PLANNING FOR LIFE AFTER HIGH SCHOOL GRADUATION

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PLANNING FOR LIFEAFTER HIGH SCHOOL GRADUATION

• Presented by
• Connie Corcoran
• Associate Director
• Student Financial Aid
• Emporia State University

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Why Is A College Education So Important to Me?

• Personal reasons
• Professional reasons
• Financial reasons
• Statistics show that higher levels of educational
  attainment are directly associated with higher
  levels of income

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Why Is Finishing School So Important to Me?
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ASK YOURSELF THESE QUESTIONS

• What are your financial goals?
• What are your educational goals?
• What are your career goals?
• http//www.salary.com/
• http//www.bls.gov/oco/

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HOW TO..

• Plan for College
• Find a College
• Pay for College
• Check out this website
• http//www.collegeboard.com/student/index.html?stu
  dent

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PLAN FOR COLLEGE

• The toughest part of planning something is
  finding out where to start.
• Take college prep classes
• Develop and fine tune study skills

• Senior Action Plan
• Make a master calendar so you dont miss
  important dates and deadlines

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FIND A COLLEGE

• Choosing a college is a big decision.
• There's no such thing as a "perfect" school.
• Explore your interests and take the time to find
  the college that's right for you.
• Check size of college
• Location of college
• Do they offer the degree you wish to obtain?
• What about campus life?
• Cost???

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WHERE TO START

• Research Your College Options
• Types of Colleges
• Private, Public, 2-year, 4-year, Vocational,
  Community College
• Your College Degree Options
• College Costs and Financial Aid
• Campus Life
• College Visits
• Virtual Visits

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PAY FOR COLLEGE
Each school determines their yearly COA to
include

• Tuition and fees
• Room and board
• Books and supplies
• Transportation
• Miscellaneous personal expenses
• Loan fees

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COMPARE COSTS
SCHOOL TUITION FEES ROOM BOARD BOOKS SUPPLIES TOTAL COST
Community College 14 hrs 2356 5150 1000 8,506
ESU 10 hours 4636 6230 900 11,766
Public (large) 14 HRS. 222 6,228 6,954 900 14,082
Private 12 hours 22,200 7,030 1200 30,430
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WHAT IS FINANCIAL NEED?

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• FAFSA requires information from the 2010 Federal
  tax return, which includes various asset
  information from both parent(s) and student
• Various percentages from parent and student
  income and assets, household size, number in
  college determine EFC.
• Financial Need

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COA - EFC NEED
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FEDERAL AID

• Complete the 2011-12 Free Application for Federal
  Student Aid (FAFSA)
• Available online at www.fafsa.gov after January 1
• Pre-application worksheet available from your
  high school counselor in January or you can
  download it from www.fafsa.gov

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FAFSA on the Web

• Web site www.fafsa.gov
• Dont be scammed use only this site
• 2011-2012 FAFSA available on or after January 1,
  2011
• Call toll free 800-433-3243 for paper FAFSA
• Pre-Application Worksheet built-in edits to
  help prevent costly errors
• Available from HS Counselor
• RENEWAL FAFSA for next years application will
  use same PIN

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PIN Registration

• Web site www.pin.ed.gov
• Not required, but speeds processing
• Keep PIN in safe place

• Can get PIN anytime
• PIN acts as electronic signature
• Both student and parent need a PIN

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Principles of Federal Need Analysis

• To extent they are able, parents have primary
  responsibility to pay for dependent childs
  education
• Students also have a responsibility to contribute
  to their educational costs
• Families are evaluated on their previous years
  financial information
• A familys ability to pay should be evaluated in
  an equitable and consistent manner, recognizing
  that special circumstances may affect ability to
  pay

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Independent Student Definition

• At least 24 years old by December 31 of award
  year covered by the FAFSA
• Graduate or professional student
• Married
• Has children or dependents (other than a spouse)
  for whom the student provides more than half
  support
• Orphan or ward/dependent of the court
• Veteran of U.S. Armed Forces or currently serving
  on active duty (for other then training purposes)
  in the Armed Forces or
• Determined to be independent by financial aid
  administrator based on unusual circumstances

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Federal Programs

• PELL GRANT
• SUPPLEMENTAL GRANT
• WORK STUDY
• TEACH GRANT
• Really an unsubsidized loan until teaching
  agreement to serve is fulfilled
• PERKINS LOAN
• DIRECT STAFFORD LOAN
• Subsidized
• Unsubsidized

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FEDERAL STAFFORD LOANS

• Subsidized Must demonstrate need
• Unsubsidized Not based on need
• Base annual loan limits (combined subsidized and
  unsubsidized)
• 3,500 for 1st year undergraduates
• 4,500 for 2nd year undergraduates
• 5,500 for each remaining undergraduate year
• Fixed interest 6.8 - Unsubsidized
• Subsidized 4.5 in 10-11 3.4 in 11-1212-13
  6.8 unless legislative action is taken

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What Happens Next?

• FAFSA processed by federal processor
• (allow 3-4 weeks for paper app 1-2 weeks for
  web app)
• Student receives Student Aid Report (SAR)
• EFC Data Release Number
• (DRN) can be used to make some changes over
  the phone with the federal processor
• Remember to apply for Admission
• Meet your colleges priority deadline

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What is Verification?

• Government selects 1/3 of applicants
• Some schools do 100 verification
• School needs copy of parents students tax
  return copies of all supporting W2s
• May need copies of other documents
• Respond to all requests for information
• Call, when you have questions

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Your Award Notification

• Depending on institutional policy, you may
  receive notification of your awards via US Mail
  or you may receive them electronically
• Most awards are based on full-time enrollment.
  If you are not attending full-time, notify the
  financial aid office so they may revise your aid
  
• Accept or decline awards
• If you decline or reduce your loans now and you
  decide later you need additional funds, contact
  the financial aid office. You may still have
  eligibility for additional funds.
• Revisions

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How do I find out about other scholarship
opportunities?

• CHECK WITH EACH SCHOOL YOU ARE CONSIDERING
  ATTENDING
• Academic Scholarships
• Based on grades, ACT scores, rank in graduating
  class
• Departmental Scholarships
• Based on college major grades can make a
  difference
• Activity Scholarships
• Available for being involved on college campus
• Grades not necessarily a factor (choir, band,
  SGA, etc.)
• Athletic Scholarships/Grant-In-Aid
• For participation in athletic activities

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Are There Any Other Resources?

• CHECK WITH YOUR COUNSELOR ON A REGULAR BASIS
• Private business scholarships (e.g., Wal-Mart,
  Gates Foundation, etc.)
• Civic organization scholarships (e.g., PTA, Elks
  Club, Lions Club, American Legion, etc.)
• Churches
• Parents employers
• Jones Educational Foundation

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Private Scholarship Search

• Free Internet scholarship search engines
• FinAid on the Web www.finaid.org
• College Board www.collegeboard.com
• FastWeb www.fastweb.com
• GoCollege The Collegiate Websource
  www.gocollege.com

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STATE OF KANSAS RESOURCES

• Complete the 2011-12 State of Kansas Application
• Available online at http//www.kansasregents.org/
  student_financial_aid
• Paper application available from your high school
  counselor perhaps late November
• 12 application fee

• Vocational Scholarship
• Kansas Ethnic Minority Scholarship
• Kansas Nursing Service Scholarship
• Kansas Teacher Service Scholarship
• Kansas State Scholarship
• Kansas Comprehensive Grants no application
• Must file FAFSA by April 1

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• Tuition Voucher 1000
• Reside in Lyon, Osage, or Coffey County high
  school after 2008
• Attend Emporia State University or Flint Hills
  Technical College
• Be a full time student (12 hours or more)
• Maintain 2.00 cumulative GPA
• Complete 12 hours per semester
• Educational Grant
• Need to complete the FAFSA and Jones Educational
  Grant Application
• Contact Jones Foundation 620/342/1714

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AVOID BEING SCAMMED

• The Scholarship Fraud Prevention Act created a
  fraud-awareness partnership between the U.S.
  Department of Education and the Federal Trade
  Commission (FTC). For more information about
  scholarship scams or to report a scam, call the
  FTC toll free at 877-FTC-HELP (877-382-4357) or
  go to http//www.ftc.gov/bcp/conline/edcams/schola
  rship/

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How will I be able to pay for college?

• Start saving for your education now!
• When you find a part time job save half of your
  paycheck and put it in your college fund.
• When you receive gift money put half of it your
  college fund.
• Apply for federal financial aid by completing the
  FAFSA each year after January 1

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Questions??