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1 #$%& Trends Costs How Colleges Determine Aid Awards Forms Award Letters Appeals What s Next? Percent Changes In CPI How Fast Has College Tuition Grown? Women s Men s Housing Apparel Apparel 26.7 CPI Source: USNews.com: Oct College Food Medical Tuition The increase in college costs, has given rise to an increase in student borrowing. The number of students applying for federal aid increased 62% between The concept of a school that is the right fit has to also take into consideration the right cost. Parents and students need to study the prices and financial aid practices of the colleges on their students list before they apply. Parents and students need to consider the longterm value The Pew Research Center for Time Magazine as noted in Effective Practices In Student and Family Financial Education, Chronicle of Higher Education Only 40% of Americans think that the value of the college they or their children attended was worth the cost. The new calculation for choosing a college these days is return on investment. University of CT Resident $27,244 University of Vermont Wesleyan University Non-resident $62,849 $49,814 How much will it cost you? Estimated Prices listed on College Navigator 9/14 Tax Credits and Work-Study Deductions State Grants Federal 9% 1% Loans 5% 35% Institutional 18% Aid Private Scholarships 9% 7% Other Federal Programs 16% Pell Grants $&

2 #$%& Pell Grants - up to $5,730 annually FSEOG - up to $4,000 annually Governor s Scholarship Merit - Must to be in top 20% of class or have a combined SAT score of max -$4,500 p/yr Governor s Scholarship Need Based Aid - up to $3,000 p/yr Most schools provide a mix of both merit and need-based aid Many highly selective schools only give out need-based aid Check with your school counselor Try an online search engine If you want your student to be considered for a student loan or work-study, you must complete a FAFSA There are 2 types of Direct Loans: Subsidized - the government pays the interest on the loan while the student is in school Unsubsidized - interest is due an payable upon disbursement Can be deferred Eligibility for a Federal Student Loan is based on the completion of the FAFSA All students who complete the FAFSA will qualify for at least a Direct Unsubsidized Loan Federal Student Loans have the most flexible payment options Interest rates for is 4.66% for Sub. and Unsub. loans Rates are recalculated annually in May Only available to students who show significant financial need Maximum loan amount is $5,500 p/year Fixed interest rate of 5% Funds are disbursed through the school '&

3 #$%& Parents can use the Federal PLUS Loan Program Fixed Interest rate of 7.21% plus fees Can borrow up to total cost of attendance, less financial aid Repayment can be deferred while student attends school Requires a credit worthy co-signer Fixed Interest rate of 6.75% For CT residents attending any college or non-residents attending a CT school Commercial Lenders Requires a credit worthy co-signer Rates and fees vary by lender Be a wise consumer - know the facts Review your finances and figure out your bottom line Talk with your student about how much you can afford Use the net cost calculators and other tools to estimate your cost If your student is going to borrow, start with the Federal Loan Programs before looking at private options Limit debt Student Savings % % % One Third Rule Current Cash Flow or parent borrowing Parents should have at least 1/3 of total college costs in liquid-able savings and investments Parents will still use a payment plan or loans for another third Students will borrow and use their own savings Student No Savings? 80 % 20 % Students must choose their school carefully to avoid too much debt Parent Contribution Total Cost of Attendance - Expected Family Contribution = Need Federal Methodology Income Assets Does not look at expenses Income Protection Allowances Family size Number in college State of residence Age of oldest parent Retirement Assets and value of primary home is excluded in calculation Institutional Methodology More detailed form - asks for: 2 years of income Home value Retirement assets Assets held in other children s name Income and assets of non-custodial parent is often required Also asks for some information on expenses (&

4 #$%& FAFSA PROFILE Supplemental If your student wants to be considered for any federal aid, a FAFSA must be completed About 400 colleges require the PROFILE to be completed to be considered for institutional aid Some colleges use their own supplemental form Used to calculate your Expected Family Contribution (EFC) Can not be completed until January of your student s senior year Must be completed annually Once you have completed your Federal Income Tax Return, you can use the IRS data retrieval system to verify the information Same Sex Parents Both parents and student complete the form Traditional Family Both parents and student complete the form. Single, Divorced, Remarried The parent who has the most physical custody completes the form. If that parent has remarried, the stepparent s income and assets are included. Legal Guardian Student is considered independent and only student s information is provided. form When reporting assets on the FAFSA, the value of your retirement and home are not reported 529 College savings plans and Education Savings Accounts are considered parental assets Non-custodial parents income and assets are not reported %&

5 #$%& Line by line copy of information submitted Will provide a preliminary EFC May have some flagged items for you to correct You can make changes to your SAR The PROFILE usually has earlier submission deadlines Once you submit the PROFILE you can not go back and edit your financial information There is a fee for registration and submission Most colleges will require the noncustodial parent to complete a NC Profile Questions for the Financial Aid Officer Paradise U Fall Spring Total Presidential Scholarship 6,000 6,000 12,000 Paradise Grant 3,000 3,000 6,000 Direct Loan (Sub) Direct Loan (Unsub) 1,750 1, ,000 1,000 2,000 Work-Study ,200 Total $12,350 $12,350 $24,700 What forms are required and when are they due? How do you handle special circumstances? What are the requirements for grants or scholarships? How does an outside scholarship aid impact my award? Use the Netcost Calculators Do Your Research Limit Student Borrowing Communicate Your Bottom Line Make Sure Your Student Applies to some Financially Safe Schools Education Funding Strategies #&

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