Financial Literacy Coordinator DeLucaL2@southernct.edu Paying for College Lew DeLuca Financial Literacy Coordinator DeLucaL2@southernct.edu http://southernct.edu/financial-advising/index.html

Payment Options Grants & Scholarships (FREE $) Loans (Student & Parent: Repaid with interest) Payment/Installment Plans (10 month) Investments (529, IRA, Coverdell & Custodial Accounts, U. S. Savings Bonds, Stocks & Bonds, Variable Life Insurance, Annuities, etc.) Employment (Earnings, Tuition Waiver or Reimbursement) Credit Card (2.75% Convenience Fee) Home Equity Line of Credit

EFC (Estimated Family Contribution) Applications FAFSA (FREE application for federal student aid) https://fafsa.ed.gov/ Complete October 1 annually CSS Profile (FEE application for non federal aid) https://student.collegeboard.org/css-financial-aid-profile EFC (Estimated Family Contribution)

Cost of Attendance (COA) Direct costs Tuition & Fees ($4,300, $11-15,000, $50,000) Room & Board ($12-15,000) Indirect costs Room & Board (live home/off campus) Books & Supplies ($1,500) Personal & Transportation ($1,500-$4,000)

Sample Awards Private 4 yr. College Public 4 yr. College Cost of Attendance $70,000 $30,000 $13,000 - EFC = Financial Need Federal Pell Grant $6,095 College Scholarship/Grant $20,000 $3,500 $1,000 Direct Subsidized Loan Direct Unsubsidized Loan $2,000 Parent PLUS or Private Student Loan $38,405 $14,905 $0

Sample Awards Private 4 yr. College Public 4 yr. College Cost of Attendance $70,000 $30,000 $13,000 - EFC 30,000 = Financial Need $40,000 $0 Federal Pell Grant College Scholarship $20,000 $2,000 Direct Subsidized Loan $3,500 Direct Unsubsidized Loan $5,500 Parent PLUS or Private Student Loan $44,500 $22,500

Next Steps Questions? FAFSA4Caster & Net Price Calculator Submit FAFSA & CSS Profile 10/1 annually Apply for private scholarships monthly Work & save money each summer Commute if campus costs prohibit attendance Appeal Financial Aid awards if special circumstances Questions?