THE MONEY TALK Include your student early in the college financing - - PowerPoint PPT Presentation

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THE MONEY TALK Include your student early in the college financing - - PowerPoint PPT Presentation

Feb 28, 2023 359 likes •442 views

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

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StreamableU Presentation 1

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

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StreamableU Presentation 2

1. Explore aptitudes, interests, and values to develop a list of career possibilities

  • 2. Determine what type of education is needed for each option
  • 3. Calculate an estimate of your family’s financial need
  • 4. Become familiar with your student’s academic profile (merit)
  • 5. Research college financial aid policies/practices to discover

institutions that fit your levels of need and merit

  • 6. Identify other sources of funding

FUNDING COLLEGE - AN OVERVIEW

Need-Based

  • Grants
  • Work Study
  • Scholarships
  • Loans

Merit-Based

Scholarships:

  • Academic
  • Athletic
  • Leadership/Talent

Financial Aid

From colleges, federal & state agencies, high schools, foundations, & corporations

FUNDING COLLEGE - AN OVERVIEW

Cost of attendance Estimated Family Contribution Financial Need

FUNDING COLLEGE - AN OVERVIEW

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StreamableU Presentation 3

FINANCIAL AID POLICIES/PRACTICES (INSTITUTION-SPECIFIC)

  • Does the school only meet demonstrated need?
  • What % of need is met?
  • How many students had their need fully met?
  • Does the school offer non-need-based merit aid?
  • What % of students receive merit aid?
  • What is the average merit aid amount?

www.collegedata.com Search for college name and click on “Money Matters”

FINANCIAL AID POLICIES/PRACTICES (INSTITUTION-SPECIFIC)

www.collegedata.com Search for college name and click on “Money Matters”

FINANCIAL AID POLICIES/PRACTICES (INSTITUTION-SPECIFIC)

NEED-BASED AID STRATEGIES

  • Look into no loan or low loan schools
  • Consider schools with sizeable

institutional grants

  • Stay in state to guarantee access to

state-sponsored grants

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StreamableU Presentation 4

MERIT AID STRATEGIES

  • A “full-ride” is not very common
  • Types:
  • Performing/fine arts
  • Leadership (e.g. diversity initiatives, filling a need)
  • Athletic
  • Academic (GPA/Test scores/Class rank)
  • Approximately only 2% of high school

athletes win athletic scholarships each year at NCAA colleges and universities

  • Scholarships are only available for Division I

and Division II athletes

  • The average scholarship is less than

$11,000/yr

MERIT AID STRATEGIES: ATHLETIC

PROBABILITY OF COMPETING IN COLLEGE ATHLETICS

MERIT AID STRATEGIES: ACADEMIC

  • 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)

Leverage your student’s academic profile (GPA & test scores)

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StreamableU Presentation 5

www.collegedata.com Search for college name and click on “Overview”

MERIT AID STRATEGIES: ACADEMIC

  • Are there many options?
  • Transparent grids/charts? (e.g. Miami University)
  • Are scholarships awarded based on need

also? Or just merit?

  • What other qualities are they looking for?
  • Are there separate applications?

Review the college financial aid website for scholarships

MERIT AID STRATEGIES: ACADEMIC MERIT AID STRATEGIES: ACADEMIC MORE FUNDING STRATEGIES

  • Private/outside scholarships
  • Community colleges or

branch campuses

  • AP course credits
  • Honors programs
  • ACT/SAT test prep
  • Fast track options
  • Work as a resident advisor
  • Off-campus living (with roommates)
  • Upperclassman scholarships
  • Increased cash flow
  • American Opportunity Tax Credit

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StreamableU Presentation 6

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
  • ffice 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.
  • Connect with your school counselor
  • Spreadsheets! (colleges of interest, private

scholarships, etc)

  • Complete FAFSA, CSS Profile, and any

institution-specific financial aid forms as soon as possible

  • Don’t stress, you’ve got this! 

FINAL WORDS OF ADVICE

  • What is a college planning consultant?
  • Why work with one?
  • Estrela offers a complimentary 1-hour consultation
  • If interested in learning more, email Laura

COLLEGE PLANNING CONSULTANT

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StreamableU Presentation 7

QUESTION & ANSWER TIME!

Laura Cobb, M.A.

College Planning Consultant and Licensed School Counselor

Helping families in Central Ohio and across the globe

laura@estrelaconsulting.com

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