Financial Aid, Scholarships, and Affordability

FINANCIAL AID, SCHOLARSHIPS, AND

AFFORDABILITY

OUR PURPOSE TODAY

• Share basic financial aid information

• Discuss scholarships– How to apply– Where to apply– Helpful tips

• Affordability – The value of attending college– The cost

THIS IS NOT OUR GOAL

FINANCIAL AID 101

• FAFSA.gov• January 1st of your Senior Year• Both the student and one of the parents signs the FAFSA • IRS Data Retrieval Tool• Attend your High School Financial Aid Night• FAFSA4caster – complete an informational application to show how much

you should be saving for school• Studentaid.ed.gov – website providing resources and general information• Loans, grants, outside resources

UWM SCHOLARSHIP OPPORTUNITIES FOR INCOMING

STUDENTS• University Wide Scholarships

• Discount Programs for Out-of-State students

• School/College Scholarships

–9 out of our 10 Schools/Colleges offer New Freshmen Scholarships in addition to scholarships for current students

• The Scholarship Brochure lists these

–new brochures for 2014-15 will come out in August, 2014

TIPS TO HELP YOU WITH YOUR SCHOLARSHIP SEARCH

• Scholarship search is much like a job search

• Get organized

• Locating scholarships

• Applications and Personal Statements

• Letter of recommendations

• Building a competitive scholarship profile

SCHOLARSHIP SEARCH IS LIKE A JOB SEARCH

Provided by UWM’s Life Impact Program

GET ORGANIZED!

Organize your papers:Use an accordion folder to keep track of all your papers.Label the sections: Potential Scholarships, Applications, Applications Sent, Scholarships Awarded, Scholarships RejectedKeep a calendar with dates of deadlines

Organize Electronically:Create an email specifically for scholarships (SmithSchlrshps@)Use Calendar function to keep track of deadlinesCreate an electronic folder with sub-folders: Resume, Potential Scholarships, Applications, Applications Sent, Scholarships Awarded, Scholarships Rejected

Consider a Scholarship “Club” with peers interested in

supporting each other’s efforts

LOCATING SCHOLARSHIPS

• Local Scholarships- HS Guidance Office, parents’ workplace, church, local organizations.

• College and Universities will list search engines to help search for outside scholarships.– Scholarships.uwm.edu Tips for Applying Locating

Scholarships Links to Outside Scholarships

• A good search engine site for Wisconsin based scholarships: Compass Guide epic.cuir.uwm.edu/compass or google: UWM Compass Guide.

• Be aware of scholarship scams!!

APPLICATIONS TIPS

• Make sure you meet the qualifications before applying.

• Your application represents the entire and only picture of you that the selection committee has.

• Always type your application.

• Do not leave any questions blank.

• If information requested is being sent by someone else, confirm that the scholarship provider has received it.

• Proof read it before submitting.

PERSONAL STATEMENTS• A winning personal statement offers an inside glimpse to your

life and accomplishments. It’s important for the reader(s) to come away feeling like they understood your core interests, skills and values.

Provided by UWM’s Life Impact Program

SELLING YOURSELF TO THE SELECTION COMMITTEE

• A personal statement is like a 30-second commercial during the Super Bowl. You have to grab the readers’ attention with your story so they decide they want to invest in you.

• Be sure to cover all aspects of the scholarship criteria that it asks for.

• Highlight your strengths.

• Avoid laundry lists of accomplishments.

• Have others read it with the idea that if it was their money they were giving away, would they give it to this application.

LETTER OF RECOMMENDATIONS

• Who to select?

• When?

• How?

• Say “Thank you”

BUILDING A COMPETITIVE SCHOLARSHIP PROFILE

• Last transcripts committees will see are the Junior year- work hard!

• Take ACT/SAT prep-test courses or online tutoring to help improve scores

• Plan to take college prep courses like AP, IB, Honors in Senior year.

• Get involved! Join clubs and organizations

• Consider leadership positions

• Don’t forget service and volunteerism

SCHOLARSHIP FOR STUDENTS WITH CHILDREN

The Life Impact Program•$5,000 Renewable Scholarship (@ 12 credits)

•Extensive Support Services– Support Groups, Workshops, 1:1 Coaching– Family Friendly Events – Emergency Funds and Post Graduation Support– Program Center offers free printing, coffee and other resources

•Life Impact Program scholars graduate sooner, incur less loan debt and have higher GPAs than their peers!

SCHOLARSHIP FOR STUDENTS WITH CHILDREN

The Life Impact Program

•Eligibility Requirements– Parent with a dependent child or children– New incoming freshmen or undergraduate

transfer student admitted for the upcoming

academic term, as well as continuing UWM Students– Individuals with demonstrated financial need; filing of the FAFSA is

required– See website for FAFSA information, program application

preferences and current application deadline information

SAVING MONEY………

• Start saving now!• Ask your family to support you• Plan to buy your books at the start

of each semester

BIG INVESTMENT, BIGGER REWARDS

• Increased Earning Potential: Someone with a bachelor’s degree will earn about $1 million more than a high school graduate over a 40-year career. (US Census Bureau)

• You are less likely to be unemployed. (Bureau of Labor and Statistics Employment

Projections)

Short term investment with a

long term return

AFFORDABILITY

• DefinitionDefinition: : Believed to be within one’s financial means: affordable tuition, an affordable risk. Affordable: inexpensive; reasonably priced.

AFFORDABILITY

RiskRiskIf a student really wants to afford college they will find a way to fund it.

Calculated RiskCalculated RiskStudents must start their planning for college as early as possible:

What Classes to take

Costs

Saving

Scholarship searches

It takes more than will – it takes planning as well.

ACCORDING TO WAICU’S 2014 GUIDE:

Average tuition and fees in 2011-12 for private colleges:

$26,526 HOWEVER….

TUITION AND FEES TO ATTEND UWM IN 2014/15 IS:

$9,438

TRUE COST OF ATTENDANCE

• Direct Costs– Tuition, Fees, Housing– Tuition and fees will be $9,438 for

the year or $4,719 for the semester– Housing is dependent upon your

living circumstances: on campus vs at home.

–What you ultimately pay

• Indirect Cost– Books, Personal/Misc Expenses,

Medical, Transportation– Housing is dependent upon your living

circumstances: on campus vs at home.

–The “sticker price” you plan for

TOTAL COST TO ATTEND UWM IN 2014/15 IS:

$21,274

This includes :

Tuition and

Housing and

Weekly expenses!

SAMPLE COST OF ATTENDANCE FOR 2014-15:

$21,274Tuition & Fees $9438 (Fall/Spring or $4719 for one

semester)

Books $ 700

Room $6126 (AVG of double room in Sandburg,

Riverview and Cambridge)

Board $3010 (level 1 meal plan)

Personal/Misc $2000 ($62.50 per week)

VALUE ADDED

Average Cost of a new Car:

$30,500 in 2012

Average Cost of Tuition and

fees at UWM for 4 years:

$37,600

***A four-year degree can take you places no car can. There is no depreciation on your education, it can only appreciate.

WHAT ARE THE TOP 5 GOALS FOR YOUR LIFE?

1. …………………………………

2. …………………………………

3. …………………………………

4. …………………………………

5. …………………………………

What do you have to do to achieve these goals?

DARE TO BE REMARKABLE

• It doesn’t cost anything…. • It gets you everywhere……