Financial Planning & Scholarships By Nicole Dampman & - - PowerPoint PPT Presentation
Financial Planning & Scholarships By Nicole Dampman & Brandy Guilford Myths -College is just too expensive for our family. -My familys income is too high to qualify for aid. -My parents saved for college, so we wont qualify for
By Nicole Dampman & Brandy Guilford
*529 Plan or qualified tuition plan: A tax-advantaged saving plan designed to encourage saving for future college costs.
institutions and are authorized by Section 529 of the Internal Revenue Code. *Prepaid tuition plan = purchase units or credits at participating colleges or universities for future tuition *College savings plan = permit a college saver to establish an account for a student for the purpose of paying college expenses.
*Award Letter: informs you of financial aid awarded *Expected Family Contribution (EFC): measure of your family’s financial strength, and how much a family is expected to pay towards education. *FAFSA (Free Application for Federal Student Aid): determines the amount that you or your family will contribute to the postsecondary education. *Federal student aid: largest form of student aid that come in the form of grants, loans, and work study. *Financial Need: amount of student’s total cost of attendance that is not covered by EFC or outside grants/scholarships.
*Grants: free money *Loans: money that has to be paid back *Room & Board: fees that are part of total cost of attendance if you live on campus *Scholarships: free money *Tuition: “sticker price” for education, and does not include room and board, textbooks, or other fees.
*Cost of Attendance (COA): total amount it will cost to go to college each year. COA includes:
STATE VS. PRIVATE
Tuition and Fees
$30,780
Room and Board
$9,310
Books and Supplies
$1,250
Transportation
$1,450
Personal / Miscellaneous
$1,950
Total $44,740
Undergraduate Living On-Campus
2016-2017 Academic Year Budgets Texas Resident Budget Non-Resident Budget
Tuition / Fees 9538 21238 Loan Fees* 78 78 Room / Board 8868 8868 Books 1192 1192 Travel 1600 1600 Misc. 1854 1854
Budget Total: $23130 $34830
1) Decide what colleges/universities your student will apply to. 2) Apply to the colleges/universities. 3) Complete the scholarship application for each college/university that your child applied to. 4) Complete the FAFSA.
*Apply for your FSA ID *Complete the FAFSA for the school year that your child plans to attend. (Opens Oct. 1st)
complete the FAFSA
*Expected Family Contribution (EFC) & Student Aid Report (SRA) *College/universities will have access to your FAFSA information *Financial Aid package/award letter *Determine what $ is needed *Accept & Deny
*mail or email *lists COA, award money, loans, etc.
https://www.vwc.edu/admissions/financial-aid/pdfs/award-letter.pdf
*free money for college *find them at:
*Take the SAT/ACT *Apply to the school *Sometimes there is a separate scholarship application *Send transcripts and test scores *Submit FASFA *Get Accepted (scholarships may want proof) *Apply for scholarships
*Assured = guaranteed *Competitive= other students are applying for the same scholarship *Academic/Merit: related to academic performance but can also be artistic or athletic *Community Service: participating in community service activities *First in Family: if you’re the first in your family to go to college *Legacy: you attend the college your parent attended *Military: available to service members, veterans, and their families *Prestigious: National level
*Get organized!
applications, essay samples, letters of recommendation, and a good headshot
*Review the Application Package
eligibility
*Carefully Fill Out the Application
* Academic achievement/rigorous course work * Involvement * Work * Community Service * These are important, but… * The only thing that is truly unique about you is who you are! Know yourself and express it.
*Choose a topic that will highlight you *Keep your focus narrow and personal *Show, Don’t tell *Use your own voice *Ask a teacher or parent to proofread
https://bigfuture.collegeboard.org/get-in/essays/tips-for-writing-an-effective-application-essay-college-admissions http://www.nacacnet.org/studentinfo/articles/pages/top-ten-tips-for-writing-a-college-essay-.aspx https://apps.carleton.edu/admissions/apply/essay_tips/