College and Financial Aid Planning. How this works … - The primary objective of this session is to outline how to evaluate the investment you will be.

College and Financial Aid PlanningCollege and Financial Aid PlanningCollege and Financial Aid PlanningCollege and Financial Aid Planning

How this works …How this works …

- The primary objective of this session is to outline how to

evaluate the investment you will be making in your

education and opportunities to help finance it.

-The session will last approximately 60 minutes.

- Feel free to type questions in the “Questions” box at any

time.

I will answer them as I am able during the session.

Example Cost of Example Cost of AttendanceAttendanceResidential Student

- Tuition: $29,500- Student Fees: $1,000 - Room/Board: $12,778

- Books (Estimated): $1,000

- Personal Expenses (Estimated): $1,000

- Transportation Costs (Estimated): $400

BUDGETED TOTAL: $45,678

Commuter Student- Tuition: $29,500

- Student Fees: $1,000- Books (Estimated):

$1,000- Personal Expenses

(Estimated): 2,500- Transportation Costs

(Estimated): $2,000BUDGETED TOTAL:

$36,000Costs do not consider merit and need-based aid available for students

College as an InvestmentCollege as an Investment- Oftentimes students and families underestimate the value of a

an education

- Private universities often have the ability to give more as far as financial aid is concerned (nearly 90% of students receive aid

of some kind)

- NEVER rule out applying to ANY school because of the “price tag”

(finish the process)

Need-Based Financial AidNeed-Based Financial AidFederal Pell Grants

- Range from $400 - $5,550 (amount determined by U.S. Dept. of Education)

Federal Supplemental Education Opportunity Grant (SEOG)- Federal program to provide additional grant assistance to

Pell eligible students(students are selected by the University)

Federal Academic Competitiveness Grant (ACG)- $750 for first year; $1,300 for second year

(1st and 2nd year students who have completed a rigorous high school program and are Pell eligible. Must maintain a 3.0 GPA)

Campus EmploymentCampus EmploymentFederal Work Study (FWS)

- A wide variety of jobs on campus including Residential Life, Administrative Offices, and Athletics

- Students work varying hours a week (maximum of 20)- Students are paid $8.25 per hour and are paid weekly

- Money is used to pay for books and other personal expenses

Bursary/Institutional Student Employment- Offered by individual offices on campus.

- Students can check for availability with Career Services- Students work varying hours a week

- Students are paid by the department weekly

Student Loan ProgramsStudent Loan ProgramsFederal Perkins Loan

- Low interest (fixed 5%) federal loan program awarded to needy students

(ranging from $1,000 - $5,500 per year)- Entrance counseling is required for new borrowers, and a Master

Promissory Note (MPN) must be completed- Repayment is 9 months after a recipient leaves school

Federal Direct Student Loan- Subsidized: The U.S. Department of Education pays the interest while

you are enrolled at least half-time.- Unsubsidized: The U.S. Department of Education DOES NOT pay interest on the loan (fixed at 6.8%). Interest accrues beginning the

first day of disbursement

Parent Loan ProgramsParent Loan ProgramsFederal Direct Parent Loan

(Formerly known as PLUS)- Financing option available to parents of a dependent undergraduate

student enrolled at least half-time and making satisfactory academic progress.

- Fixed interest rate at 7.9%- Parents who do not have adverse credit histories may borrow UP TO

the annual cost of education less other financial aid received.- If parent does not qualify for the PLUS loan their child is eligible for a

$4,000 Student Loan

Alternative Loan ProgramsAlternative Loan Programs- Chase Select Loan

- Wells Fargo Education Loan- Citizens Bank TruFit Loan

- Connecticut Felp Loan- SallieMae Smart Option Student Loan

Go to www.certifiedprivateloans.com (an independent website) to find out which provider is best for you

Remember:Loans are based on a applicant being credit worthy. In some cases students

will be required to provide a cosigner in order to have their loan approved. A cosigner should be a U.S. citizen with a permanent U.S. address and be

deemed creditworthy by the lender.  

Outside Sources of Financial AidOutside Sources of Financial AidScholarship Search Sites:

- Fastweb.com- Scholarships.com

- MeritAid.com- FastAid.com- Zinch.com

- CollegeBoard.com

Remember:- Kiwanis Club- Rotary Club

- Local businesses 

Student aid and loan sites:

- Nslds.ed.gov- Simpletuition.com

REMEMBER:- Receiving outside assistance

may impact your NEED-based aid, but will have NO impact

on MERIT-based awards

Thank you!!!Thank you!!!Thank you!!!Thank you!!!

To receive a copy of this presentation please To receive a copy of this presentation please

visit the University of New Haven’s booth at visit the University of New Haven’s booth at

CollegeWeekLive. CollegeWeekLive.

I will e-mail a copy to all booth visitors.I will e-mail a copy to all booth visitors.

To receive a copy of this presentation please To receive a copy of this presentation please

visit the University of New Haven’s booth at visit the University of New Haven’s booth at

CollegeWeekLive. CollegeWeekLive.

I will e-mail a copy to all booth visitors.I will e-mail a copy to all booth visitors.