Christine Seger, Ph.D. Bridges to College Volunteer September 30, 2013

Transcription

1 Christine Seger, Ph.D. Bridges to College Volunteer September 30, 2013

2 How to... Selection Process College Search Timeline Assessment/Placement Testing Admissions and Financial Aid Affordability Understanding Costs and Financial Aid Brief Loan/Debt/Repayment Overview Top 10 Application Reminders Tips for Student Success

3 Know yourself Apply yourself in high school Make your list of priorities Get your parents involved Visit, visit, visit Think about majors and careers Don t be put off by sticker shock (Knight and Ripple, 2009)

4 Academic excellence in areas of study 2-year, 4-year, or specialized Program Large, medium, or small Suburban, urban or rural Residential or commuter Internships, field work, and part-time jobs Student life/extracurricular activities Campus feel/attractiveness/proximity International global experience Diverse student body

5 IMPORTANT! Visit Colleges of Interest Increase interest Understand history and tradition Get feel for campus Make Admissions Appointment Take Tour Visit Financial Aid - get all info! Walk around on own See OCAN handout

6 Proprietary colleges ITT Technical Institute Fortis College Kaplan College Miami Jacobs They are: Purposeful Specific Expensive Non- or nationally accredited Sales driven / heavily marketable

7 Some for-profit institutions have: Questionable recruiting practices High loan default rates Lower graduation rates / availability of work Gainful Employment regulations: Institutions must prove that previous students are capable of or paying off student loan debt Estimate 5% of programs would lose funding Debt-to-income ratios must be within 30% discretionary income and 12% total income

8 Social Networking Sites (Facebook, Twitter, etc.) Consider the following ideas: Networking Form study groups Find old friends Illicit photos Illegal activities Future career aspirations Accessibility of information (UniversityParent.com, 2009)

9 College Search (Freshmen - Senior) Research, research, research College Applications (Junior-Senior) Apply v. Early Application Apply for Financial Aid Scholarships (Freshmen - Senior) FAFSA (Senior) Review Financial Aid Package (Senior) Form decision

10 Decide School Choice (Senior) Make decision & pay deposit (if required) Attend Orientation (Senior) 1- or 2-day event Register for Classes (Senior) Full-time (12+ hours) It s College, You re There! Start classes & seize your dreams

11 American Collegiate Test (ACT) Primarily used on East Coast & Midwest Scholastic Achievement Test (SAT) Primarily used on West Coast & Midwest Must complete for 4-year application Not required at community colleges Take in the junior or senior years The earlier the better!

12 It is absolutely imperative that Juniors and Seniors register for and complete the ACT if you apply to four-year college Register by November 8 for the December 14 test, by January 10 for the February 8 test, or March 7 for the April 12 test Juniors who complete the test, have: A greater re-test advantage A better understanding of test Take the writing portion the FIRST time

13 Required for course placement Writing Reading Math Waivers/Substitutions are a possibility (at some institutions) ACT/SAT scores HS Transcript Advanced Standing

14 Apply Concurrently Can list several schools on FAFSA Financial Aid Deadlines - Important! Federal, State & Institutional Important changes to the FAFSA Award Comparisons Institution type Scholarship opportunities Total financial aid offer v. total cost Negotiate award packages???

15 Reduce the financial burden (in HS) Postsecondary Education Option Program (PSEOP) - Plan courses wisely ACT/SAT - take it early and consider it important Take A Course On Us (i.e. Ivy Tech) Grades count! Do volunteer work Get involved in extracurricular activities Get a part-time job Good recommendations are essential Prepare early for your college essay

16 Reduce the financial burden (in College) Apply for ALL financial aid programs (federal, state, institutional, and private) Consider the following: 2-year v. 4-year; in-state v. out-of-state; public v. private Commuting v. on-campus (meal plan options) Thrifting v. buying new Become an RA or try a part-time job Rent or buy textbooks, e-books, check online for cheaper options, share books; resell at term end Minimizing Your time to go! (summer school)

17 Consider other cost saving measures: AmeriCorps, Volunteers in Service to America (VISTA), ROTC, Peace Corps Maintain written budget of expenses Compare cell phone plans Verify ALL charges on account (i.e. health insurance) Consider NOT having a car Wants v. needs Spend summers working at a paying job Avoid incurring credit card debt

18 Work Colleges (i.e. College of the Ozarks) Labor in exchange for money toward tuition Work Colleges Consortium ( Graduation Guaranteed (i.e. Utah State, Western Illinois, & U of Colorado-Boulder) Develop academic plan to finish in 4 years Take normal courseload & pass classes each term Graduate in 4 years or extra expense on college (Couch, 2009)

19 Fifth Year Free (i.e. Clark Univ, MA) Buy 4, get 1 free - finish four years & get year of graduate school free Contact Admissions or check website Tuition Locks (i.e. Huntingdon College, Hiram College, Central Michigan U) Plan that locks tuition at freshmen year Read the fine print - for details! (Couch, 2009)

20 Allows you to create what if scenarios of income and expenses Can use this calculator for multiple students as early as Kindergarten Useful tool in the planning process

21 Department of Education initiative Standardized award letter that aids families in determining costs and comparing aid packages Cost of Attendance (COA) Gift aid; Work options; Loan options Other options More than 300 institutions have already signed onto using the shopping sheet Makes award information clear upfront to minimize confusion and student loan defaults

22 The 150% rule Pell Grant (enacted ) Subsidized Direct Loan (enacted ) Students are eligible for funding for up to 150% (time-anda-half) of their degree program Identity Verification Must submit Identity Verification Form with copy of Drivers License (must be witnessed) Must submit copy of High School Transcript or GED Transcript

23 Types of Student Loans Federal Direct Subsidized/Unsubsidized Federally Insured Guaranteed 3.86% Fixed Interest Rate ( ) Federal Direct PLUS Federally Insured Not Guaranteed (must be credit worthy) 7.9% Fixed Interest Rate Private (limited programs) Based on creditworthiness; higher interest

24 Federal Direct Loans Annual Subsidized/Unsubsidized Loans Dependent: $5500 Frosh; $6500 Soph; $7500 Jr/Sr Independent: $9500 Frosh; $10,500 Soph; $12,500 Jr/Sr Unsub: students pay interest in school Aggregate loan limits Dependent: $31,000 Independent: $57,500

25 As college costs continue to increase, borrowing will do the same Students want to borrow ONLY what is necessary to complete their education Do not borrow beyond your means Be realistic in your job outlook Ability to repay? Know that not repaying your student loans can have negative consequences on your future plans

26 Repayment Types Standard fixed payments; 10 years Graduated low at first; increase every 2 yrs; 10 years Extended fixed or graduated payments; 25 years Income-Based payments change with income; 25 years Incentives Loan Forgiveness Programs Public Service; Nursing; Education Employer Tuition or Loan Repayment Health Professions (most prevalent) AmeriCorps

27 1) Apply to MORE than one college 2) Apply EARLY for admission to college 3) Make sure student s name, ssn, and date of birth match the STUDENT 4) Complete the application in its entirety 5) Apply to the correct program

28 1) Complete the FAFSA by the COLLEGE S deadline 2) Make sure student s name, ssn, and date of birth match the STUDENT 3) Apply for scholarships ON-TIME 4) Do NOT borrow more than you need to attend college 5) MONITOR progress of aid application

29 Develop an Academic Plan Map out entire program of study and stick to it Follow your plan and set goals along the way If you want/need to change major, develop new academic plan Complete a co-op, internship, or study abroad Get involved! Meet people Don t be afraid to ask for help

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31 Couch, C. (2009). Four secret tuition savers. Found online at Knight, D. and Ripple, G. (2009). Square one: Getting started on the college search process. Found online at nc. Universityparent.com (2009). Social media do s and don ts for college students. Found online at

32 U.S. Department of Education (2012). More than 1.9 Million College Students to Receive Financial Aid Shopping Sheet, Providing Easy-to-Understand Information About College Costs. Press Release at: Weston, L. (2012). Should you pay for kid s college?

33 Christine (Chris) Seger Director of Admissions Ivy Tech Community College Richmond 2357 Chester Blvd Richmond, IN (765) x1218 or (800) x1218

34 Bridges to College Program Beth Sears All of You!