Paying for College Pomona High School October 23, 2013
Feb 22, 2016
Paying for CollegePomona High School
October 23, 2013
A Sobering Statistic Reported by College in Colorado: “83% of students and families
believe they will receive scholarships…
7% actually do.”
The Major Sources of Money for College Federal GovernmentMerit Based Scholarships from
Individual CollegesPrivate ScholarshipsStudentsParents
Federal Money ______________________
FAFSA (Free Application for Federal Student Aid) Process:
Set up an account- anytime, and get a PIN Use the FAFSA4caster to project your EFC (Expected
Family Contribution), use this anytime with estimated financial info
Complete the FAFSA as soon after Jan 1st as possible- have it sent directly to colleges
Your college might request additional information- send it right away, then await your Award Letter with the amount of aid
Types of Aid: Grants, work-study, student loans, parent loans
Types of Federal AidPell Grants- up to $5635/year (2013) depending on need based on EFCWork Study- based on availability at the collegeStudent loans- either subsidized or unsubsidizedTEACH Grant- up to $4000/year if you plan to teach in a high need field in an area servicing low income familiesParent loans- low interest loansAfter submitted- family and college will receive a report with the EFC- then the college will send an Award Letter outlining what aid is offered.
Merit Based College ScholarshipsAlmost all colleges offer automatic
scholarships based on a combination of GPA, ACT scores, and/or class ranking.
Other departmental or foundation scholarships- usually a separate app.
Examples of automatic merit aid:
Colorado Mesa UniversityAcademic Achievement Award- $1000/year 3.2 GPA, 22 ACT, top 20% of classPresidential Scholar- $2500/year 3.5 GPA, 25 ACT, top 15% of classTrustee Scholarship- $3000/year 3.5 GPA, 27 ACT, top 10% of classDistinguished Scholar- Full tuition and fees 3.75 GPA, 29 ACT, top 5% of classFirst Generation- $1000/1st year 2.5 GPA, 21 ACT, top 25% of class
CSU- PuebloWelcome to the Pack- $1000/year 3.2 GPA, 22 ACT, top 20% of classPromising Scholar- $2500/year 3.5 GPA, 25 ACT, top 15% of classDistinguished Scholar- $5000/year 3.75 GPA, 27 ACT, top 5% of classPresidential Scholar- $8000/year 4.0 GPA, 30 ACT, top 2% of classCommitment to Colorado- $1000/year
file FAFSA and receive a Pell GrantFirst Generation- $1000/year
University of Northern Colorado
Bear Tracks- $1000/year 100-111 index scoreProvost Scholarship- $1250/year 112-128 index scorePresidential Scholarship- $2000/year 129-136 index scoreTrustees Scholarship- $5000/year 137+ index score
CSU- Fort CollinsGreen and Gold Scholarship- $4000-$16000
total, competitive application process, limited
numberCommitment to Colorado- up to ½ to full
tuition competitive, adjusted gross income under
$57000
Private ScholarshipsMyths - there are thousands of unclaimed
scholarships out there and I have to do is find them and fill out the application and I will get the money- this is why 83% of families think they will get a scholarship.
- if I pay a scholarship “expert” they will find scholarships for my student. They use the same databases available to you for free.
Private Scholarships- con’t. _______________________
Reality- - finding scholarships takes a tremendous amount of time and hard work. - your student can compete for a scholarship if they have great grades, high test scores, have documented community service, or they write a great essay.
Private Scholarships- con’t. ______________________
Naviance for scholarships- - data base search by category - local based, Pomona categoryOther data bases: - College in Colorado, Scholarships.com, Princetonreview.com, CollegeBoard.com, CommonApp.com
StudentsWork study- definitely take advantage of it
if offered, it does not count against the next year’s financial aid
Outside job- cover books, spending moneyMost importantly- register for the College
Opportunity Fund (COF) - go to www.collegeincolorado.org - last year, this would have lowered your
tuition bill by about $1000
ParentsSuggested reading: - “Debt Free U”, Zac BissonnetteSave money instead of borrowing:
“Downsize your way to college savings”Avoid borrowing against your home or
your retirement savings It is never too late to start saving money
for college. Check out 529 plans at CollegeInvest.org
ParentsHave frank discussions with your student
about college affordability and college choices:
- if affording will be a real hardship, consider going to a local college and living at home.
- room and board at a college costs more than tuition and fees
Parents- con’t
- comparative costs of Colorado schools
School T & F R & B TotalCU 10529 12258
22787CSU-FC 9266 8982 18248UCCS 8658 10200
18858UNC 7168 10320
17488CWU 7333 8792 16125CSU-P 3663 8856 12529Mesa 3603 8792 12395Metro 5860 0 5860
How about 2 year colleges
School T & F R & B Total NJC 2092 6200 8292 CMC 1425 9000 10425 FRCC 1800 0 1800 RRCC 1935 0 1935
The Dos and Don’ts of Paying for College Do not fall in love with a college based on its name
recognition, campus, or a few professors you happen to meet. Every college is a combination of great professors and lousy professors, cool students and not so cool students.
Do not let anyone tell you that one college will provide better earning power than others. There is no evidence of this. What will determine your child’s success will be his talent, determination and work ethic, and the career path that he elects to pursue.
Most of all: Do not look at college as a rational investment, not a coming-of-age ritual where money is no object. Skip expensive college guides, and don’t obsess over reputations, specific programs, and locales. You’re picking a college, not a resort.
Contact your Counselor A-Di Karina Wilson [email protected] Dj-La Jennifer Sullivan [email protected] Lb-RdPaul Oser [email protected] Re-Z Chuck Runge [email protected]
For answers to questions about the college application process, find the Prepared Panthers Guide on the Pomona website in the Counseling link.