Stretching Student Aid Revised 8/2013. Agenda How Financial Aid WorksShrinking the Cost of AttendanceGrowing Your Financial ResourcesScenarios.

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Stretching Student Aid

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Presentation transcript:

Stretching Student Aid Revised 8/2013

Agenda How Financial Aid WorksShrinking the Cost of AttendanceGrowing Your Financial ResourcesScenarios

Financial Aid: Disbursement College creates a bill of tuition and fees for the coming term. College disburses financial aid to your account several days before the term begins. College keeps the amount of tuition and fees. The remaining amount gets transferred to your bank account as the term begins.

Agenda How Financial Aid WorksShrinking the Cost of AttendanceGrowing Your Financial ResourcesScenarios

Shrinking Costs: Balancing Act Cost of Attendance Financial Resources Cost of Attendance

Shrinking Costs: Cost of Attendance?

Shrinking Costs  Tuition & Fees  Books & Supplies  Transportation  Food  Housing  Utilities  Medical expenses  Entertainment  Cell phone  Clothes  Toiletries  Miscellaneous expenses

Shrinking Costs: Tuition and Fees Compare Schools Western Undergraduate Exchange Transfer credits Taking more credits Tuition reimbursement AmeriCorps Military service Part-Time enrollment

Shrinking Costs: Books and Supplies Buy used books Campus bookstoreOnlinePast editionsRent Share Share books with friends Use library books Buy supplies in bulk

Shrinking Costs: Transportation

Shrinking Costs: Food Avoid eating out Student deals Choose your food plan wisely Share meals

Shrinking Costs: Housing and Utilities

Shrinking Costs: Entertainment Student Deals Movies Restaurants Clubs and School Events Sports classes Activity-based clubs Intermural sports Campus events Free Events Community events Community festivals Make Your Own! Potlucks Movie nights Craft nights Outdoor trips

Shrinking Costs: Other

 How long will it take to graduate?  What will my job prospects be like once I graduate?  What will my earning potential be once I graduate?

Shrinking Costs: Borrow Responsibly  What do you expect to earn?  How much do you expect to borrow?  Can you afford your estimated monthly payments after college?  Student loan payments should be no more than 8- 10% of your monthly income.

Shrinking Costs: Credit Cards

Agenda How Financial Aid WorksShrinking the Cost of AttendanceGrowing Your Financial ResourcesScenarios

Resources: A Balancing Act Cost of Attendance Financial Resources Cost of Attendance

Resources: 3 Pots of Money Family Financing Community Financing Government/ Institutional Financing

Resources: Family Financing What can you and your family contribute to your college education?  Savings  Income  Investments How many people are in your family?  How many are/will be in college?  What kind of unusual expenses do you have?

Resources: Community Financing What scholarships or other external funding can you find?

Resources: Scholarships FROM TO FOR School Company Organization Individual YOU Academics Athletics Community involvement Leadership Interests Hobbies Demographic Field of Study Family heritage Income School choice Where you live Where you’re from Contest Raffle Essay Portfolio Affiliation Beliefs and passions Participation Extra-Curricular Skill Birthday

Money: Government/Institutional Financing  Financial Aid  Grants  Loans  Work-Study What funds are available to me through the federal or state government or from my college?

Agenda How Financial Aid WorksShrinking the Cost of AttendanceGrowing Your Financial ResourcesScenarios

Scenarios: On Campus Room Standard: $2440 Single: $3080 Dorm w/ kitchenette: $2820 Board 10 meals/week +$500 flex: $ meals/week + $150 flex: $ meals/week: $2840 Kitchenette meal plan: $1100 flex dollars (required) Books, Supplies, and Personal Costs College estimates $700/term for books and supplies $1000/term for personal costs (including transportation) COST OF ATTENDANCE: $28,043/semester (Private) *TUITION AND FEES: $21,063 STUDENT BUDGET: $6980

Scenarios: Off Campus Room & Board ($3257/quarter) House with 2 roommates: $500/mo/person + $150/mo/person utilities, including internet and cable. ($1950/quarter) Single Apartment: $750/mo utilities included. Internet and cable $100/mo extra. ($2550/quarter) Transportation ($969/quarter) Bus pass available for $100/quarter Good city buses to/from university available Car insurance: $225/quarter Parking: $200/quarter Gas: $480/quarter Books, Supplies, Personal Costs ($500/quarter) Books and Supplies approximately $350/quarter Personal costs approximately $150/quarter COST OF ATTENDANCE: $8175/quarter (public) *TUITION AND FEES: $3449 STUDENT BUDGET: $4726/quarter

Tools  Spending Tracker (pdf)  In order to budget effectively, you have to know what you spend  College Budget Tool (pdf or excel)  Use information about your spending habits and your college costs and resources to plan a budget and stick to it

Final Message: It’s Up to You!  Where you go  How long you go  How much you work  How much you spend  Budgeting is an ongoing process  Creative ways to cut costs

A nonprofit corporation, USA Funds ® works to enhance postsecondary education preparedness, access and success by providing and supporting financial and other valued services.