+ Scholarships 101 Or, How to Get Your Education Paid for and Avoid Living in Your Parents’ Basement for the Rest of Your Life

+ Session overview The purpose of today’s class is to give you a few key tools and strategies to help you as you develop a plan to pay for your college education. Remember: there is no magic bullet, no single website, no single scholarship (generally), no pain-free way to pull together all of the funds you need for college. This will take time, work, and perseverance, but the potential payoff is well worth it.

+ Some facts: As of 2012, the average student loan balance for all age groups is $24, % of borrowers owe more than $28,000 10% of borrowers owe more than $54,000 3% owe more than $100,000 <1%, or 167,000 people, owe more than $200,000. (Source: FRBNY)FRBNY) Loan Calculator  Loan Balance:$24,  Loan Interest Rate:6.80%  Loan Term:10 years  Average Debt per Year:$6,  Monthly Loan Payment:$279.66*  Number of Payments:120  Cumulative Payments:$33,  Total Interest Paid:$9, *According to mappingyourfuture.org, you’ll need an annual salary of $42,000 to be able to repay this loan.

+ University of Illinois, Tuition and Fees: Tuition: $12,036 Fees$3,566 Room and Board: $10,848 Books: $1200 Other:$2500 Total:$30,150 Over four years… $120,600

+ But what if I get federal and state aid? Won’t it cover everything? From our University of Illinois example: Total yearly cost:$30,150 Federal Pell Grant:-$5,550* Illinois Map Award:-$4,700* Amount still owed:$19,900 4 year cost of attendance: $79,600 *assumes estimated family contribution = 0 AND that funds are available

+ Yikes! Paying Back U of I (With federal and state aid) Over 10 years ($79,600):$831 Cumulative Payments (4.66% interest) $99,733 Total Interest Paid:$20,133 Over 20 years ($79,600): $510 Cumulative Payments: $122,517 Total Interest Paid: $42,9917 (With NO federal or state aid: subsidized + unsubsidized loans only) Over 10 years ($120,600): $1259 Cumulative Payments: $151,105 Total Interest Paid: $30,504 Over 20 years: ($120,600)$773 Cumulative Payments: $185,623 Total Interest Paid: $65,023 According to mappingyourfuture.org, you’ll need an annual salary of $76,000 to be able to repay the first loan and $116,000 to repay the second over 20 years. Maximum student loan for undergrads: $23,000

+ A better solution is… SCHOLARSHIPS

+ They’re not just for students with good grades & high test scores! Gifts that YOU DO NOT NEED TO PAY BACK! Based on need or merit Given by colleges, organizations, or foundations for many reasons: Students in after-school activities Students affected by Alzheimer’s scholarships Females over 5’ 10” scholarships Left handed students scholarships Students of different ethnicities scholarships Students of different religions scholarships Gender-based scholarships Zombie Apocolypse scholarships Students with learning disabilities scholarships Undocumented students scholarships

+ But how do I find them? Check with your counselor at Von Check with your employer and your parents’ employers Ex: the CTU offers a scholarship for the children of teachers Check with college or university summer programs you have participated in Check with the college or university you plan to attend Check with your church, synagogue or mosque or other community organizations in your neighborhoods Check with your coaches Search the Internet and use online scholarship search engines Check scholarship guides found on Amazon.com Check Naviance

+ Von Steuben Alumni Scholarships Invitations will be sent out to eligible seniors during division soon Awards vary from $1000-$2500 Criteria GPA 2.5+ “Need-based” – In other words, do you need money for college? Not based on FAFSA or family income. Information session sometime in February. You MUST attend to apply.

+ College Scholarship Guide ChooseYourFuture.org > College > Paying for College > Strategic Scholarships Scholarships offered by organizations, companies, institutions, foundations, individuals or families that specifically target and award Chicago Public Schools (CPS) high school students. Millions of scholarship opportunities out there, but this site identifies scholarship opportunities that specifically target CPS students as recipients.

+ Highlights from the CPS College Scholarship Guide George Pullman (pg. 40) Residents of Cook County 3.0+ GPA FAFSA eligible $200-$5000 Renewable for 4 years William J. Cook Foundation (pg. 55) Male students from Cook County Plan to enroll full-time at 4-year college or university $1000-$5000 Renewable for 4 year

+ Chicago Engineers Foundation (pg. 50) Chicago high school students admitted to engineering program ACT = 21 or higher $800 (up to $5000 over course of study) Renewable for 4 years Darius A. Felton Scholarship (pg. 51) CPS high school seniors 2.5 GPA $500 Not renewable Jackie Robinson Foundation (pg. 27) Graduating, minority senior ACT 21 Plan to attend 4-year college or university in U.S. Leadership potential & dedication to community service Amount varies Renewable for 4 years

+ Northeastern Ill. University Presidential Scholarship (pg. 29) Graduating Chicago high school seniors with strong academic promise ACT 27 GPA 3.35 (maintain a 3.5 GPA at Northeastern) 4 years of tuition and fees with a book allowance (~$40,000 over four years) Renewable for 4 years Illinois Dream Fund (pg. 26) Undocumented students GPA 2.5 Illinois high school grad (or attended 3 years with a GED) Resided with parents or guardians while in high school Up to $2000 for 2-year institutions; Up to $6000 for 4-year Possibly renewable

+ Smart Kids with Learning Disabilities Youth Achievement Award Students 19 or younger Demonstrated initiative, talent and determination resulting in a notable accomplishment in any field, including art, music, academics, athletics and community service $1000 Not renewable Scholarships for Students with Disabilities scholarships/scholarships-by-type/disability-scholarships/ scholarships/scholarships-by-type/disability-scholarships/

+ Local University Scholarships Lake Forest College & University of Chicago offer full-ride scholarships to CPS students University of Chicago and IIT offer full ride scholarships to the children of Chicago firefighters and police officers

+ Scholarship Resources chooseyourfuture.com/scholarships (CPS students) fastweb.com Illinoisdreamfund.org (undocumented students) ISAC.org (State of Illinois scholarships) collegeboard.com/student/pay/scholarships-and- aid/index.html scholarships.com wiredscholar.com collegeanswer.com Also see page 2 of the College Scholarship Guide