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Financing for College

Financing for College. Warm-Up Questions CPS Questions 1 – 2. Note for teacher: Use “Pick a Student” button in CPS. Chapter Overview. Lesson 1: Financing for College Lesson 2: Selecting a College Lesson 3: Navigating the Testing Maze Lesson 4: Essays, Interviews, and Campus Visits.

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Financing for College

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  1. Financing for College

  2. Warm-Up Questions CPS Questions 1 – 2 Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1

  3. Chapter Overview Lesson 1: Financing for College Lesson 2: Selecting a College Lesson 3: Navigating the Testing Maze Lesson 4: Essays, Interviews, and Campus Visits Chapter 4, Lesson 1

  4. Lesson Overview • Costs of College • Sources of College Funds • Planning to Finance a College Education Chapter 4, Lesson 1

  5. Quick Write How much do you think it costs to go to a college or university? Make a short list of ways you can get the money you need to attend a school of your choice. Try to cover all possible expenses, and reflecting on what you’ve learned about financial planning, separate your needs from your wants. Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  6. Costs of College • Tuition • Fee for instruction • Room • Cost of a place to live • Board • Cost of Food Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  7. Two-Year College • Least expensive option for college • Includes community, junior, and technical college • Attending a two-year college, then transferring can keep costs down Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  8. Two-Year College Tuition • In-state resident • Legal resident of the state in which the college is located • Average yearly cost at a public community college = $2,963 • Out-of-state students • Students who are not legal residents of the state in which the college is located • Average yearly cost at a public community college = $5,175 Chapter 4, Lesson 1

  9. Four Year Colleges & Universities • More expensive than two-year colleges • Public University • Institution of higher learning that is operated by and receives money from the state in which it is located • Average yearly in-state resident cost at a public university = $8,244 • Average yearly out-of-state student cost at a public university = $20,770 Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  10. Private University • Private University • Institution of higher learning that is operated by a private organization • Average yearly cost at a private university = $21,253 • Charge all students the same rate Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  11. Learning Check Questions CPS Questions 3 – 4 Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1

  12. Activity 1: Anticipating Your College Expenses • On the worksheet provided, brainstorm a list of anticipated expenses that will need to be paid for you to complete your college education. • Be prepared to share your answers with the class. Chapter 4, Lesson 1

  13. Sources of College Funds • Average undergraduate received $12,000 in 2011 • Scholarships • Recipients are usually selected based on academic, athletic, or artistic merit • Grants • Recipients are usually selected based on their financial need Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  14. To Find a Scholarship • Talk to your guidance counselor, campus career center, or go to the library • Search the Internet for scholarships • Contact the college’s financial aid office • Include your JROTC instructor if you are seeking a military awarded scholarship or academy appointment Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  15. Applying for a Scholarship • Do you meet all the requirements • If not, is there a way you can • Scholarships are very competitive • You have a 1 in 8 chance of getting a scholarship • Don’t give up if rejected • Be careful of scholarship frauds Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  16. Learning Check Questions CPS Questions 5 – 6 Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1

  17. Activity 2: Scholarship Research • Use the Internet to research possible scholarships in which you are eligible. • Be prepared to share your results with the class. Chapter 4, Lesson 1

  18. US Government Grants • Pell Grant • Need based grant for students who have a documented need • Must complete the Free Application for Federal Student Aid (FAFSA) • Maximum yearly Pell grant for 2012 = $5,700 • Federal Supplemental Educational Opportunity Grant (FSEOG) • Students with exceptional financial need • You can receive $100 - $4,000 a year Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  19. US Government Loans – Stafford Loan • Most common US Government Loan • Subsidized • Government pays the interest while you’re in school • Unsubsidized • You pay all the interest • You can borrow up to $5,500 the first year with a maximum subsidized amount of $23,000 for four years • You can defer payments on an unsubsidized Stafford loan by capitalizing the interest • Adding the interest payments to the loan balance Chapter 4, Lesson 1

  20. Other US Government Loans • Perkins Loan • Awarded to students with exceptional financial need • Parent Loan for Undergraduate Students (PLUS) • All loans require you to complete the FASFA Chapter 4, Lesson 1 Photo courtesy of Fotolia

  21. Private Loans • Government loans are the best deals • Private loans can be used if you still need money • Private lenders sometimes charge fees for the loan • Low interest rates during the in-school grace period may raise the rate when you graduate Chapter 4, Lesson 1 Photo courtesy of Shutterstock

  22. Other Sources of Financial Aid • Federal Aid • State Aid • Federal Work-Study Program • Military Programs • College-Controlled Aid • Scholarship Lotteries Chapter 4, Lesson 1 Photo courtesy of Fotolia

  23. Learning Check Questions CPS Questions 7 – 8 Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1

  24. Activity 3: Reducing College Costs • Using the worksheet provided, identify methods to reduce college costs. • Be prepared to share your answers with the class. Chapter 4, Lesson 1

  25. Planning to Finance a College Education • How should you start planning? • High school guidance counselor or career center • Public Library • Web • Financial Aid Offices at your preferred colleges Chapter 4, Lesson 1 Graphic courtesy of Shutterstock

  26. FASFA • Complete the FASFA shortly after January 1 of your senior year • Opens the door to many sources of financial aid • Provide accurate information • Keep copies of all the application forms Chapter 4, Lesson 1 Graphic courtesy of Shutterstock

  27. Learning Check Questions CPS Questions 9 – 10 Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1

  28. Activity 4: Your College Financial Plan • Using what you have learned in this lesson, outline a plan for paying for your college education. • Be prepared to share your tips with the class. Chapter 4, Lesson 1

  29. Summary • Costs of College • Sources of College Funds • Planning to Finance a College Education Chapter 4, Lesson 1

  30. Review Questions CPS Questions 11 – 12 Note for teacher: Use “Pick a Student” button in CPS Chapter 4, Lesson 1

  31. Next… • Selecting a college Chapter 4, Lesson 1 Graphic courtesy of Shutterstock

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