How to Pay for College? Dr. Alfredo Perez-Davila [email protected].
Transcript of How to Pay for College? Dr. Alfredo Perez-Davila [email protected].
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First Consider Total Cost and Compare
YEAR 2007/08
Per Semester UT-Austin CC (SJCD) UHCL
Tuition/Fees 4100 490-790 2189
Books 400 400 400
Room/Board 4350 800 800
Transportation 470 1000 1000
Pers./Misc 1150 1150 1150
TOTAL 10470 3840-4140 5539
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Over 8 Semesters(Assuming no increases)
UT-Austin10500 * 8 = $84,000
2 Years at CC + 2 years at UHCL4000 * 4 + 5500 * 4 = $38,000
$38,000 is still A LOT OF MONEY!!!
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Answer : Financial Aid
How do I get it? STEP 1
– FAFSA – FREE Application for Federal Student Aid– http://www.fafsa.ed.gov/– Paper Copy in Financial Aid Office– Result:
Student Aid Report Expected Family Contribution
Based on SAR, School produces Financial Aid Award
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Financial Aid Award/Package
One or more of:– Grants (Pell Grants, FSEOG, State Grants)
Based on financial need Gift Money does not need to be repaid
– Scholarships (NSF Scholars, TSCS, others) Gift Money does not need to be repaid Based on field of study and personal record
– Federal Work Study Program Based on financial need/sponsored by government. Encouraged to work in study area (get experience)
– Loans (Money that needs to be repaid)
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Types of Loans
Federal Perkins Loans Federal Stafford Subsidized and Unsubsidized
Loans– Based on School Year– No CREDIT QUALIFICATION REQUIRED
Federal PLUS Loans for Parents– Easy CREDIT QUALIFICATIONS– If Denied => Additional Stafford Loan Available
Private/Alternative Loans for Students– Typically CREDIT BASED
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Limits for Stafford Loans
Year 1: $2625 Year 2: $3500 Year 3-5: $5500 If Parent’s PLUS Loan Request is Denied Year 1 and 2: Up to an additional $4000 Year 3 and 4: Up to an additional $5000
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Scholarships for CS/CIS/CSEN/MATH
TSCS (only for Computer Science)– Can pay for ALL books, tuition and fees while
attending CC or UHCL– Easy application– http://sce.uhcl.edu/tscs/
UHCL NSF Scholar Program– Scholarship worth $2600 to $5000 while attending
UHCL– Easy application– http://sce.uhcl.edu/nsfcsems/