Finding Money for College Presented by the staff of the Business & Career Library at Brooklyn Public Library s Financial Empowerment Fair April 2014
Business & Career Library: What We Offer Collection Education Directories:College directories, college essay/application help, financial aid directories & information Test Preparation: Review guides for SAT, ACT, AP & CLEP exams Job Search: Resumes, cover letters, interviewing & networking Career Planning Electronic Resources Career Cruising:Career exploration, college information and a scholarship finder Learning Express Library:Online test preparation (including SAT & ACT) and skills improvement Programs, books and resources on business/ entrepreneurship, job search and personal finance topics
College Costs & Financial Aid College Tuition in 2013-14 Public Four-Year College: $18,391/year Private Four-Year College: $40,917/year SUNY: $18,990/year for four-year college (Above include room & board; Source: College Board) CUNY: $5,730/year for four-year college BUT, a college s publishedtuition and fees are not what most people actually pay! As of 2011-12, 71% of students applying to college received aid of some sort (Source: National Center of Education Statistics) To see actual projected costs after financial aid, use the How Much Will That College Really Cost? feature at cgi.money.cnn.com/tools/collegecost/collegecost.html
Types of Financial Aid There s your FREE MONEY Grants (Given for Financial Need) Scholarships (Reward for Special Talent, Achievement, or Academic Merit) and your NOT-SO-FREE MONEY Student Loans (Federal and Private) SOURCES OF FINANCIAL AID Federal and State Government Colleges/Universities Private Institutions
How Much Aid Does Each School Give? College Navigator: http://nces.ed.gov/collegenavigator
$ From Your Favorite Uncle: Sam! Federal Grants Pell Grant up to $5,730/year (2014-15), for up to 12 semesters $ received is based upon: your financial need, the cost of attendance, and whether you enroll full-or part-time If you qualify for a Pell Grant, you may also receive: FSEOG extra $100 to $4,000/year for exceptional need TEACH Grant Up to $4,000/year for future teachers (Specific conditions apply read them carefully at http://studentaid.ed.gov/types/grants-scholarships) Federal Work-Study Subsidized & Unsubsidized Loans
Financial Aid Terms to Know FAFSA: Federal government form used to determine how much aid you re eligible for Find out your eligibility for Federal grants and loans (Pell, etc.) May determine eligibility for grants directly from college File FAFSA online at fafsa.ed.gov ONLY LEGITIMATE SITE (Never use sites like fafsa.com or fafsaonline.com ) Try a Practice FAFSA first at fafsa4caster.ed.gov Must fill out a new FAFSA every year SAR: Student Aid Report Lists which Federal grants you are eligible for Lists your Expected Family Contribution (EFC)
Financial Aid Terms to Know EFC: Expected Family Contribution An index that determines your family s fair share to pay for college, as determined by the U.S. government Generally: The lower the EFC, the greater your eligibility for Federal aid (Pell Grants, loans, work-study, etc.) Some colleges will offer enough aid that you only have to pay the amount of the EFC; others require you to pay more ( gap ) CSS/Financial Aid PROFILE May be required for private colleges and scholarships
Financial Aid Terms to Know TAP: Tuition Assistance Program If you have been a New York State resident for 12 months and are planning to attend a school in New York State, you may be eligible for additional aid Awards range from $500 to $5,000 -depending upon financial need, cost of tuition, and number of family members enrolled in college Must complete the FAFSA before applying for TAP Apply for TAP online at www.tapweb.org Results received 3-8 weeks after application
Financial Aid Help Free help with financial aid is available You don t have to pay for help! Line-by-line help on fafsa.ed.gov or call 800-FED- AID Financial aid dictionary: www.nysfaaa.org Refer to Student Aid on the Web: studentaid.ed.gov
Why Apply for Scholarships? Reduce out-of-pocket college costs FREE MONEY --$ usually doesn t need to be paid back Not just for athletes or 99.9 average You may be eligible just for being you! Minority groups Religious groups What you plan to study Family member s workplace or civic organization Weird and unusual scholarships (http://www.finaid.org/scholarships/unusual.phtml)
More About Scholarships Useful resources to find scholarships: Career Cruising Financial Aid Finder (BPL card required) College Board Scholarship Finder (https://bigfuture.collegeboard.org/scholarship-search) College BoardScholarship Handbook, KaplanScholarships, Peterson s Scholarships, Grants & Prizes Competitive Require essays, resumes Apply EARLY! Many colleges offer their own scholarships You don t have to pay to find scholarships!
The End! Business & Career Library Information 280 Cadman Plaza West, Brooklyn Heights near the 2, 3, 4, 5, R, A, C & F trains, and B25, B26, B38, B41 & B52 buses Open 10-6 Mon & Fri, 10-8 Tues, Wed & Thurs, 10-5 Sat (hours subject to change June-September) Phone: 718-623-7000, select option 3 Web site: www.bklynpubliclibrary.org/business