for math/science teachers

  7. 1c. Institutional Grants Based on… • Merit: A reward for being a good student whether or not you need the money. • Need: You have financial need. • Other factors: The college wants you for another reason (diversity, athletics, etc.).

  8. 2. Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill, or unique characteristic

  9. Scholarship Sources • Foundations (Ex: Bill & Melinda Gates Foundation) • Businesses (Ex: Best Buy, Target) • Employers (Ex: Fairfield U., St. Vincent’s Hospital) • Civic organizations and charities (Ex: Rotary Club, AAUW)

  10. Sample Scholarships • Fairfield County Community Foundation: Multiple scholarships. Minimum 2.7 GPA for most awards. $500-$5,000. • National Action Council for Minorities in Engineering: Support for students at partner universities. • Tall Clubs International: Up to $1,000 • Olive Garden: $2,500 savings bond & 3-day trip to NYC • 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 Don’t pay anyone to find scholarships for you!

  12. 3. Federal Work-Study Federal money that is given to colleges to employ students • At least minimum wage • Work on or off campus • Earn up to a maximum per year

  13. 4. Loans • Money that students or parents borrow to pay college costs • Federal and private • Repayment usually begins after education is finished. • Loans are an investment in your future, but… • Only borrow what you need!

  14. Types of Loans Direct Stafford Loan: Max $5,500 for 1st yr. • Subsidized: 3.4% undergrad • Unsubsidized: 6.8% Perkins Loan: Max $5,500/yr. @ 5%. Direct PLUS Loan: 7.9% for parents. Private loans: Highest interest rate Direct Stafford Loans: subsidized (better) & unsubsidized

  15. Loan Forgiveness Perkins Loan: Cancellation of up to 100% for certain public school teachers (1-5 years of service). Public Service Loan Forgiveness: Cancellation of remaining loan for public service employees who have made 120 on-time payments.

  16. How do I get financial aid?Fill out the FAFSA! • FAFSA = Free Application for Federal Student Aid • The only way to get financial aid! • Available every year on January 1. • English and Spanish versions • www.fafsa.gov

  17. FAFSA Advice • Get student’s Social Security number, date of birth, and tax return. • Students under 24: Get parents’ Social Security numbers, dates of birth, marriage date, and tax return. • Enter up to 10 colleges. • Know the priority deadlines for your state and colleges. (CT = Feb. 15, 2012.) • Submit it NOW and make corrections later!

  18. Get a FAFSA PIN! PIN = Personal Identification Number • A PIN lets you sign your FAFSA online. • If you are under 24, your parent must sign with a PIN, too. • Use the same PIN every year.

  19. 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.

  20. Where do you get FAFSA assistance? • Guidance counselor • The College Place-CT • College Goal Sunday: Jan. 29, 2012(CollegeGoalSundayCT.org)

  21. Cost of Attendance Compare public, private, & community college: Uconn Fairfield university • Tuition: $8,256 • Fees: $2,414 • Room & board: $11,050 • Books & supplies: $850 • Total: $22,570 CT COMM. COLLEGES • Tuition: $3,096 • Fees: $394 • Total: $3,490 • Tuition: $39,990 • Fees: $590 • Room & board: $12,210 • Books & supplies: $1,100 • Total: $53,890 Don’t forget! Transportation: $800 Personal expenses: $900

  22. Financial Need = COA - EFC Cost of Attendance (COA): Tuition & fees, room & board, books & supplies, transportation, personal expenses, loan fees, etc. Expected Family Contribution (EFC): The amount, determined by the FAFSA, that your family can afford to pay for college.

  23. A Sample Award Letter COA: $22,000 EFC: - $3,000 Total financial need: $19,000 ☐University Merit Scholarship $4,000 ☐Federal Pell Grant $4,000 ☐Federal Supplemental Grant $1,000 ☐CT State Aid $1,500 ☐Work-study $1,500 ☐Federal Stafford Loan $5,500 ☐Cat Lover’s Scholarship $1,000 ☐Dog Lover’s Scholarship $ 500 TOTAL FINANCIAL AID: $19,000

  24. Comparison Shopping Just an example…amounts will vary! College #1 College #2 • $25,000 COA • -$0 EFC • $25,000 FIN. NEED • -$5,500 PELL GRANT • -$1,500 WORK-STUDY • -$3,500 UNIV. SCH. • -$5,500 STAFFORD LOAN • -$4,000 CT STATE AID $5,000 REMAINDER • $50,000 COA • -$0 EFC • $50,000 FIN. NEED • -$5,500 PELL GRANT • -$2,000 WORK-STUDY • -$30,000 UNIV. SCH. • -$5,500 STAFFORD LOAN • -$3,000 CT STATE AID • -$1,000 FED. SUPP. GRANT • -$3,000 PERKINS LOAN $0 REMAINDER

  25. CT Community Colleges • SCHOOL YEAR 2011-12 • PELL GRANT (MAX.) $5,550 • TUITION & FEES (F/T) - $3,490 • BOOKS - $1,000 • REFUND TO STUDENT $1,060 • The maximum federal Pell grant covers tuition, fees, • & books for full-time community college students. • Refunds are distributed each semester.

  26. The College Place-CT Housatonic Community College 900 Lafayette Blvd., B-110 Bridgeport, CT 06605 203-335-0381 / 866-326-2827 www.ecmcfoundation.org Holly Franquet: hfranquet@ecmc.org Facebook: Holly Thecollegeplace Facebook page: The College Place-CT The College Place is sponsored by the ECMC Foundation.

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