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February 2019 Paying for College

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Presentation on theme: "February 2019 Paying for College"— Presentation transcript:

1 February 2019 Paying for College
Parent Coffee February 2019 Paying for College

2 I got in to Penn State! Now how do I pay for it???? 35/23/2
Go anywhere you want, just no student debt. Go for the gold! Everyone acquires student debt. Go to NOVA and then transfer. What are your goals? What can you afford? How many schools will you apply? We will pay for up to X amount. Anymore you are on your own. You can go to any in-state school. You play a sport, get a scholarship.

3 Agenda NEED BASED MERIT BASED EXTERNAL SCHOLARSHIPS & OTHER RESOURCES
Alphabet Soup of FEDERAL & STATE AID MERIT BASED SCHOOLS Private and Public Merit scholarships Competitive Special NOVA Sports EXTERNAL SCHOLARSHIPS & OTHER RESOURCES Overview of three main areas. Helpful hints and examples of various scholarships along the way.

4 FEDERAL & STATE AID

5 Alphabet Soup of Acronyms
COA EFC FAFSA SAR VTAG VGAP

6 COA = Cost of Attendance
Tuition & Fees Room & Board Books & Supplies Personal expenses Transportation 4 Year Private Public In-state Community College Tuition/Fees $35,460 $11,118 $5,280 Room/Board $11,000 $9,706 $4,726 Books/Supplies $1,000 $1,016 $1,300 Travel $700 $1,786 $3,870 Personal $1,100 $2,378 $3,210 COA Budget $49,260 $26,004 $18,386 (Provided by NOVA December 2018)

7 EFC = Expected Family Contribution
Based on: Number of students in college Health/medical bills Income Assets

8 Expected Family Contribution
*DEMONSTRATED NEED COA Cost of Attendance EFC Expected Family Contribution Ex: $27,600 - $18,700 = $8,900 What % of demonstrated need is met? *Directional

9 FAFSA = Free Application for Federal Student Aid
Input your financial situation and the colleges you are applying You can create an account at any time One for parent One for student October 1st – Application opens Output is eligibility for: Grants = Free money (Pell Grants max $5,500) Student Loans = Borrowed money (payback with interest) Work Study = Earned money State Aid Institutional Aid CSS Profile – generally more highly selective (UVA, Washington & Lee, VCU Med School) Tip: Regardless of financial situation you should apply.

10 SAR = Student Aid Report
Output from your FAFSA input Your EFC Asterisk denotes verification required Eligibility for Pell Grants & federal student loans Information about the colleges you listed Graduation rate (6 years) Retention rate Transfer rate If wrong/incomplete, you can make changes Use for scholarship submissions – proof of need College sends out the financial aid award letter Tip: You can negotiate with the Fin Aid Office

11 SCHOOLS

12 Public vs Private Schools
In-state matters for public schools only Private school tuition is the same regardless of location Private schools will offer significant scholarships (Ferrum, Mary Baldwin, Hollins University) Virginia private schools; VTAG = Virginia Tuition Assistance Grant - non need based, varies annually $2,800 Public or private Virginia schools; VGAP – Virginia Guaranteed Assistance Program - need based, must have a 2.5 GPA or better out of high schools

13 Virginia Private College Week
VA private school week – late July, visit 3 schools, apply

14 SAT & ACT Scores Test optional Scores drive scholarships
Consider the ROI on test prep programs Priority deadline does NOT equal ED, EA or Regular Decision Be done with testing by September

15 Merit Scholarship Not all schools offer merit scholarships
Automatic based on test scores – no separate application Competitive – application, compete against others with 1330 SAT (Auburn University, The Ohio State University) School/program based – in addition to merit based External scholarships - alumni Competitive – apply EA then have a deadline for scholarships Tip: Read those postcards that come in the mail.

16 College Websites - University of Alabama

17 College Websites: Kent State
Tip: Negotiate - Show school other offer

18 College Websites: Kent State
Tip: Negotiate - Show school other offer

19 US News & World Report Dec 2018

20 Special Scholarships Nominated by School Counselors - Seniors
Pamplin Leadership Award- VT Thomas Jefferson Scholars - UVA Promise Scholars – Richard Bland College Junior Scholarships High Point University - $10,000 over 4 years Furman University - $80,000 over 4 years Seton Hall University – Pirates Pitch for High School Students - $10,000 over 4 years Google for National Scholarships Regional Scholarships U of Louisville - $10,000 Frostburg State University - $4,600 Shepherd University - $4K Metro Scholarship plus $5K academic scholarship

21 NOVA Complete the FAFSA Scholarship cycle Jan – Feb Apple Credit Union
Virginia Commonwealth Award Grants to transfer to 4 year universities ($1,000)

22 Sports D1 & D2 = scholarships D3 = grants
Register via NCAA Eligibility Center Restricted communications D3 = grants No restrictions School website Recruit Spot Special talents – performing arts Bulk of scholarship money comes from merit and not sports.

23 EXTERNAL SCHOLARSHIPS

24 Rock Ridge Website - Scholarships
Lcps.org/rockridge School Counseling College & Career Center Scholarships Scholarships LCPS Scholarship & Financial Aid Handbook

25 Additional Resources Academic Common Market
State Council for Higher Education Naviance Collegeboard.org College websites College info sessions Employer Churches & civic organizations

26 THANK YOU!


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