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

Presented by College Funding Group

MAKING COLLEGE AFFORDABLE

Saving your Sanity and Solvency

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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

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Sticker Price Components

Sticker Price

• Tuition and Fees
• + Room and Board
• + Books and Supplies
• + Transportation
• + Personal (other)

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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

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Sticker Price vs. Net Price

Sticker Price

• Tuition and Fees
• + Room and Board
• + Books and Supplies
• + Transportation
• + Personal (other)

Net Price

• Tuition and Fees
• + Room and Board
• + Books and Supplies
• + Transportation
• + Personal (other)
• - Grants & Scholarships

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Financial Aid in 5 minutes or less

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

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COA (Cost of Attendance) EFC (Expected Family Contribution)

vs.

Will we get need-based aid?

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Expected Family Contribution

• The EFC is the important number since it determines whether
• r 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%

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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

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Expected Family Contribution

EFC Calculator www.fafsa4caster.ed.gov

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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

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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

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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%.

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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

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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

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Who Administers Them?

• Parents work & Student part- time jobs
• Study Abroad
• Departmental & University specific

Scholarships

• Community Foundations
• Fast food Chains
• Churches

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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.”

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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

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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

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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

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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.

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Small is the new BIG

• Small awards are often neglected
• Fewer Applicants = Less Competition
• Four $500 = one $2000

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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

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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.

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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

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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.

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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.

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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

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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.

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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.

3761-A Westerre Parkway Richmond, VA 23233 804.855.2500 804.855.2502 fax www.thecollegecompanion.com

Thank you!

Jonathan West jwest@collegefundinggroup.com Lorraine SantaLucia lsantalucia@collegefundinggroup.com