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College Bound Scholarship Webinar October 11, 2011 Please us so we may send you updates Name School/organization address To:

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Presentation on theme: "College Bound Scholarship Webinar October 11, 2011 Please us so we may send you updates Name School/organization address To:"— Presentation transcript:

1 College Bound Scholarship Webinar October 11, 2011 Please us so we may send you updates Name School/organization address To:

2 College Bound Scholarship Webinar October 11, 2011 Overview of Program Financial Aid 101 CB Scholarship payouts Resources Beth Ahlstrom, College Bound Scholarship Program Administrator Vicki Merkel, Associate Director of Student Financial Assistance Rachelle Sharpe, Director of Student Financial Assistance

3 The College Bound Scholarship offers an early promise of financial aid to qualifying 7 th and 8 th graders in Washington. College Bound is essentially an early commitment of an enhanced State Need Grant award. This scholarship combines with State Need Grant to cover tuition (at public college rates), plus a small book allowance. The program was created in 2007 for the purpose of improving high school graduation and college enrollment rates for students from low-income families. There are nearly 16,000 College Bound applicants in their senior year

4 College Bound Scholarship Completed Applications 10/5/2011 Cohort12345 Expected Grad Year Total Sign-Ups By Academic Year Eligible Students28,09328,60029,85630,54931,923 AY Complete9,0366,11715,153 AY Complete6,9319,75010,83927,520 AY Complete9,60612,15121,757 AY Applied10,87213,51924,391 % of Total Eligible56.8%55.5%68.5%75.4%42.3% Total Sign-up By Cohort Year15,96715,86720,44523,02313,51988, Preliminary Numbers. Includes incomplete applications

5 College Bound Scholarship Students

6 The Class of 2012 Who are they? First College Bound cohort to graduate high school and apply to college. Approximately 16,000 (57% of eligible students) in the 2012 cohort. These students are from 630 middle schools. 56% are students of color. 46% male; 54% are female.

7 Based on 11,675 matched records from OSPI for the class of 2012 College Bound Students by Ethnicity Class of 2012

8 FINANCIAL AID 101

9 Types and Sources of Financial Aid

10 FAFSA Free Application for Federal Student Aid The FAFSA is the primary form for all government aid. All colleges require the FAFSA. Don’t wait until taxes are filed – estimate and make corrections later. Colleges may require additional documents & have other deadlines. Re-apply every year. Never pay to fill out the FAFSA – it’s free. Don’t wait until admitted to college to file the FAFSA. College Bound Students May file as early as January 1. Must file by February 1 for priority funding.

11 Continued streamlining of the online application. Families can have their tax information retrieved from the IRS. They can also submit the FAFSA prior to completion of taxes and revise later. IRS Data Retrieval tool is available in English and Spanish. Students and parents can begin retrieving 2011 IRS data at the end of January New High School questions: school name, city, and state. FAFSA News

12 Calculated from data submitted on student’s FAFSA using a federal formula. Represents the amount a family can reasonably be expected to contribute. Stays the same regardless of college. Two components – Parent Contribution – Student Contribution Expected Family Contribution (EFC)

13 Cost of Attendance (COA) 1. Tuition and fees 2. Books and supplies 3. Room and board – living expenses 4. Transportation 5. Personal expenses/miscellaneous Includes all educational expenses Varies from campus to campus

14 Need Varies Among Schools Community College Public 4-Year Private 4-Year Typical COA $15,800$20,200$42,700 EFC $3,100 Financial Need $12,700$17,100$39,600 COA – EFC = Need

15 COLLEGE BOUND SCHOLARSHIP PAYOUTS

16 College Bound Checklist To receive the scholarship, students must:  Have a complete application on file at the Higher Education Coordinating Board (HECB).  File the FAFSA by February 1. May apply as early as January 1.  Graduate high school with a 2.0 or higher (students may take longer than 4 years to graduate).  Be a U.S. citizen or eligible non-citizen.  Enroll within one year of high school graduation in one of the 67 eligible institutions in Washington.

17 FAFSA for the College Bound Students must file the FAFSA before February 1 st of their senior year in high school. Students must file online in order to meet this deadline. February

18 Student’s FAFSA Record The Department of Education will send the FAFSA application data to the colleges listed on the student’s FAFSA and to the HECB.  HECB will match the student’s FAFSA report with the College Bound application and notify the student via * if we are successful.  HECB will then send a list of College Bound students to the colleges listed on the student’s FAFSA. If students don’t hear from the HECB within 2 weeks of submitting the FAFSA, they should call us: * notification will be to the listed on student’s FAFSA

19 State Need Grant (SNG) is the largest financial aid program in WA – currently funded at $266 million for Provides the majority of funding for College Bound Scholarship. The maximum SNG and College Bound awards combine to cover tuition (at public institution rates) and a small book allowance. It is critical that students meet the February 1 st deadline to receive priority consideration for maximum funding. What is State Need Grant?

20 AWARD EXAMPLE Tuition & fees

21 Why Students May Not Receive College Bound Funds Family’s income does not meet the income standard (65% Median Family Income - $53,000 for a family of 4 in ). Students filed for financial aid after the Feb. 1 deadline. Student’s total financial aid is greater than their financial “need.” For example, students with lower living expenses attending a lower cost college may have smaller awards.

22 Initial allocation of $7.4 million in 2007 – Invested in GET and expected to be valued at $12 million in 2012 – Anticipated to cover first two years of payouts Future appropriations can be made each fiscal year as with other financial aid programs Legislature tasked the Caseload Forecast Council with projecting College Bound enrollments for budget purposes. A Washington Opportunity Pathway College Bound Funding

23 Other College Bound Rules Students have one year from high school graduation to enroll. College Bound is a four-year scholarship (12 quarters or 8 semesters maximum). Scholarship must be used within five years of graduation. Enrollment does not have to be continuous. Students may enroll part-time. Students must maintain Satisfactory Academic Progress (SAP).

24 NEXT STEPS How We Can Work Together

25 Support in High Schools Monitor College Bound students to ensure they meet GPA requirements and are on track to graduate. – Ask HECB for a list of your College Bound students Use resources for seniors posted on HECB web site – Preparing for College- College Bound

26 Student Resources Post links on school’s website Facebook: I am College Bound Our new blog: collegeboundwa.edublogs.org

27 Search for More Funds Successful January 2010 launch; more than $40 million offered via theWashBoard.org since its inception. Nearly 70,000 scholarship seekers and 200 providers are registered. Lists more than 600 scholarships. In , $28 million in scholarships offered. Continues to grow and develop for the benefit of Washington’s students - version 2.0 in development now. 27

28 You Are Not Alone College Success Foundation NELA Center for Student Success Washington College Access Network Regional partnerships Tacoma College Support Network Seattle College Access Network North Central Community Foundation, Wenatchee Community Center for Education Results Alliance for Education GEAR UP Many more… Ways they can help Assistance with financial aid nights FAFSA completion College Goal Sunday

29 Want to know more? FAFSA and general financial aid information: Washington State financial aid programs: Questions & suggestions? with WEBINAR in the subject line.

30 College Bound Scholarship Webinar October 11, 2011 Please us so we may send you updates Name School/organization address To:


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