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Preparing for the Cost of College

Preparing for the Cost of College. Average Tuition & Fees Cost (2013/14) $3,215 / year for in-state public college (2-year) $11,600 / year for in-state public colleges (4-year) $30,094 / year for private colleges Average Room & Board Cost $9,498 / year for public colleges (4-year)

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Preparing for the Cost of College

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  1. Preparing for theCost of College Average Tuition & Fees Cost (2013/14) $3,215 / year for in-state public college (2-year) $11,600 / year for in-state public colleges (4-year) $30,094 / year for private colleges Average Room & Board Cost $9,498 / year for public colleges (4-year) $10,823 / year for private colleges Average Books & Supplies Cost (2012/2013) $1,200 / year for public colleges $1,244 / year for private colleges Average Personal & Transportation Cost $3,148 / year for public colleges $2,422 / year for private colleges Average TOTAL Cost $25,446 / year for public colleges $44,583 / year for private colleges

  2. How to Pay for the Cost of College • Fill out FAFSA • Apply for pin number anytime: www.pin.ed.gov • Fill out the form January 1 – March 31, 2015: www.fafsa.ed.gov • Must use yours & parents’ 2014 tax information • Student Aid Report (SAR) • Sent to all colleges/universities indicated on FAFSA • Financial Aid package sent directly from each college includes: • Income-based Grants / Academic-based Merit Awards – FREE money • Work-Study – Money for WORK completed • Loans – Must be PAID BACK • Includes Expected Family Contribution (EFC)

  3. Financial Aid Explained • Grants / Merit Awards – FREE money • Federal Pell Grant - $602 to $5,730, based upon EFC & COA • Federal Supplemental Educational Opportunity Grant (FSEOG) - $100 to $4,000, based upon Pell eligibility & availability • State Grant Programs: Michigan Tuition Grant, Michigan Competitive Scholarship, and Tuition Incentive Program (amounts vary) • School-Based and Private Grants, Merit Awards – based on need and/or academics/athletics. • Work-Study – Money for WORK completed • Typically campus jobs where the money you earn is paid to you, but is intended to be used toward college expenses. • Loans – Must be PAID BACK • Perkins, Direct Subsidized & Direct Unsubsidized (Stafford) – for students • Direct PLUS - for parents of undergrads • Payment begins after graduation • Expected Family Contribution (EFC) • EFC does NOT change no matter what the cost of attendance (COA) • Families use savings, income, personal and private loans, tax credits, tuition payment plans, and/or private scholarships to cover EFC

  4. This is YOUR Future, soDo YOUR Part! • Independent / Private Scholarships • They don’t look for you, you MUST find them! • Start searching and applying over the summer after Junior year and continue throughout Senior year. Jan-May is prime time! • The more applications filled out, the higher your chances of getting $$$. • Small amounts can add up, and any amount will help. Don’t think, “So many other people will apply, I’ll never get it.” • Find one or 2 search engines you are comfortable with and check them regularly. • Check the Scholarship tab under the Counseling webpage for more information • Scholarship board in the Counseling office

  5. Scholarship Sites • Go to our link at http://www.lakeview.misd.net/lakeviewhs/counseling.aspx • www.fastweb.com • https://bigfuture.collegeboard.org/scholarship-search • www.cappex.com • www.collegeNET.com • www.scholarships.com • www.ScholarshipMonkey.com

  6. Summer Assignment • We will help you begin the process today • Continue to search and apply over the summer • Print off completed applications & bring to the counseling office by September 2, 2014. • The student with the most scholarship applications completed over the summer will win a $100 Amazon.com gift card!

  7. Applications - Transcript Requests • Applications to 4 year colleges & universities should be submitted by October 31, 2014 (sometimes earlier for early decision deadlines) • Transcript requests must be submitted through Parchment (http://www.parchment.com/) • Directions available on the Counseling webpage

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