Paying for College
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Transcript of Paying for College
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Holly FranquetThe College Place--CT
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What is financial aid?
How do I get financial aid?
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Today’s Topics
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What is Financial Aid?
Money provided to students and families to help pay for postsecondary educational expenses
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Types of Financial Aid
1. Grants: Free money!
2. Scholarships: More free money!
3. Work-study: Work while you study
4. Loans: Must be paid back
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1a. Federal Grants
Pell Grant: Up to $5,550
Supplemental Educational Opportunity Grant: Up to $4,000
TEACH grant: Up to $4,000
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1b. Connecticut GrantsCT Aid for Public College Students: Up to amount of unmet need
CT Independent College Student Grant Program: Up to $8,166/year
CT Minority Teacher Incentive Grant: Up to $5,000/yr. for juniors & seniors + loan reimbursement for teaching in CT
Weisman Teacher Scholarship: Same as above for math/science teachers
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1c. Institutional GrantsBased on…
Merit: A reward for being a good student whether or not you need the money.
Need: You have financial need.
Other factors: The college wants you for another reason (diversity, athletics, etc.).
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2. Scholarships
Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic
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Scholarship SourcesFoundations (Ex: Bill & Melinda Gates Foundation)
Businesses (Ex: Best Buy, Target)
Employers (Ex: Fairfield U., St. Vincent’s Hospital)
Civic organizations and charities
(Ex: Rotary Club, AAUW)
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Sample ScholarshipsFairfield County Community Foundation: Multiple scholarships. Minimum 2.7 GPA for most awards. $500-$5,000.
National Action Council for Minorities in Engineering: Support for students at partner universities.
Tall Clubs International: Up to $1,000Olive Garden: $2,500 savings bond & 3-day trip to NYC
LEAGUE Foundation: Up to $2,500 for LGBT students with a 3.0+ GPA & community service
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Scholarship Websites
studentscholarships.org
collegeboard.com
scholarships.com
fastweb.com
finaid.org
Don’t pay anyone to find scholarships
for you!
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3. Federal Work-Study
Federal money that is given to colleges to employ students
At least minimum wageWork on or off campusEarn up to a maximum per year
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4. Loans
Money that students or parents borrow to pay college costs
Federal and privateRepayment usually begins after education is finished.
Loans are an investment in your future, but…
Only borrow what you need!
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Types of LoansDirect Stafford Loan: Max $5,500 for 1st yr.
• Subsidized: 3.4% undergrad • Unsubsidized: 6.8%
Perkins Loan: Max $5,500/yr. @ 5%.
Direct PLUS Loan: 7.9% for parents.
Private loans: Highest interest rate
Direct Stafford Loans: subsidized (better) & unsubsidized
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Loan Forgiveness
Perkins Loan: Cancellation of up to 100% for certain public school teachers (1-5 years of service).
Public Service Loan Forgiveness: Cancellation of remaining loan for public service employees who have made 120 on-time payments.
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How do I get financial aid?Fill out the FAFSA!
FAFSA = Free Application for Federal Student Aid
The only way to get financial aid!Available every year on January 1. English and Spanish versionswww.fafsa.gov
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FAFSA AdviceGet student’s Social Security number, date of birth, and tax return.
Students under 24: Get parents’ Social Security numbers, dates of birth, marriage date, and tax return.
Enter up to 10 colleges.Know the priority deadlines for your state and colleges. (CT = Feb. 15, 2012.)
Submit it NOW and make corrections later!
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Get a FAFSA PIN!
PIN = Personal Identification Number
A PIN lets you sign your FAFSA online.
If you are under 24, your parent must sign with a PIN, too.
Use the same PIN every year.
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CSS Profile –Another financial aid
form
Required by some private colleges and scholarship programs.
Available at www.collegeboard.com.
Fee: $9 for application & $16 per school. Waivers are automatic & based on income.
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Guidance counselor
The College Place-CT
College Goal Sunday: Jan. 29, 2012 (CollegeGoalSundayCT.org)
Where do you get FAFSA assistance?
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UCONN
• Tuition: $8,256• Fees: $2,414• Room & board: $11,050• Books & supplies: $850• Total: $22,570
CT COMM. COLLEGES• Tuition: $3,096• Fees: $394• Total: $3,490
• Tuition: $39,990• Fees: $590• Room & board: $12,210• Books & supplies: $1,100• Total: $53,890
Don’t forget!Transportation: $800Personal expenses: $900
FAIRFIELD UNIVERSITY
Cost of AttendanceCompare public, private, & community college:
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Financial Need = COA - EFC
Cost of Attendance (COA):
Tuition & fees, room & board, books & supplies, transportation, personal expenses, loan fees, etc.
Expected Family Contribution (EFC):
The amount, determined by the FAFSA, that your family can afford to pay for college.
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A Sample Award LetterCOA: $22,000EFC: - $3,000Total financial need: $19,000☐University Merit Scholarship $4,000
• ☐Federal Pell Grant $4,000• ☐Federal Supplemental Grant $1,000• ☐CT State Aid $1,500• ☐Work-study $1,500• ☐Federal Stafford Loan $5,500☐Cat Lover’s Scholarship $1,000☐Dog Lover’s Scholarship $ 500TOTAL FINANCIAL AID: $19,000
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COLLEGE #1
• $25,000 COA• -$0 EFC• $25,000 FIN. NEED
• -$5,500 PELL GRANT• -$1,500 WORK-STUDY• -$3,500 UNIV. SCH.• -$5,500 STAFFORD
LOAN• -$4,000 CT STATE AID $5,000 REMAINDER
• $50,000 COA• -$0 EFC• $50,000 FIN. NEED
• -$5,500 PELL GRANT• -$2,000 WORK-STUDY• -$30,000 UNIV. SCH.• -$5,500 STAFFORD LOAN• -$3,000 CT STATE AID• -$1,000 FED. SUPP.
GRANT• -$3,000 PERKINS LOAN $0 REMAINDER
COLLEGE #2
Comparison ShoppingJust an example…amounts will vary!
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• SCHOOL YEAR 2011-12
• PELL GRANT (MAX.) $5,550• TUITION & FEES (F/T) - $3,490• BOOKS - $1,000• REFUND TO STUDENT $1,060
• The maximum federal Pell grant covers tuition, fees, • & books for full-time community college students.
• Refunds are distributed each semester.
CT Community Colleges
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Housatonic Community College900 Lafayette Blvd., B-110
Bridgeport, CT 06605203-335-0381 / 866-326-2827
www.ecmcfoundation.orgHolly Franquet: [email protected]
Facebook: Holly ThecollegeplaceFacebook page: The College Place-CT
The College Place is sponsored by the ECMC Foundation.