Financial Aid 101. Conard School Counseling Senior Workshop

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1 Financial Aid 101 Conard School Counseling Senior Workshop

2 Workshop Agenda Session #1 (Jan 7 th ) Overview of Financial Aid PIN Application College Goal Sunday Session #2 (Jan 14 th ) FAFSA completion Session #3 (optional, by appointment only) FAFSA completion

3 Understanding College Costs Tuition Item Description The cost of taking courses. Course costs vary by school. Room and board Books and school supplies Fees Lodging and food costs vary by school. Books can be expensive. School supplies include book bags; notebooks; pens and pencils; paper and computer paper; and desk accessories such as folders, trays, and pen holders. Fees depend upon your school. Examples include activity fees and parking decal fees. Schools can provide a list of fees. Equipment and room materials Travel and miscellaneous expenses This category might include a computer and printer; reading lamps; a microwave and refrigerator; and sheets, towels, etc. If you commute to school, include transportation costs. If you live on campus, include travel during school breaks. You may also want to include clothing and mobile phone costs.

4 Understanding College Costs Tuition and Student Fees for Connecticut Schools*: Community College Full-Time: $3,866 State University Full-Time: $8,877-$9,560 University of Connecticut Full-Time: $12,700-$10,650 Porter and Chester: $37,600 (entire program of 12 months) *Based upon online data from 2014

5 Understanding College Costs UConn Undergraduate, Storrs Campus (14-15) The total Cost of Attendance (COA) includes direct educational costs and an estimate of indirect costs based on full-time attendance at Storrs for both fall and spring semesters. UConn Undergraduate, Regional Campus (14-15) The total Cost of Attendance (COA) includes direct educational costs and an estimate of indirect costs based on full-time attendance for both fall and spring semesters. Fees are an average of the costs at the various regional campuses for the year. Direct Costs In-State Direct Costs In-State Tuition 9,858 University and Student Fees 2,842 On/Off-Campus Housing Estimate* 7,296 On/Off-Campus Meal Plan Estimate* 5,352 Subtotal Direct Costs 25,348 Estimated Indirect Costs In-State Books and Supplies 850 Transportation 1,100 Miscellaneous 1,700 Subtotal Indirect Costs 3,650 Estimated Total Expenses 28,998 Tuition 9,858 University and Student Fees 792 Subtotal Direct Costs 10,650 Estimated Indirect Costs In-State Books and Supplies 850 Transportation 1,500 Board 1,800 Miscellaneous 1,250 Subtotal Indirect Costs 5,400 Estimated Total Expenses 16,050

6 Sticker price vs. Net price

7 Net Price Calculators A free online tool that students can use to estimate their net price to attend a particular school. It asks you questions about your family s finances and may also ask you questions about your GPA, test scores, activities and other things that may qualify you for financial aid.

8 What is Financial Aid? Financial aid is money that can help you pay for post-high school education. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. Some aid needs to be paid back or earned; some aid is a gift. More than $185 billion in aid is available from federal/state governments, colleges/universities, and private organizations. https://bigfuture.collegeboard.org/pay-for-college/financial-aid-101/7-things-you-need-to-know-about-financial-aid

9 What are the different types of Financial Aid? Grants & Scholarships Work Study Loans Financial aid awards may include a combination of the various types of aid.

10 Grants and Scholarships Grants and scholarships are often called gift aid because they are free money financial aid that doesn t have to be repaid. Grants are often need-based, while scholarships are usually merit-based. Grants and scholarships can come from the federal government, your state government, your college or career school, or a private or nonprofit organization.

11 Work Study Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Work is typically available on a first-come, firstserved basis at participating colleges. Undergraduate students are paid hourly and can only earn up to their total Federal Work-Study award.

12 Student Loans A loan is money you borrow and must pay back with interest. If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.

13 Federal Loans Federal Stafford Student Loan Subsidized- must demonstrate need, maximum amount $3,500, repayment delayed as long as student is enrolled half-time Unsubsidized- repayment begins after loan is taken out Federal PLUS Loans Parent loan- there is a credit check No loan maximum Payments begin 60 days after loan taken out Federal Perkins Loan Loans are offered by the schools themselves- not all schools participate Loans are subsidized- repayment is delayed as long as student is enrolled half-time.

14 Do I qualify for Financial Aid? To receive federal student aid, you ll need to Earn a high school diploma Be enrolled or accepted for enrollment in an eligible degree or certificate program Be registered with Selective Service, if you are a male Have a valid Social Security number Maintain satisfactory academic progress in college or career school Be a U.S. CITIZEN/NATIONAL or have a GREEN CARD or have an ARRIVAL-DEPARTURE RECORD or have BATTERED IMMIGRANT STATUS or have a T-VISA

15 How do I apply for Financial Aid? To apply for federal student aid, you need to complete the FAFSA (Free Application for Federal Student Aid) The information you report on your FAFSA is used to calculate your EFC (Expected Family Contribution). The EFC is a measure of your family s financial strength. Schools use the EFC to calculate the amount of federal student aid you are eligible to receive. Complete the FAFSA at https://fafsa.ed.gov The FAFSA qualifies you for federal aid, but many state governments and colleges also use this application to award their own aid.

16 What happens after I complete the FAFSA? You ll receive a Student Aid Report (SAR) via a few days after your FAFSA has been processed (if application is completed online). If there are no corrections or additional information you must provide, the SAR will contain your EFC. The EFC (Expected Family Contribution) that displays on your SAR is a calculation based on the information that you reported on your FAFSA. Your schools use the EFC to determine the amount of federal grants, loans, and work-study for which you may be eligible. Once accepted, the school will calculate your aid and will send you an electronic or paper award letter that details the financial aid you re eligible to receive. You may accept or deny any part of the award. The timing of the award letter varies from school to school. Do NOT wait until you are accepted to complete your FAFSA!

17 What can I do if my Financial Aid doesn t meet my needs? Scholarships Naviance https://connection.naviance.com/conard Most current listing of local scholarships Hartford Foundation for Public Giving Open to students in Great Hartford area Fastweb Scholarship search engine College Board https://bigfuture.collegeboard.org/scholarship-search Scholarship search engine

18 What can I do if my Financial Aid doesn t meet my needs? Private loans Many private student loans require payments while you are still in school. Private student loans can have variable interest rates, some greater than 18%! CHESLA loans have a fixed 6.75% interest rate while in school Private student loans may require an established credit record. The cost of a private student loan will depend on your credit score and other factors. You may need a cosigner.

19 $25,000 Unsubsidized Loan at 6.8% Interest- Repayment Repayment Plan Monthly Monthly Loan Payment Total Interest Total Loan Payments Standard 10 Years $288 $9,524 $34,524 Extended 12 Years $254 $11,639 $36,639 Extended 15 Years $222 $14,946 $39,946 Extended 20 Years $191 $20,802 $45,802 Extended 25 Years $174 $27,054 $52,054 Extended 30 Years $163 $33,674 $58,674

20 Where can I go for more assistance? Your (prospective) school s financial aid office They can assist with completing the FAFSA and understanding your award letter. Federal Student Aid Website Great website with information on various financial aid topics. College Goal Sunday Free program that helps students and families complete the FAFSA.

21 College Goal Sunday Sunday, January 25, :30 p.m. 4:30 p.m Hall High School (and other sites throughout the state) College Goal Sunday is a free, on-site program that helps students and families complete the Free Application for Federal Student Aid (FAFSA), the form that is required to apply for financial assistance for higher education. You MUST register ahead of time online.

22 Vocabulary of Financial Aid Award Letter- An offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school. EFC- Expected Family Contribution -a number used by your school to calculate the amount of federal student aid you are eligible to receive. FAFSA- Free Application for Federal Student Aid Net Price- Your net price is a college s full cost of attendance minus the grants and scholarships you receive. Net Price Calculator- A net price calculator is a free online tool that gives you a personalized estimate of net price. PIN- Personal Identification Number- serves as your identifier to allow access to personal information and acts as your digital signature on some online forms. SAR- Student Aid Report Student Aid Report- A summary of the information you submitted on your FAFSA.

23 First Step: Register for a PIN Website: Serves as an electronic signature (do not share!) Students and parent(s) apply Same PIN is used each year PIN Checklist: Social Security Number Your full name Date of Birth Address

24 What do I need to bring next week? Your FAFSA PIN https://pin.ed.gov/ If you do not have a PIN, please be sure to know your social security number so you can apply for one. Driver s license (if any) Documentation that you are a US permanent resident or other eligible non-citizen (i.e. green card, if applicable) OPTIONAL (will be needed to complete the FAFSA) Your W-2 Forms from 2014 and/or Federal Income Tax Return (1040, 1040EZ, etc) Your untaxed income records (i.e. social security, if applicable) Current bank statements

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