Understanding Paying for College

Transcription

1 Understanding Paying for College Info, Tips, Deadlines, & Resources Presented by Samantha Hodes WHS College & Career Specialist (949)

2 Tonight s Agenda Disclaimer: I am not a financial advisor nor Financial Aid Representative *Information presented in this workshop has been compiled from various financial aid workshops attended *For more specific information please contact the financial aid representative at the school your son or daughter plans to attend *A FAFSA workshop will be held in January to assist with the application 1. Cost of College 2. Types of Financial Aid 3. Dates and Deadlines 4. Debunking myths 5. Resources

3 What is Financial Aid? Makes attending college affordable Cost of attendance - Expected Family Contribution (EFC) = Estimated aid need or eligibility for aid

4 $ Costs of going to college $ Tuition & Fees Books & Supplies Room & Board Personal Expenses Transportation

5 Community College Living on Campus Living Off Campus Living at Home Fees and Tuition, $46 per unit (15 units per semester) $ $ $ Books and Supplies $ $ $ Personal and Transportation $ $ $ Room and Board $ $11, $ Miscellaneous (health care, etc) $ $ $ TOTAL $14, $19, $11,210.00

6 Cal State Universities Living on Campus Living Off Campus Living at Home Fees and Tuition, (full time load) $ $ $ Books and Supplies $ $ $ Personal and Transportation $ $ $ Room and Board $11, $11, $ Miscellaneous (health care, etc) $ $ $ TOTAL $24, $22, $17,763.00

7 University of California Living on Campus Living Off Campus Living at Home Fees and Tuition, (full time load) $13, $13, $13, Books and Supplies $ $ $ Personal and Transportation $ $ $ Room and Board $13, $9, $ Miscellaneous (health care, etc) $ $ $ TOTAL $33, $29, $24,352

8 CA Independent School ie: Chapman University Living on Campus Living Off Campus Living at Home Fees and Tuition, (15 units per semester) $42, $42, $42, Books and Supplies $ $ $ Personal and Transportation $ $ $ Room and Board $12, $11, $ Miscellaneous (health care, etc) $ $ $ TOTAL $62, $61, $54,020.00

9 Leaving California Out of State Public Universities Remember: 1. Graduation Rates 2. Merit Based Scholarships 3. Western Undergraduate Exchange (WUE)

10 Western University Exchange W.U.E. For a full list of schools that participate in W.U.E. please visit Example: University of Arizona Non-resident Fees and Tuition (15 units per semester) Living on Campus $25, $13, W.U.E. What is W.U.E.? W.U.E. = Western Undergraduate Exchange Books and Supplies $ Personal and Transportation Room and Board $ Miscellaneous (health care, etc) $ W.U.E. offers reduced tuition rate at $ TOTAL $37, $29, W.U.E. participating two- and four-year college programs outside of one s home state. Limited space. Not all majors qualify check to be sure

11 $ Reducing the Cost $ Roommates- The more you have the less you pay! Choose a reasonable meal plan Max out on credits each term Rent textbooks, buy used online Purchase airline tickets far in advance Choose a major early and stick to it Take AP classes and tests Pay in stages if possible, put on credit card Waive the Student Health Insurance Plan

12 Managing Costs of College Very few families actually pay for the FULL Sticker price Only a portion of the shared cost has to be paid up front (Deposits, courses)usually by quarter or semester depending on school Qualifying for Various types of Aid Applying for Scholarships Working Part Time (Less than 20 hours)

13 Need Based Aid Federal Pell Grant- undergraduate & vocational Cal Grant- CA residence attending a CA college College Grants 1. Community College Fee Waiver 2. CSU University Grant 3. UC Grant/ Blue & Gold Plan 4. Independent College Grant

14 Applying for Need Based Aid MUST complete the Free Application for Federal Student Aid (FAFSA) or CA Dream Act Application by March 2 nd Some schools (private) may require the CSS/Financial Aid Profile Send the FAFSA to each school you/your student are applying to Cal grant The Financial Aid office at the college/university will automatically determine need from the FAFSA financial aid packages

15 Only certain private schools require this Full list of schools on Collegeboard.org Apply through CollegeBoard- sign in is the same you used to register for the SAT Submit completed profile at least 2 weeks before college admission deadline $25 to send report to 1 school or scholarship, $16 for each additional

16 Who should complete the California Dream Act Application? Students who cannot file the Free Application for Federal Student Aid (FAFSA), and Students who attended at least three full years in a California public or private high school, and Students who, if they are without lawful immigration status, have or will file an affidavit with the college or university they are attending stating that they have filed an application to legalize their immigration status, or will file an application as soon as they are eligible to do so. This affidavit is filed with the college they attend. Information provided by the California Student Aid Commission Website 10/28/2013

17 What is the FAFSA? FREE Application for Federal Student Aid Asks for family s financial and demographic information Don t wait until you have filed your taxes! Use last years taxes as a guide- will file Use the IRS Data Retrieval once taxes are submitted

18 Cal Grant Cal Grants are Funded by the State of California. Provides state aid for low income families. Entitled award it is guaranteed if a family applies and meets the requirements. Competitive Award meets criteria, but not eligible through income, but meet the requirements Must file the FAFSA or California Dream Act no later than March 2 nd Covers System-wide tuition and fees at Community Colleges, CSU, UC Covers about $10,000 toward tuition at a private college IUSD will automatically upload GPAs for the students, UNLESS you choose to opt out.

19 Cal Grant Continued For students with a 3.0 or above Cal Grant A- Covers statewide tuition and fees up to $5,472 for CSU and $12,192 UC Cal Grant B- Provides low income students a living allowance and assistance with tuition and fees up to $1473 Cal Grant C- Helps pay for tuition and training at an occupational or career tech school. Community College students can receive up to $2,462

20 NEW! Middle Class Scholarship For students that will attend a Cal State or UC only For families total income up to $150k Must file FAFSA or Dream Act application by March 2 nd Does not require need MCS will cover between 10%-40% of system-wide tuition and fees (percentage varies with total income) In maximum award could be up to $766 for CSU and $1700 for UC The MCS will be reduced by any Pell Grant, Cal Grant and Cal State/UC Grant

21 Putting the Financial Puzzle Together Students contribute through working and borrowing Parents are asked to contribute based on their financial strength FAFSA determines Parent contribution (EFC) Low-income parents often asked to contribution zero RARELY, some students are independent of their parents (over age 24, dependents of their own, etc.) Universities pull together financial aid for students Offer a combination of federal, state, and university grants, scholarships, and loans to eligible students Assist families seeking loans to help meet their contribution

22 CSU Many students work at least half time and enroll less than full time Sticker price is about $6,500, but the average net amount paid by undergraduates is about $3,100 At CSU, average student loan indebtedness for 2011 graduates was about $16,648 (about $191 per month for 10/yrs) Typical time-to-degree for entering freshman is 5.6 years. Typical time to degree for entering junior transfer student is 3.4 years UC Most students work half time or less and enroll full time Financial aid reduces price differential between the cost of CSU and UC for grant recipients At UC, average student loan indebtedness for 2011 graduates was about $19,751 (about $228 per month for 10/yrs) Typical time-to-degree for entering freshman is 4.2 years Typical time to degree for entering junior transfer student is 2.3 years

23 Financial Aid Myths My family makes to much money to qualify for financial aid Actually: there are many factors that determine family expected contribution I will have to go deeply into debt in order to go to college Actually: Monthly loan payments over 10 years is less than many car payments -Typical UC grad 10 yr. loan payment around $220 month

24 Myths Continued Applying for Financial Aid will hurt my chance for admissions Actually: many schools are need blind I should wait until I am admitted before applying for financial aid Actually: completing the application early increases your likelihood to receive funds if qualified. Attending an out of state school is a lot more expensive Actually: There are many factors that would determine cost. There are different forms of aid for out of state students

25 Great Tool: College Abacus.com Free Online Tool Estimate the expected contribution to a particular college Using basic financial information Some challenges FAFSA4caster- looks at overall expected family contribution

26 What s Next? Start getting organized Calendar important dates & deadlines Start getting all financials in order Start the FAFSA online application- January 1 st Complete the CSS Profile Now Net Price Calculators

27 FAFSA application online opens January 1 for the year -Like a checkbook! Submit early! Last date to Submit for Priority March 2 nd

28 Resources & Websites Scholarships: Financial Aid Websites: