SCHOLARSHIPS & FINANCIAL AID PAYING FOR COLLEGE 101 SCHOLARSHIPS & FINANCIAL AID

More than 6 out of 10 college students receive financial aid. Did You Know? More than $185 billion in financial assistance is available to help students afford college. The average student received a little over $13,200 last year to help pay for college. Refer to slide More than 6 out of 10 college students receive financial aid. Source: collegeboard.org

Scholarships & Financial Aid 101 Source: The College Board

Focus on Net Price   Source: The College Board

Estimating Your College Costs Five main categories of expenses Tuition and Fees Room and Board Books and Supplies Personal Expenses Transportation Early estimate: Net Price Calculator

Types of Financial Assistance Four main types of financial assistance Scholarships Grants Loans Work-Study Programs Scholarships and Financial Aid – usually separate departments Each college has its own financial aid and scholarship policies and deadlines

Scholarships & Financial Aid 101 Maximize Loans Minimize

Types of Scholarships Internal External Scholarships offered by the university, individual colleges and departments, National Alumni Association External Awarded by organizations other than the university Businesses or corporations Military Civic and social clubs Churches or other religious organizations Individuals

Sources of Scholarships Think outside the box!

Scholarship Resources University guides or websites Scholarship search sites Scholly, Scholarships.com, Collegeboard.com, Unigo.com, Raise.me, Finaid.org, Scholarships for Students with Health Conditions, DoSomething.org plus many more! Scholarship databases Naviance, High school counselors and Post-grad coordinators Community Organizations/Employers/Churches Military Service Common App

Federal Financial Aid How Much Aid Can I Get? In general, it depends on your financial need. Financial need is determined by Expected Family Contribution (EFC) and cost of attendance (COA) EFC comes from what you report on FAFSA® (Free Application for Federal Student Aid) COA is tuition, fees, room and board, transportation, etc. and is determined by the school. COA – EFC = financial need

Federal Financial Aid Process Step 1: Find deadlines and application requirements at fafsa.ed.gov Step 2: Complete the FAFSA as soon as possible after October 1. Step 3: Wait! Most financial aid offers will not be mailed until spring. Step 4: Compare financial aid offers and determine out-of-pocket costs. Step 5: Accept the aid you want. You do not have to accept the full amount offered.

Federal Loan Programs Stafford Loan Low-interest loans that are provided by the federal government Subsidized Stafford: Must demonstrate “need” Maximum annual award: $5,500 for freshman year Current interest rate = 5.05% Unsubsidized Stafford: Need is not a consideration Maximum annual award: $20,500 (less any subsidized amounts received for same period) Current interest rate = 5.04% Parent Loan for Undergraduate Students (PLUS) Parents can take out a federal PLUS loan to help cover educational costs Need is not a consideration Maximum amount is cost of attendance minus any other financial aid received Current interest rate = 7.6% Interest rates are fixed for the life of the loan

Federal Work Study Earned Wages Students may work on or off campus Hours are limited Funding level is limited Awarded on first-come, first-served basis

Grants Pell Grant Maximum = $5,920 (for 17-18) Awarded based on EFC and enrollment Federal Supplemental Educational Opportunity Grant (SEOG) Maximum = $1,000 Awarded based on exceptional need and availability of funds Awarded on a first-come, first-served basis by most universities

Financial Aid Resources www.fafsa.ed.gov www.finaid.org Collegeboard.com University website/Financial Aid office

Other Considerations Student Jobs AP/IB Credits WUE College Opportunity Fund ASCENT – Limited to Colorado community colleges Alternative and Private (non-federal) Education Loans

Reminders Know the deadlines – NOT FLEXIBLE! Scholarship deadlines vary by college/university FAFSA: Free Application for Federal Student Aid The FAFSA goes online October 1st and will use PPY tax info Use the IRS Data Retrieval Tool (IRS DRT) to update your FAFSA with IRS tax return information Consistently check your emails and set up/check your voicemails Start your research early Read eligibility requirements carefully Stay organized / Keep copies of everything Watch out for SCAMS! Manage your debt by borrowing what you need and not what you want Do your best to save on education costs

And Finally…. You are not in this alone! College admission representatives, high school counselors, administration and teachers are available to help. Just ask….we’re here to help you navigate the college selection and application process and provide you with the information you need to make the right decision for your student’s future.

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