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Financial Aid 101 November 8, 2012

Financial Aid 101 November 8, 2012. Tourtellotte Memorial High School Janice Hanny Guidance Counselor. How much does it cost to attend college?. In-state Community College

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Financial Aid 101 November 8, 2012

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  1. Financial Aid 101November 8, 2012 Tourtellotte Memorial High School Janice Hanny Guidance Counselor

  2. How much does it cost to attend college? • In-state Community College • https://bigfuture.collegeboard.org/college-university-search/quinebaug-valley-community-college?searchType=bf_site&q=&bf_cat=bf_ • Tuition 3598 • Room and Board ---- • Books and Supplies 1300 • TOTAL $4898

  3. In-State Public College • Univ. of Connecticut ECSU • https://bigfuture.collegeboard.org/college-university-search/university-of-connecticut?searchType=bf_site&q=&bf_cat=bfhttps://bigfuture.collegeboard.org/college-university-search/university-of-connecticut?searchType=bf_site&q=&bf_cat=bf_ Tuition 11,242 8911 Room & Bd11,380 10,674 Books 850 1,554 Total 23,472 21,139

  4. 4-year private collegehttps://bigfuture.collegeboard.org/college-university-search/boston-college?searchType=bf_site&q=&bf_cat=bf_https://bigfuture.collegeboard.org/college-university-search/university-of-saint-joseph-1371 Univ.of St. Joseph BostonCollege31,826 43,878 13,598 12,608 1,100 1,000 46,524 57,478

  5. Where does the money come from? • FEDERAL MONEY • Through the colleges • Grants, Loans and Work Study Programs

  6. STATE MONEY • Scholarships • Public Education

  7. INSTITUTIONAL MONEY • Scholarship, grants • Endowments, Alumni Funds More money in private schools • Merit money GPA, SAT scores, activities, majors, sports

  8. Employers • Companies • Local Scholarships • Search • Fastweb.org • Finaid.com • Scholarships.com

  9. PARENTS AND STUDENTS • ARE THE SWEEPERS • Savings SavingsBonds 529 Plan PRIVATE LOANS

  10. What kind of money? • Scholarships and Grants • “Free Money” Does not have to be paid back • May be renewable for 4 years. Understand the conditions. • GPA? • Can be paid to the college, to the student, as a surprise at graduation.

  11. LOANS • Perkins • Base Level, $10,000 or less, $5,500 • Stafford (low % fixed) • Subsidized (Govt pays interest) • Unsubsidized (Interest accumulates) • Educational Loan Programs • http://www.mefa.org/http://www.cslf.com/ • Variable Interest rates • DEFAULTS, CREDIT CARDS, ONE YEAR COST OF ATTENDANCE

  12. How do you know how much you can get? • College Merit Awards • Usually awarded at time of acceptance, student considered automatically. No special application is needed. These awards are sometimes enough so that the total cost of attendance may be very close to that of a public college.

  13. Applications • 1. A special form or part of the college application that gets sent with the college application. “Intent to apply for financial aid” 2. FAFSA Free application for Federal Student Aid 3. CSS Profile 123 colleges require this supplementary form for more detailed information.

  14. What information do you need for the FAFSA? Fill the form out on line. They don’t let you make a mistake. Help! Explanation on every page. Student and Parent information. Both are expected to pay for college. Dependent student, Student’s household, Savings accounts (today’s balance) Assets Income and Wages (January first)

  15. This is all to get an EFC (expected family contribution) • This is how much money the family is expected to pay for college. • Cost of Attendance • -Expected Family Contribution ________________________ Financial need

  16. UConn St. Joseph 23,472 Cost of Attendance 46,524 10,000 EFC 10,000 _______________________________________ ----------------------------- $13,472 unmet need 36,524 -17,000 merit ___________________________________ $18,524 unmet need

  17. How can we change the bottom line? Community College • COMPACT with Eastern CT State University • GAP with University of Connectict Liberal Arts • Or other transfer of state college to private college

  18. State College • Compare $21,139 to $46,524

  19. Graduate in 3 years • instead of 4 • May mean a heavier course load, summer classes

  20. Earn college credit • while you are in high school • College Career Pathways • UConn Early College Experience • A P courses • Partnership Program

  21. New England • Regional Student Program

  22. Defer Enrollment for a Year

  23. Live at Home or with a relative

  24. Go to School in Canada

  25. Join the Military

  26. Look into Grandparents giving gifts, other relatives (tax benefits on inheritance)

  27. Is it worth the money? 1975 one earned16% more with a college degree.

  28. Today on average, one earns 66% more with a college degree

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