CIA World Factbook--USA

1. CIA World Factbook--USA • “The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits.”

2. Amazing Fact! • High school graduates will earn about $1.3 million over their working life. College graduates will earn about $2.27million during their career. • MB>MC=GO

3. Cost of tuition and fees • The following costs of tuition and fees are based on 16 hours per semester for twosemesters • Many colleges offer “flat rate” tuition meaning any additional course hours above 16 hours is “free” • These costs do NOT include course specific fees, room, board, books, etc.

4. Texas Tech • Tuition and Fees--$8,956

5. University of Texas • Tuition and Fees--$9,346-10,738

6. Texas A&M • Tuition and Fees--$9,006-9,831

7. Stephen F. Austin • Tuition and Fees--$9,904

8. Midwestern State University • Tuition and Fees--$7,697

9. A&M--Commerce • Tuition and Fees--$6,948

10. University of Texas--Dallas • Tuition and Fees--$13,006-14,206

11. University of North Texas • Tuition and Fees--$9,205

12. Collin College • Tuition and Fees--$2,404

13. Eastfield College • Tuition and Fees--$3,104

14. University of Oklahoma • Tuition and Fees--$21,105

15. Texas Christian University • Tuition and Fees--$36,500

16. Rice • Tuition and Fees--$38,260

17. Baylor University • Tuition and Fees--$36,402

18. Southern Methodist University • Tuition and Fees--$43,800

19. FAFSA Free Application for Federal Student Aid

20. www.fafsa.ed.gov

21. “Grant” “Free” money—is NOT paid back

22. BEOG (Basic Educational Opportunity Grant)—”Pell Grant” • Maximum grant is $5,645 per year • Family income based. Includes your earnings—should you work? • http://studentaid.ed.gov/types/grants-scholarships/pell • Do you know which university was the biggest recipient of Pell Grant money?

23. University of Phoenix----$1,042,372,700 • http://www.huffingtonpost.com/2010/07/28/pell-grants-and-for-profi_n_661826.html • Half of for-profit college students receive government-funded Pell Grants, and those students make up for 20 percent of Pell Grant recipients -- even though the schools only serve six percent of the country's student population. • http://www.pbs.org/wgbh/pages/frontline/collegeinc/view/ • http://www.pbs.org/wgbh/pages/frontline/education/educating-sergeant-pantzke/for-profit-colleges-under-scrutiny-again/ • http://www.pbs.org/wgbh/pages/frontline/education/educating-sergeant-pantzke/bill-tries-again-to-curb-for-profit-colleges-share-of-gi-cash/

24. FSEOG (Federal Supplemental Educational Opportunity Grant) • Priority given to students receiving Pell Grants • Up to $4,000 a year depending on when you apply, your level of need and the funding level of the school you are attending • http://studentaid.ed.gov/types/grants-scholarships/fseog

25. Towards Excellence, Access and Success (TEXAS) Grant • Students completing recommended or distinguished academic program • No felony conviction or crime involving a controlled substance • Under funded • 31,000 received money last year • http://www.collegeforalltexans.com/index.cfm?ObjectID=E81912E0-DF96-53C5-8EE1C469C7298F15

26. TEXAS Grant amounts • Community college-$2,400 • Public Technical College-$4,400 • Public University-$7,400

27. Loans—that which you pay back. • Stafford Loans • Subsidized—government pays interest, you pay the principal • Unsubsidized—you pay the interest and the principal • Current rates-3.86% for undergraduates and 5.41% for undergraduates • Interest rate are variable. Rates reset every July 1st based on prevailing interest of the Federal 10-year Treasury note • You can refinance higher interest loan to lower interest rate

28. How much can “dependent” students borrow? • Freshmen--$5,500 per year • Sophomore--$6,500 per year • Juniors and Seniors--$7,500 per year • Maximum Cumulative--$31,000 • Graduate School--$20,500 per year • Medical School--$40,500 per year • Maximum Cumulative-$138,500/224,000

29. How much can “independent” students borrow? • Freshmen--$9,500 per year • Sophomores--$10,500 per year • Juniors and Seniors--$12,500 per year • Graduate Students—$63,000 per year • “Dependent” students with exceptional need can borrow at the “independent” rate • http://www.staffordloan.com/stafford-loan-info/stafford-loan-limits.php

30. Repayment of Stafford Loans • Several payment options—10 to 25 years to repay • Minimum payment is $50 per month or 10% of discretionary income • Payments begin 6 months after you cease attending school—(either dropout or graduate) • Default is not an option—unless you become disabled or die • http://studentaid.ed.gov/repay-loans/understand/plans#estimator

31. Perkins Loan • Loans for students with “exceptional” financial need—5% fixed interest rate • Not all universities participate in program • Undergraduate-$5,500 a year/$27,500 max) • Graduate -$8,000 a year/$60,000 max • Must have applied for a Pell to get a Perkins • Repayment begins 9 months after graduation or when you last attended. Payment plan can be “modified”. Payment made to university. • http://studentaid.ed.gov/types/loans/perkins#how-much-can

32. PLUS loan • Covers cost of attendance minus any financial aid • Parent is responsible for payment of loan—cannot transfer loan to student • Fixed rate of interest that is higher than Stafford Loan (6.41%) • Parent must have good credit • Repayment plan same as Stafford Loan—6 months after child ceases to attend classes

33. Federal Student Loan Forgiveness • Teachers in Title I schools • https://www.tcli.ed.gov/CBSWebApp/servlet/TCLIStateServlet • Social Workers • Childcare workers (Head Start) • Peace Corps and VISTA volunteers • Practice law in underserved areas • Practice medicine in underserved areas • Public Service (government) employees • http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

34. Federal Work Study Program • Campus-based jobs • Generally paid prevailing minimum wage • Average work week is 10-20 hours a week

35. Texas Higher Education Coordinating Board • http://www.hhloans.com/ • The THECB has loan programs for qualified Texans. -College Access Loan 5.25% interest -Be-On-Time Loan 0% interest -Armed Services 5.25% interest

36. Putting it all together… • Texas Tech University • Tuition and Fees of $8,956 • Room and Board of $8,464 • Textbooks $1,200 $18,620

37. $18,620 • Pell Grant of $5,645 • $13,075 • FSEOG Grant of $4,000 • $ 9,075 • TEXAS Grant of $7,400 • $ 1,675--balanced owed

38. Universities with free tuition and fees for qualified students with family income of $40,000 or less: Texas Tech University of Texas-Arlington University of Texas-Dallas University of North Texas

39. “Aggie Assurance”--Texas A&M-College Station offers freetuition (you must pay fees) for qualified students with family income of $60,000 or less • Free tuition and fees for families earning less than $30,000 • Other schools offering free tuition include Texas State, University of Houston, UT system, TAMU system and Cisco College.

40. Children of Veterans • Post 9/11 G.I. Bill allows active duty service members with at least 6 years of service to transfer benefits to their children. Children of disabled or deceased veterans have the same benefits • http://www.studentaid.com/paying/military-aid/GI-Dependents • Texas’ Hazelwood Act gives children of veterans access to unused educational credits • http://www.tvc.texas.gov/Hazlewood-Act.aspx

41. Additional Information • http://studentaid.ed.gov/types