Post Secondary Planning

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Post Secondary Planning

• Everything you need to know about the process

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Is it worth the trouble to go to college?

• Yes! Sixty-three percent of all undergraduates
  enrolled in 2004-05 received some type of
  financial aid.
• 70-80 was from the federal government
• 20-25 was from the state, higher education
  institutions, or private sources.
• 60-65 was in the form of loans.

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Why go to College or Career School?
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Junior Year to the finish line

• Pick your college at the end of your Junior year
  (narrow down 1-6 favorites) this will cost you
  about 200
• If you have lower than a 1000 on the verbal and
  math part of SAT I (not writing), some C or lower
  grades, or want to live with family.. talk to
  your counselor about community colleges for your
  first two years.
• Apply to your colleges of choice BEFORE December
  1
• Write letters to the Dean of Housing asking for
  an application to live on campus if you want to
  live on campus (this will cost you about 300 for
  a deposit usually Feb or March of your senior
  year)
• Write a letter to the Financial Aid Office asking
  for a financial aid application.

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A side note on types of colleges

• Community colleges are the cheapest, and if
  planned right can be the first two years of a
  four year education or means to an associate
  degree or career certification.
• State colleges are cheaper IF you are a state
  resident.
• Some students might be better suited for a
  private school or more likely to get in if they
  have a nice whole picture but low test scores
  or gpa.

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Private or Public School based on ...

• Financial aid is available for community and
  state colleges but since it is based on the cost
  of the college, the financial aid goes down with
  the cost of the college.

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When is a private school better?

• The student will be more likely to graduate in
  that environment. (dropping out 0 on
  investment)
• The contacts for a future career make it worth
  it.
• The school finds enough extra aid to make the EFC
  and borrowed amount the same.
• The student needs the extra support offered.
  (small class sizes, tutoring centers, etc)

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JUNIOR YEAR
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SENIOR YEAR
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Paying for College or Career School

• Cost includes living expenses
• Three types of aid grants, loans, work study
• Aid for people with all levels of income

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The Financial Aid Packet at the school will
include

• A copy of the Free Application for Federal
  Student Aid (FAFSA).
• The PRIORITY DEADLINE for getting your
  application processed and results sent to the
  college (usually early Feb).
• Other instructions and required forms.

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Costs in your area

• Housing is based on off or on campus and with or
  without family
• Cost of living is based on the area average
• Tuition varies depending on which type of school
  and residency

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How do you know your state of residence?

• Every state has different laws. Look at the
  Collegeboard Residency Requirement book in the
  counseling office, look at www.militarychild.org,
  contact the college, or talk to legal.
• Have in mind some of the possible states or
  territories last place stationed, last domicile,
  own property, vote, drivers license.
• This is only important for public schools.

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How to apply Step 1

• Collect your financial information
• Fill out your income tax return
• Go to www.pin.ed.gov to get an online pin

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Step 2 Complete the FAFSA

• Complete the Free Application for Federal Student
  Aid (FAFSA), as soon as you/your parents get the
  information you need to complete your tax return
  during your senior year.
• Complete the paper form or file it electronically
  at www.fafsa.ed.gov
• List the 1-6 colleges you like, so they can
  receive the results when your FAFSA is processed.

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Step 3 Send the FAFSA to the federal processor

• The paper application takes 4-6 weeks to process
  the electronic application takes 2-3 weeks
• You want the results from the FAFSA to reach your
  college by THEIR Priority Deadline, so you want
  to complete the form as early as possible in the
  spring of your Senior year.

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Step 4 Contact Other Sources

• Student Financial Aid from
• States
• Schools
• Private Sources
• MEET ALL DEADLINES!

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Step 5 The FAFSA is processed

• The information you provide on the FAFSA about
  your income, family size and number in college is
  used to calculate the amount your family can
  afford to spend on college your Expected Family
  Contribution (EFC)
• They may ask for verification, which means to
  show proof of your financial information

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Step 6 You are sent a Student Aid Report (SAR),
which

• Summarizes the information on the FAFSA, so you
  can check to see if its correct and make
  corrections, if necessary.
• States the amount the Federal government thinks
  your family can spend on college (Expected Family
  Contribution or EFC).
• Says whether you qualify for the federal Pell
  Grant.

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Step 7 Your college(s) calculates your need

• The financial aid office of each college you
  listed calculates your need using the following
  formula
• Cost of that college
• - EFC
• ____________________
• Financial Need

Cost of attendance at that College
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Step 8 Your college puts together your financial
aid package

• The Aid Office compares your profile to the
  eligibility requirements of all their aid
  programs, and identifies the programs for you.
• It then tries to put together a package of
  different awards that will equal your NEED.

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Step 9 Your Aid Office Sends You an Award Letter

• In June the aid office sends you an Award Letter,
  listing the types of aid and amount of aid the
  college can offer you.
• You can accept or decline any part of the award,
  but you need to let the college know of your
  decision by signing and mailing the award letter
  back to them.

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Step 10 Review your award letter

• Types of Aid
• Free Money Not to be paid back
• Grants Based on Financial Need
• Scholarships Based on Talent and Merit
• Part-time jobs money earned
• College Work Study Jobs paid by the college
• Summer or part time jobs
• Loans to be paid back with interest
• Subsidized No interest until 6 months after
  graduation
• Non-subsidized Interest builds while in school

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Step 11 Create a budget and determine how you
can pay EFC

• Create a budget based on each semester
• Consider service options such as ROTC or teaching
• Apply for scholarships in your field of study
• Look for non-federal jobs or loans
• Dont forget about tuition tax credits!
• Consider working in the summers
• If you live off campus, see if they will do
  leases based on school semesters

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Step 12 Fall Registration

• At some point in time (usually in August), you
  are expected to pay for your fall classes. FIND
  OUT FROM THE COLLEGE AID OFFICE which of the aid
  awards will be available at the time you
  register. Make sure you know how you will pay
  your bill BEFORE you go to register.

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The final step Funds are Disbursed

• The college business office disburses financial
  aid funds to students, either directly to the
  students, or as deposits against the students
  account at the college.
• Many colleges require their tuition and fees to
  be paid before they will release money to you for
  other expenses.

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Paying back your loan

• If you borrow 10,000 at todays interest rates
  and
• Take 10 years to repay 127 per month
• Take 12 to 30 years to repay 101 per month
• And gradually pay more every two years 75 per
  month

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REVIEW

• Pick your classes and make good grades.
• Pick colleges you want to attend or another
  option after high school.
• Apply to all colleges by Dec. 1 of your senior
  year (teacher recommendations, transcripts and
  applications are your responsibility).
• Write a letter to the financial aid and housing
  offices.
• Complete a tax return (you and/or parents).
• Contact other sources of student aid (local
  scholarships, family,etc.).
• Review your SAR.
• Review your award letter.
• Budget and determine how you can pay EFC and
  unmet need.