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Paying For College Strategies for Ohio Students OACAC Articulations, September, 2014 Presented by OASFAA.

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Presentation on theme: "Paying For College Strategies for Ohio Students OACAC Articulations, September, 2014 Presented by OASFAA."— Presentation transcript:

1 Paying For College Strategies for Ohio Students OACAC Articulations, September, 2014 Presented by OASFAA

2 Agenda  Federal and State Updates Handout  Updates are minimal this year  Federal:  Reauthorization negotiations have begun  Election this November  State:  Ohio is in the midst of the second year of their bi-annual budget  Our Goal today is to update you on how families are actually paying for college in Ohio.

3 Are Recent Headlines Accurate?  L.A. Times: Student debt holds back many would-be home buyers 4/19/2014  N.Y. Times: It’s Official: The Boomerang Kids Won’t Leave 6/20/2014  U.S. News & World Report: Student Debt Hurts More Than Your Wallet 08/07/2014  Huffington Post: These 9 Charts Show America's Coming Student Loan Apocalypse 08/20/2014  Politico: Poll Education second-biggest issue for likely voters 08/14/2014

4 What is the Experience of Real Ohio College Students?  We will compare the actual experience of a $0 EFC student as well as several $10,000 EFC students as far as their award letters and how they actually ended up paying for college at each of:  An Ohio Community College  An Ohio For-Profit School  An Ohio Four Year Public University  An Ohio Four Year Not-For-Profit Private University

5 Ohio Community College Award Letter

6  Budget (COA): $12,459*  EFC: $0  Need: $12,459 AwardsAward TotalFallSpring Pell Grant$5,730$2,865$2,865 SEOG Grant$ 600$ 300$ 300 Direct Sub$3,500$1,750$1,750 Direct Unsub$2,000$1,000$1,000 TOTAL$11,830 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

7 Ohio Community College Award Letter

8  Budget (COA): $15,723*  EFC: $15,605  Need: $118 AwardsAward TotalFallSpring Direct Unsub$5,500$2,750$2,750 TOTAL$5,500 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

9 Ohio Community College - Options  Reduce Budget (COA)  Books? Personal Expenses? Room & Board? Transportation?  Cash or Credit Cards  Tuition Payment Plan  Independent students have increased Unsubsidized Loan eligibility (an additional $4,000 for first and second year undergraduate students)  Dependent students’ parents can borrow the Parent PLUS Loan  Students of parents that are denied PLUS Loans can also borrow the additional unsub of $4,000 for first and second year undergraduate students)  Private Student Loans

10 Ohio Proprietary School Award Letter $0 EFC

11  Budget (COA): $14,205*  EFC: $0  Need: $14,205 AwardsAward TotalTerm 1Term 2Term 3Term 4 Pell Grant$5,730$1,432$1,433$1,432$1,433 Direct Sub$3,464$ 866$ 866$ 866$ 866 Direct Unsub$5,936$1,484$1,484$1,484$1,484 TOTAL$15,130 *This includes tuition/fees, books, tools, supplies, and uniforms. Student is eligible for additional indirect cost COA such as personal expenses and transportation. Award shown is what they are eligible for.

12 Ohio Proprietary School – Account $0 EFC

13 Ohio Four Year Public Award Letter - $0 EFC

14 Ohio Four Year Public Award Letter  Budget (COA): $25,758*  EFC: $0  Need: $25,758 AwardsAward TotalFallSpring Pell Grant$5,730$2,865$2,865 SEOG Grant$ 500$ 250$ 250 OCOG$1,048$ 524$ 524 Institutional Grant$4,000$2,000$2,000 Work Study$2,000$1,000$1,000 Direct Sub$3,500$1,750$1,750 Direct Unsub$2,000$1,000$1,000 TOTAL$18,778 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

15 Ohio Public Four Year University – Statement of Account *Note fees *Also note the Charges are $11, which is $22, for two terms (down from COA of $25,758). Shows the difference between Direct and Indirect Costs. *Balance of $2, represents the balance of direct costs.

16 Ohio Four Year Public Award Letter $10,000 EFC

17  Budget (COA): $25,758*  EFC: $10,000  Need: $15,758 AwardsAward TotalFallSpring Direct Sub$3,500$1,750$1,750 Direct Unsub$2,000$1,000$1,000 TOTAL$5,500 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

18 Ohio Public Four Year University – Statement of Account - $10,000 EFC *Balance of $8, represents the balance of direct costs.

19 Ohio Private Four Year NFP University – Award Letter $0 EFC  Budget (COA): $38,895*  EFC: $0  Need: $38,895 AwardsAward TotalFallSpring Merit Scholarship$9,500$4,750$4,750 Institutional Grant$1,335$ 667$ 668 Pell Grant$5,645$2,823$2,822 SEOG Grant$4,000$2,000$2,000 OCOG$2,080$1,040$1,040 Direct Sub$3,500$1,750$1,750 Direct Unsub$2,000$1,000$1,000 Perkins$2,100$1,050$1,050 Work Study$1,400$ 700$ 700 Outside Scholarship$3,000$1,500$1,500 Institutional Residency $200 $ 100$ 100 TOTAL$34,760 *(Direct Charges: $36,160)

20 Ohio Private Four Year NFP University – Statement of Account $0 EFC Fall Semester Billing DateTermSourceChargesPayments 7/31/132013/FallTutition- Full Time$13,530 7/31/132013/FallTechnology Fee$160 7/31/132013/FallComprehensive Deposit$150 8/2/132013/FallDouble- Traditional Hall$2,120 8/9/132013/FallUnlimited Mean Plan$2,270 8/9/132013/FallChem Lab Fee$40 9/30/132013/FallParking Fine$25 7/25/132013/FallEnroll Deposit Credit Card Payment $150 8/23/132013/FallOhio College Opportunity Grant $1,040 8/23/132013/FallFederal Pell Grant $2,823 8/23/132013/FallFederal SEOG $2,000 8/23/132013/FallFederal Perkins Loan $1,050 8/24/132013/FallInstitutional Grant $667 8/25/132013/FallMerit Scholarship $4,750 8/26/132013/FallOutside Scholarship $500 8/26/132013/FallOutside Scholarship $1,000 8/26/132013/FallSubsidized Stafford Loan $1,732 8/26/132013/FallUnsubsidized Stafford Loan $990 8/26/132013/FallInstitutional State Residency Award $100 8/27/132013/FallCheck Payment $2,128 $18,295$18,930 Total Charges$18,295 Total Credits$18,930 **$635 credit balance carried forward

21 Ohio Private Four Year NFP University – Award Letter $10,000 EFC  Budget (COA): $38,895*  EFC: $9,974  Need: $28,921 AwardsAward TotalFallSpring Merit Scholarship$7,500$3,750$3,750 Institutional Grant$5,940$2,970$2,970 Institutional Gift Awd$2,000$1,000$1,000 Direct Sub$3,500$1,750$1,750 Direct Unsub$2,000$1,000$1,000 Perkins$ 660$ 330$ 330 Work Study$1,400$ 700$ 700 Outside Scholarship$1,000$ 500$ 500 TOTAL$24,000 *Direct Charges: $36,160

22 Ohio Private Four Year NFP University – Statement of Account $10,000 EFC Fall Semester Billing DateTermSourceChargesPayments 7/31/132013/FallTutition- Full Time$13,530 7/31/132013/FallTechnology Fee$160 7/31/132013/FallComprehensive Deposit$150 8/2/132013/FallDouble- Traditional Hall$2,120 8/9/132013/FallUnlimited Mean Plan$2,270 7/25/132013/FallEnroll Deposit Credit Card Payment $150 8/23/132013/FallFederal Perkins Loan $330 8/24/132013/FallInstitutional Grant $2,970 8/25/132013/FallMerit Scholarship $3,750 8/26/132013/FallInstitutional Gift Award $1,000 8/26/132013/FallSubsidized Stafford Loan $1,732 8/26/132013/FallUnsubsidized Stafford Loan $990 8/27/132013/FallCredit Card Payment $7,308 10/29/132013/FallOutside Scholarship $500 $18,230$18,730 Total Charges$18,230 Total Credits$18,730 **$500 credit balance carried forward

23 Resources and Our Contact Information   Web: (page for counselors)http://www.oasfaa.org/  Request an OASFAA volunteer High School Financial Aid Night presenter.  Register for December Counselor Workshops (we anticipate registration being live within a week).  Sign up for our database to be sure you are notified for all events.  Financial Aid 101 Webinar: Registration information coming soon on the OASFAA web site and list serves. November 20, 2014 at 1:30 PM.  If you know a newer counselor, please invite them!


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