MAKING COLLEGE AFFORDABLE Saving your Sanity and Solvency - PowerPoint PPT Presentation

MAKING COLLEGE AFFORDABLE Saving your Sanity and Solvency Presented by College Funding Group

College Sticker Prices In-State Public (UVA, Tech, VCU) $20,000 - $31,000 Out-of-State Public (WVU, USC) $34,000 - $45,000 Private (anywhere) $40,000 - $65,000 College Funding Group

Sticker Price Components Sticker Price • Tuition and Fees • + Room and Board • + Books and Supplies • + Transportation • + Personal (other) College Funding Group

Sticker Price Components James Madison 2014-15 Tuition & Fees $ 9,662 Room & Board $ 9,196 Books & Supplies $ 876 Transportation $ 1,942 Personal (other) $ 1,854 Total $23,530 Source: CollegeBoard.com College Funding Group

Sticker Price vs. Net Price Sticker Price Net Price • Tuition and Fees • Tuition and Fees • + Room and Board • + Room and Board • + Books and Supplies • + Books and Supplies • + Transportation • + Transportation • + Personal (other) • + Personal (other) • - Grants & Scholarships College Funding Group

Financial Aid in 5 minutes or less Merit aid Need based aid What types are there? Income and assets Grades and test scores What is it based on? (Expected Family (also talent, Contribution – EFC) leadership, etc.) Admissions FAFSA, How do you apply? application CSS Profile Grants, Scholarships What can you get? Grants, Scholarships Loans, Work Study College Funding Group

Will we get need-based aid? COA EFC (Cost of (Expected Family vs. Attendance) Contribution) College Funding Group

Expected Family Contribution • The EFC is the important number since it determines whether or not you will get aid. What goes into calculating the EFC? Assessment Rates Parents Student Non-retirement assets 5.64% 20% Income 47% after allowances 50% College Funding Group

Expected Family Contribution • Your goal is as low an EFC as possible • Primary residence and retirement accounts are excluded • Student income allowance is $6,310 (2015-16) • More children in college = lower EFC • Your EFC will be recalculated every year • You can get BOTH need-based aid and merit aid • Consider the impact on aid of all major financial decisions from Junior year in high school through Junior year in college College Funding Group

Expected Family Contribution EFC Calculator www.fafsa4caster.ed.gov College Funding Group

The percentages % of Need met % Grants UVA 100% 73% Virginia Tech 64% 48% Randolph-Macon 79% 74% CNU 74% 41% James Madison 41% 41% Source: CollegeBoard.com College Funding Group

Net Price Calculators • Don’t register or share personal information • You can use estimates • CollegeAbacus.com can compare 3 at a time • CFGNPC.com for a list of links College Funding Group

Merit Aid • Colleges use merit aid to recruit students. • Some schools do not award merit aid, even to smart students. • Some private schools award merit aid almost automatically. • “Merit” at one college is not always “merit” at another. • Apply where you’d be in the top 25%. College Funding Group

Private Scholarships: Where to start? • What should I be searching for • When should I be searching • How often and what methods • Where should I be searching • Whom should I be asking College Funding Group

Types of Private Scholarships • Merit: How good your grades are • Athletic: Skill, experience in a sport • Community Service: Participation in bettering the community • Financial Need: Family income • Major Field: Professional Organizations • Participation in a school club or group • Geographic College Funding Group

Who Administers Them? • Parents work & Student part- time jobs • Study Abroad • Departmental & University specific Scholarships • Community Foundations • Fast food Chains • Churches College Funding Group

A Scholarship by any other name… Congressional Hispanic Caucus Scholarship Deadline: April 25, 2015 Do I have to be Hispanic/Latino to apply? “No , all qualified applicants are eligible to apply. CHCI does not discriminate based on age, gender or ethnicity .” College Funding Group

No Need, No Merit - Just Write Scholarships are more than just grades and financial need. Let your essay do the talking. Ayn Rand Scholarship: Grades 8-12 - $2,000 - deadline March 20, 2015 Grades 11-12 - $10,000 - deadline April 26, 2015 Voice of Democracy Contest Grades 9-12 - $30,000 - deadline Nov 1, annually College Funding Group

Scholarships are for ages 6 + • Ages 6- 18: Kohl’s Cares Scholarship Program March 14, annually • 18 & Under: Davidson Fellows Scholarship Program Feb 11, 2015 • K-12: Doogle 4 Google Scholarship Program March 20, annually • Ages 8-16: Young Eco Award Feb 28, 2015 • Ages K-12: Student Editorial Cartoon Contest March 16, 2015 College Funding Group

A few examples Closing Soon: • Gates Millennium Scholars- January 14, 2015 • Asian & Pacific-Islander American Scholarship Fund- Jan 9, 2015 • Burger King Scholarship - December 15, 2014 • McDonalds Scholarship- January 20, 2015 • GE-Reagan Scholarship- January 8, 2015 • Jimmy Rane Foundation- February 3, 2015 Opening Soon: • Beyond the Buroughs- Opens January 2015 • Shawn Carter Foundation- Opens April 1, 2015-April 30, 2015 • Hispanic Scholarship Fund- January 1, 2015 College Funding Group

Speaking of deadlines… • Many scholarships have early application deadlines. Be sure to note the postmark vs. received by deadlines and requirements for each scholarship. • Send all documents together including transcripts, letters of recommendation and your application as a complete packet - unless asked to do otherwise. Sometimes there are separate deadlines for documents. • Some scholarships may have a set deadline, but may close an application early if they reach a certain number of applicants. College Funding Group

Small is the new BIG • Small awards are often neglected • Fewer Applicants = Less Competition • Four $500 = one $2000 College Funding Group

Where To Look for Scholarships • University websites • Financial aid or guidance offices in High School or college • Military Base Facilities & Veterans Affairs • Local & school libraries • Professional & community organizations (Girl Scouts, golf clubs, honor societies, ELKS) • Teachers, coaches, and religious leaders • TV stations, Newspapers, Radio • Newsletters • Government websites • CFG ScholarBank website for local scholarships College Funding Group

Beware Search Engine Drawbacks National search engines have some drawbacks: • Outdated scholarships often posted • “Survey” scholarships take personal info • So many applicants you become a number • Spam you with emails • Search local, then expand to regional & national scholarships. College Funding Group

Graduating with college credits Advanced Placement Courses & Dual Enrollment Advance College Academy = High School + Associates Diploma The perks: • No Room & Board costs • Save on Tuition • Save on Textbooks • Graduate sooner College Funding Group

College Level Examination Program • Administered by the College Board and credits earned from taking tests are accepted at over 2,900 colleges around the country. • The cost per CLEP exam is $80, pass or fail for 3-6 credits, with some foreign language courses available for 12 credits. • Cost per credit hour at many colleges, ranging from $75/credit hour to $700/credit hour • Students can avoid taking basic introductory classes by testing out of them, and graduate earlier by being able to take upper level classes sooner. • CLEP exams are given free of charge for any qualifying US military personnel. All branches of service are considered eligible. College Funding Group

Work-study is not your typical job • You are often not placed into a position, you have to find your own. Certain positions are reserved for work-study. • If you do not get a work-study job you will still have the funds show up on your financial aid package if you do not request removal. • Work-study jobs have a cap on the amount you can be paid before you are no longer given any hours. • Not all work-study jobs allow students to get recommendations upon leaving. College Funding Group

How will you pay for college? • Private scholarships • Tax credits and deductions • Community college transfer program • Cost savings • Work Study • Cash flow planning • Tuition payment plans • Loans College Funding Group

Loans • Freshmen can borrow up to $5,500 from the federal government with no credit check and no payments until after college (Direct Loans). • Parents can borrow any remaining costs up to the Cost of Attendance (PLUS Loans). • The FAFSA is required. College Funding Group

Summary • Estimate your EFC. • Research! • Use the Net Price Calculators. • File the FAFSA on time each year. • Review your aid package thoroughly. • Make a plan including all the ways to pay. College Funding Group

Thank you! 3761-A Westerre Parkway Richmond, VA 23233 804.855.2500 Jonathan West 804.855.2502 fax jwest@collegefundinggroup.com www.thecollegecompanion.com Lorraine SantaLucia lsantalucia@collegefundinggroup.com