Financial Aid We want to see you in college! By 2020, 65 percent of - - PowerPoint PPT Presentation

Choosing A College And Financial Aid

We want to see you in college!

○ By 2020, 65 percent of all jobs in the economy will

require postsecondary education and training beyond high school.

○ Potential - Who are you? What are your interests? ○ Opportunity - More doors open ○ Income - 1 Million Dollars

College Match and Fit

“ Put simply, students’ likelihood of college completion is heavily influenced by their choice; therefore, where students choose to enroll can be just as important as whether they choose to enroll in college at all” Cochran & Coles, 2012

What school is right to for you??

College Match and Fit

College Match: Refers to the relationship between institutional selectivity and the students’ academic ability and is usually assessed by the ACT/SAT, GPA and Class Rank. Assessing your chances at being admitted

College/University Average GPA Average ACT Average SAT Class Rank School A 3.6 28 1100 Top 15% School B 2.9 24 900 Top 50%

College Match

You should have a variety of options:

○ Reach Schools - schools for which your GPA,

ACT/SAT and Class Rank may be a fraction below the institutional average.

○ Target Schools - schools for which your GPA, ACT/SAT

and Class Rank are definitely at or above the institutional average.

○ Safety Schools - schools for which your GPA, ACT/SAT

and Class Rank are above the institutional average.

College Match and Fit

College Fit: Refers to the extent to which an institution meets a students social, major and financial needs. Factors to consider:

Fit Factors Location Academic Program/ Major Size Social/Emotional Environment Retention Rate Graduation Rate Support Services Financial Viability

Starting your search

How many types of colleges are there in Minnesota?

○ 2 Year colleges

○ Community College ○ Technical College

○ 4 Year Colleges

○ Public ○ Private

○Private Career Colleges/Schools (12 to 18

months)

Average Tuition and Fees 2016-2017

○ Technical & Community Colleges $5,397 ○ State Universities $8,049 ○ University of Minnesota $14,224 ○ Private Career Colleges

$14,270

○ Private Colleges & Universities $38,305

Other important cost: Room & Board, Transportation, Books, and Person Expenses could add an additional $7,000 to $15,000 to the above tuition cost.

2 Year – Technical Colleges

○ Offer programs that emphasize hands on skills ○ Students often go right into careers in technical or

industrial fields

○ Work with local employers to make sure students get

the skills they need

○ Instructors are also often professionals in their field ○ Students can earn - Certificates, Diplomas, Associates

Degrees

2 Year – Community/Tribal Colleges

○ Provide first 2 years of a 4-year degree ○ Students often transfer to a 4-year institution to

complete a bachelor's degree

○ Also offer career specific training for

professionals

○ Students can receive - Certificates, Diplomas,

Associates Degrees

4-Year Colleges and Universities

○ Public or Private ○ On-campus housing ○ Offer a wide range of majors ○ Offer a wide range of athletic programs as well as

programs in the arts such as music and theater

○ Students must meet certain requirements to be

accepted

○ Degrees take 4 years to complete ○ Students can receive - Bachelors Degree,

Masters Degree and Professional or Doctoral Degrees

But how do I apply??

○ Complete the college application form

○ Request high school transcript

○ Junior year grades!!

○ Pay the application fee

○ Are you applying to a 2 year college?

○ Fill out Application (online) ○ Done!

○ After accepted you will take a placement test ie:

Accuplacer

But how do I apply??

○ Are you applying to a 4 year college?

○ Submit ACT or SAT scores ○ Talk with counselor about dates and how to

sign up

○ Request letters of recommendation

○ Coaches, teachers, counselors, People in your

community, church, volunteer org., Supervisors, mentors, leaders

But how do I apply??

○ Is an application essay required?

○ The essay is the best way to let the school know

who you are individually. Who is the real you?

○ School may choose topic or you get to choose

your own.

○ Make it personal!

○ Does the school require an interview? ○ Done!!

Students look at their cellular phone at least 100 times per day. Get gentle reminders and assistance with your college transition questions via text.

“Get Nudged”

Financial Aid

 Grants - Free money usually awarded based on need ie: Pell, MN

State Grant, college funded grants

 Does not have to be repaid

 Scholarships - Free money awarded for special talents, grades,

cultural or religious backgrounds etc.

 Do not have to be repaid  Start locally  www.finaid.org/scholarships to search for scholarships  www.ohe.state.mn.us to see a list of MN institution scholarships

 Work Study - Money funded by the government that must be

earned by working a part-time job on or off campus

 Jobs can sometimes provide good experience in your field of study

 Loans - Borrowed money from the government or private lenders

that must be paid back with interest

 Government Loans vs. Private Loans

How can I help pay?

 Savings - The more you save, the less you'll

have to borrow

 MN College Savings Plan - 529 Plan  Visit: www.mnsaves.org for more information

 Family Contribution - Financial Aid is designed

to assist families who are unable to contribute.

 Can include things like room and board,

transportation.

 Can also include extended family and close

friends.

Other Ways to Pay/Save

 Dual Credit - PSEO, CIS, AP, IB

 readysetgo.state.mn.us

 Military and Community Service -

 ROTC - 2, 3 and 4 year scholarships incl. full tuition,

fees, books and living stipend in exchange for years of service.

 Americorps - Defer federal loans. Education Award

per term. Qualifies for Public Service Loan Forgiveness.

 Peacecorps - Defer federal loans. Perkins Loan

15% balance cancellation per year of service.

But remember!!

○ Early applicants hear back first ○ Busy season for admissions starts late fall ○ FAFSA application begins in October ○ Sign up for Summer Nudging

Questions???

For more information:

www.ohe.state.mn.us Includes information on: Reciprocity Tax benefits Tuition and Fees for 5 State Area Financial Aid Estimator Preparing, Selecting, Paying Questions?? Marcio Thompson marcio.thompson@state.mn.us 651-259-3966