Keeping Costs Down: Finding the Values€¦ · O Google “admitted/freshman student profile” and...
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Keeping Costs Down: Finding the Values Greg Stolzer – DGN Counselor [email protected] February 22, 2017
Transcript of Keeping Costs Down: Finding the Values€¦ · O Google “admitted/freshman student profile” and...
Keeping Costs Down: Finding the Values
Greg Stolzer – DGN Counselor
February 22, 2017
Disclaimers
O I have created a “big picture” look at schools
that may be a value for families
O This list is not exhaustive
O A good fit can often be found at a good price
O Most $s are approximates and for 2016-17
O A 4-year college may not be the best value—
e.g., targeted, skills-based programs at a
community college could be a better fit
Overview
O Understanding academic profile
O College costs and paying for them
O State school costs
O Featured scholarships
O Value strategies
What’s a College’s Profile?
O The academic profile helps you to understand the
stats on admitted students and how you compare
O Illinois State U. – Fall 2015 admitted freshmen
Middle 50% ACT – 21-26
Middle 50% GPA – 3.08-3.80
O Knox College – Fall 2015 admitted freshmen
ACT 25-30; 33% top 10% HS; 69% in top 25%
What’s the “Middle 50%”
O Frequently cited stat in academic profiles
ACT - (admitted
students)
29 – top 25%
27 – top 25%
26 - mid 50%
25 – mid 50%
24 – mid 50%
21 – mid 50%
20 – bottom 25%
19 – bottom 25%
GPA (admitted
students)
4.00 – top 25%
3.88 – top 25%
3.80 - mid 50%
3.65 – mid 50%
3.40 – mid 50%
3.08 – mid 50%
3.00 – bottom 25%
2.75 – bottom 25%
Why are the “Middle 50%” and academic profile important?
O Admission purposes – what are your chances?
O Merit scholarships – scholarship $ can increase
the stronger you are compared to academic
profile
O No guarantees
O Google “admitted/freshman student profile” and
college
College Costs–Common Terms
O Direct costs: Think “billable” to the college.
Tuition, fees, room and board
O Indirect costs: books & supplies, transportation,
computers, etc.
O Cost of attendance: direct costs + indirect costs
O Beware of miscellaneous expenses that add up
Northern IL University2016-17 Cost of Attendance (COA) - $28,964
Tuition (9466)
Fees (2388)
R&B (10776)
Technology (500)
Books/Supplies
(1400)Insurance (1980)
Travel (862)
Other Exp (1592)
State University Costs
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
EIU ISU NIU SIU-CSIU-E UIC UIUC UIS WIU
Direct Cost
max direct cost
Paying for College(How America Pays for College – SallieMae.com)
Student Loans (13%)
Parent Loans (7%)
Parent Income/Savings
(29%)
Grants/Scholarships
(34%)
Student
Income/Savings (12%)
Friends/Relatives (5%)
Sources for Costs Info
O College Websites & Net Price Calculators: Used
to estimate the net price to attend a college.
https://collegecost.ed.gov/netpricecenter.aspx
O Family Connection: Our college/career website
O College Scorecard – learn more about a
college’s affordability
https://collegescorecard.ed.gov/
O Niche – College affordability and stats
https://www.niche.com
Value Strategy #1Understand How Much You Can/Are
Willing to Pay
O Use the Financial Fit program – DGN website
http://www.csd99.org/dgn/student-support-
services/Financial-AidScholarships.cfm
O Calculate your expected EFC on FAFSA4caster
https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
Value Strategy #2Use Net Price Calculator and College
Website to Estimate Costs
O Colleges are currently required to have a
calculator on website
Eastern Illinois U.Charleston, IL
O Tuition/Fees - $11,580; Room & Board -
$9,176 - Total Direct Costs– $20,756
Controlling Costs
O Textbook rental – $292.50 (est. $900
savings/year)
O Tuition locked in for 4 years
Scholarship Examples
Panther Promise Scholarship
• Up to $2500/year
• $33000-$71000 income
• Can be combined w/ other scholarships and grants
• renewable
Commitment to Excellence
• ACT 21-36
• GPA 2.75+
• Awards range from $2000-$3500
• 2.75/23 - $2000
• 3.20/25 - $2750
• 3.50/29 - $3500
Competitive ScholarshipsISU total direct costs – $23,912
Presidential
• ACT 30
• GPA 3.5
• $11,000/year for 4 years
• ISU contacts a select group of students to apply
University Scholarship
• Traditionally under-represented groups or first-generation college students
• Average ACT 25
• GPA 3.40
• $6,000 per year
Redbird Scholarship
• $1,000-$4,000
• Average ACT 25
• GPA 3.40
• Automatic; amount determined by competitiveness of pool
WIU Western Commitment Scholarship
(Automatic consideration; WIU direct costs – $20,825)
Highest level Other levels
O GPA at least 3.0
O ACT 30+
O $10,000
O ACT – 27/24/20 ACT
O Minimum 3.0 GPA
O $3,000/$2,500/ $2,000
O WIU financial need award – can go up to $4,000
In addition to tuition, WIU locks in fees, room and board for 4 years.
Don’t Forget Private Schools
O Sticker price - $30,000 - $60,000+ average
O Aid packages will often include institutional
aid/grants that do not need to be repaid
O Merit-based scholarships are often awarded
O Aid packages can bring costs down to publics
Private - Example
Elmhurst College
O Tuition/Fees - $36,370 R&B - $10,344 –
direct costs – approximately $46,714
O Average student financial aid, including
student loans - $25,830
O Average loan debt at graduation - $24,766
Private - Example
Elmhurst College – typical award (2016-17)
16,000 Elmhurst College Scholarship
5,700 Elmhurst College Grant - based on need
4,720 Illinois Monetary Award/Elmhurst grant
1,200 Federal Work Study
5,500 Stafford Loan
$33,120 Total Financial Aid
Out-of-State - Example
Southeast Missouri State, Cape Girardeau
O Tuition - $11,364; fees - $1,011; books
(rental) – $259, housing - $7,310; hall fee-
$150; direct costs – approximately $20,094
O Midwest Achievement Scholarship – 21 ACT
and 3.0 GPA - $5385
O Estimated 2016-17 direct cost - $14,709
Out-of-State - Example
University of Missouri, Columbia
O Tuition - $25,998; housing - $10,000; direct
costs – approximately $36,000
O Mark Twain–27 ACT, top ½ of class - $5,000-
$10,000
O Establishing MO residency - $15,000 savings
O Fairly easy to get for sophomore year
O Lose non-resident scholarship(s)
Out-of-State - Example
Western Michigan University, Kalamazoo*Changes recently announced in Jan 2017*
O Tuition/fees - $14,366; housing - $9,561;
direct costs – approximately - $24,000
O Scholarships – More news to come
Out-of-State - Example
University of Wisconsin - Platteville
O Tuition/fees - $15,335; housing - $3,970;
meal plan - $3,160; direct costs –
approximately - $22,465
O Tri-State Initiative – Lowers direct costs to
$19,314 – limited majors though
https://www.uwplatt.edu/admission/tsi-majors
Value Strategy #3Midwest Student Exchange Program
O Inter-state agreement
O Easy way to save $ on some non-IL schools
O Public schools – no more than 150% of in-state
tuition
O Private schools – 10% discount on tuition
http://msep.mhec.org/
MSEP ExampleUniversity of WI – Eau Claire
O ACT Mid 50%– 22-27; 11,046 students
O Out-of-state – tuition - $16,400; R & B -$7,538; direct costs - $23,924
O Possible MSEP discount - $5,000
O direct costs – $18,860
O No nursing majors allowed
O http://www.uwec.edu/finaid/costs/index.htm
MSEP ExampleUniversity of Kansas – Lawrence
O ACT Mid 50%– 22-28; 20,000+ students
O Out-of-state – tuition - $25,836; R&B -
$10,000; fees - $900; books - $1,080;
direct costs approximately $38,000
O Possible MSEP discount - $10,963
O direct costs – $27,000 (ACT-24/GPA>3.25)
Value Strategy #4
Are you a superstar?
O Look for those schools where you are a top-
notch applicant
O Typical profile stats – middle 50% ACT, GPA,
class rank
O E.g., 22-26, 3.50 GPA, top 25% of class
O Where do you fall in the profile? Top ¼ of this
profile could mean better scholarships
O Does the school have an Honors College?
More ExamplesIowa State University, Ames, IA
Tuition–$21,583; R&B–$8,356; Books–$991; Direct Costs - $30,930
Academic Recognition Award
(ARA)
• Top 25% of HS class
• Award = $5,500/year
ACE Level 2
• 26 ACT; 3.00/4.00 GPA
• 4 yrs math, 3 yrsof foreign lang.
• Award -$6,500/year
ACE Level 1
• 28 ACT; 3.30/4.00 GPA
• Calculus, 4 yrs of foreign lang
• Award -$8,000/year
More Examples
University of Nebraska - Lincoln
O Out-of-state – tuition, fees, room & board –
direct costs - $33,817
O Ruth Leverton/Scarlet Scholarships
O Minimum 24 ACT, 3.0/4.0 GPA
O $12,500 award ; direct cost–$21,317
O G. Beadle Scholarship - $14,500; 29/3.0
More Examples
Truman State UniversityKirksville, MO
O Out-of-state – tuition, fees, room & board –direct costs approximately $23,000
O Combined Ability Scholarship – $2000-$3000
O e.g., 25 ACT, 3.5/4.0 GPA - $2000
O MSEP award – $2908
Direct Costs – approx. $18,000-$20,000
Value Schools Wrap-up
O Deals are out there, but have to do a little
work
O Must be willing to visit schools
O Flexibility helps in search
It’s not where you go, it’s how you experience it…
O Were you emotionally supported in college?
O I had a professor who made me excited about learning.
O My professors cared about me as a person.
O I had a mentor who encouraged me to pursue my goals and dreams.
Gallup-Purdue Index Research
It’s not where you go, it’s what you make of it…
O Did you have meaningful learning experiences?
O I worked on a project that took a semester or more to complete.
O I had an internship or job where I could apply what I learned.
O I was active in extracurricular activities and organizations while I attended college.
O These experiences led to greater well-being and career engagement.
Gallup-Purdue Index Research
