Rebecca Joseph, PhD getmetocollege@gmail.com Getmetocollege.org Affording College Rebecca Joseph, PhD getmetocollege@gmail.com Getmetocollege.org

Higher Earnings. High Education

What Is College Education Worth? Careers Healthy Life Savings Take Care of Families Brains on Fire

How much is college going to cost? First things first. How much is college going to cost? There are two components to this: Direct Costs & Indirect Costs.

+ Tuition Fees Room & Board Direct Costs Direct Costs are those that are billed directly by the University. Tuition Fees + Room & Board (if applicable) Direct Costs

+ Books Transportation Etc. Indirect Costs Indirect Costs are the other miscellaneous expenses involved with attending college. Books Transportation + Etc. Indirect Costs

+ Direct Costs Indirect Costs Cost of Attendance Together, these two components make up the total Cost of Attendance. Direct Costs + Indirect Costs Cost of Attendance (COA)

Next, you need to determine how much you can contribute toward Cost of Attendance.

How Do Colleges Determine How Much We Can Pay? FAFSA (fafsa.ed.gov) CSS Profile (https://student.collegeboard.org/css-financial-aid-profile) CA Dream Act (https://dream.csac.ca.gov) Cal Grants (http://www.calgrants.org)

+ Parent Contribution Student Contribution The data you provide on the FAFSA is used to calculate the amount you are expected to contribute. Parent Contribution + Student Contribution Estimated Family Contribution (EFC)

- Cost of Attendance Estimated Family Contribution Financial Need The gap that’s left between what you are expected to contribute and the total cost is called “Financial Need.” Cost of Attendance - Estimated Family Contribution Financial Need

Financial Aid is what helps you fill that gap. There are 3 types of Financial Aid: $ Need-based Merit-based Non-need-based

Need-based Grants Federal Work Study Loans The first type of aid is determined solely by Financial Need. Need-based Grants Federal Work Study Loans (Federal, State, and College Grants) (Stafford Subsidized Loan, Perkins Loan)

Merit-based Scholarships The second type of aid is determined by a student’s academic accomplishments, not Financial Need. Merit-based Scholarships (College and Outside Scholarships)

Internal Merit Scholarships

College Greenlight

External Merit Scholarships

https://roybal-allard. house https://roybal-allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf

The final type of aid is available to all students, regardless of Financial Need or academic accomplishments. Non-need-based Loans (Stafford Unsubsidized Loan, PLUS Loan, Alternative Loans)

The Financial Aid Package consists of all or any of these. Need-based Merit-based Non-need-based

COA Across Campuses

Financial Aid Recommendations If parents make less than $60,000 per year, students and families most likely won’t have to take out many loans. There are more than 50 colleges that meet all need with no loans. http://www.usnews.com/education/best-colleges/paying-for-college/articles/2014/09/15/colleges-and-universities-that-claim-to-meet-full-financial-need Educational loans are low interest. Students have ten years to pay them back and can deduct interest from taxes. They are best investment possible in your child. Students should never borrow on credit cards. Students can visit colleges for free at the beginning and end of senior year. http://getmetocollege.org/hs/what-colleges-look-for/fall-2014-free-diversity-college-visits

What Can We Do Now? Save. Every dollars counts. Prepare FAFSA-Now PRIOR, PRIOR Explain your family finances to your children. Build children’s resume. Apply for scholarships. MALDEF- http://www.maldef.org/assets/pdf/1415_MALDEF_Scholarship.pdf Congresswoman Roybal-Allard- http://roybal-allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf

Rebecca Joseph, PhD getmetocollege@gmail.com Getmetocollege.org Affording College Rebecca Joseph, PhD getmetocollege@gmail.com Getmetocollege.org