Part IV MoneyMoneyMoney

1
(No Transcript)
2
Part IVMoneyMoneyMoney
3
29. The Acronym Game (Part 2) FAF/FAFSA/FFS

• College costs
• College financial aid
• The process of determining need
• Six financial aid hints and tips

4
College Costs

• Tuition education costs
• Room and board (housing and meals)
• Books and supplies
• Miscellaneous out-of-pocket expenses (laundry,
  telephone, spending money)
• Transportation

5
Help

• Financial Aid is the process by which you submit
  financial information to determine how much you
  (and your family) can afford to pay and perhaps
  find alternative methods of financing your
  education.

6
Determining Need

• Forms
• Free Application for Federal Student Aid (FAFSA)
  Now online!
• Financial Aid Form (FAF)
• Family Financial Statement (FFS)
• Get these from your high school counselor!

7
Determining Need

• Students should also ask each college whether
  they have their own supplementary financial aid
  form. Many do.
• Parents complete these forms, meeting the
  deadlines and following the mailing instructions.
• When the completed forms arrive at the
  centralized processing center, a need analysis is
  done for each form, examining income, assets, the
  number of members in the family, the number
  attending college, and other variables.

8
Determining Need

• Copies of the analysis are distributed to the
  financial aid offices at every college where the
  student applied. The colleges financial aid
  staff review the analysis and figure out how much
  of the demonstrated need the institution will
  meet, and how theyll meet it. In short,
• Total Cost of the College Education Family and
  Students Contribution Demonstrated Financial
  Need/Eligibility

9
Financial Aid Hints

• Start early Financial aid is first come, first
  served Waiting until the last minute is a really
  bad idea.
• Consider asking for expert advice. Many financial
  institutions know that college costs are a major
  concern to their customers.
• Write it downwhen speaking with anyone in an
  official capacity, write down the persons name,
  title, date and time of call and the result of
  the conversation.

10
Financial Aid Hints

• Copy Everythingbefore mailing keep in a safe
  place.
• Never give up on a college because of costthe
  real issue for you to consider is the final cost
  to you.
• Ask questionsthis is not easy stuff to
  understand. It can make tax forms look easy.

11
Remember this

• Do not only consider the tuition of a college
• Understand the process for applying for financial
  aid and what to expect
• Meet with a financial aid representative at each
  college you apply to.
• Complete College Cost Form Handout

12
(No Transcript)
13
30. I Know What You Need

• What about my needs?
• Family resources
• Student resources
• Scholarships

14
Demonstrated Need

• A primer Heres how colleges figure out what you
  needExample
• The complete cost of college for one year
  (20,000)
• The analysis elves at the central processing
  centers for Financial Aid determine what a family
  can contribute, based on the paper work the
  family filled out submitted 10,000
• 20,000 - 10,000 10,000 Thats demonstrated
  need.

15
How colleges try to meet your demonstrated need

• Meeting Full Need
• Meeting a Percentage of Demonstrated Need
• Meeting a Particular Dollar Amount of Need

16
Family Resources

• When filling out your FAFSA and other forms
  colleges consider
• Family income
• Family assets
• Number of family members
• Number of family members attending college
• Unusual family circumstances or expenses

17
Family Resources

• Based on this information, a certain dollar
  amount is determined.
• This figure is the amount of money your family
  has to assist you for college that year.
• Many families do not agree with this assessment.
• You can contact the financial aid office
  immediately and explain your circumstances and
  why you feel that your assigned amount is not
  right for your circumstances.

18
Family Resources

• Additional avenues for financing college
• Extended payment plans
• Early payment programs
• Trust plants
• Federal PLUS loan program
• College parent loan programs
• State government loan programs
• Commercial lending loan programs

19
Student Resources

• Student savings
• Summer or off-term employment
• In-school employment
• Student loans
• Federal Subsidized Loan Program
• Federal Perkins Loan Program

20
Need-based Scholarships

• Federal (Pell Grant) state governments, and
  most colleges, offer need-based financial
  support.
• Private scholarships
• See your guidance councilor for more information
  on all financial assistance programs!

21
Remember this

• Discuss the financial aid policy for each college
  regarding meeting financial need.
• Explore the many different loan programs
  available through college, state and national
  office.
• Students are expected to financially contribute
  to their educational funds.
• See the advise of your guidance counselor.

22
31. Because You Deserve It

• College-sponsored scholarships
• National Merit Scholarships
• Reserve Officers Training Corps
• Non-college sponsored scholarships

23
College-Sponsored Scholarships

• Enticements for gifted students to enroll in
  their institution without considering financial
  need.
• Ask your guidance counselor which colleges offer
  this type of scholarship

24
Scholarships

• National Merit Scholarships (PSAT)
• Reserve Officers Training Corps (ROTC)
  Scholarships
• Non-College Sponsored Scholarships
• Country, state, county, or city
• Religious affiliation
• Family ancestries
• Ethnic background
• Extracurricular activities
• GPA
• Occupational goals

25
Scholarships--Additional Resources to Check Out!

• Religious organizations
• YMCA
• Elks
• Kiwanis
• American Legion
• Boy Scouts
• Girl Scouts

• Labor unions
• Jaycees
• 4-H Club
• Chamber of Commerce
• Local newspapers
• Ethnic organizations
• Rotary Club

26
Remember this

• Explore merit scholarshipsthis takes work!
• Contact various organizations to determine
  scholarships available and the criteria
• Apply, apply, apply!

27
32. You SnoozeYou Lose

• Planning calendar
• Being fearless

28
Financial Aid TimetableJunior Year

• Schedule appointments with members of the
  financial aid staff when visiting the campus
• Ask these 4 questions
• What forms are due when and where?
• Do you offer early estimates of financial aid
  awards? If yes, how to apply?
• What types of scholarships are available through
  the college?
• What additional source of aid are available, and
  how do I apply?

29
Financial Aid TimetableSenior Year

• Financial aid forms and so on are generally
  available in November. Get them hot off the
  press!
• Mail your forms (keep copies). Call in a week or
  so to make sure that the financial aid office
  received them.
• Award decisions begin in March.
• Do not accept an award form a college until both
  you and your parents understand it completely!

30
Theres No Need to Fear

• Dont be intimidated by cost!
• Look into all of the financial options before you
  cross any college off of your list
• The reason why
• You really dont know what aid is available
  unless you poke aroundthink I will get what I
  need. Be positive. Do not fear financing!

31
33. Financial Aid Q A

• Q A
• Hints and tips

32
Questions, questions

• If I apply for Financial Aid, Will It Hurt My
  Chances for Admission?
• Should I Bother Applying to Colleges That Seem to
  Cost More Than My Family Can Afford?
• When Should I Start Gathering Information and
  Exploring the Financial Aid Process?
• What Questions Should I ask About Any
  Scholarships I Get?

33
Questions, questions

• How Does the Financial Aid Office Treat Outside
  Scholarship and Awards When They Determine My
  Financial Aid Package?
• If the Financial Aid Offered to Freshmen
  Available to Students After Their First Yar of
  College?
• What Are the Best Resoure Books for Information
  on Merit Scholarships?

34
Questions, questions

• Should I Think About Using Scholarship Computer
  Search Services?
• How Do I Appeal a Financial Aid Decision from a
  College
• Is it True That Many Colleges Wont Let ME Use
  Financial Aid if A Am Attending a
  College-sponsored Foreign-study Program?

35
Remember this

• Explore the financial aid options early.
• Never assume you will not qualify for aid.
• Do not sign anything unless you understand and
  agree with what is stated on the paper.

36
Part VThe Waiting Game
37
34. Waiting on Pins and Needles
38
Have Faith

• You have done your homework
• Explored your reasons for wanting to go to
  college
• Established your academic, social personal
  criteria
• Created a list of colleges based upon your
  criteria level of academic performance
• Researched each college on your list before
  deciding to visit

39
Have Faith

• Prepared for each interview
• Interviewed and toured each college on your list
• Checked out all the financial aid opportunities
• Narrowed your college list, based on how the
  colleges seemed to match your needs in person

40
Have Faith

• Got together and filled out gobs of application
  materials
• Got your applications and financial aid stuff in
  ahead of deadlines

41
Be Realistic

• It is natural to have a couple of top-choice
  colleges on your list, you should be pleased to
  attend any of the colleges that made the final
  cut.
• You should not judge your success by the
  percentage of colleges to which you were
  admitted. Try to just be pleased with the options
  that come your way in the form of admission
  offers.
• Youve made good choices for yourself, and now
  youll have some good options!

42
An Inside Look at Application Review

• Computer Generated GPA Standardized Test Score
  Cutoffs
• Reader Review of All Applications
• Committee Review of All Applications

43
35. Letter! You Get Letters!
44
Letters!

• Yes! They said Yes!
• Denial News
• Appeal Efforts No Offers of Admission
• Wait Again
• No tude

45
36. One More Visit
46
One last visit

• Places to Visit or Re-visit on Campus
• Financial Aid Office
• Housing Office
• Academic Program
• Particular Interests
• Eating Options
• Campus environment
• Off-Campus Stuff

47
One last visit

• Addressing Special Needs
• Different Learning Styles
• Physically Challenged Students

48
37. The Big Decision

• The final steps
• Reasons
• Notifying colleges of your decision
• The big push

49
Five Steps

• Dont RushBut Know Your Real Deadline
• Talk to Othersbut Listen to Yourself
• Read Everything You Can Find about the Colleges
• Review Your College Criteria
• What Does Your Gut Say?

50
Reasons for Reaching Your Decision Let them
Know
51
One More Big Push

• Its not over until the fat report card sings
• After choosing a college, some students vanish
  from the activities they led before selecting a
  college. Dont rush it. Leave the club/activity a
  better place than you found it.
• Enjoy your final few weeks of high school
• Find time for yourself!

52
SMILE!You made it!