Financing Higher Education

FINANCING HIGHER EDUCATION

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FINANCING HIGHER EDUCATION

Mike StatenTCAI Director and

Assistant Dean for Careers, Commerce and Industry

University of Arizona

Rebekah SalcedoSenior Associate Director

University of Arizona Office of Scholarships and

Financial Aid

Shelly StantonNational Master Educator,

Technology Integration Specialist for Billings Public

Schools, Montana

IN PARTNERSHIP WITH

Take Charge Today Mission

“Provide educators with no-cost curriculum materials and the skills and confidence to effectively

teach financial literacy”

Rebekah Salcedo

Senior Associate Director University of Arizona Office of Scholarships

and Financial Aid

Paying for College

Office of Scholarships & Financial Aid

College Preparation Checklist

• Where to order College Preparation Checklist and other Department of Education materials: edpubs.ed.gov

• CSS Profile Information: http://student.collegeboard.org/css-financial-aid-profile

• UC Santa Barbara FAFSA guide http://www.finaid.ucsb.edu/fafsasimplification/

Resources

Shopping Sheet• A clear, concise way to see

the cost of a particular school

• Provides a standardized award letter allowing students to easily compare financial aid packages and make informed decisions on where to attend college

• Nearly 2,000 institutions have committed to providing the Shopping Sheet to their prospective students

More information at http://www.ed.gov/financial-aid-shopping-sheet.

How much does it cost?

*2013/2014 Resident Dependent On/Off Campus Expenses

*Represents direct costs*Expenses calculated through survey; the total is only an estimate and may vary from

student to studentFor more information visit: http://http://financialaid.arizona.edu/freshmen/estimated-cost-attendance

*2013/2014 Resident Dependent On/Off Campus Expenses

*Represents direct costs*Expenses calculated through survey; the total is only an estimate and may vary from

student to studentFor more information visit: http://http://financialaid.arizona.edu/freshmen/estimated-cost-attendance

How much does it cost?

What do I need to do?

FAFSA: Free Application for Federal Student Aid • Visit fafsa.ed.gov • School code

– i.e. U of A code: 001083• Student and Parent’s federal

tax information• Tax estimates• Know school’s priority

deadline date (every school maybe different)

Filling out the FAFSA

Types of Aid

Scholarships

Grants

Federal Work Study

Loans

Similar to scholarships (they’re free!)

• Federal Pell Grant

• State and Federal Grants

• Teach Grant

Grants

Federal Work Study

• Allows opportunity to work on or off campus

• Provides skills not learned in the classroom

Subsidized Loans• Need Based• Interest does not accrue

while in school

Unsubsidized Loans• Interest accrues while

you are in school• Guaranteed (no credit

check)

Federal Direct Loans

Parent PLUS Loans

• Credit Check required.*

• Can request loan be deferred while student is enrolled in school or you can begin repayment while student is in school.

Questions?

Fe d e r a l D i re c t Lo a n s

Senior Year Timeline

• Apply to College

• Look for Scholarships

• Fill out 2014 –

2015 FAFSA• Use 2013 Tax

Information (estimates)

• Be aware of school’s priority deadline

• March: Many scholarships are due• April: Submit 2013 tax information for FAFSA• Fulfill outstanding financial aid requirements• Attend orientation

• Accept loans

• Receive fall disbursement of aid (student may receive aid 10 days before the first day of school at the earliest; disbursement date varies by school)

Fall 2013 January 2014

Spring 2014

Summer 2014

Fall 2014

Shelly Stanton

Technology Integration Specialist and Career and Technical Educator for Billings Public Schools

TCT Master Educator since 2007

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Content into Practice

Take Charge Today has a series of lessons Preparing for Higher Education

▪ Students look at positive habits that will help them be successful in post-secondary education

Planning for Higher Education▪ Students review their goals and look at career pathways

Paying for Higher Education▪ FAFSA and scholarship information

Paying for Higher EducationAdvanced Level

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Receiving a Higher Education

Pros Cons

Lower chance of

being laid off from a job

Access to higher paying

jobs

Cost

Plan Ahead!

Eight times as many students drop out of

degree and certificate programs due to finances and debt than grades!

What are other pros and cons of higher education?

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Reduce Costs by Planning Ahead

Start saving early!

Take advanced placement courses or

pass college-level exams

Avoid needing remediation classes

in college

Begin career pathway planning early Live at home Work part-time

Attend a community or junior college first

Consider in-state and public universities

Carefully evaluate the cost of attendance and financial aid

packages

What are ways you can reduce the total cost of higher education?

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Academic Advisors

Meet Imani: About to graduate from high

school

Imani’s Goal:

Become a lawyer or politician

Imani has little

saved to pay for higher

education

Based on Imani’s grades

and college entrance

placement scores she may need

remediation courses

Imani has learned that a bachelor’s and professional degree to become a lawyer could cost as much as $301,118

Your mission: Explore ways to help Imani pay for her education

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Imani’s Plan

1. Go out-of-state to earn a two-year associate degree, bachelor degree and professional degree

2. Attend in-state schools to earn her associate and bachelors degrees while living at home; go to an out-of-state college for a professional degree

3. Go to in-state schools for all degree programs

Anticipated total cost: $241,458

Anticipated total cost: $178,294

Anticipated total cost: $95,536

Three Types of Higher Education Financial Aid

Private loans

Federal Student Loans

Scholarships, Grants, Work-Study

EarningsMoney you do not

have to repay

Higher Cost

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Imani’s Potential Scholarships

Your mission: work in small groups to identify at least three scholarships Imani is

eligible for based on her special circumstances and extra-curricular activities

Free Application for Federal Student Aid(FAFSA)

Eligibility Deadlines Application Process Resources

FAFSA Simplified

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Your Goals:

Complete the FAFSA to

be eligible for financial

aid

Apply for as many

scholarships as possible

Never borrow

more than you need

Be sure you can afford to

pay back your loan

My scholarship SearchAlthough all conclusions are powerful this is where I saw amazing engagement with students.

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PSA

2.3.5.G1Quote from a Counselor

“Everything I needed was in one place and made not only helping seniors easier but also assisting parents! Thank you for this resource.”

-Dave Spring, Billings, MT

2.3.5.G1Quote from a Teacher

“In 23 years of education, I’ve never seen another lesson designed to teach kids how to pay for higher education. Nobody else is telling them how. This lesson is essential.” Tracey Newman-Missouri

Questions

Content videos 5-10 minute videos Developed by national experts Designed for educators More coming soon!

How to Choose a Financial Advisor

Free Application for Federal Student Aid

(FAFSA)

Individual Retirement Accounts

7 Tips for Financing Higher Education

Investing Principles Saving For College – 529 Plans

Continue the Conversation OnlineShare your ideas, struggles or suggestions

https://takechargetoday.arizona.edu/forum/preparing-higher-education

Thank You For Participating

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