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Affording College Rebecca Joseph, PhD [email protected] Getmetocollege.org

2016 Fall Affording College

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Page 1: 2016 Fall Affording College

Affording CollegeRebecca Joseph, PhD

[email protected]

Page 2: 2016 Fall Affording College

Higher Earnings. High Education

Page 3: 2016 Fall Affording College

What Is College Education Worth?

• Careers• Healthy Life• Savings• Take Care of Families• Brains on Fire

Page 4: 2016 Fall Affording College

First things first.How much is college going to cost?

There are two components to this:Direct Costs & Indirect Costs.

Page 5: 2016 Fall Affording College

TuitionFees

Room & Board+Direct Costs

(if applicable)

Direct Costs are those that arebilled directly by the University.

Page 6: 2016 Fall Affording College

BooksTransportationEtc.+

Indirect Costs

Indirect Costs are the other miscellaneousexpenses involved with attending college.

Page 7: 2016 Fall Affording College

Direct CostsIndirect Costs+Cost of Attendance

Together, these two components makeup the total Cost of Attendance.

(COA)

Page 8: 2016 Fall Affording College

Next, you need to determine howmuch you can contribute toward

Cost of Attendance.

Page 10: 2016 Fall Affording College

Parent ContributionStudent Contribution+

Estimated Family Contribution

The data you provide on the FAFSA is used tocalculate the amount you are expected to

contribute.

(EFC)

Page 11: 2016 Fall Affording College

Cost of AttendanceEstimated Family Contribution-Financial Need

The gap that’s left between what you are expected to contribute and the total cost is

called “Financial Need.”

Page 12: 2016 Fall Affording College

There are 3 types of Financial Aid:

$ Need-based Merit-based Non-need-

based

Financial Aid is what helps you fill that gap.

Page 13: 2016 Fall Affording College

Need-based Grants Federal Work

Study Loans

(Federal, State, and College Grants)

(Stafford Subsidized Loan, Perkins Loan)

The first type of aid is determinedsolely by Financial Need.

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Scholarships(College and Outside Scholarships)

Merit-based

The second type of aid is determined by a student’s

academic accomplishments, not Financial Need.

Page 15: 2016 Fall Affording College

Internal Merit Scholarships

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College Greenlight

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External Merit Scholarships

Page 19: 2016 Fall Affording College

Loans(Stafford Unsubsidized Loan, PLUS Loan, Alternative Loans)

Non-need-based

The final type of aid is available to all students, regardless of Financial Need or academic

accomplishments.

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The Financial Aid Packageconsists of all or any of these.

Need-based Merit-based

Non-need-based

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COA Across Campuses

Page 22: 2016 Fall Affording College

Financial Aid Recommendations• If parents make less than $60,000 per year, students and families most likely

won’t have to take out many loans.• There are more than 50 colleges that meet all need with no loans. http://

www.usnews.com/education/best-colleges/paying-for-college/articles/2014/09/15/colleges-and-universities-that-claim-to-meet-full-financial-need

• Educational loans are low interest. Students have ten years to pay them back and can deduct interest from taxes. They are best investment possible in your child.

• Students should never borrow on credit cards. • Students can visit colleges for free at the beginning and end of senior year.

http://getmetocollege.org/hs/what-colleges-look-for/fall-2014-free-diversity-college-visits

Page 23: 2016 Fall Affording College

What Can We Do Now?• Save. Every dollars counts.• Prepare FAFSA-Now PRIOR, PRIOR• Explain your family finances to your children.• Build children’s resume.• Apply for scholarships.

– MALDEF- http://www.maldef.org/assets/pdf/1415_MALDEF_Scholarship.pdf

– Congresswoman Roybal-Allard- http://roybal-allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf

Page 24: 2016 Fall Affording College

Affording CollegeRebecca Joseph, PhD

[email protected]