The Early College Planning Initiative. Myths about College Costs and Savings
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- Bonnie Long
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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.
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