1. Affording College 101 Understanding the Basics of College Costs and Financial Aid Mercedes McCurdy, uAspire Financial Aid Advisor

2. Who is uAspire?  uAspire helps make college more affordable for ALL students and their families (regardless of GPA, immigration status, income)  uAspire used to be called ACCESS  Every Boston Public School (and charter and some independent schools) has a uAspire Advisor

3. Ms. Mercedes McCurdy uAspire Financial Aid Advisor mercedesm@uaspire.org ….available on Tuesdays to meet with students or parents

4. uAspire 31 Milk St. Suite 900 Thursdays 3:00 – 6:00

5. Apply to College Apply for Financial Aid Receive Acceptance Letters Receive Financial Aid Award Letters Review Financial Aid Award Letters Decide on a College and Make a Deposit Your Senior Year Schedule Oct>> Jan>> March >>April>> May Research and apply for scholarships

6. Cost of Attendance - Financial Aid awarded = Amount to pay College Affordability

7. Cost of attendance PUBLIC PRIVATE *Includes Room and Board

8. *Room and Board is optional Cost of Attendance

9. - Financial Aid awarded = Amount to pay College Affordability

10.  Grants and Scholarships = Free Money  Loans = Borrowed Money  Work Study = Earned Money What Are The Different Types of Financial Aid? Financial Aid awarded

11. Grants Scholarships Free Money  Usually Funded by Government or College  Need based: Determined by your Expected Family Contribution (EFC)  Pell Grant: $5645 Max*  Mass Grant: $1600 Max*  Can be given for the following:  Merit  Need  Ethnic/Cultural Background  Institutional  Housing Status  Etc. *estimated Financial Aid awarded

12. Loans  Federal government student loans  Most common is Stafford Loan: $3,500 Subsidized for freshmen $2,000 Unsubsidized  Interest rate for 2014-2015 Stafford Loans: 4.66%  Massachusetts No Interest Loan - not as common and based on availability with the college and financial situation. Financial Aid awarded

13. Work Study  Job on campus  Usually Government funded  Money paid as you work, not up front  Funds will NOT go directly to pay student’s college bill Financial Aid awarded

14.  FAFSA: Free Application For Federal Student Aid – Required by all colleges – Found at www.fafsa.govwww.fafsa.gov – First come, first served so complete as soon as possible senior year (becomes available Jan. 1 every year) – Requires tax information, if applicable so file early and e-file How to Apply For Financial Aid Financial Aid awarded

15. Sample Documents Needed Tax ReturnW-2 Form

16.  CSS/Profile: Form found on collegeboard.org, required by some private colleges Financial Aid awarded How to Apply For Financial Aid (cont.)  Institutional Forms: Colleges may have their own forms to complete

17. How Much Will I Have to Pay? E xpected F amily C ontribution FAFSA Children in college Family income Household size

18.  Use tools available to give you an estimated Expected Family Contribution (Big Future or FAFSA4Caster).  Your EFC may change from year to year based on the information you enter on the FAFSA Financial Aid awarded How do I find out my EFC?

19.  Use a Net Price Calculator (NPC) to give you an estimate of what you might pay for each college  Every college and university is required to have a NPC on their website  Here is a site that can help find a colleges NPC: http://collegecost.ed.gov/netpricecenter.aspx  uAspire is available to help! Net Price Calculator Financial Aid awarded

20. Cost of Attendance - Financial Aid awarded = Amount to pay How much does college cost?

21. Different colleges, different financial aid  Ami got accepted to Green University and University of the Blue  Ami has an EFC of 0 Green UniversityUniversity of the Blue Cost of attendance$23,000$49,000 - Financial Aid$20,000$34,000 = Amount to pay$3,000$15,000 Amount to pay

22. Different colleges, different financial aid  Jessenia got accepted to Green University and University of the Blue  Jessenia has an EFC of 5000 Green UniversityUniversity of the Blue Cost of attendance$23,000$49,000 - Financial Aid$16,000 = Amount to pay$7,000$21,000 Amount to pay

23. Award Letter Analysis Opportunities  1-on-1 meetings with Mercedes on Tuesdays using our Award Letter Analyzer, through the end of the school year  1-on-1 meetings with a uAspire advisor at our downtown office hours, Thursdays 3-6pm, no appointment necessary.  MEFA Next Steps workshop: TBD

24. Some options…  Setting up a tuition payment plan  Other Loans, if eligible  Outside scholarships Amount to pay

25. Financial Aid awarded Myth:It actually hurts you to save for college because you get less financial aid Reality: The way financial aid is determined counts family income far more heavily than savings

26.  It is a way to pay your tuition for the academic year in a 10-12 month payment plan.  Registration fee  Pay attention to the enrollment date Example: You owe- $8,000 (for the year) You sign up for the 10 month payment plan- 10 Your monthly payment from July to April $800 Dollars a month Amount to pay Tuition Payment Information

27. Amount to pay  Have to qualify Ex. Parent PLUS loan, 6.4% interest rate – Can borrow up to amount not covered by financial aid – If don’t qualify, student is automatically eligible for $4000 more in unsubsidized Stafford loan – Parent loans can be deferred until after college, interest does accrue – Loan is always in parent’s name Other Loans

28. Where Can You Find Scholarships?  In school Check with the guidance office! Ask your schools uAspire Advisor!  Local community  Online Resources  www.bostonyouthzone.com www.bostonyouthzone.com  www.collegegreenlight.com www.collegegreenlight.com Amount to pay Start looking for scholarships now because less scholarships will be available as the year goes on! Two examples of local scholarships are: College Club Scholarship Edwards Scholarship

29.  Start learning about the financial aid process  Save money to help your child pay for college  Help your child research and apply for scholarships  Find and complete Net Price Calculators  Contact uAspire with any questions or concerns uAspire Central OfficeMercedes McCurdy 31 Milk St. Suite 900mercedesm@uaspire.org 617-778-7196 617-804-7196 617-778-7196 617-804-7196www.uaspire.org What to do now?

30. FAFSA Fill In Instructions  If you are not participating in the FAFSA fill in but have questions, feel free to fill out a card with your question and email address. If you want an appointment, please contact guidance to set up an appointment  If you are participating in the FAFSA Fill-in go to room 307 Seevak Seminar Room. Each family will work on a Chromebook.  Advisors Avalible: Elsa, Ericka, Justin, and Mercedes