Paying for College

Holly FranquetThe College Place--CT

What is financial aid?

How do I get financial aid?

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Today’s Topics

What is Financial Aid?

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: Work while you study

4. Loans: Must be paid back

1a. Federal Grants

Pell Grant: Up to $5,550

Supplemental Educational Opportunity Grant: Up to $4,000

TEACH grant: Up to $4,000

1b. Connecticut GrantsCT Aid for Public College Students: Up to amount of unmet need

CT Independent College Student Grant Program: Up to $8,166/year

CT Minority Teacher Incentive Grant: Up to $5,000/yr. for juniors & seniors + loan reimbursement for teaching in CT

Weisman Teacher Scholarship: Same as above for math/science teachers

1c. Institutional GrantsBased on…

Merit: A reward for being a good student whether or not you need the money.

Need: You have financial need.

Other factors: The college wants you for another reason (diversity, athletics, etc.).

2. Scholarships

Money that does not have to be paid back

Awarded on the basis of merit, skill, or unique characteristic

Scholarship SourcesFoundations (Ex: Bill & Melinda Gates Foundation)

Businesses (Ex: Best Buy, Target)

Employers (Ex: Fairfield U., St. Vincent’s Hospital)

Civic organizations and charities

(Ex: Rotary Club, AAUW)

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

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

Tall Clubs International: Up to $1,000Olive Garden: $2,500 savings bond & 3-day trip to NYC

LEAGUE 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

Don’t pay anyone to find scholarships

for you!

3. Federal Work-Study

Federal money that is given to colleges to employ students

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

4. Loans

Money that students or parents borrow to pay college costs

Federal and privateRepayment usually begins after education is finished.

Loans are an investment in your future, but…

Only borrow what you need!

Types of LoansDirect Stafford Loan: Max $5,500 for 1st yr.

• Subsidized: 3.4% undergrad • Unsubsidized: 6.8%

Perkins Loan: Max $5,500/yr. @ 5%.

Direct PLUS Loan: 7.9% for parents.

Private loans: Highest interest rate

Direct Stafford Loans: subsidized (better) & unsubsidized

Loan Forgiveness

Perkins Loan: Cancellation of up to 100% for certain public school teachers (1-5 years of service).

Public Service Loan Forgiveness: Cancellation of remaining loan for public service employees who have made 120 on-time payments.

How do I get financial aid?Fill out the FAFSA!

FAFSA = Free Application for Federal Student Aid

The only way to get financial aid!Available every year on January 1. English and Spanish versionswww.fafsa.gov

FAFSA AdviceGet student’s Social Security number, date of birth, and tax return.

Students under 24: Get parents’ Social Security numbers, dates of birth, marriage date, and tax return.

Enter up to 10 colleges.Know the priority deadlines for your state and colleges. (CT = Feb. 15, 2012.)

Submit it NOW and make corrections later!

Get a FAFSA PIN!

PIN = Personal Identification Number

A PIN lets you sign your FAFSA online.

If you are under 24, your parent must sign with a PIN, too.

Use the same PIN every year.

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.

Guidance counselor

The College Place-CT

College Goal Sunday: Jan. 29, 2012 (CollegeGoalSundayCT.org)

Where do you get FAFSA assistance?

UCONN

• Tuition: $8,256• Fees: $2,414• Room & board: $11,050• Books & supplies: $850• Total: $22,570

CT COMM. COLLEGES• Tuition: $3,096• Fees: $394• Total: $3,490

• Tuition: $39,990• Fees: $590• Room & board: $12,210• Books & supplies: $1,100• Total: $53,890

Don’t forget!Transportation: $800Personal expenses: $900

FAIRFIELD UNIVERSITY

Cost of AttendanceCompare public, private, & community college:

Financial Need = COA - EFC

Cost of Attendance (COA):

Tuition & fees, room & board, books & supplies, transportation, personal expenses, loan fees, etc.

Expected Family Contribution (EFC):

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

A Sample Award LetterCOA: $22,000EFC: - $3,000Total financial need: $19,000☐University Merit Scholarship $4,000

• ☐Federal Pell Grant $4,000• ☐Federal Supplemental Grant $1,000• ☐CT State Aid $1,500• ☐Work-study $1,500• ☐Federal Stafford Loan $5,500☐Cat Lover’s Scholarship $1,000☐Dog Lover’s Scholarship $ 500TOTAL FINANCIAL AID: $19,000

COLLEGE #1

• $25,000 COA• -$0 EFC• $25,000 FIN. NEED

• -$5,500 PELL GRANT• -$1,500 WORK-STUDY• -$3,500 UNIV. SCH.• -$5,500 STAFFORD

LOAN• -$4,000 CT STATE AID $5,000 REMAINDER

• $50,000 COA• -$0 EFC• $50,000 FIN. NEED

• -$5,500 PELL GRANT• -$2,000 WORK-STUDY• -$30,000 UNIV. SCH.• -$5,500 STAFFORD LOAN• -$3,000 CT STATE AID• -$1,000 FED. SUPP.

GRANT• -$3,000 PERKINS LOAN $0 REMAINDER

COLLEGE #2

Comparison ShoppingJust an example…amounts will vary!

• SCHOOL YEAR 2011-12

• PELL GRANT (MAX.) $5,550• TUITION & FEES (F/T) - $3,490• BOOKS - $1,000• REFUND TO STUDENT $1,060

• The maximum federal Pell grant covers tuition, fees, • & books for full-time community college students.

• Refunds are distributed each semester.

CT Community Colleges

Housatonic Community College900 Lafayette Blvd., B-110

Bridgeport, CT 06605203-335-0381 / 866-326-2827

www.ecmcfoundation.orgHolly Franquet: [email protected]

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The College Place is sponsored by the ECMC Foundation.