Paying for College Financial Aid 101

1. Paying for College Financial Aid 101 Mary Anne Hunter College In Colorado Colorado Department of Higher Education

2. Outreach & Access Team • To provide access to information, tools and resources on the advantages, attainability and affordability of postsecondary education to the people of Colorado. • Funded by a Federal College Access Challenge Grant • 700+ financial aid, scholarship, FAFSA and financial education workshops • FREE

3. Disclaimer The information presented is informational only. All program information is general in nature and is not necessarily all inclusive. College In Colorado (CIC) and the Colorado Department of Higher Education (DHE) make no representation regarding suitability of the information presented. The reference to websites external to CIC/DHE have been provided for convenience and should not be construed to indicated endorsement. Rules and regulations governing financial aid programs may be subject to change without notice.

4. What We’ll Cover in This Presentation 1. Cost of Attendance 2. What kind of financial aid is available 3. How to apply for financial aid 4. Scholarships

5. Higher Education Options Junior College or Community College Vocational or Technical College Proprietary/Trade Schools University or College 1-4years 1-2 years 2-year 4-year Certificate Certificate Associates Degree Certificates Associates Degree Bachelors Degree (credits may not transfer) Bachelors Degree Masters Professional Degree (i.e. PhD, JD, MD)

6. Estimate 2011-2012 Cost of Attendance PUBLIC 4-year College or University Fixed Costs Variable Costs Junior College or Community College PRIVATE 4-year College or University Tuition & Fees Room & Board Books/Supp. Personal/Med Transportation TOTAL

7. Higher Education and the Job Market *ONET online, the federal government’s Dictionary of Occupational Titles, 2008

8. Resident –vs- Non-Resident Tuition Junior College or Community College PUBLIC 4-year College or University

9. Western Undergraduate Exchange Program (WUE) Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, South Dakota, Utah, Washington, Wyoming • Reciprocal agreement to discount non-resident tuition • Must maintain specific GPA and meet special deadlines • Dependent upon school and program of study www.wiche.edu/wue

10. SCHOLARSHIPS Types of Financial Aid GRANTS WORK-STUDY • Federal, State, Institutional • Don’t need to be paid back • Don’t need to be paid back • Maintain certain grades • Part-time work around • your class schedule STUDENT LOANS (Federal Loans) • Paid back at federally backed low interest rates with helpful terms • There are federal loans for students (Stafford loans) and parents (PLUS loans)

11. $62 per credit hour at public 2/4-year colleges & universities • = approx. $1488 p/year • $31 for Pell-eligible students at private Colorado colleges (University of Denver, Regis University and Colorado Christian University) • Apply at https://cof.college-assist.org • Available for undergraduate students only • Paid directly to the college

12. Stafford Loans • In student’s name – no cosigner • No credit check/income verification • 6 month grace period • 1% upfront fee • Unsubsidized Stafford Loan • Not need-based • Interest rate = 6.8% • Student pays interest/accrues while in school and during grace period • Can pay quarterly or capitalize • SubsidizedStafford Loan • Need-based • Interest Rate =6.8% (2012-2013) • Government pays interest • while in school and during • grace period

13. Federal Parent LoanUndergraduate Student PLUS Loans • In parent’s name • Fixed interest rate of 7.9% • Credit check required • Repayment begins 6 weeks after the loan is fully disbursed - or - parent may defer repayment. Get more information from your financial aid office. • $ = up to unmet need • Fees - up to 4%

14. Private/Alternative Student Loans -Higher interest rates and variable (Prime/LIBOR) -Based on credit score and income = parents typically co-sign -Interest rate and fees determined by credit score -Less favorable repayment and deferment terms than federal loans  Use federal loans first  Consider PLUS/home equity loans  Talk to financial aid office first

15. How do I apply? Start with the FAFSA • Free Application for Federal Student Aid • Apply Early! Most awarded on a first-come-first-served basis • Must submit every year after January 1st • Complete FAFSA online at www.fafsa.gov • BEWARE of any service that requires you to pay a fee to submit your FAFSA application

16. FAFSA Priority Deadlines • February 15 • Colorado College • Fort Lewis College • March 1 • Colorado Christian University • Colorado State University • Colorado State University-Pueblo • Front Range Community College • Johnson & Wales University • Mesa State College • Metropolitan State College of Denver • Naropa University • Northeastern Junior College • Regis University • College of Art & Design • University of Colorado Denver • University of Denver • University of Northern Colorado • March 15 • Pueblo Community College • United States Air Force Academy March 31 Colorado Mountain College Red Rocks Community College April 1 University of Colorado at Boulder University of Colorado at Colorado Springs Western State College of Colorado Colorado School of Mines Lamar Community College Morgan Community College April 15 Community College of Denver May 1 Arapahoe Community College Colorado Northwestern Community College Community College of Aurora June 30 Pikes Peak Community College Trinidad State Junior College

17. Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) ______________________________ = Financial Need

18. Expected Family Contribution (EFC) • 2011 income (student’s and parent’s) - taxed & untaxed • Assets - savings & investments • Value of business/farm • Protections/Allowances: family maintenance costs • # in family • # going to college • age of oldest parent

19. Extenuating Circumstances • Decreased income for the previous year • High medical expenses not covered by insurance • Special needs students • No place to report on FAFSA • Contact Financial Aid Office • Provide documentation • Need may be recalculated

20. Who is Considered a Parent? • DO NOT use information from: • legal guardian • foster parent • grandparents, older brothers or sisters, uncles or aunts unless they have legally adopted the student • Parents are married - answer questions about both parents • Widowed or single parents - use information for that parent • Divorced/legally separated parents: • which parent did the student live with most during the last 12 months • which parent provided the most financial support during the last 12 months • Remarried parents - must include step parent information • Adoptive parents - follow the instructions above for parents, based on adoptive parents’ current marital status

21. Student must be ACCEPTED FOR ADMISSION SUBMIT FAFSA STUDENT AID REPORT (SAR) FAFSA DATA The Financial Aid Process DOCUMENTS/ ACCEPT AWARD ADMISSIONS CHECK AWARD LETTER NOTIFICATION

22. FAFSA 4Caster • A “practice” FAFSA • Outlines family/student eligibility for: • Federal Grants • Student Loans • Federal Work Study www.fafsa4caster.ed.gov

23. Scholarship Search • High school counselors • College Admissions/Financial Aid • Local businesses • Religious organizations • Parents’ employers INTERNET – www. • collegeincolorado.org • fastweb.com • finaid.org • collegeboard.com • kaarme.com • aie.org • www.collegenet.com • federalstudentaid.ed.gov/scholarship

24. CollegeInColorado.org

25. The Match-Up 15,000+ SCHOLARSHIPS!

26. Everything You Need to Know DONOR INFO. REQUIREMENTS DEADLINE HOW TO APPLY

27. Stuck at Prom - Scholarship $500 - $3,000

28. Other Unique Scholarships Patrick Kerr Skateboard Scholarship $1,000 - $5,000 The Chick and Sophie Major Memorial Duck Calling Contest $200 - $1,500 Ball State University's David Letterman Scholarship Tall Clubs International Scholarship Frederick and Mary F. Beckley Scholarship for left-handed students - $1,000 National Marbles Tournament Scholarship $1,000 - $5,000

29. College Access Scholarship Valued up to $2,500 each will be offered to eligible students to use toward their 2012-13 higher education expenses (more than $700,000) Application Deadline is June 30, 2012. Opens January 1, 2012 Apply at www.educationcents.org

30. Questions?

31. What We Covered 1. Cost of Attendance - Cost of Attendance 2. What kind of financial aid is available 3. How to apply for financial aid 4. Scholarships

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