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Financial Aid: Knowing the Options

Financial Aid: Knowing the Options. Taking A Closer Look At Types of Aid, Scholarships, and the Financial Aid Process. Value and Cost of Postsecondary Education. The Value of Higher Education. 3. Source: Bureau of Labor Statistics, Current Population Survey.

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Financial Aid: Knowing the Options

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  1. Financial Aid: Knowing the Options Taking A Closer Look At Types of Aid, Scholarships, and the Financial Aid Process

  2. Value and Cost of Postsecondary Education

  3. The Value of Higher Education 3 Source: Bureau of Labor Statistics, Current Population Survey

  4. Choosing the Right School For You

  5. Choosing Your School • Factors to Consider • Cost • Location • State, Region • Suburban, Urban, Rural • Size • Degree and Major Options • Religious Affiliation • College Navigator • www.nces.ed.gov/collegenavigator 5

  6. Financial Aid:Types and Sources

  7. Financial Aid Options • Scholarships • Local and National • Grants • Federal and State • Institutional • Work and Internships • Savings • Experience • Savings • It’s Never Too Late to Start • Federal Financial Aid • State of Indiana Financial Aid 7

  8. Scholarships • Money you DON’T have to repay! www.fastweb.com www.scholarships.com www.collegenet.com/mach25 www.collegeboard.com/scholarships • Ask around • Student’s Place of Employment, Parent’s Place of Employment, Guidance Counselor, Church Groups, Local Businesses, and Organizations • Balance • Spend a fair amount of time on small and large scholarship applications 8

  9. Make a Plan • Create Scholarship Resume • Think Baby Book for your High School Student • Apply to all that you are eligible for • Target List (list of scholarships that are coming up) • Start Writing Essays (Proofread) • Find Other Scholarships asking Same Question • Apply to 10, 20, or more using one base essay • Add experiences to your resume • Build Houses • Feed the Poor 9

  10. Grants • More $ you DON’T have to repay! • Federal or State Government • Pell and TEACH • Your College or University • Institutional Aid 10

  11. Work and Internships • Work • Generate Savings • References • Networking Opportunities • Internships • References • Networking Opportunities • Find the right career field 11

  12. Savings • It is less expensive to save for college than to borrow. • When you save, the money earns interest • When you borrow, you're paying the interest • Myth: Savings will prevent families from getting financial aid. • Truth: The federal formula that calculates a families EFC does not look at around $50,000 of parental assets for the average family. Savings tips: • Investigate Savings Plan Options • Including 529 College Savings Plans, Money Market Accounts, Regular Savings Accounts • Start a savings plan • Parents and Students • Make savings deposits regular • Automatic Deposits • Continue saving through college • Parents and Students 12

  13. Federal Title IV Programs • Federal Pell Grant (Max: $5,645) • Federal Supplemental Educational Opportunity Grant (FSEOG) ($1k – $4k) • TEACH Grant ($4,000) • Federal Work Study (FWS) • Federal Perkins Loan (5%) • Federal Stafford Direct Loan (3.86%) • Federal Parent Loan for Undergraduate Students (PLUS) (6.41%) 13

  14. State of Indiana Programs • Division of Student Financial Aid • www.in.gov/ssaci • Frank O’Bannon Grant Program • Higher Education Award • Freedom of Choice Award • 21st Century Scholars Program • The Mitch Daniels Early Graduation Scholarship • Child of Certain Veterans and Public Safety Officer Supplemental Grant

  15. Free Application for Federal Student Aid

  16. www.FAFSA.gov

  17. Other Resources • Fafsa4caster • www.fafsa4caster.ed.gov • Using FAFSA4caster, you and your family will receive an early estimate of eligibility for federal student aid and helps you better understand the financial aid process. • ISM College Planning Team • Outreach@ISMCollegePlanning.org 17

  18. How College Cost is Presented

  19. Net Price Calculators Provide estimates of Financial Aid Packages to help families make informed decisions Cost of Attendance – Gift Aid (Grants & Scholarships) = Net Price Colleges are required to include a net price calculator on their website 19

  20. Net Price Calculators http://collegecost.ed.gov/netpricecenter.aspx 20

  21. Next Steps

  22. What do I do now? Talk w/ Counselors SAT or ACT FAFSA4Caster Scholarships Applications (and Deadlines) Campus Visits College Fairs 22

  23. www.ISMCollegePlanning.org 23

  24. Like us on at: www.facebook.com/ISMCollegePlanning 24

  25. Follow us on at: @ISM_CollegePlan 25

  26. E-Newsletter Tips and advice to make educated decisions about paying for higher education News and information from the world of financial aid Links to free resources to help students, parents, and counselors 26

  27. Bill Wozniak Outreach@ISMCollegePlanning.org 317.416.2888

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