PLANNING FOR LIFE AFTER HIGH SCHOOL GRADUATION

1. PLANNING FOR LIFEAFTER HIGH SCHOOL GRADUATION Presented by: Connie Corcoran Associate Director Student Financial Aid Emporia State University

2. Why Is A College Education So Important to Me? • Personal reasons • Professional reasons • Financial reasons • Statistics show that higher levels of educational attainment are directly associated with higher levels of income

3. Why Is Finishing School So Important to Me?

4. ASK YOURSELF THESE QUESTIONS • What are your financial goals? • What are your educational goals? • What are your career goals? • http://www.salary.com/ • http://www.bls.gov/oco/

9. HOW TO….. • Plan for College • Find a College • Pay for College • Check out this website • http://www.collegeboard.com/student/index.html?student

10. PLAN FOR COLLEGE • The toughest part of planning something is finding out where to start. • Take college prep classes • Develop and fine tune study skills • Senior Action Plan • Make a master calendar so you don’t miss important dates and deadlines

11. FIND A COLLEGE • Choosing a college is a big decision. • There's no such thing as a "perfect" school. • Explore your interests and take the time to find the college that's right for you. • Check size of college • Location of college • Do they offer the degree you wish to obtain? • What about campus life? • Cost???

12. WHERE TO START • Research Your College Options • Types of Colleges • Private, Public, 2-year, 4-year, Vocational, Community College • Your College Degree Options • College Costs and Financial Aid • Campus Life • College Visits • Virtual Visits

13. PAY FOR COLLEGE • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • Loan fees Each school determines their yearly COA to include:

14. COMPARE COSTS

15. WHAT IS FINANCIAL NEED? • Cost of Attendance (COA) • – Expected Family Contribution (EFC) • FAFSA requires information from the 2010 Federal tax return, which includes various asset information from both parent(s) and student • Various percentages from parent and student income and assets, household size, number in college determine EFC. = Financial Need

16. COA - EFC = NEED

17. FEDERAL AID • Complete the 2011-12 Free Application for Federal Student Aid (FAFSA) • Available online at www.fafsa.gov after January 1 • Pre-application worksheet available from your high school counselor in January or you can download it from www.fafsa.gov

18. FAFSA on the Web • Web site: www.fafsa.gov • Don’t be scammed – use only this site • 2011-2012 FAFSA available on or after January 1, 2011 • Call toll free 800-433-3243 for paper FAFSA • Pre-Application Worksheet& built-in edits to help prevent costly errors • Available from HS Counselor • RENEWAL FAFSA for next year’s application will use same PIN

19. PIN Registration • Web site: www.pin.ed.gov • Not required, but speeds processing • Keep PIN in safe place • Can get PIN anytime • PIN acts as electronic signature • Both student and parent need a PIN

20. Principles of Federal Need Analysis • To extent they are able, parents have primary responsibility to pay for dependent child’s education • Students also have a responsibility to contribute to their educational costs • Families are evaluated on their previous year’s financial information • A family’s ability to pay should be evaluated in an equitable and consistent manner, recognizing that special circumstances may affect ability to pay

21. Independent Student Definition • At least 24 years old by December 31 of award year covered by the FAFSA; • Graduate or professional student; • Married; • Has children or dependents (other than a spouse) for whom the student provides more than half support; • Orphan or ward/dependent of the court; • Veteran of U.S. Armed Forces or currently serving on active duty (for other then training purposes) in the Armed Forces; or • Determined to be “independent” by financial aid administrator based on unusual circumstances

22. Federal Programs • PELL GRANT • SUPPLEMENTAL GRANT • WORK STUDY • TEACH GRANT • Really an unsubsidized loan until teaching agreement to serve is fulfilled • PERKINS LOAN • DIRECT STAFFORD LOAN • Subsidized • Unsubsidized

23. FEDERAL STAFFORD LOANS • Subsidized: Must demonstrate “need” • Unsubsidized: Not based on “need” • Base annual loan limits (combined subsidized and unsubsidized): • $3,500 for 1st year undergraduates • $4,500 for 2nd year undergraduates • $5,500 for each remaining undergraduate year • Fixed interest 6.8% - Unsubsidized • Subsidized – 4.5% in 10-11; 3.4% in 11-12;12-13 6.8% unless legislative action is taken

24. What Happens Next? • FAFSA processed by federal processor • (allow 3-4 weeks for paper app & 1-2 weeks for web app) • Student receives Student Aid Report (SAR) • EFC & Data Release Number • (DRN) can be used to make some changes over the phone with the federal processor • Remember to apply for Admission • Meet your colleges priority deadline

25. What is Verification? • Government selects 1/3 of applicants • Some schools do 100% verification • School needs copy of parents’ & student’s tax return & copies of all supporting W2’s • May need copies of other documents • Respond to all requests for information • Call, when you have questions

26. Your Award Notification • Depending on institutional policy, you may receive notification of your awards via US Mail or you may receive them electronically • Most awards are based on full-time enrollment. If you are not attending full-time, notify the financial aid office so they may revise your aid • Accept or decline awards • If you decline or reduce your loans now and you decide later you need additional funds, contact the financial aid office. You may still have eligibility for additional funds. • Revisions

27. How do I find out about other scholarship opportunities? • CHECK WITH EACH SCHOOL YOU ARE CONSIDERING ATTENDING • Academic Scholarships • Based on grades, ACT scores, rank in graduating class • Departmental Scholarships • Based on college major; grades can make a difference • Activity Scholarships • Available for being involved on college campus • Grades not necessarily a factor (choir, band, SGA, etc.) • Athletic Scholarships/Grant-In-Aid • For participation in athletic activities

28. Are There Any Other Resources? • CHECK WITH YOUR COUNSELOR ON A REGULAR BASIS • Private business scholarships (e.g., Wal-Mart, Gates Foundation, etc.) • Civic organization scholarships (e.g., PTA, Elks Club, Lions Club, American Legion, etc.) • Churches • Parents employers • Jones Educational Foundation

29. Private Scholarship Search Free Internet scholarship search engines: • FinAid on the Web: www.finaid.org • College Board: www.collegeboard.com • FastWeb: www.fastweb.com • GoCollege: The Collegiate Websource: www.gocollege.com

30. STATE OF KANSAS RESOURCES • Complete the 2011-12 State of Kansas Application • Available online at: http://www.kansasregents.org/student_financial_aid • Paper application available from your high school counselor perhaps late November • $12 application fee • Vocational Scholarship • Kansas Ethnic Minority Scholarship • Kansas Nursing Service Scholarship • Kansas Teacher Service Scholarship • Kansas State Scholarship • Kansas Comprehensive Grants – no application • Must file FAFSA by April 1

31. Tuition Voucher – $1000 • Reside in Lyon, Osage, or Coffey County high school after 2008 • Attend Emporia State University or Flint Hills Technical College • Be a full time student (12 hours or more) • Maintain 2.00 cumulative GPA • Complete 12 hours per semester • Educational Grant – • Need to complete the FAFSA and Jones Educational Grant Application Contact Jones Foundation – 620/342/1714

32. AVOID BEING SCAMMED • The Scholarship Fraud Prevention Act created a fraud-awareness partnership between the U.S. Department of Education and the Federal Trade Commission (FTC). For more information about scholarship scams or to report a scam, call the FTC toll free at 877-FTC-HELP (877-382-4357) or go to http://www.ftc.gov/bcp/conline/edcams/scholarship/

33. How will I be able to pay for college? • Start saving for your education now! • When you find a part time job – save half of your paycheck and put it in your college fund. • When you receive gift money – put half of it your college fund. • Apply for federal financial aid by completing the FAFSA each year after January 1

34. Questions??