Financial Planning & Scholarships By Nicole Dampman & Brandy Guilford
Myths -College is just too expensive for our family. -My family’s income is too high to qualify for aid. -My parents saved for college, so we won’t qualify for aid. -I’m not a straight-A student, so I won’t get aid. -If I apply for a loan, I have to take it. -Student loans will cripple your child financially.
Start saving now *529 Plan or qualified tuition plan: A tax-advantaged saving plan designed to encourage saving for future college costs. ● Sponsored by states, state agencies or educational 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.
Be Familiar with Financial Aid Terms *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.
Financial Aid terms continued *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 *Cost of Attendance (COA): total amount it will cost to go to college each year. COA includes: ● Tuition and fees ● Room & board Books & supplies ● Transportation ● ● Can include other expenses
COST of Attendance continued 2016-2017 Academic Year Texas Resident Non-Resident STATE VS. PRIVATE Budgets Budget Budget Undergraduate Living On-Campus Tuition / Fees 9538 21238 Tuition and Fees $30,780 Loan Fees* 78 78 Room and Board $9,310 Room / Board 8868 8868 Books and Supplies $1,250 Books 1192 1192 Transportation $1,450 Travel 1600 1600 Personal / $1,950 Miscellaneous Misc. 1854 1854 Total $44,740 Budget Total: $23130 $34830
What do I do next? 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.
FAFSA application - www.fafsa.gov *Apply for your FSA ID *Complete the FAFSA for the school year that your child plans to attend. (Opens Oct. 1st) ● Have the necessary documents to complete the FAFSA list up to 10 colleges/universities ● Select workstudy if interested ●
What next? *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
Financial Aid Award Letter *mail or email *lists COA, award money, loans, etc. https://www.vwc.edu/admissions/financial-aid/pdfs/award-letter.pdf
Loans maybe scholarships *free money for college *find them at: -National/free search ● www.salliemae.com/plan-for-college/scholarships/ ● www.cappex.com ● www.fastweb.com -Colleges you’ve been accepted to -Local Resources -Naviance
How do I get a scholarship? *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
Define 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
Tips for completing scholarship applications *Get organized! Calendar of deadlines/follow-up dates ● Make a checklist of each scholarship’s requirement ● Create a file system ● Create a resume ● Gather or prepare commonly requested items - tax returns, financial aid ● applications, essay samples, letters of recommendation, and a good headshot
Tips Continued *Review the Application Package Study the rules ● Find out what the sponsor is looking for -- ● eligibility Gather materials requested by the application ● *Carefully Fill Out the Application Be neat and use correct grammar ● Make sure the application is complete ● Put serious effort in your essay ● Submit and wait ●
Standing Out * 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.
Essay Writing Tips *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/
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