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NIH Work/Life Center Resources

NIH Work/Life Center Resources. Free Resource & Referral Benefit Child Care Adoption Schools/Colleges Elder Care Legal Financial “Faces & Phases of Life” Seminars Career Counseling & Workshops. Secrets of Paying For College. Brought to you by the NIH Work/Life Center

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NIH Work/Life Center Resources

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  1. NIH Work/Life Center Resources • Free Resource & Referral Benefit • Child Care • Adoption • Schools/Colleges • Elder Care • Legal • Financial • “Faces & Phases of Life” Seminars • Career Counseling & Workshops NIH Work/Life Center

  2. Secrets of Paying For College Brought to you by the NIH Work/Life Center February 23, 2006

  3. Objectives • Why go to college? • Financial assistance options • Requirements for eligibility • Applying for financial aid • Myths and truths about financial aid • Helpful hints along the way! NIH Work/Life Center

  4. NEED BASED FAFSA ProFile Certain grants & loans Tax treatment of loans Work/Study NON-NEED BASED Grades/Scores Affiliations/Memberships Parents’ Employer Ethnicity/Religion Talents ROTC Private scholarships Certain loans (PLUS) Service academies Certain chosen professions Types of Aid NIH Work/Life Center

  5. Alternate Sources of Funding • Federal Student Aid • State Aid • Grants • Scholarships • Loans • Veteran’s benefits • IRS - tax credits NIH Work/Life Center

  6. Scholarships • 40 % - $2,001 average – Government/Pell Grants - 750,000 scholarships earmarked for qualified students, totaling $1.2 billion (NCES, 2002) • 6 % - private scholarships average $2,051 and are awarded to both needy and non-needy students alike • Deadlines for scholarships generally don't come due until students are high school seniors; but start researching opportunities now • Use the Internet – there are several search tools NIH Work/Life Center

  7. Requirements • Financial need • Educational requirement • Legal residency • Not on loan default • Selective service registration • Not convicted of felony • Not incarcerated NIH Work/Life Center

  8. Time Is Essential • Visit Colleges During Junior Year • Select Five • Devise A Plan To Pay For College NIH Work/Life Center

  9. You Must File A Financial Aid Form • FAFSA • CSS Profile Form This is the first step toward receiving any form of aid. NIH Work/Life Center

  10. Federal Student Aid Application Process Summary NIH Work/Life Center

  11. Applying for Financial Aid • FAFSA – Free Application for Federal Student Aid • Web or paper • Only application needed • FAFSA also serves as the application for state aid • Free help available 1-800-4-FED-AID NIH Work/Life Center

  12. Timing Becomes Crucial • October: Order and complete Profile Form, if necessary. • November: Inquire about college supplemental forms. • January: Mail the FAFSA on the 2nd. • February: Have taxes prepared. The majority of colleges will require a copy by March 15th. NIH Work/Life Center

  13. Watch The Mail • January: SAR by the end of the month. • February: College’s inquiry or instructions. • March through May: Aid packages arrive. NIH Work/Life Center

  14. Factors that Influence Costs • Where assets reside • FAFSA vs. Profile schools • School’s endowment funds • FastWeb and other scholarship resources • How kids spend their time • NMSQT/Academic excellence • Loans • State scholarships • Custody NIH Work/Life Center

  15. Myths • “My parents make too much money, so I won’t qualify” • “My grades are not good enough” • “Only minorities are eligible” • “The form is too difficult to complete” NIH Work/Life Center

  16. Truths • Colleges and universities are receiving less money from the Federal and State governments • Trend towards less FREE money and more loans being given out to help fund a college education • Some schools have more flexibility when it comes to negotiating for a better financial aid package NIH Work/Life Center

  17. 5 Secrets - Randall F. Rothstein, CPA, PFS, CCPS • Start out at a state school and then transfer to a private college • Consider a college that offers cooperative education • Take the military route • Look into outside scholarships • Try borrowing from an innovative loan program (Source: http://www.rothsteinassociates.com/special_reports_twelve.asp) NIH Work/Life Center

  18. Helpful Hints • Keep copies of all paperwork • Be careful not to miss deadlines • Borrow only what is needed • Watch out for scams and identity theft • http://www.ftc.gov/bcp/conline/edcams/scholarship/ • Keep expenses low • bring your own lunch • live with roommates • look for sales, specials and coupons NIH Work/Life Center

  19. Resources • www.fastweb.com • www.salliemae.com • www.FAFSA.ed.com • www.ed.gov • www.students.gov • www.studentaid.gov NIH Work/Life Center

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