Paying for College 2018-2019 Todays Questions What do we need to - PowerPoint PPT Presentation

Paying for College 2018-2019

Today’s Questions • What do we need to do? • How will we pay for this? 2

Today’s Questions • We know what to do • We know what steps to take • We have a plan to pay for college 3

Agenda • College costs • Financial aid • Financial aid applications • Timeline and action items • Help when you need it 4

College Costs • Community colleges • $5,093 tuition; $13,826 total • Public colleges and universities • $10,797 tuition; $26,046 total • Private colleges and universities • $41,576 tuition; $55,996 total 5

College Cost of Attendance (COA) • Tuition and fees • Room and board • Books and supplies • Transportation • Personal • S tudy abroad* • Computer purchase* *Can include with the permission of the financial aid office 6

Y ou Are in Charge • Direct cost: Money you pay to the college • Indirect cost: Money you spend (or don’ t spend) independent of the college • COA is an AVERAGE— your expenses will vary • Create your own COA 7

Net Price Calculator • Required by the U.S . Department of Education • S hows standard COA minus “ your” financial aid • S chools’ current award policies • Y our income, assets, household size • Optional: GP A and test scores for merit- based aid 8

Agenda • College costs • Financial aid • Financial aid applications • Timeline and action items • Help when you need it 9

Financial Aid Programs • Gift aid • Grants • S cholarships • S elf-help • Work-study • Loans • All of these can be need-based or merit-based 10

Federal Grants Page 19 • Federal grants • Pell Grant • FS EOG • TEACH Grant • Iraq and Afghanistan S ervice Grant 11

State of Oregon Grants Page 31 • Oregon Opportunity Grant • Oregon Promise 12

Institutional Funds • Y our college or university • Grants • S cholarships • Different awarding criteria 13

Scholarships Pages 21 and 31 • High school scholarships • Community scholarships • College and university scholarships • National scholarships 14

Searching for Scholarships • AS K EVER YONE! • Relatives, neighbors • High school counselors • Employers • GetCollegeFunds.org • Collegegreenlight.org • S cholarships.com • Naviance or ORCIS 15

Work-Study Page 20 • Federal Work-S tudy Program • Institutional work-study • Y ou are a student first • Work shouldn’ t interfere with your studies • Time management • Dead week and finals week 16

Loans Page 20 • Federal student loans • Direct S ubsidized Loans • Direct Unsubsidized Loans • Federal parent loans • Direct PLUS Loans • Interest Rates 2018-2019 • Undergraduate sub and unsub: 5.05% • PLUS : 7.60% 17

Other Ways to Pay for College • S avings • AmeriCorps • Military S ervice • ROTC • Reserves • National Guard • Parent’s GI Benefits 18

Agenda • College costs • Financial aid • Types of financial aid applications • Timeline and action items • Help when you need it 19

Types of Financial Aid Applications • Free Application for Federal S tudent Aid (F AFS A) • Oregon S tudent Aid Application(ORS AA) • CS S Profile • S cholarship Applications 20

Free Application for Federal S tudent Aid (www.F AFS A.gov) 21

Federal Student Aid ID (FSA ID) • FS AID.ed.gov • S tudent and at least one parent get an FS A ID • Used for F AFS A • Used for student loans 22

IRS Data Match with FSA ID S ource: Federal S t udent Aid. Fsaid.ed.gov. 23

IRS Tax Transcript S ource: Int ernal Revenue S erivice. www.irs.gov. 24

Oregon S tudent Aid Application (ORS AA) S ource: Oregon Office of S t udent Access and Complet ion. "Oregon S t udent Aid Applicat ion (ORS AA) Pre-Filt er Tool” ht t p:/ / oregonst udent aid.gov/ PublicTools/ FinancialAid/ PreFilt er. 25

F AFSA and ORSAA Sections • S tudent demographics • S tudent plans • S tudent colleges • S tudent income • S tudent assets • Parents’ income • Parents’ assets • S ignatures 26

Financial Aid Parents S ource: Oregon Goes t o College.” Who Is My Financial Aid Parent ? ” ht t p:/ / oregongoest ocollege.org/ sit es/ default / files/ ccc/ financialaidparent handout .pdf. 27

Financial Aid Expert Chat http://oregongoestocollege.org/finaid-help 28

Not Financial Aid Parents (Unless They Have Adopted Student) Widowed Grandparents Fost er Parent s Legal Guardians Older Brot hers Aunt s or Uncles S t epparent or S ist ers 29

Common F AFSA Rej ects Nationally • Confusing student and parent information • Entering information that doesn’ t match with S ocial S ecurity Database • Amount of federal income tax • Not signing the F AFS A form 30

CSS Profile S ource: CollegeBoard. “ CS S Profile.” ht t ps:/ / cssprofile.collegeboard.org. 31

CSS Profile • CS S Profile website: https:/ / cssprofile.collegeboard.org • Application Fees • First submission: $25 • Additional submissions: $16 each • Waivers are available • Non-custodial parent information • Additional income and asset information 32

OSAC Scholarship Application Page 31 S ource: Oregon Office of S t udent Access and Complet ion. “ OS AC S t udent Port al.” ht t ps:/ / app.oregonst udent aid.gov. 33

Additional Financial Aid Paperwork • Verification • Provide documentation of F AFS A answers • Roughly 30% of students selected • Loan entrance counseling • Online information about loan rights and responsibilities • Loan promissory notes • S igning for a loan online • Master Promissory Note: Up to 10 years 34

Agenda • College costs • Financial aid • Types of financial aid applications • Timeline and action items • Help when you need it 35

September Timeline  Attend financial aid night  F AFS A filers: Create FS A IDs  ORS AA filers: Find your 2017 tax return  Verify names and numbers on S ocial S ecurity cards  Have a family financial aid talk 36

Family Financial Aid Discussion Parent(s): • How much can you pay from savings? • How much can you pay from earnings? 37

Family Financial Aid Discussion S tudent: • How much are you earning? • How much are you saving? • How many potential scholarships? 38

Family Financial Aid Discussion • How much are you willing to borrow? • Can you increase savings/ decrease spending? 39

October Timeline  Complete F AFS A or ORS AA  Experiment on Net Price Calculators  Complete Oregon Promise application  www.oregonpromise.org  Y es, even if you don’ t intend to go to a community college 40

November Timeline  Narrow your college choices to no more than six to 10  Do any of your schools require the CSS Profile ? Now’s the time to do it!  Take Thanksgiving weekend to perfect any scholarship or admission essays  Respond to any communicat ion you receive from a financial aid office 41

December Timeline  Use your winter break to apply to your colleges and universities— during finals week, you’ ll be so glad you did this  Research scholarships  Apply for scholarships 42

Agenda • College costs • Financial aid • Types of financial aid applications • Timeline and action items • Help when you need it 43

Help When Y ou Need It • High school counselors • College and career center • 800-4-FED-AID • http:/ / oregongoestocollege.org/ finaid-help • www.bigfuture.org • https:/ / oregongearup.org 44

Contact Us The College Place-Oregon Portland Community College S ylvania Campus Jennifer S atalino j satalino@ ecmc.org 971-722-4493 45

S ign Up to Receive Targeted and Timely Information https:/ / tinyurl.com/ ECMCTCP 46