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4.3 Investing in Education. Objectives: Why invest in education? Educational opportunities? Paying for your education? Deadlines for senior year!!– take note. Why invest in Education?. Educational opportunities.
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4.3 Investing in Education Objectives: Why invest in education? Educational opportunities? Paying for your education? Deadlines for senior year!!– take note.
Educational opportunities Apprenticeships: Paid training classroom & on job experience. ie: skilled trades. Armed forces: enlisted or officer Career technical institutions Colleges/universities
Educational opportunities • Internships: mostly unpaid short term job in a particular field. Some companies charge fee to place you in an internship program. • “More would-be interns paying thousands to land a coveted spot” • http://www.washingtonpost.com/wp-dyn/content/article/2010/08/29/AR2010082903743.html
ASVAB test--Military Made up of nine sections in the following order: • General Science (GS) • Arithmetic Reasoning (AR) • Word Knowledge (WK) • Paragraph Comprehension (PC) • Mathematics Knowledge (MK) • Electronics Information (EI) • Auto Shop (AS) • Mechanical Comprehension (MC) • Assembling Objects (AO) ***The better you do on this test the more options you will have in the U.S. Military.
Choosing a school • Accredited: officially recognized as maintaining standards that will qualify students for additional education in chosen fields. • For profit schools may not have accredited programs.
Wesclin Senior College Days • a pre-arranged absence, excused • submit signed verification from college visited to the guidance office within 3 days of their visit. • College Day request forms are available in the Guidance Office and must be submitted three school days prior to the date requested. • Seniors are allowed two college daysper school year and no college days will be granted the last two weeks of either semester.
How to apply? • Many online applications. • Check “admissions” tab for requirements. • “Prospective students” What most schools look for: • Transcripts, GPA, class rank, ACT, SAT, essay, letters of recommendation, extra curricular activities, interview, location, diversity.
Typical Freshman Academic Profile* • ACT Avg. 22.7 • SAT equiv. 1040 • High School % Rank 78% in the top 50% of H.S. class • (Class rank not reliable data)
What is the average student loan debt? The median cumulative debt among graduating Bachelor's degree recipients at 4-year undergraduate schools was $19,999 in 2007-08. 25% borrowed $30,526 or more, 10% borrowed $44,668 or more.
Student Loan GUIDELINE: • Students should borrow no more, in total, than whatever they think their first-year salary will be once they are finished (though ideally a lot less). • A slightly more conservative approach may be to limit yourself to $31,000, the maximum amount that the government generally lets undergraduates borrow in federal loans.
Payback: • $31,000 loan ($7750 /YR) • Paid over 10 years • 6.8% interest $356.75 a month for 10 years.
Good test scores= $$$ *Retake to attempt higher score. Example: • Southeast Missouri State University offers the following scholarships: • Full scholarships (tuition, books, room and board) to valedictorians with a 31 ACT or 1380 SAT, or National Merit Finalists. • Full tuition to students in top 10 % of class with 27 ACT or 1240 SAT. • $1,500 to 2,500 per year to students in top 20% of class with 24 ACT. • http://www.guaranteed-scholarships.com/
Low ACT score(s)? • May have to take remedial Non-credited courses in order to by admitted into gen. ed or core courses. (Schedule a free COMPASS test at KC- Trenton campus) • http://www.kaskaskia.edu/pdfs/advising/cutoffscores.pdf • Costs money (KC 3 cr. hr course $357), takes longer to earn degree, non credit courses required.
Retake the ACT?OCT. 25thnext test deadline to apply is Sept 19thhttp://www.actstudent.org/regist/dates.html Test fee per test option ACT (No Writing)$38.00 Includes reports for you, your high school, and up to four college choices (if valid codes are provided when you register). ACT Plus Writing$54.50 Includes reports for you, your high school, and up to four college choices (if valid codes are provided when you register). The $16.50 Writing Test fee is refundable, on written request, if you are absent on test day or switch to the ACT (No Writing) before testing begins.
Of the students who took the ACT more than once: 57% increased their Composite score • 21% had no change in their Composite score • 22% decreased their Composite score • You determine which set of scores are sent to colleges or scholarship programs. Can not combine scores from different test dates..
Financial Aid Options: • FAFSA- Free Application for Financial aid. ****Apply ASAP after January 1, 2015, before Feb 28, 2015. Awards made until funds are depleted. Indicate which schools you want FAFSA information to go to. http://www.fafsa.ed.gov/
Early in the senior year fall semester: • obtain your electronic signature FAFSA PINs at www.pin.ed.gov for the student and for one of the student’s custodial parent(s). • NEED SS#. https://pin.ed.gov/PINWebApp/pinindex.jsp Set up file for all college paperwork.
Winter of senior year: • Review Application Details • Most regular applications are due between January 1 and February 15. Keep copies of everything you send to colleges. • Have your high school send your transcript to colleges. • Contact colleges to make sure they've received all application materials. • Do you have an appropriate EMAIL ADDRESS with your real name??
Senior spring semester: • Apply for Financial Aid • You and your family should save this year's pay stubs to estimate income on aid forms that you'll file. • Submit your FAFSA as soon after January 1 as possible. • Parents must have 2014 tax returns done. • Have school choices narrowed…more than 1. • Need PIN ID. • Men who are 18 years of age or older must register with Selective Service to receive federalfinancial aid. • Many priority financial aid deadlines are in February. To get the most attractive award package, apply by the priority date. Keep copies of everything you send
Spring of Senior Year: • Review Acceptance Letters • You should get acceptance letters and financial aid offers by mid-April. • Use Compare Your Aid Awards to compare awards from different colleges. Talk to financial aid officers at your college if you have questions about the award offered. • If you haven't already, visit your final college before accepting.
MAY 1st: • Make Your Final Choice by May 1 • You must tell every college of your acceptance or rejection of offers of admission or financial aid by May 1. Send a deposit to the college you choose. • Wait-listed? If you will enroll if accepted, tell the admission officer your intent and ask how to strengthen your application. Need financial aid? Ask if funds will be available if you're accepted.
Work Study Programs • Employment opportunities for students with financial need. • Must have FAFSA completed to qualify. • Check college website for jobs.
Grants and scholarships: • FREE MONEY! • Does not have to be repaid. • * some scholarships may be taxable.
Pell Grant • Government $ for school. $5730.00 max for this school year. (MAY increase 2015) • Considers: family’s income, assets, size of the family and the number of family members attending college or who will attend college during the year, cost of school, etc. • http://www.finaid.org/
Loans for School:Remember, federal student loans are real loans and must be repaid. • Stafford Loan: Financial Need. • Begin Repay 6 months after school ends. • Perkins: awarded to undergraduate and graduate students with exceptional financial need. interest paid by the federal government during the in-school and 9-month grace periods. 10-year repayment period
PLUS Loans Parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance. **can not have adverse credit history.
Four Ways To Lose Your Financial Aid for School • Not showing adequate progress toward your degree by taking less than a full course load. 2) Not maintaining at least a 2.0 GPA overall - not just in your major. For academic scholarships, the standards can be even higher. 3) Not finishing at least 70 percent of the classes you take. 4) Other conditions specific to your aid package. Some aid requirements go beyond the common minimums listed above.
http://www.usnews.com/education/best-colleges/paying-for-college/slideshows/10-ways-to-save-on-collegehttp://www.usnews.com/education/best-colleges/paying-for-college/slideshows/10-ways-to-save-on-college
Review Questions: • 1) Explain “ Education is an investment”. • 2) List 4 factors to consider when choosing education. • 3) What do you need to do to get ready?
sources http://www.eduguide.org/library/viewarticle/2050/four-ways-to-lose-your-financial-aid-for-school/