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Paying for College…

Paying for College…. Presented by Judy Swanson. 2012-2013 Average Tuition and Fees. Technical & Community Colleges $5,358 State Universities $7,658 University of Minnesota $13,526 Private Career Colleges $13,689 Private Colleges & Universities $33,373. Other Costs. Room and Board

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Paying for College…

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  1. Paying for College… • Presented by Judy Swanson

  2. 2012-2013 Average Tuition and Fees • Technical & Community Colleges $5,358 • State Universities $7,658 • University of Minnesota $13,526 • Private Career Colleges $13,689 • Private Colleges & Universities $33,373

  3. Other Costs • Room and Board • Books and Supplies • Transportation • Personal Expenses • Extra $10,000 to $15,000 on top of tuition and fees

  4. How do I know where to go? • Make the right choice • What do you want to accomplish? • What is your academic history? • Look for a good fit • Look for a good value • What can you afford? - How much support do you have? - How much are you willing to work? - How much are you willing to sacrifice? - How much are you will to borrow?

  5. How do I apply for admission? • Complete the college application form • Request high school transcript • Pay the application fee • Colleges waive fees to students in Free and Reduced Lunch Programs • Are you applying to a 2 year college? • Mail in application • Done! • After accepted you will take a placement test ie: Accuplacer

  6. How do I apply? • Are you applying to a 4 year college? • Submit ACT or SAT scores • Talk with counselor about dates and how to sign up • Request letters of recommendation • Adults who know you and can help show what you’ve accomplished and what kind of potential you have. Why they believe you should be accepted into college. • Coaches, teachers, counselors • People in your community, church, volunteer org. • Supervisors, mentors, leaders

  7. How do I apply? • Is an application essay required? • The essay is the best way to let the school know who you are individually. Who is the real you? • School may choose topic or you get to choose your own. • Make it personal! • Does the school require an interview? • Done!!

  8. How do I pay for college?

  9. Financial Aid Sources • Grants • Scholarships • Private • College • Government • Work-Study • Loans

  10. Federal Financial Aid Eligibility Criteria • Enrolled or accepted for enrollment in eligible program of study • Pursuing recognized credential • U.S. citizen or “eligible non-citizen” • Permanent residents with I-551 or I-551C card • Refugees, asylees, victims of human trafficking, T-Visa holders with I-94 card • High school diplomaor GED • Registered with Selective Service • Not convicted for sale of illegal drugs while receiving federal aid • Last three bullets don’t affect state financial aid

  11. Selective Service Registration • Male students 18-25 years old MUST register with the Selective Service • FAFSA on the Web interface with Selective Service system verifies student has registered • If not verified, student won’t be eligible until registered • Male student older than 25 who never registered will not be eligible for federal financial aid unless • Student can prove failure to register was “not knowing or willful”

  12. Register online at www.sss.gov • A valid Social Security Number is required for online registration. If you do not have a social security number, you must register at any U.S. Post office by filling out a card, signing and mailing it. • If you are an immigrant male (documented or undocumented) living in the United States, age 18 through 25, you are required to register. Non-immigrant males living in the United States on a valid visa are NOT required to register. • EARLY SUBMISSION OF INFORMATION: If you are a man who is at least 17 years and 3 months old, you may complete this form to submit your registration information. The information will be held on file and processed automatically when you are within 30 days of your 18th birthday, at which time we will mail confirmation to you.

  13. FAFSA on the Web (FOTW) www.fafsa.gov • Apply • Retrieve IRS data • Reapply • Apply for PIN • Find college codes • Check status of FAFSA • Make corrections • Add additional colleges • Print SARs

  14. Need Varies Based on Cost

  15. FAFSA data that tends to have the most impact on EFC calculation Dependent Student • Parents’ income and assets • Household size • Number of dependents attending college • Student’s income and assets • Value of primary home and retirement savings do not factor in to the EFC.

  16. FAFSA tips Students name and SSN must be accurate! • Import tax data from IRS if possible • Both student and a parent need PIN • Have 1040s, W-2s handy • You can estimate tax info and submit, then go back later to update information • You can save and go back later to complete FAFSA.

  17. Verification Colleges are required to verify a percentage of FAFSAs. Student must know how to receive information back from college financial aid office. IRS tax transcripts, copy of W-2s, verification worksheet may be requested. Verification must be completed before student can receive funds. Contact financial aid office if you can not determine if your file is complete and ready to award.

  18. Criteria for Independent Student • At least 24 years old by December 31st of the award year covered by the FAFSA • Graduate or professional student • Married (does NOT include cultural marriage) • Has legal dependents other than a spouse who receive more than one half of their support from the student • Is an orphan, in foster care, or ward of the court • On active duty or veteran of the U.S. Armed Forces • Emancipated minor or in legal guardianship as determined by a court • Has been determined to be homeless by an authorized official

  19. What is a Dependency Override? • Gives financial aid administrator authority to allow otherwise dependent applicant to apply as independent applicant due to unusual circumstances • Parental abuse, abandonment, incarceration, etc. • Not used simply because student lives outside parent household after age 18 or parents object to providing data • Must be supported by documentation, preferably by someone outside immediate family • Student should contact financial aid office for instructions after submitting FOTW without parental data

  20. Professional Judgment • Normally, a family’s Expected Family Contribution (EFC) is based on income for the previous tax year • For 2013-2014 academic year, tax year 2012 • Federal and state financial aid laws allow financial aid administrators to use their “professional judgment” to alter data on the FAFSA for special circumstances • Adjustments are typically performed as corrections after the original FAFSA is submitted and verified

  21. Professional Judgment • Common examples include: • Significant change in income from past tax year based on unemployment, underemployment, loss of benefits, loss of child support, death, divorce, military service or natural disaster • Unusually high medical expenses • Nursing home expenses • Elementary or secondary school tuition • Significant college costs for dependent student’s parent attending college • Dependency override • Family should contact financial aid administrator to discuss unusual circumstances

  22. Federal Grants & Scholarships2012-2013

  23. State Grants & Scholarships*2012-2013 *For MN residents attending MN colleges

  24. Institutional Scholarships • You must APPLY for most scholarships • Variety of need-based, merit, athletic, and other talent-based scholarships and grants • Average institutional scholarship offered by MN private four-year colleges during 2009-2010 was $13,727 • Scholarships offered by MN Colleges: http://www.getreadyforcollege.org/sPagesGR/scholarshipsAll.cfm

  25. Private Scholarships • Student should check with local businesses, civic organizations, parents’ employers • Free internet search sites: www.collegeboard.com/pay www.fastweb.com www.studentscholarshipsearch.com www.gocollege.com www.finaid.org www.scholarship.com • For tips on applying for scholarships, writing essays, letters of recommendation: www.scholarshiphelp.org

  26. Federal and State Work Study • Undergraduate or graduate students are eligible • Employment may be on or off campus • May work during summer • Wages won’t count against student’s future financial aid eligibility on FAFSA • Must work to earn paycheck • Can usually convert to additional loan if unused; or, ask for more if working more

  27. Student Loan Programs • Students can borrow in own name – no cosigner • Every student eligible for a loan • Currently, average debt of MN students graduating with 4-year degree is approximately $29,000 • This results in standard monthly payment of $334 • Use loan repayment calculators and financial awareness tools to estimate monthly payment in comparison to income • www.studentloans.gov

  28. Student Loan Programs • Federal Direct Stafford Loan – subsidized or unsubsidized • Perkins Loan (limited funding, awarded by college) • SELF Loan • You may have to ask your financial aid office for this loan. Administered by the Minnesota Office of Higher Education. Is a better alternative than private loan. • Federal Parent Loan for Undergraduate Students: PLUS (limited credit check) Some colleges have student loan programs too.

  29. More Student Loan Steps to Complete • Entrance counseling (can be done online) • MPN • Master Promissory Note is required for Federal Direct Stafford Loans. Any other type of loan will require its own promissory note – the legal binding document stating the terms of the loan in which the student promises to repay the loan. • Minimum enrollment of half-time status (6 credits)

  30. Other State Financial Aid Programs • Postsecondary Child Care Grant • Safety Officer’s Survivor Grant • Tuition waiver at public college for visually or hearing impaired students • $5,000 Education Vouchers for Former Foster Youth • Several Health Professions Loan Forgiveness Programs • Resources for Undocumented Students

  31. Tuition Reciprocity • Allows MN residents to attend in neighboring states at rate similar to MN resident rate • Apply directly to WI, ND or SD college if recent MN high school graduate • Apply directly to colleges in Manitoba • All other students must submit application to Office of Higher Education in MN • Apply on-line at: • www.getreadyforcollege.org

  32. Summer Transition Grant • Monetary grant to students attending summer transition programs immediately following HS graduation • Programs must be offered by MN colleges and address weaknesses identified by college placement exam • Remedial courses • Support services (counseling, mentoring, etc.) • Programs for summer 2013 will be posted on OHE web site in February 2013

  33. Summer Transition Grant • List of participating summer transition programs will be emailed to high school counselors spring 2013 • Students should contact college for program application materials • Some will direct student to on-line STG application • Others will use paper application to collect additional information • Also, for summer 2013, complete: • 2012-2013 FAFSA (for summer program) • 2013-2014 FAFSA (for freshman year of college)

  34. MnSCU’s POWER OF YOU • For graduates of Minneapolis or St. Paul high school attending MCTC, St. Paul College or Metro State University • Family income < $75,000 • Pays tuition and fees not covered by grants • Apply in senior year of high school as early as possible - priority deadline is May 2 • For additional information contact: MCTC: Nasreen Mohamed 612-659-6219 nasreen.mohamed@minneapolis.edu Saint Paul College: Mee Yang (651) 846-1385 mee.yang@saintpaul.edu Metro State Univ: Xy Johnson (651) 793-1509 xy.johnson@metrostate.edu

  35. http://www.upromise.umn.edu/ • The University of Minnesota Promise Scholarship (U Promise) guarantees need-based aid to eligible new Minnesota resident freshmen, with family incomes up to $100,000, who enroll at any U of M campus. • Notification: • Awards are based a student’s expected family contribution (EFC), as determined by the Free Application for Federal Student Aid (FAFSA). • Awards range from: • $500 - $3,500 for entering freshmen (renewable for 4 years) • $500 - $1,500 for transfer students (renewable for 2 years) • Recipients will be notified of their awards when estimated financial aid awards are sent to admitted freshmen in the spring. • Next steps for students: • 1. Apply for admission! • 2. Apply for financial aid! Complete the www.fafsa.gov • (FAFSA) recommended by the March 1 priority deadline.

  36. Federal Higher EducationTax Advantages • American Opportunity Tax Credit (formerly Hope Tax Credit) • Lifetime Learning Tax Credit • Tuition and Fees Deduction • Penalty Free IRA Withdrawals • Coverdell Education Savings Account • Student Loan Interest Deduction See Publication 970 at: www.irs.govfor details

  37. Community & MilitaryService

  38. Helpful Resources • College financial aid administrator knows best! • Ask until you understand • Questions on federal aid programs and application process (800) 433-3243 • www.studentaid.ed.gov • Office of Higher Education financial aid staff (651) 642-0567 or (800) 657-3866 • www.getreadyforcollege.org

  39. www.getreadyforcollege.org • Students and Families • On-line applications • Financial aid estimator • Tuition & fees for 5-state area • Preparing, selecting and paying for college

  40. www.iseek.org

  41. www.iseek.org • Explore careers • Career planning, assessment tests, job outlook, working conditions, wages • Plan your education • Find a college, program, K-12 class, apprenticeship, Adult Basic Education • Find a job • Workforce centers, job listings, resumes, unemployment benefits, interviewing • www.iseek.org

  42. readysetgo.state.mn.us

  43. Presented by Judy Swanson for the Minnesota Office of Higher Education You may call me with follow-up questions: 952-412-0530 Thank you!

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