The Early College Planning Initiative. Myths about College Costs and Savings

Size: px
Start display at page:

Download "The Early College Planning Initiative. Myths about College Costs and Savings"

Transcription

1 The Early College Planning Initiative A Project to help Families prepare financially for Higher Education Myths about College Costs and Savings Myths About The Cost of College Myth: College tuition costs more than $30,000 per year Reality: Out of the 100 colleges in Massachusetts, 66% charge less than $30,000 and, with financial aid, most students pay well below this price Nationally, 75% of full-time students at 4-year colleges and universities pay less than $15,000 per year College Board, 2011

2 What is the FAFSA? The FAFSA is the first step in applying for financial aid. Free: There is NO FEE and there is free help. Application: Most done online, paper available Federal: Used nationwide by millions of families Student Aid: Determines eligibility for Grants, Scholarships, Loans and Work Study The FAFSA must be completed every year of attendance Types of Financial Aid > Grants or Scholarships > Free money (example: Pell Grant) > Could be need- or merit-based > Loans > Borrowed and must be repaid > Federal student loans have more favorable terms > Work Study - Earned money from a campus job Complete the FAFSA after January 1 of your student s senior year to determine your Estimated Contribution (EFC) and financial aid eligibility. There are also tools to give you an earlier estimate.

3 Myths About The Cost of College Myth: It actually hurts you to save for college because you get less financial aid Reality: The way financial aid is determined counts family income far more heavily than savings Let s look at an Example How do Income and Savings affect your Financial Aid? A B C D Income $40,000 $60,000 $60,000 $60,000 Savings & Assets (not including residence or retirement) Amount is expected to contribute to college expenses (EFC) $0 $0 $30,000 $60,000 $282 $3,026 $3,026 $3,623 Difference of $20,000 income Difference of $30,000 savings Income makes a far greater difference than savings! The estimated EFCs were calculated using FinAid s Calculator assuming a family of four with one in college and age of the older parent being 45. Available at:

4 Myths About The Cost of College Myth: It actually hurts you to save for college because you get less financial aid Reality (continued): Financial aid may not cover all college costs, and so you will need to contribute to the cost of your child s education Saving money can help you meet these expenses Myths About The Cost of College Myth: It s not worth saving for college if I can t save the entire cost. Reality: Every little bit saved towards college helps! Saving over time can add up and help cover remaining college costs such as books or transportation.

5 Let s Look At An Example Luis wants to go to a four-year public school to study Business. The full annual cost of the school is $15,000. Luis Financial Aid Award Grants & Scholarships $9,500 Federal Loans $3,500 Total Aid $13,000 Luis family will need to pay $2,000 out-of-pocket for his first year of school. Saving for College Saving a little bit on a regular basis NOW can go a long way in covering future college costs! For Example: $50/month 48 months (4 yrs of high school) $2,400 saved This can fully cover Luis first year of out-ofpocket expenses AND/OR reduce the amount of loans the family has to take out!

6 Saving vs. Borrowing Two families dealing with $5,000 in College Costs $8,000 $7,000 $6,000 A: Saving $50/month for 5 years (Assuming earns 2% interest and borrows the difference at 7% over 10 years) B: Borrowing Full Amount ($5,000 at 7% interest for 10 years ) $5,000 $4,000 $3,000 $ $2, Amount Borrowed $6, $2,000 $1,000 $3, Amount Saved $0 This family will spend less than $5,600 to meet the college cost. This family will spend nearly $7,000 to meet the college cost. Your Savings Will Help You! > Saving gives you more education options different types of colleges, payment for books, etc. > Reduces or may eliminate the need to borrow loans > Can work less and study more > Minimum impact on aid eligibility > Knowing a parent is saving for college is motivating to a child > There are many ways to save

7 Saving Options Checking or Savings Account Stocks Bonds Certificate of Deposit (CD) 529 Education Savings Account Prepaid Tuition Program Coverdell Education Savings Account Custodial Account Consulting your financial advisor is recommended to determine the best savings strategy for you and your family.

Financial aid myths and facts INHERIT THE THINKING OF J.P. MORGAN NOT FDIC INSURED, MAY LOSE VALUE, NOT BANK GUARANTEED

Financial aid myths and facts INHERIT THE THINKING OF J.P. MORGAN NOT FDIC INSURED, MAY LOSE VALUE, NOT BANK GUARANTEED Financial aid myths and facts INHERIT THE THINKING OF J.P. MORGAN NOT FDIC INSURED, MAY LOSE VALUE, NOT BANK GUARANTEED How does financial aid work? Financial aid is designed to fill the gap between what

More information

Topics to be covered

Topics to be covered Topics to be covered The High Cost of Higher Education College Savings Strategies Choosing a 529 Plan Financial Aid and Student Loans Why College Is Still Worth It The cost of college has been rising fast

More information

COLLEGE PLANNING SAVING FOR A COLLEGE EDUCATION. Why is it Important to Start Saving Now? The Projected Cost of College 2012/2013 2017/2018 2022/2023

COLLEGE PLANNING SAVING FOR A COLLEGE EDUCATION. Why is it Important to Start Saving Now? The Projected Cost of College 2012/2013 2017/2018 2022/2023 Making College a Reality: A college education can be one of the most important investments you ll ever make. But the benefits of increased earning power and expanded horizons come at a price college is

More information

Managing the Price of College. SUNY NEW PALTZ Office of Financial Aid

Managing the Price of College. SUNY NEW PALTZ Office of Financial Aid Managing the Price of College SUNY NEW PALTZ Office of Financial Aid OVERVIEW OF PRESENTATION Key trends in costs and funding Traditional and Non-Traditional ways of paying for college How to determine

More information

WINNING AT THE COLLEGE FINANCIAL AID GAME

WINNING AT THE COLLEGE FINANCIAL AID GAME Helping Yourself. Helping Your Parents. Helping Your Children. By the numbers WINNING AT THE COLLEGE FINANCIAL AID GAME With college expenses having risen significantly, financial aid can be a critical

More information

{ } Financial Aid AT BROWARD COLLEGE A QUALITY, AFFORDABLE EDUCATION. The average financial aid package provided by Broward College is $6,550.

{ } Financial Aid AT BROWARD COLLEGE A QUALITY, AFFORDABLE EDUCATION. The average financial aid package provided by Broward College is $6,550. Financial Aid { } AT BROWARD COLLEGE The average financial aid package provided by Broward College is $6,550. A QUALITY, AFFORDABLE EDUCATION College is expensive in general. But at Broward College, it

More information

College Financial Aid Night

College Financial Aid Night College Financial Aid Night M O R G A N A. K E L L Y D I R E C T O R, S T U D E N T F I N A N C I A L A S S I S T A N C E S A C R E D H E A R T U N I V E R S I T Y Tonight s Agenda Sources and Types of

More information

Financial Aid Basics Junior Parent Night 2015 Franklin High School

Financial Aid Basics Junior Parent Night 2015 Franklin High School Financial Aid Basics Junior Parent Night 2015 Franklin High School What is Financial Aid? Sources of Financial Aid. What types of aid are there? How do I apply for/receive each type? What are the basic

More information

FINANCIAL AID UNDERSTANDING YOUR OPTIONS

FINANCIAL AID UNDERSTANDING YOUR OPTIONS FINANCIAL AID UNDERSTANDING YOUR OPTIONS Affording a Best-Value Jesuit Education Every accepted student who attends Wheeling Jesuit University is considered for financial assistance. Wheeling Jesuit is

More information

The ASPIRA Association Academic Advisors Professional Development Program

The ASPIRA Association Academic Advisors Professional Development Program The ASPIRA Association Academic Advisors Professional Development Program Course Title: The Financial Aid Process Course Number: AAT 108 Course Description: After completing this course ASPIRA Academic

More information

Family Information Sheet Four: Paying for College!

Family Information Sheet Four: Paying for College! Family Information Sheet Four: Paying for College! Dear Family Member, During today s lesson your student learned about the resources available to help you and your family pay for college. Financial aid

More information

FINANCIAL AID NIGHT 2015 2016

FINANCIAL AID NIGHT 2015 2016 FINANCIAL AID NIGHT 2015 2016 1 Understanding the College and Financial Aid Application Process Be patient, thorough, and organized as you go through the college admission and financial aid application

More information

Financial Aid for College

Financial Aid for College Nicholson Financial Services, Inc. David S. Nicholson Financial Advisor 89 Access Road Ste. C Norwood, MA 02062 781-255-1101 866-668-1101 david@nicholsonfs.com www.nicholsonfs.com Financial Aid for College

More information

Winning at the college financial aid game

Winning at the college financial aid game Winning at the college financial aid game By the numbers Average tuition and fees per year for four-year colleges in 2006-07: 1 Private institutions: $30,367, up 4.6% from the previous year Public colleges:

More information

The SAMFund Presents: Going Back to School Post-Cancer: The Pros, Cons and Hows. Agenda. Going Back to School: The Pros

The SAMFund Presents: Going Back to School Post-Cancer: The Pros, Cons and Hows. Agenda. Going Back to School: The Pros The SAMFund Presents: Going Back to School Post-Cancer: The Pros, Cons and Hows Sherri Avery Director of Financial Aid and Student Employment Brandeis University savery@brandeis.edu Agenda Pros and cons

More information

Your Student s Educational Journey To College

Your Student s Educational Journey To College Your Student s Educational Journey To College Definition of College The word college is generic term that applies to: 2 year colleges & universities 4 year colleges & universities Technical or trade schools

More information

College Financial Aid 101

College Financial Aid 101 College Financial Aid 101 The information contained in this presentation is subject to change and does not constitute legal advice. Always consult a financial planner or a tax advisor for detailed information.

More information

Financial Aid Application for Academic Year 2015-16

Financial Aid Application for Academic Year 2015-16 CHRISTENDOM COLLEGE Financial Aid Application for Academic Year 2015-16 Financial Aid Office 134 Christendom Drive Front Royal, Virginia 22630 800.877.5456 ~ apolk@christendom.edu www.christendom.edu The

More information

Financial Aid Overview

Financial Aid Overview Financial Aid Overview 1/14/2015 1 Presentation Objectives Understand the financial aid process and timeline Know the different types of financial aid and how to access each of them Understand why everyone

More information

How to Save Money for Your Child's College

How to Save Money for Your Child's College Investing in Your Child s College Goal College Savings Planner for Parents & Grandparents Presented by the Arizona Commission for Postsecondary Education www.az529.gov By 2018, twenty-two of the top twentyfive

More information

College Costs, Financial Aid & Savings Options

College Costs, Financial Aid & Savings Options College Costs, Financial Aid & Savings Options for Parents of High School Students Presented by: The NHHEAF Network Organizations Center for College Planning Potential Cost of College in New England Your

More information

We Would Like to Welcome You to Our Workshop!

We Would Like to Welcome You to Our Workshop! Financial Aid Planning for College Presented by: OMH Partner Group, Inc. We Would Like to Welcome You to Our Workshop! OMH Partner Group, Inc. provides financial aid consultation services for a fee. Our

More information

The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation

The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation Agenda for Conversation Section One Education Pays Section Two What is Financial Aid?, Section Three

More information

An introduction to college financial aid

An introduction to college financial aid An introduction to college financial aid Advice for getting the help your child or grandchild needs With the pace of higher-education costs consistently rising faster than inflation, as measured by the

More information

529 College Savings Plan

529 College Savings Plan 529 College Savings Plan MI 529 Advisor Plan Wealth Management Strategies: A Tax-Advantaged Way to Save and Invest for College NOTICE: MI 529 Advisor Plan accounts are not insured by any state, and neither

More information

SUNY Financial Aid Day. University at Buffalo February 22, 2014

SUNY Financial Aid Day. University at Buffalo February 22, 2014 SUNY Financial Aid Day University at Buffalo February 22, 2014 Agenda SESSION 1: Presentation and Q&A 9:00 9:45 am Complete your on-line FAFSA and TAP applications 9:45 10:45 SESSION 2: Presentation and

More information

Enrollment Materials. Dream BIG! How to go from here to there. Check CHET Out! www.aboutchet.com

Enrollment Materials. Dream BIG! How to go from here to there. Check CHET Out! www.aboutchet.com Enrollment Materials Dream BIG! How to go from here to there. Check CHET Out! www.aboutchet.com Important Facts About Saving For College With CHET s Direct-Sold Plan Saving for college is one of the most

More information

Financial Aid Seminar

Financial Aid Seminar Financial Aid Seminar What is financial aid? What are the sources of financial aid? How will colleges determine your eligibility for aid? When and how do you apply for aid? Principles of Financial Aid

More information

Saving for College Presentation

Saving for College Presentation Page 1 of 9 Raj Patel, CPA, LLC Raj Patel, CPA ACA M COM DTP LLB 1585 Oak Tree Road, Suite 203 Kumar Soni Plaza Iselin, NJ 08830 (732) 283-9090 Fax: (732) 283-9091 raj@rpatelcpa.com www.rajpatelcpa.com

More information

How will we pay for college?

How will we pay for college? How will we pay for college? What does it take to get in to college? MEFA s Early College Planning Guide for Parents A Guide to Thinking About Your Child s Future How to Use this Guide MEFA s Early College

More information

FINANCIAL AID VOCABULARY

FINANCIAL AID VOCABULARY Award Letter Notification of the terms and requirements of the financial aid package offered by a college. College Scholarship Service (CSS) Profile A financial aid application, in addition to the FAFSA,

More information

Understanding Paying for College

Understanding Paying for College Understanding Paying for College Info, Tips, Deadlines, & Resources Presented by Samantha Hodes WHS College & Career Specialist samanthahodes@iusd.org (949) 936-7893 Tonight s Agenda Disclaimer: I am not

More information

Preparing for College Parent Meeting: Financial Aid. Decatur Middle School April 15, 2015

Preparing for College Parent Meeting: Financial Aid. Decatur Middle School April 15, 2015 Preparing for College Parent Meeting: Financial Aid Decatur Middle School April 15, 2015 Agenda Welcome Objective Types of Financial Aid Where to Start Objective To inform parents of how funding postsecondary

More information

Financial Aid Information Night

Financial Aid Information Night Financial Aid Information Night Welcome to Tonight's Agenda The role of Financial Aid Types of Financial Aid Financial Aid Application Process Lifetime Grant and Loan Limits Financial Aid Need Financial

More information

SAVING FOR COLLEGE: THE WHY, WHEN, AND HOW A GUIDE OF COLLEGE SAVINGS PRODUCTS FOR TEXANS

SAVING FOR COLLEGE: THE WHY, WHEN, AND HOW A GUIDE OF COLLEGE SAVINGS PRODUCTS FOR TEXANS SAVING FOR COLLEGE: THE WHY, WHEN, AND HOW A GUIDE OF COLLEGE SAVINGS PRODUCTS FOR TEXANS about the author About RAISE Texas RAISE Texas is a statewide network of non-profit organizations, for-profit corporations,

More information

HELPFUL FINANCIAL AID HINTS...

HELPFUL FINANCIAL AID HINTS... TABLE OF CONTENTS HELPFUL FINANCIAL AID HINTS.........................................................................................1 PAYING FOR COLLEGE.................................................................................................2

More information

Financial Aid Overview FAFSA Award Letter Alternate Payment Options AGENDA. 30 minutes Q&A. 15 minutes

Financial Aid Overview FAFSA Award Letter Alternate Payment Options AGENDA. 30 minutes Q&A. 15 minutes PAYING FOR COLLEGE AGENDA Financial Aid Overview FAFSA Award Letter Alternate Payment Options 30 minutes Q&A 15 minutes Financial Aid Overview What is Financial Aid? Financial aid makes college more affordable

More information

FPA 7 FPA 6. WHAT ABOUT GOVERNMENT PROGRAMS? The states and the federal government have created several options for saving for college.

FPA 7 FPA 6. WHAT ABOUT GOVERNMENT PROGRAMS? The states and the federal government have created several options for saving for college. HOW MUCH WILL IT COST TO SEND MY CHILD TO COLLEGE? Educating your children will probably be one of the biggest financial challenges you ll face in your lifetime. Today, the costs to attend an elite private

More information

FINANCIAL AID for Junior Parents: The Basics. April 22, 2015

FINANCIAL AID for Junior Parents: The Basics. April 22, 2015 FINANCIAL AID for Junior Parents: The Basics April 22, 2015 What is Financial Aid? Cost of Attendance (COA) - Expected Family Contribution (EFC) Student s Financial Need (eligibility) Financial Aid --

More information

PUBLISHED VS. NET TUITION AND FEES FOR FIRST-TIME, FULL-TIME FRESHMEN

PUBLISHED VS. NET TUITION AND FEES FOR FIRST-TIME, FULL-TIME FRESHMEN 3 PUBLISHED VS. NET TUITION AND FEES FOR FIRST-TIME, FULL-TIME FRESHMEN KEY POINTS IN THIS SECTION Published tuition and fees at Minnesota public institutions comparable to peer states, but higher than

More information

Financial Aid Vocabulary Matching Game

Financial Aid Vocabulary Matching Game Financial Aid Vocabulary Matching Game MATERIALS: - Financial Aid Vocabulary Handout - Financial Aid Matching Cards DESCRIPTION: Groups of students compete against one another to match the most financial

More information

TITLE Financial aid overview for parents TITLE

TITLE Financial aid overview for parents TITLE Financial aid overview for parents Understand Your Options Finding the money to pay for college is a concern of many parents because they think they can t afford it. It s important to know that families

More information

Financial Aid: What You Need to Know

Financial Aid: What You Need to Know Financial Aid: What You Need to Know South High School December 15, 2014 Sandy Sundstrom St. Olaf College Agenda General Overview and Philosophy of Financial Aid Family Contribution Financial Need Types

More information

College Financial Aid Night MORGAN A. KELLY ASSOCIATE DIRECTOR STUDENT FINANCIAL ASSISTANCE SACRED HEART UNIVERSITY

College Financial Aid Night MORGAN A. KELLY ASSOCIATE DIRECTOR STUDENT FINANCIAL ASSISTANCE SACRED HEART UNIVERSITY College Financial Aid Night MORGAN A. KELLY ASSOCIATE DIRECTOR STUDENT FINANCIAL ASSISTANCE SACRED HEART UNIVERSITY Tonight s Agenda Sources and Types of Financial Aid Application Process Determining Eligibility

More information

Are You Ready for College?

Are You Ready for College? Are You Ready for College? Financial AID, Scholarships, School Loans, Work Study, and Grants for College Tuition Patricia Jackson Wadquidia Retta College Tuition College is an expensive expense when your

More information

Saving for College. Make College a Reality. About MEFA. Agenda

Saving for College. Make College a Reality. About MEFA. Agenda Make College a Reality Saving for College Your Massachusetts Educational Financing Authority. The one Authority you can trust to be on your side when it comes to paying for college. 1 About MEFA Massachusetts

More information

FAFSA) & MN DREAM ACT

FAFSA) & MN DREAM ACT 2 Minnesota Office of Higher Education REE APPLICATION OR FEDERAL STUDENT AID FAFSA) & MN DREAM ACT You can complete the FAFSA at www.fafsa.gov. There is also an online chat function to answer any questions

More information

You Can Do This. About MEFA. Not-for-profit state authority created in 1982. Helping families plan, save, and pay for college

You Can Do This. About MEFA. Not-for-profit state authority created in 1982. Helping families plan, save, and pay for college MEFA s Guide to College Financing Presented by: About MEFA Not-for-profit state authority created in 1982 Helping families plan, save, and pay for college Keeping you on track with college planning: mefa.org:

More information

dialogue COLLEGE SAVINGS OPTIONS AND THE IMPACT OF SAVINGS ON FINANCIAL AID

dialogue COLLEGE SAVINGS OPTIONS AND THE IMPACT OF SAVINGS ON FINANCIAL AID research dialogue issue no. 83 march 2005 83 COLLEGE SAVINGS OPTIONS AND THE IMPACT OF SAVINGS ON FINANCIAL AID Jennifer Ma, TIAA-CREF Institute This article describes some recent trends in the financing

More information

Planning for College Checklist

Planning for College Checklist Planning for College Checklist Before College Establish a Savings Account It is never too early to start saving for college. Below is a comparison of a few of the savings vehicle options available: Year

More information

College Planning Essentials

College Planning Essentials College Planning Essentials A comprehensive guide to saving and investing inherit the thinking of j.p. morgan Investments are NOT FDIC INSURED no BANK GUARANTEE MAY LOSE VALUE Section 1 College matters

More information

How to Use this Guide

How to Use this Guide How to Use this Guide Thank you for downloading MEFA s Guide to College Financing. This Guide has been created to help you understand and navigate the entire college financing process. Topics include basic

More information

College Planning Essentials A comprehensive guide to saving and investing

College Planning Essentials A comprehensive guide to saving and investing College Planning Essentials A comprehensive guide to saving and investing 2013 Edition INHERIT THE THINKING OF J.P. MORGAN INVESTMENTS ARE NOT FDIC INSURED, MAY LOSE VALUE AND ARE NOT BANK GUARANTEED Table

More information

42% SAVE FOR COLLEGE WITH CONFIDENCE YOUR GUIDE TO EDUCATION FUNDING

42% SAVE FOR COLLEGE WITH CONFIDENCE YOUR GUIDE TO EDUCATION FUNDING SAVE FOR COLLEGE WITH CONFIDENCE YOUR GUIDE TO EDUCATION FUNDING Many parents and grandparents view funding their children s education as one of their most important financial priorities. Yet parents often

More information

MEFA s Guide to. College Financing

MEFA s Guide to. College Financing MEFA s Guide to College Financing About MEFA Not-for-profit state authority created in 1982 Helping families plan, save, and pay for college Keeping you on track with college planning: MEFA.org: tools

More information

Financial Aid 101. Seminole State College

Financial Aid 101. Seminole State College Financial Aid 101 Seminole State College How Can I Apply for Financial Aid? Complete a FAFSA (Free Application for Federal Student Aid) each school year in summer before fall starts (www.fafsa.ed.gov or

More information

Financial Aid and Scholarships: Planning for your Child s Educational Expenses

Financial Aid and Scholarships: Planning for your Child s Educational Expenses Financial Aid and Scholarships: Planning for your Child s Educational Expenses Renee G. Dann, Assistant Director/Coordinator Financial Aid and Scholarships January 15, 2015 Goals for Tonight What are basic

More information

The Financial Aid Process. Paying for College

The Financial Aid Process. Paying for College The Financial Aid Process Paying for College Making college accessible and affordable for Illinois students. - Mission Statement The Illinois Student Assistance Commission (ISAC) is the college access

More information

Financial Aid Group. Financial Aid Group. Scholarships, FAFSA, and Everything Else

Financial Aid Group. Financial Aid Group. Scholarships, FAFSA, and Everything Else Financial Aid Group Financial Aid Group Scholarships, FAFSA, and Everything Else Show me the money (bling) Average Earnings by Education Lev $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 *Source:

More information

The College Planning Smorgasbord by Paula H. Hogan, CFP, CFA, and Bret Kroeger

The College Planning Smorgasbord by Paula H. Hogan, CFP, CFA, and Bret Kroeger The College Planning Smorgasbord by Paula H. Hogan, CFP, CFA, and Bret Kroeger Executive Summary College financing is a continuously changing landscape. One change that is making such planning difficult

More information

A Parent's Guide to Financial Aid

A Parent's Guide to Financial Aid A Parent's Guide to Financial Aid Your child is worried about getting into college but you're probably more concerned about paying for it. Here's the good news: there is plenty of financial assistance

More information

Financial Aid Tips Applying for and Receiving College Assistance

Financial Aid Tips Applying for and Receiving College Assistance Financial Aid Tips Applying for and Receiving College Assistance What is Financial Aid? Financial aid is money intended to help students pay for their educational expenses. Typically, aid packages contain

More information

FINANCIAL AID. The Basics and then some. Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University

FINANCIAL AID. The Basics and then some. Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University FINANCIAL AID The Basics and then some Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University Before we start. Begin with a positive attitude Involve your child in the admission

More information

Part 1 Test Question Bank

Part 1 Test Question Bank Module 1 1. Which is true regarding unemployment rates? a. The unemployment rate for people with a bachelor s degree and a high school diploma are the same. b. People with a bachelor s degree experience

More information

COMPONENTS OF AID PACKAGES: WHAT TO EXPECT

COMPONENTS OF AID PACKAGES: WHAT TO EXPECT 23359_ch01.qxd 7/15/04 9:00 AM Page 176 176 Paying for College based grants or scholarships if the institution provides them, may decrease loans in the aid package and increase grants even at an institution

More information

Evaluating Financial Aid Award Letters Quick Reference Guide

Evaluating Financial Aid Award Letters Quick Reference Guide What is a Financial Aid Award Letter? The financial aid award letter provides prospective and current college students with information about the student's college costs and the financial aid available

More information

The financial aid process is all about

The financial aid process is all about Oklahoma Society of CPAs Understand 529 Plans and Financial Aid Eligibility The financial aid process is all about assessing what a family can afford to pay for college and trying to fill the gap. To do

More information

Saving for College - PARENT

Saving for College - PARENT Saving for College - PARENT Information Session Spring 2015 Today s Discussion Overview College Savings Options Selecting a 529 Plan Private College 529 Plan Next Steps Additional Resources 2 OVERVIEW

More information

Discussion Topics. Funding Your Education Wisely Taking A Closer Look at the Various Types of Aid and the Financial Aid Process 1/6/15. !

Discussion Topics. Funding Your Education Wisely Taking A Closer Look at the Various Types of Aid and the Financial Aid Process 1/6/15. ! Funding Your Education Wisely Taking A Closer Look at the Various Types of Aid and the Financial Aid Process Discussion Topics! Financial Aid Overview ª Types and sources of aid ª Federal and state programs

More information

Financial Aid 301: The Hard Stuff. Jennifer Knight - Linfield College Leslie Limper Pacific University

Financial Aid 301: The Hard Stuff. Jennifer Knight - Linfield College Leslie Limper Pacific University Financial Aid 301: The Hard Stuff Jennifer Knight - Linfield College Leslie Limper Pacific University 1 Discussion Topics CSS Profile Need Based Aid vs. Merit Based Aid Financial Aid Packaging and Strategies

More information

The Financial Aid Process. Paying for College

The Financial Aid Process. Paying for College The Financial Aid Process Paying for College What is financial aid? Financial aid makes college affordable for you. Financial aid refers to specific borrowed, given or earned money that can be obtained

More information

2015 Financial Aid Update. Presentation Committee on Administration and Finance June 10, 2015

2015 Financial Aid Update. Presentation Committee on Administration and Finance June 10, 2015 2015 Financial Aid Update Presentation Committee on Administration and Finance June 10, 2015 Highlights 2 Increase in financial need Financial aid expenditures increased over 2% Increase was primarily

More information

Financial Aid 2014-15

Financial Aid 2014-15 Financial Aid 2014-15 Office of Financial Aid (315) 781-3315 Geneva, NY 14456 www.hws.edu Financial Aid at HWS At Hobart and William Smith, we have a unique approach to financial aid, one rooted in collaboration

More information

The Financial Aid Process. Paying for College

The Financial Aid Process. Paying for College The Financial Aid Process Paying for College Financing College What is financial aid? Types: Loans, scholarships, etc. FAFSA Who can help? What is financial aid? Financial aid makes college/training affordable

More information

Heartland Community College 2014-2015. Terms and Conditions of Financial Aid Awards

Heartland Community College 2014-2015. Terms and Conditions of Financial Aid Awards Heartland Community College 2014-2015 Terms and Conditions of Financial Aid Awards Heartland Community College Office of Financial Aid 1500 W. Raab Road Normal, IL 61761 Phone (309)268-8020 Fax (309)268-7962

More information

Financial Aid. Scholarships Expenses. Financial Aid

Financial Aid. Scholarships Expenses. Financial Aid Financial Aid # Financial Aid Formula # Eligible Applicants # Application Requirements and Suggested Filing Dates # Programs for Which You May Qualify # Verification of Financial Aid Data # Academic Progress

More information

FINANCIAL AID. Information Session. February 11, 2015

FINANCIAL AID. Information Session. February 11, 2015 FINANCIAL AID Information Session February 11, 2015 AGENDA Trends in Higher Education Financial Aid Defined Types of Aid Programs The FAFSA and You Helpful Financial Aid Sites Office Hours and Contact

More information

Understanding Your 2015 16 Luther Financial Aid Award

Understanding Your 2015 16 Luther Financial Aid Award Understanding Your 2015 16 Luther Financial Aid Award Jan Cordell Director of Financial Aid Aaron Steffens Associate Director of Financial Aid Kathy Kerber Financial Aid Counselor Carolyn Schwendeman Financial

More information

Mike Johnson, Director of Financial Aid Pacific University

Mike Johnson, Director of Financial Aid Pacific University Mike Johnson, Director of Financial Aid Pacific University Community Colleges $ 4,200 tuition, $16,000 total Public Colleges and Universities $ 8,300 tuition, $22,800 total Private Colleges and Universities

More information

Welcome Congratulations on your college acceptances, students and parents!

Welcome Congratulations on your college acceptances, students and parents! MEFA s Guide to Paying the College Bill Celebrating 30 years of Excellence Planning, Saving & Paying for College 1 Welcome Congratulations on your college acceptances, students and parents! 2 About MEFA

More information

The Financial Aid Process

The Financial Aid Process The Financial Aid Process Paying for College Making college accessible and affordable for Illinois students. - Mission Statement The Illinois Student Assistance Commission (ISAC) is the college access

More information

The Financial Aid Process. Paying for College

The Financial Aid Process. Paying for College The Financial Aid Process Paying for College Making college accessible and affordable for Illinois students. - Mission Statement The Illinois Student Assistance Commission (ISAC) is the college access

More information

College is one of the best investments you can make, but it can be expensive.

College is one of the best investments you can make, but it can be expensive. College is one of the best investments you can make, but it can be expensive. Savvy students and families can dramatically reduce their out-of-pocket costs by taking advantage of all the student financial

More information

SAVINGS BASICS101 TM %*'9 [[[ EPXEREJGY SVK i

SAVINGS BASICS101 TM %*'9 [[[ EPXEREJGY SVK i SAVINGS BASICS101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

College Planning Essentials

College Planning Essentials College Planning Essentials A comprehensive guide to saving and investing 2015 2016 INVESTMENTS ARE NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Section 1 College matters 4 Higher education pays 5

More information

Prepared for Catherine

Prepared for Catherine This sample report reflects a client that is a financial aid candidate. The overall objective is to help the client minimize their out-of-pocket college costs at the school selected by making informed

More information

! The concept of a school that is the right fit has to. ! Parents and students need to study the prices and

! The concept of a school that is the right fit has to. ! Parents and students need to study the prices and #$%& Trends Costs How Colleges Determine Aid Awards Forms Award Letters Appeals What s Next? Percent Changes In CPI 2003-2013 100 80 60 40 20 How Fast Has College Tuition Grown? 22.8 5.6 6 0 Women s Men

More information

AFFORDABILITY 101. The Basics of College Financial Aid. Sandra M. Moore, MA, Next Step CC, LLC

AFFORDABILITY 101. The Basics of College Financial Aid. Sandra M. Moore, MA, Next Step CC, LLC AFFORDABILITY 101 The Basics of College Financial Aid Sandra M. Moore, MA, Next Step CC, LLC Welcome! Let s demystify this process! One step at a time less stress for all. No guarantees but before you

More information

College Planning for Parents of Middle School Students

College Planning for Parents of Middle School Students College Planning for Parents of Middle School Students Precollege Programs oregonstate.edu/precollege Compiled by Dana Beck, Coordinator June 2009 Why should my child and I start planning for college

More information

Applying for Financial Aid 2016-2017 Academic Year

Applying for Financial Aid 2016-2017 Academic Year Applying for Financial Aid 2016-2017 Academic Year Sean Martin Director of Financial Aid Services Telephone: 860-439-2058 E-Mail: finaid@conncoll.edu Where do I start? Visit college websites for: application

More information

How To Understand Financial Aid

How To Understand Financial Aid Topics We Will Discuss Tonight What is financial aid Categories, types and sources of financial aid Free Application for Federal Student Aid (FAFSA) What is Financial Aid? Financial aid is funds provided

More information

Financial Aid High School Presentation New Jersey Higher Education Student Assistance Authority

Financial Aid High School Presentation New Jersey Higher Education Student Assistance Authority Financial Aid High School Presentation New Jersey Higher Education Student Assistance Authority 2013/2014 Award Year The Mission The Higher Education Student Assistance Authority is the only State agency

More information

Understanding College Financial Aid and Paying for College. Bill Smith bsmith@scholarfits.com 207-773-4142

Understanding College Financial Aid and Paying for College. Bill Smith bsmith@scholarfits.com 207-773-4142 Understanding College Financial Aid and Paying for College Bill Smith bsmith@scholarfits.com 207-773-4142 College Costs, But it Pays College grads have 47% less unemployment than high school grads College

More information

Financial Aid Overview 2013-14

Financial Aid Overview 2013-14 Financial Aid Overview 2013-14 What is Financial Aid? Financial Aid is money received from: Federal State Institutional Private sources Financial Aid is awarded to help students pay for college expenses

More information

Saving for College - Indiana

Saving for College - Indiana Saving for College - Indiana Information Session Spring 2015 Todays Discussion Overview College Savings Options Selecting a 529 Plan Indiana 529 Plans Private College 529 Plans Next Steps Additional Resources

More information

Student Financial Services: Understanding Financial Aid

Student Financial Services: Understanding Financial Aid Student Financial Services: Understanding Financial Aid Employee Financial Aid Night 2011 Overview What is Financial Aid? Free Application for Federal Student Aid (FAFSA) CSS PROFILE How do colleges give

More information

Financial Aid Glossary

Financial Aid Glossary Financial Aid Glossary NASFAA Financial Aid Glossary edited by MN Office of Higher Education Accruing Interest (on a loan): The cost of the loan, represented by the interest which is added to the loan

More information

INVESTING IN YOUR CHILDREN UNDERSTANDING COLLEGE AID

INVESTING IN YOUR CHILDREN UNDERSTANDING COLLEGE AID INVESTING IN YOUR CHILDREN UNDERSTANDING COLLEGE AID CONTENTS Grant & Scholarships... 3 Timeline... 4 Applying for Financial Aid... 5 How Assets Impact Aid... 6 Aid Formulas... 7 Filing Status... 8 } Child

More information

Financial Aid Award Notification Guide 2014-2015

Financial Aid Award Notification Guide 2014-2015 Financial Aid Award Notification Guide 2014-2015 A college education is one of the best investments anyone can make, and finding a way to afford it is an important concern for nearly every student. At

More information

An Introduction to Financial Aid. Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew.

An Introduction to Financial Aid. Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew. An Introduction to Financial Aid Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew.edu What We Will Discuss Applying for Financial Aid FAFSA How, Where,

More information