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Beyond Banking: Preparing for College

Beyond Banking: Preparing for College. presented by Carrie A. Gilchrist, Ph.D. Oakland University. Preparing for College. Career choice Education requirements Trade school Associate’s degree Bachelor’s degree Master’s degree Doctoral degree What kind of college you will attend

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Beyond Banking: Preparing for College

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  1. Beyond Banking: Preparing for College presented by Carrie A. Gilchrist, Ph.D. Oakland University

  2. Preparing for College • Career choice • Education requirements • Trade school • Associate’s degree • Bachelor’s degree • Master’s degree • Doctoral degree • What kind of college you will attend • Community college • Four year college or university

  3. Preparing for College • School selection • Is your major available? • How much is tuition? • Do you need to live on campus? • How much is housing on campus or the surrounding area? • Are there additional fees you have to pay to attend? • What kind of sports, clubs, and activities are available?

  4. Preparing for College • What costs should you consider? • Direct expenses: • Tuition • Housing • Fees • Indirect expenses: • Books and supplies • Housing • Transportation • Miscellaneous living expenses

  5. Preparing for College

  6. Preparing for College • How can you pay for college expenses? Financial Aid

  7. Preparing for College • Financial aid is money provided by a resource other than yourself or your parents, used to pay for college expenses. There are four types of financial aid: • Scholarships • Grants • Student employment • Student loans How much financial aid was given to undergraduate students last year?

  8. Preparing for College $177,600,000,000

  9. Preparing for College • How much control do you have over what aid you receive? • Scholarships • Grants • Student employment • Student loans

  10. Preparing for College • Other ways to pay for college • Coverdell Education Savings Accounts • Uniform Gifts to Minors Act (UGMA) • Uniform Transfers to Minors Act (UTMA) • Michigan Education Trust (MET) • Michigan Education Savings Program (MESP)

  11. Preparing for College • Coverdell Education Savings Accounts: Contributions cannot exceed $2,000 per year and are able to cover qualified expenses. • Uniform Gifts to Minors Act (UGMA): Allows parents of minors to transfer ownership of securities to a trust without need for an attorney or court appointed trustee. • Uniform Transfers to Minors Act (UTMA): Allows parents of minors to transfer ownership of other types of property, such as real estate, fine art, patents and royalties, and for the transfers to occur through inheritance • Michigan Education Trust (MET): Pre-paid college plan. • Michigan Education Savings Program (MESP): Investing plan.

  12. Preparing for College

  13. Preparing for College

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