StreamableU Presentation 1 2 THE “MONEY TALK” Include your student early in the college financing conversation – Empowered with knowledge • No surprises • • Considering the “long game” (e.g. grad school, average salary earnings, etc.) Motivated to work • Motivated to apply for scholarships • Improved financial literacy • 3 4 1
StreamableU Presentation FUNDING COLLEGE - AN OVERVIEW FUNDING COLLEGE - AN OVERVIEW 1. Explore aptitudes, interests, and values to develop a list of career Financial Aid possibilities From colleges, federal & state agencies, 2. Determine what type of education is needed for each option high schools, foundations, & corporations 3. Calculate an estimate of your family’s financial need Need-Based Merit-Based 4. Become familiar with your student’s academic profile (merit) - Grants Scholarships: 5. Research college financial aid policies/practices to discover - Work Study - Academic institutions that fit your levels of need and merit - Scholarships - Athletic 6. Identify other sources of funding - Loans - Leadership/Talent 5 6 FUNDING COLLEGE - AN OVERVIEW Estimated Financial Cost of Family attendance Need Contribution 7 8 2
StreamableU Presentation FINANCIAL AID POLICIES/PRACTICES (INSTITUTION-SPECIFIC) FINANCIAL AID POLICIES/PRACTICES (INSTITUTION-SPECIFIC) www.collegedata.com • Does the school only meet demonstrated need? Search for college name • What % of need is met? • How many students had their need fully met? and click on “Money Matters” • Does the school offer non-need-based merit aid? • What % of students receive merit aid? • What is the average merit aid amount? 9 10 FINANCIAL AID POLICIES/PRACTICES (INSTITUTION-SPECIFIC) NEED-BASED AID STRATEGIES www.collegedata.com • Look into no loan or low loan schools Search for college name • Consider schools with sizeable and click on “Money Matters” institutional grants • Stay in state to guarantee access to state-sponsored grants 11 12 3
StreamableU Presentation MERIT AID STRATEGIES MERIT AID STRATEGIES: ATHLETIC Approximately only 2% of high school • • A “full-ride” is not very common athletes win athletic scholarships each year • Types: at NCAA colleges and universities Performing/fine arts • Scholarships are only available for Division I • Leadership (e.g. diversity initiatives, filling a need) • and Division II athletes Athletic • The average scholarship is less than • Academic (GPA/Test scores/Class rank) • $11,000/yr 13 14 MERIT AID STRATEGIES: ACADEMIC PROBABILITY OF COMPETING IN COLLEGE ATHLETICS Leverage your student’s academic profile (GPA & test scores) • Apply to schools where your student’s academic profile is in the top 20-25% of admitted students • Aim for schools with admit rates of 65% - 80% Academic merit aid is less likely at schools • with admit rates of 25% or less (because most applicants are highly competitive) 15 16 4
StreamableU Presentation MERIT AID STRATEGIES: ACADEMIC MERIT AID STRATEGIES: ACADEMIC www.collegedata.com Review the college financial aid website for scholarships • Are there many options? Search for college name and click on • Transparent grids/charts? (e.g. Miami University) “Overview” • Are scholarships awarded based on need also? Or just merit? • What other qualities are they looking for? • Are there separate applications? 17 18 MERIT AID STRATEGIES: ACADEMIC MORE FUNDING STRATEGIES • Private/outside scholarships • Fast track options • Community colleges or • Work as a resident advisor branch campuses • Off-campus living (with roommates) • AP course credits • Upperclassman scholarships • Honors programs • Increased cash flow • ACT/SAT test prep American Opportunity Tax Credit • 19 20 5
StreamableU Presentation BONUS: NEGOTIATING AID March/April of Senior Year Once all financial aid/scholarship offers are in, narrow down to your final • contenders. • If your bottom line at SIMILAR schools is different, call the financial aid office to negotiate a higher academic scholarship/grant. You can go back and forth with 2-3 options like this until the bottom line is • more favorable. Do not expect jumps beyond a few thousand dollars. • 21 22 FINAL WORDS OF ADVICE COLLEGE PLANNING CONSULTANT • Connect with your school counselor What is a college planning consultant? • • Spreadsheets! (colleges of interest, private Why work with one? • scholarships, etc) Estrela offers a complimentary 1-hour consultation • • Complete FAFSA, CSS Profile, and any If interested in learning more, email Laura • institution-specific financial aid forms as soon as possible • Don’t stress, you’ve got this! 23 24 6
StreamableU Presentation QUESTION & Laura Cobb, M.A. ANSWER TIME! College Planning Consultant and Licensed School Counselor Helping families in Central Ohio and across the globe laura@estrelaconsulting.com 25 26 7
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