Paying for CollegeHolly Franquet

The College Place--CT

What is financial aid?

How do I get financial aid?

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Today’s Topics

What is Financial Aid?Any money

provided to students and families

to help pay for postsecondary educational

expenses

Types of Financial Aid

1. Grants: Free money!

2. Scholarships: More free money!

3. Work-study: Jobs for students

4. Loans: Must be paid back

1a. Federal Grants

Pell Grant: Up to $5,645

Supplemental Educational Opportunity Grant: Up to $4,000

TEACH grant: Up to $4,000

1b. Connecticut GrantsGovernor’s Scholarship:

Need-Based Award up to $3,000

Need/Merit Award up to $4,500

CT Minority Teacher Incentive Grant/Weisman Teacher Scholarship up to $5,000 + loan reimbursement of up to $2,500

www.ctohe.org

1c. Institutional GrantsUsually based on financial need

Could be for other reasons

Remember that both grants and scholarships are free

money!

2. ScholarshipsFree money awarded based on… Merit: A reward for being a good student whether or not you need the money.

Need: Financial needSkill/talent: Athletic, artistic, leadership, etc.

Unique characteristic: ???

Scholarship SourcesFoundationsBusinesses Employers Civic organizations and charities

Sample ScholarshipsFairfield County Community Foundation: Multiple scholarships. Minimum 2.7 GPA for most awards. $500-$5,000. FCCFoundation.org

National Action Council for Minorities in Engineering: Support for students at partner universities.

Tall Clubs International: Up to $1,000Big Y: 185 CT winners in 2013 BigY.comLEAGUE Foundation: Up to $2,500 for LGBT students with a 3.0+ GPA & community service

Scholarship Websites

studentscholarships.org

collegeboard.com

scholarships.com

fastweb.com

finaid.org

Avoid scholarship scams:

Don’t pay anyone

to find scholarships for you!

3. Federal Work-Study

Federal money given to colleges to employ students with financial need

At least minimum wageWork on or off campusEarn up to a maximum per year

Average award is $1,500

4. Loans

Federal Direct Stafford Loan:

Subsidized & unsubsidized: 3.86%

Federal Perkins Loan: 5%

Federal PLUS Loan (for parents): 6.41%

CHESLA.org: 6.5%

Private loans: Check rates & terms

Loan forgiveness for public service employees

www.StudentAid.gov

Direct Stafford Loans: subsidized (better) & unsubsidized

How do I get financial aid?

Available every year on January 1.

www.fafsa.gov

What do I need for the FAFSA?

Student: -Social Security number

-Permanent resident number

-Date of birth

-Tax return, W-2, or cash earned

Parent(s): -Social Security number(s)

-Date(s) of birth

-Mo./yr. if married, separated, divorced, or widowed

-Tax return(s)

Students under 24 MUST supply parents’ income information. Some exceptions apply.

FAFSA AdviceKnow your college and state deadlines! List up to 10 colleges at a time.Apply for a PIN (student & one parent).Read all emails from Federal Student Aid and colleges.

REMEMBER…

No financial aid is final until the college offers it and you accept it!

Payment must be arranged before you can take classes.

Guidance counselor

The College Place-CT

College Goal Sunday: Jan. 26, 2014 (CollegeGoalSundayCT.org)

Where can I get FAFSA assistance?

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.

Financial Need = COA - EFCCost of Attendance (COA):

Tuition & fees

+ Room & board

+ Books & supplies

+ Transportation & personal expenses

+ Loan fees

Expected Family Contribution (EFC):

The amount, determined by the FAFSA, that your family can afford to pay for college.

UCONN• Tuition:

$9,256• Fees:

$2,766• Room & board:

$11,722• Books & supplies:

$850• Total:

$24,594

CT COMM. COLLEGES• Tuition: $3,360• Fees: $426• Total: $3,786

• Tuition:$42,320

• Fees: $600

• Room & board:$12,930

• Books & supplies: $1,150

• Total:$57,000

Don’t forget!✔Transportation✔Personal expenses

FAIRFIELD UNIVERSITY

Cost of AttendanceCompare public, private, & community

colleges:

A Real Award LetterCT State University for On-campus Student

Expected Family Contribution = 0

☐Federal Pell Grant $5,645• ☐Federal Supplemental Grant $ 400• ☐University Grant $6,500• ☐Federal Stafford Loan $5,500TOTAL FINANCIAL AID: $18,040

Direct costs:--Tuition, fees, room & board $19,715Indirect costs:--Books $ 1,000--Transportation/personal expenses $ 2,850Cost of attendance $23,565

Another Real Award LetterPrivate University for On-campus Student

Expected Family Contribution = 0

☐Federal Pell Grant $5,645• ☐University Grant $8,200• ☐University Scholarship $13,000• ☐Federal Stafford Loan $5,500TOTAL FINANCIAL AID: $32,090

Direct costs:--Tuition, fees, room & board $47,850Indirect costs:--Books $ 1,000--Transportation/personal expenses $ 1,400Cost of attendance $50,250

•SCHOOL YEAR 2013-2014

• PELL GRANT (MAX.) $5,645• TUITION & FEES (F/T) - $3,786• BOOKS (est.) - $1,000• REFUND TO STUDENT $ 859

• The maximum federal Pell grant covers tuition, fees,

• & books for full-time community college students.

• Refunds are distributed each semester.

CT Community Colleges

•

Required by the governmentAn ESTIMATE of your net costOn each college’s website--sometimes hard to find

Variety of calculators: basic to complexSometimes helpful—sometimes not

Net Price Calculators

Have an honest family talk and make a plan.

Save what you can.Apply for scholarships. Cut expenses: cable, Internet, cell phone, dining out, clothing, bank/credit card fees.…

Get a job or a second job.Attend the best fit college that offers the best financial aid package.

Final Advice:What can we do now?

The College Place-CT Sponsored by the ECMC

Foundation900 Lafayette Blvd., B-110

Bridgeport, CT 06605(203) 335-0381 (866) 326-2827

www.ecmcfoundation.orgConnecticutTCP@ecmc.org

The College Place-CT