Make the College Connection

Transcription

1 Make the College Connection A college planning gide for stdents and their parents Table of contents The compelling case for college 2 Selecting a college 3 Paying for college 5 Tips for meeting college costs 11 Additional resorces 11 If yo or yor child are considering additional edcation beyond high school, this gide offers an overview of the college planning process. Topics covered inclde the following items: The vale of higher edcation. Factors to consider in selecting a college, niversity or other postsecondary edcation program. Basic advice for assembling the finances to pay for college. After reading throgh this gide, yo ll want to trn to other resorces for additional information. Key resorces inclde yor high school conselor and the financial aid and admissions staff at colleges that interest yo. More information is available online on sites sch as the College Planning section of and from books and pblications in yor high school library or the pblic library. Throghot this gide, we se college in a generic sense to cover many different postsecondary edcation options, inclding for-year and two-year colleges and niversities, career schools, vocational/technical programs and distance edcation. This pblication was developed by USA Fnds, a nonprofit corporation that spports access to edcation. USA Fnds is committed to helping deserving stdents realize their dreams of higher edcation and a brighter ftre. Here s to yor bright ftre!

2 The compelling case for college College reqires a significant investment of yor time and money. In retrn, most stdents reap significant rewards that grow throghot their lifetime. For example, college gradates have the potential for significantly higher annal and lifetime earnings than high school gradates do. Consider the charts below. People who gradate from college earn significantly more money than those who have only a high school diploma. Those with a college degree also are less likely to be nemployed than those withot one. College gradates tend to have a broader and better selection of job opportnities than do high school gradates. Broader employment options contribte to increased job satisfaction and pward mobility for college grads. In addition to the financial rewards, a college degree can enhance yor qality of life. According to a stdy abot the vale of going to college, condcted by the Institte for Higher Edcation Policy, when compared with high school gradates, college gradates: Have higher self-esteem and more self-direction. Enjoy better health. Rate themselves as happier and more satisfied with life. As yo weigh the cost of prsing a higher edcation, keep in mind that the retrn on yor investment will be sbstantial. College may not be a good investment for stdents who drop ot before completing their stdies, however. These stdents typically incr greater costs than benefits from a higher edcation. College is a serios commitment, and yo shold plan accordingly. Who s getting paid more? Check ot the national average income for fll-time workers over age 25 in Master s degree $67,600 Bachelor s degree $55,432 Associate degree $40,820 Some college, no degree $37,804 High school diploma $33,904 Less than high school $24,492 Who s less likely to be nemployed? Check ot the national average nemployment percentage rates for fll-time workers over age 25 dring year degree Associate degree Some college, High school Less than a high no degree diploma school diploma Sorce: U.S. Department of Labor, Brea of Labor Statistics, May 22,

3 Selecting a college Higher edcation options One of the great strengths of American postsecondary edcation is the broad diversity of higher edcation programs. There are options for higher learning to meet the needs, and pocketbooks, of nearly every stdent and family. Among the choices are the following: For-year state or private colleges and niversities. These instittions offer bachelor s degree (for-year) programs, and many also offer advanced degrees, inclding master s, doctoral and professional degree programs, sch as medicine and law. State colleges and niversities receive direct financial spport from state government. These sbsidies help offset some tition costs and other expenses. State instittions typically offer the broadest range of academic programs. Althogh private or independent colleges and niversities do not receive direct financial spport from state government, many have endowments that permit them to offer more generos financial aid to help offset higher tition costs. Private colleges may offer smaller class sizes and closer contact with faclty than a large state niversity offers. Commnity colleges. These colleges typically offer associate degree (two-year) programs. The cost of attendance is generally mch lower than the cost at for-year instittions. In addition, admission reqirements typically are not as stringent for commnity colleges as for many for-year colleges and niversities. As a reslt, some stdents spend their first two years at a commnity college and later transfer to a for-year instittion. Commnity colleges also offer contining edcation programs, as well as technical training programs in cooperation with local bsinesses. Career, vocational and technical schools. Schools in this category are distingished by a focs on specific degree, certificate or training programs. Examples inclde schools that specialize in compter programming, bsiness administration, graphic design and cosmetology. Distance edcation. Many postsecondary instittions offer corses that are delivered in whole or in part online, throgh videoconferencing or correspondence. Stdents learn at their own pace and according to their own schedle. Factors to consider in selecting a college The cost of yor edcation is an important factor to consider in selecting the higher edcation program that meets yor needs. There are several isses that can affect the cost of yor higher edcation. In-state and ot-of-state tition. Typically, private colleges and niversities charge everyone the same tition and fees, bt most pblic colleges and niversities have one cost for residents of the state and a higher cost for stdents from otside the state. Pblished price and net price. Pblished college costs do not accrately represent what most stdents actally pay. Approximately two-thirds of ndergradate stdents enrolled fll time receive grants, scholarships, work-stdy employment, tax credits and tax dedctions that redce their actal cost of college. Financial aid makes a difference. Financial aid helps stdents and families pay for edcation expenses. Yo may receive a combination of grants, scholarships, work-stdy employment, or loans to help pay for college. Don t rle ot a school based solely on the cost of attendance. Yo won t know if a school is affordable ntil yo receive yor financial aid award letter or notification. 3

4 The following is a list of factors other than cost that yo shold consider in selecting a college. Size. Colleges range in size from tens to tens of thosands of stdents. Typically, a smaller college offers smaller classes and the opportnity for greater interaction with faclty. Faclty members at smaller colleges may be focsed on teaching more than research. Larger colleges generally offer broader academic choices and activities. Althogh large lectres are more common at larger colleges, these lectres may be led by faclty members who are leading athorities in their field. Academic program. Find ot whether the college offers a strong program in yor fields of interest. If yo haven t yet determined yor major field of stdy, consider the strength of the college s general liberal arts and sciences program. If yo have a strong interest in a particlar career field, make sre that the college offers the reqired certificate or degree programs necessary to enter yor chosen field. Yo also may want to investigate opportnities that the school offers for internships, fieldwork, research or stdy abroad. Location. Consider whether yo want to attend a college near yor home or one in a different section of the contry. Yo also might have a preference for a college in a major metropolitan area or a camps located in a small town. Admission standards. Some colleges are very selective abot the stdents that they admit; others have open admissions policies and admit all high school gradates on a first-come, first-served basis. Stdent sccess. Consider the percentage of entering stdents who actally gradate from the college and how long it takes most fll-time stdents to gradate. Yo shold ask college officials abot the sccess their gradates have in finding employment, and the types of jobs their gradates hold. Yo also shold inqire abot the job placement services offered by the college. Camps environment. Consider the qality of the libraries, laboratories, academic spport services and camps hosing. Check ot opportnities for social interaction throgh sororities or fraternities, clbs and other stdent organizations, sports and arts. If yo have an interest in commnity service, find ot if the school has volnteerism programs. Be sre to look into safety and secrity on camps and in the larger commnity. Special interests. Althogh most colleges are coedcational, After yo ve considered these criteria, visit the College Planning section of and select Choosing a College for resorces to help yo match yor personal preferences with colleges and niversities nationwide. Narrow yor list of potential colleges Once yo have generated a list of potential colleges, narrow it down to a manageable nmber no more than six to eight colleges to which yo will apply. There are a variety of resorces to help yo eliminate schools that don t meet yor interests. These resorces inclde: college websites, college brochres and catalogs, college gides from yor school conselor or from the school library or pblic library, college fairs, conversations with family members or friends, and on-camps visits. When visiting campses, talk with stdents and representatives from academic programs, and check ot the varios facilities. Using these resorces, make yor final list of the colleges that most closely meet yor interests. In developing this list, consider the likelihood of yor being admitted and yor ability to afford the cost of attendance. Inclde on yor list one or two schools that interest yo, bt that wold be a stretch for yo from a cost or admissions standpoint. Even if yo ve settled on one college, it s wise to have some backp schools on yor list. Applying for admission After yo ve decided which colleges are on yor apply to list, determine each college s preferred method of application for admission: cstomized application, common application or online application. Yo may need to fill ot individal applications for each school, bt there will be some common elements. Be sre to sbmit yor application well in advance of the deadline and spply all of the information reqested by the college. yo may choose to attend an all-male or all-female college. If religios instrction is important to yo, consider a college sponsored by yor denomination. Stdents who are members of ethnic minority grops may benefit from the spport services offered by a minority-serving college. If yo are interested in a military career, investigate whether the college offers a Reserve Officer Training Corps program, or consider one of the service academies. 4

5 Paying for college Expected Family Contribtion Families are expected to contribte a share of their financial resorces to pay for their children s higher edcation. This contribtion can come from savings and investments, or from the parents or stdent s crrent income. The Expected Family Contribtion is calclated according to a federal government formla that takes into accont factors inclding the stdent s and parents income and net assets, family size, and the nmber of family members in college. Yo can learn more abot and estimate yor EFC by visiting the College Planning section of and selecting Fnding College. The FAFSA File in Janary Stdents, and parents of dependent stdents, provide the information sed to calclate the EFC by completing the Free Application for Federal Stdent Aid. Information that yo spply on the FAFSA helps determine eligibility for federal financial aid programs and for other sorces of stdent aid for college. File the FAFSA as soon as possible after Jan. 1 of the year in which yo are seeking financial aid, and be mindfl of two other deadlines: The college that yo plan to attend may have a deadline for filing the FAFSA, and yor state may have a deadline to qalify for state grant and scholarship programs. Miss either of these deadlines, and yo cold redce the amont of financial aid that yo might receive. Yo don t have to wait for an official acceptance to a college to file a FAFSA. Preparing Filing After Filing The FAFSA Process Complete the FAFSA every year Apply for a PIN for stdent and parent (if dependent) Fill ot FAFSA online at Federal Processor determines EFC Gather tax and other financial docments Sbmit FAFSA with PIN and send electronically Stdent receives SAR Accept award Janary, begin FAFSA process Reslts sent to colleges Review award packages Make pdates Financial aid disbrsed to selected college The preferred method of filing the FAFSA is to se the online version at This version normally prodces more accrate reslts and more rapid processing than yo re likely to get if yo file a paper FAFSA. It s beneficial to have completed yor federal income tax retrn prior to completing the FAFSA becase tax data can be atomatically poplated into the application for yo. If yo need to file the FAFSA before completing yor tax retrn to meet state or college deadlines yo can estimate tax information on the FAFSA, and pdate the information once yo have filed yor tax retrn. As the name implies, the FAFSA is a free application. There is no charge for filing this form. For a fee, some companies offer assistance in completing the FAFSA, bt financial aid professionals in many states offer free help sessions to assist parents and stdents in completing the FAFSA. To locate free FAFSA assistance, visit Yo will have to file the FAFSA sally an abbreviated renewal version of the form for each sbseqent academic year in which yo reqest financial aid to pay college expenses. 5

6 Things to do after yo complete the FAFSA Review yor Stdent Aid Report and make corrections, if necessary. Complete and sbmit yor college application(s). Check with colleges for application deadlines. If selected for verification, sbmit reqired docments to the financial aid office of yor college(s) by the specified deadline. Verification is a process of confirming the information yo sbmitted on yor FAFSA. If yo are selected for verification, the college financial aid office will notify yo of the docments yo are reqired to sbmit. Ensre yor admission application, FAFSA and verification docments are complete and sbmitted by yor college s priority deadline. Check often for messages from yor colleges and the federal processor regarding the stats of yor FAFSA. After taxes are filed, pdate the FAFSA with yor tax information and/or yor parents tax information. If yo can, se the Internal Revene Service Data Retrieval Tool within the FAFSA online. Review and compare the financial aid packages of the colleges to which yo were accepted. Accept financial aid package and college admission no later than May 1 or by yor college s deadline. For qestions, contact the financial aid office at yor chosen colleges. The CSS/Financial Aid PROFILE In addition to the FAFSA, some colleges reqire that yo complete the CSS/ Financial Aid PROFILE. Colleges se this form to determine yor eligibility for the college s own financial aid programs. To sbmit the PROFILE, yo ll pay a $25 registration fee and $16 for each school or scholarship agency that yo want to receive the information. Find ot more abot the PROFILE, inclding a list of schools and scholarship providers that se the form, by visiting profileonline.collegeboard.com. In addition to these applications, yo may be reqired to complete other paperwork to qalify for individal financial aid programs. As yo are completing these forms, it s a great idea to keep copies together in one place. Yo ll need to refer to these forms again in the ftre. Cost of Attendance When comparing the costs of several colleges, consider not only tition and fees, bt also other expenses that yo will incr as a stdent. Yor total cost of attendance also incldes hosing and meal expenses, sch as room and board; books and spplies; transportation costs; personal expenses, sch as clothing, landry, hair care and entertainment expenses; and miscellaneos expenses. To determine yor eligibility for financial aid, each college establishes annal average Costs of Attendance for its stdents. Costs vary widely by individal colleges. To give yo an idea of the average costs, review the following table from the College Board Trends in College Pricing. How Mch Does It Really Cost? Here are the average costs dring and at two-year and for-year schools for fll-time ndergradates, and the percent increase from one school year to the next. Sector Tition and Fees Room and Board Total Charges $ % $ % $ % Pblic Two-Year $3,131 $2,959 $ % $7,419 $7,332 $87 1.2% $10,550 $10,291 $ % Pblic For-Year In-State Pblic For-Year Ot-of-State Private Nonprofit For-Year $8,655 $8,256 $ % $9,205 $8,880 $ % $17,860 $17,136 $ % $21,706 $20,823 $ % $9.205 $8,880 $ % $30,911 $29,703 $1, % $29,056 $27,883 $1, % $10,462 $10,088 $ % $39,518 $37,971 $1, % For-Profit $15,172 $14,737 $ % * * * * * * * * *Sample too small to provide meaningfl information. Yor actal cost of attending a college likely will vary from these figres, and yo have some control over yor higher edcation expenses. For example, an ot-of-state stdent attending a state niversity will pay higher tition rates than a resident of that state. If yo live with yor family and commte to camps, yor hosing costs may be lower, bt yor transportation costs will be higher than if yo lived on camps. The costs of yor books and spplies depend largely on yor corse of stdy. The expenses over which yo have the greatest control inclde those for personal and miscellaneos items. It s a great idea to make a bdget of yor expected annal college costs and stick to a bdget dring yor college years. Sorce: Trends in College Pricing The College Board. 6

7 Here are some of the expenses yo might have as a stdent. Use this table to set p a bdget to help keep yor spending nder control. To help yo estimate reasonable costs for yor bdget, meet with a financial aid administrator at the school yo plan to attend. My monthly bdget Edcational expenses Tition and fees Entertainment Movies Books Concerts Lab fees Sports events School spplies Dining ot Health clb memberships Hosing Room and board, off-camps hosing costs Parties Cable television Theater and plays Electricity, gas, other heating Electronic eqipment Phone Sports/recreation eqipment Water, sewage, garbage Food Groceries Child care and pet care Day care Baby/pet sitters Fast food Medical/veterinary Camps meal plan Toys Beverages Special foods Clothes Other living expenses Health insrance Other Personal care (hair, toiletries) Landry and dry cleaning Expecting the nexpected Traffic tickets Clothing/shoes/hats Car repairs Gifts Medication Monthly membership des/sbscriptions Dental care Library fines Transportation Car payments Total monthly expenditres (sm of yor expenses above) Gas and oil Normal car maintenance License and registration fees Ato insrance Camps parking fees Bs, taxi, sbway, carpool Train or plane ticket home Monthly income Wages and tips (less taxes and dedctions) Financial aid Spport from parents Other income Total monthly income (sm of yor income above) ( Sbtract yor total monthly expenditres from yor total monthly income.) Ending balance 7

8 Determining yor financial need After yor FAFSA is sbmitted and processed, a federal contractor calclates yor EFC and retrns the reslts to yo in a Stdent Aid Report. The same information also is transmitted to the colleges that yo reqested receive the information when yo sbmitted yor FAFSA. Financial aid professionals at the colleges yo have selected se this information to calclate yor financial need. The key formla for determining financial need is as follows: Cost of Attendance Expected Family Contribtion = Financial Need The financial aid office will attempt to meet yor financial need by developing a package of financial aid that may inclde a combination of grants, work-stdy and loans. Yo will be offered this award package to review, and yo have the option to accept or reject the offer. Becase financial aid resorces are limited, the amont awarded to yo might fall short of yor financial need. Keep this nmet need in mind as yo compare schools financial aid packages. Sample award package Cost of Attendance $ 19, Expected Family Contribtion $ Financial Need $ 19, Financial Aid Program Fall Award Spring Award Total Award Federal Pell Grant $ $ $ 1, Direct Stafford Loan $ 2, $ 2, $ 5, Direct PLUS Loan $ 5, $ 5, $ 11, Total Awards $ 9, $ 9, $ 19, NOTE: This sample award package is intended to illstrate the type of information provided in financial aid award letters. The actal format of yor award letter and the types and amonts of aid awarded will differ from this sample depending on the type and costs of the college or niversity yo attend, yor residency stats and yor family s finances. If yo have niqe family circmstances, or yor family circmstances have changed since yo filed the FAFSA, the financial aid administrator may have latitde to make adjstments. This flexibility is limited, however, and adjstments are made at the discretion of the financial aid office. Financial aid comes from several different sorces: Federal sorces The U.S. government is the largest sorce of financial aid for college, spplying 73 percent of all financial aid dollars in To qalify for federal financial aid for college, yo mst complete the FAFSA for each year that yo reqest financial aid to pay college expenses. A smmary of the major federal financial aid programs follows. (Note that some of the amonts listed for federal financial aid programs other than Federal Pell Grants have been redced by atomatic across-the-board federal bdget cts that took effect March 1, 2013.) Grants Pell Grant. Provides grants to low-income ndergradates to help them pay for college. Pell Grants also are available to qalified stdents enrolled less than half time. The maximm Pell Grant award for is $5,645. Yor award amont will depend on yor eligibility, enrollment stats and the cost of yor college. Federal Spplemental Edcational Opportnity Grant. Provides grants to low-income ndergradate stdents with exceptional financial need, to spplement aid received from Pell Grants and other sorces. The maximm award is $4,000 per award year, bt yor award will depend on yor financial need, when yo apply and the college yo attend. TEACH Grants. Awards annal grants of p to $4,000 to stdents who agree to teach certain sbjects in a low-income school following gradation. If yo fail to flfill yor teaching obligation, yor TEACH Grant may be converted to a loan, which yo mst repay. Iraq and Afghanistan Service Grants. These grants are available to certain stdents whose parent or gardian served in the U.S. armed forces and died as a reslt of military service performed in Iraq or Afghanistan after the events of Sept. 11, Work-Stdy Federal Work-Stdy. Provides part-time jobs to ndergradate, gradate or professional stdents who se the earnings to finance their edcation. Jobs may be on or off camps, depending on yor college. Whenever possible, employment will be related to yor academic or vocational interest. Awards are based on the availability of fnds and yor financial need. Yo will earn at least the minimm wage. Yor employer and yor school will establish yor work schedle and hors. 8

9 Loans Stdents may borrow low-interest loans directly from the U.S. government nder the William D. Ford Direct Loan Program. The program offers Stafford loans for stdents and PLUS loans for parents and gradate and professional stdents. If yo plan to borrow Stafford or PLUS loans, get more details by downloading the free pblications Borrowing for College: A Gide to Federal Loans for Higher Edcation and Parent Loan Pointers: Using Parent PLUS Loans, from the USA Fnds website at Stafford loan. Available to ndergradate, gradate and professional stdents attending eligible schools on at least a half-time basis. Sbsidized Stafford loans are available to ndergradate stdents who demonstrate financial need. The federal government pays the interest on a sbsidized Stafford loan while yo attend college on at least a half-time basis and when yo are athorized to defer loan payments. Unsbsidized Stafford loans are non-need-based loans available to stdents whose edcation costs exceed the amont of financial aid awarded. If yo receive an nsbsidized Stafford loan, yo are responsible for all the interest that accres, even while yo attend college. Annal and lifetime loan limits apply to Stafford loans, based on yor year in school and dependent or independent stats. PLUS loan. Available to parents of dependent ndergradate stdents and also to gradate and professional stdents. A credit check is reqired. The annal PLUS loan limit is eqal to the cost of attendance mins any financial aid. Perkins loan. Available to ndergradate, gradate and professional stdents with exceptional financial need. Colleges administer these loans, bt not all colleges offer Perkins loans. Undergradates may borrow p to $5,500 per year. Gradate stdents may borrow p to $8,000 per year. What s the maximm stdent loan debt yo can afford? Range of Maximm Range of Maximm Annal Income Affordable Monthly Payments Affordable Stdent Loan Debt $15,000 $100 $125 $8,690 $10,862 $20,000 $133 $167 $11,586 $14,483 $25,000 $167 $208 $14,483 $18,103 $30,000 $200 $250 $17,379 $21,724 $35,000 $233 $292 $20,276 $25,345 $40,000 $267 $333 $23,172 $28,965 $45,000 $300 $375 $26,069 $32,586 $50,000 $333 $417 $28,965 $36,207 $75,000 $500 $625 $43,448 $54,310 $100,000 $667 $833 $57,931 $72,413 Maximm affordable monthly payments assme that payments do not exceed 8 percent to 10 percent of yor gross monthly income. Maximm affordable stdent loan debt is based on maximm affordable monthly payments paid in eqal monthly installments over a term of 120 months and a fixed interest rate of 6.8 percent. If yor stdent loan debt exceeds the maximm affordable range, investigate flexible repayment options, inclding those that tie yor monthly payments to a percentage of yor income. Federal tax benefits Dedctions and credits. Federal income tax law provides several dedctions and credits for taxpayers who have paid qalified higher edcation expenses, sch as tition and fees and stdent loan interest. For more information, download the free pblication Higher Edcation Tax Benefits: Expanded Taxpayer Savings from the USA Fnds website, or visit the IRS website, Stdent loans represent a blend of financial aid becase of government sbsidies and paying for college with yor ftre earnings. Becase yor ability to repay yor stdent loans depends on yor ftre earnings, estimate the total amont of debt yo can afford to repay based on yor expected income after college. Most lenders recommend that yor monthly stdent loan payments not exceed 8 percent to 10 percent of yor gross monthly income. Use the table below to estimate an affordable monthly payment and the maximm amont of edcation debt yo can afford to repay based on yor expected annal income after gradation. 9

10 Colleges and niversities Many colleges and niversities offer additional financial aid in the form of grants, scholarships or loans. For more information, contact the financial aid office of the college that yo plan to attend. Other sorces Private scholarships. Many corporations, religios organizations, membership associations and nonprofit organizations offer scholarships to their employees and their families, members, or the general pblic. The best way to determine if yo qalify for one of these scholarships is to se a free scholarship search service, sch as one of the following: Private edcation loans. Becase these loans are not sponsored or garanteed by government agencies, the costs may be higher and the terms not as flexible as federal loans. Stdents and parents shold borrow first from federal loan programs and take ot private edcation loans only if necessary. Tition-payment plans. Some schools provide flexible payment options for stdents who cannot afford lmp-sm tition payments. Check with the financial aid office to determine if the college offers special installment plans, prepaid tition plans that save yo from increased costs each year and disconts for those who have a sibling at the same school. U.S. Armed Forces. The military offers the following edcational programs and ways to pay for school or redce yor costs: Yo can attend one of the military academies. These are for-year colleges that are tition-free and offer bachelor s degrees and a commission in the military after gradation. Yo can attend a college or career school and enroll in the Reserve Officer Training Corps Program, which will pay yor tition, fees and books and provide yo with a monthly allowance. Yo can join the Armed Forces before yo go to a college or career school and take advantage of the varios GI bills, which provide financial spport for edcation and training to those who served in the military. For more information, visit If yo enlist in the Armed Forces, yo may be eligible to receive stdent loan repayment assistance of p to $65,000. Each branch of the military has different terms for its college loan repayment assistance. Yo also can earn college credit for some military training, possibly redcing the nmber of classes yo ll have to take. As an active member of the military, yo can take corses at a college or career school dring yor off-dty hors. AmeriCorps. This service program, administered by the Corporation for National and Commnity Service, allows people of all ages and backgronds to earn help paying for edcation in exchange for a year of national service. For more information, visit College planning time line The admissions application process typically starts in September, one year prior to beginning yor first year of college. The financial aid application process also starts in the fall with scholarship applications and preparing for the FAFSA in Janary. September to December Time to apply for admission to the schools yo re interested in attending next year. Explore yor financial aid and college fnding options with yor conselor, adviser or mentor. Apply for scholarships and grants. Janary to March Time to apply for financial aid. Fill ot the FAFSA online at For free help with the FAFSA, look for a College Goal Snday event near yo at Find ot the financial aid application deadline for each of the schools on yor list. Contact each school to see if it reqires additional financial aid application forms. April Contact a financial aid or admissions conselor at each school to get detailed information abot yor financial aid award. Compare the offers and decide which school is the best vale for yo. May to Jne Notify the school yo plan to attend, and let the others know yo won t be attending. Accept yor award offer with the school yo will be attending in the fall. Check with a financial aid conselor to be sre yo have all financial aid arrangements and paperwork in order for the fall term. Agst to September To make sre yo remain eligible for yor financial aid award, check before yo drop classes. Yor award may change based on how many credits yo carry. Special note: This timing applies to many colleges. Others offer enrollment on a year-rond basis, and this calendar may not apply. 10

11 Tips for meeting college costs Additional resorces Many families mistakenly believe that college costs are naffordable and completely ot of their control. In fact, when yo consider the financial aid for which a stdent may qalify and take some additional steps as sggested below, college is within the reach of most American families. Here are some tips that can help yo meet the cost of higher edcation and make the college connection. 1. Take Advanced Placement corses and tests in high school to place ot of some college corses. This will help yo gradate sooner and ct expenses. 2. If yo re strapped for resorces, consider attending a local commnity college for yor first two years of higher edcation to take advantage of lower tition and additional savings by living at home. Then yo can transfer to a for-year instittion to complete yor stdies. 3. If cash flow problems hinder yor ability to pay tition, ask if yor college offers a tition-payment plan that permits yo to spread those payments over several months. 4. Check with yor school s employment office for a part-time job. Balancing work and school schedles is important; yo ll need to allow enogh time for stdies. Smmer and holiday jobs also can help yo pay for college. 5. Invest in state-sponsored college savings plans, known as 529 plans. They are free from federal income taxes if sed later to pay for qalified college expenses. For more information, visit 6. After yo arrive on camps, meet with yor academic adviser to discss yor edcational goals and to plan yor program of stdy. By selecting a major early and sticking to yor plan of stdy, yo ll gradate on time and save thosands of dollars in college expenses. 7. Take some general edcation or elective corses over the Internet or at a local commnity college dring smmer breaks. Check with yor school to make sre credits for these corses will transfer to help yo flfill yor academic program reqirements for gradation. 8. Explore accelerated degree programs, sch as a three-year bachelor s degree. 9. Avoid financial aid scams. Yo don t have to pay for financial aid and scholarship information. The USA Fnds website, provides information abot planning and paying for college; scholarships; and stdent loans and parent loans for higher edcation, inclding interest rates and other terms, applying for loans, tips for redcing the cost of borrowing for college, and repayment options. For information abot sorces of financial aid and advice for completing the FAFSA, visit the USA Fnds-sponsored website CollegeUp.org. To find free help completing the FAFSA, visit For general information abot federal stdent financial assistance programs, assistance in completing the FAFSA, and information and technical assistance for FAFSA on the Web, call (800) 4-FED-AID (800) , (800) (TTY nmber for hearing-impaired individals), or visit Spend wisely while on camps. Before making a prchase, check yor bdget. Can yo really afford it, and do yo really need it? Don t by it nless yo have the cash to pay for it. Avoid sing credit cards except for emergencies. A nonprofit corporation, USA Fnds works to enhance postsecondary edcation preparedness, access and sccess by providing and spporting financial and other valed services. MKCM United Stdent Aid Fnds, Inc. All rights reserved. 11