The College Process: Information for Juniors and their Parents

1. The College Process: Information for Juniors and their Parents Presented by: Andrea R. Tracy LEAF Kristy Gardner John Carroll University

2. Timeline: Junior Year • Review your course selections with your Guidance Counselor • Continue researching schools • Attend college fairs and school visits • Take SAT and ACT in the spring • Visit College Campuses in the spring and summer before senior year • Talk to an Admissions Counselor and tour campus or attend an Open House event • Pay close attention to admission and scholarship criteria • Keep grades up! • Document all honors and activities • Begin to investigate outside scholarship opportunities • Think of people who can write letters of recommendation.

3. Timeline: Senior Year The Busiest Year of Them All! • Visit College Campuses (and return visits) • Talk to an Admissions Counselor and tour campus • Overnight visits, meetings with faculty and coaches, class visits • Eat on campus!!! • Retake the SAT/ACT if necessary • Review admission criteria for the schools/programs you are interested in pursuing to ensure you meet all requirements • Apply to colleges in the Fall of your senior year • Applications should be in before Christmas Break (preferably before Thanksgiving)! • Be aware of priority deadline dates, scholarship dates • Myth: I cannot attend a Private institution because it is too expensive. • Fact: Private institutions traditionally have more institutional aid to award.

4. Timeline: Senior Year • Look and apply for scholarships all year • Peak scholarship season is October until Mid-March • Most scholarships will only allow Seniors to apply • File a Free Application for Federal Student Aid beginning January 1st • Meet all DEADLINES!!! • Wait until you receive your Financial Aid Award Letter to decided which institution you will attend. • See your LEAF Advisor

5. Things to do… Get Organized! • Create a College application organizer. • Create an e-mail address just for correspondences from institutions. • Keep copies of any applications you complete, including financial aid and scholarship. (Copy your tax forms, too)

6. Financial Aid Process

7. Scholarship Season • Institutional Scholarships • Academic/Merit Based • Admissions Office • Need Based/Endowed • Financial Aid Office • Outside Scholarships (November-May of senior year) • Local Organizations • Work Place • Clubs/Boosters

8. The Free Application for Federal Student Aid (FAFSA) • Most Federal, State, and Institutional Aid requires that you complete a FAFSA. • The processed FAFSA yields an Expected Family Contribution (EFC). • Students starting Fall 2010 will fill out their 2010-2011 FAFSA no earlier than January 1, 2010. • You can file the FAFSA for free at www.fafsa.ed.gov. • BEWARE of agencies that charge to file the FAFSA!

9. Loans, Work-Study, and Federal Aid… Oh my! A FAFSA must be completed to be eligible for Federal Aid. • Work-Study • Federal Work-Study • Campus Work-Study • Loans • Stafford Loans • Perkins Loans • PLUS Loans • Grants • Pell Grant • FSEOG Grant • TEACH Grant • ACG • National Smart Grant

10. Addition Funding Options..Alternative Loans • Are becoming a more popular way to cover unmet need of college students. • They have taken the place of the Federal Parent PLUS Loan Program. • These are “dressed up” consumer loans and are based on “credit-worthiness” of the student and a co-signer

11. Federal Parent Loans Fixed interest rate Accrued interest capitalizes once at final repayment Credit check on parents based upon federal standards-(no debt to income ratios Alternative Loans XVariable interest rate set monthly or quarterly X Interest rate usually will not exceed 21% X Accrued interest may capitalize monthly, quarterly or at final repayment X Student and co-signer must pass a comprehensive credit check Comparing PLUS vs Alternative - What is the BEST Option

12. Federal PLUS Loans Federally insured against death and disability for both the parent and student Ability to easily consolidate PLUS Loans under the Federal Consolidation Loan Program PLUS Loans will be reported only on the parent’s credit report Alternative Loans X Not federally insured against death and disability of both student or co-signer X Can not consolidation under the Federal Consolidation Loan Program X Alternative Loans will be reported on both the student’s and the co-signer’s credit report Comparing PLUS vs Alternative - What is the BEST Option

13. Tax Credits and Deductions • Tax Credits: Subtracted from the tax a family owes. • Hope Tax Credit • Used only the first two years • Amount based on AGI • Up to $1,800 for each eligible dependent • Lifetime Learning Tax Credit • Can be used an unlimited number of years • Amount based on AGI • Can claim up to $2,000

14. Tax Credits and Deductions • Tax Deductions: Reduce the taxable income. • Tuition and Fees Deduction • Cannot claim if using Hope or Lifetime Learning Credit • Deduction must be renewed by the IRS • Up to $4,000 • Educational Loan Interest Deduction • Up to $2,500 • Can use with Hope and Lifetime Learning Credit • Amount based on AGI

15. Tax Credits and Deductions • 529 Savings Plan (www.collegeadvantage.com) • Only a state tax deduction • Anyone contributing to a plan can take it. • Up to $2,000

16. Resources • College Advantage (529 Plans) • www.collegeadvantage.com • EFC Calculator • www.collegegold.com • Loan Payment Calculator • www.collegegold.com • Financial Aid Information • www.finaid.org • www.federalstudentaid.ed.gov • www.regents.ohio.gov • Scholarship Search • www.fastweb.com (national) • www.leaf-ohio.org (local) • www.regents.ohio.gov

17. Questions??? Andrea Tracy Program Director atracy@leaf-ohio.org www.leaf-ohio.org 440-358-8045 Kristy Gardner Assistant Director of Admissions and Financial Aid kgardner@jcu.edu www.jcu.edu 216-397-4294