PAYING FOR COLLEGE GRASP Presentation Chesterfield County Public Library Kathy Davis, GRASP advisor.

PAYING FOR COLLEGE

GRASP PresentationChesterfield County Public

LibraryKathy Davis, GRASP advisor

What is GRASP?

GRASP is a non-profit organization that helps students and their families find the financial resources needed for the student to continue his or her education after high school.  

GRASP financial aid advisors are available in every high school in the Richmond metro area and their services are provided free of charge. 

to add text

Get Ready!

You are now starting a race on two parallel tracks One is the Admissions Track One is the Financial Track

The two will intersect when your student is accepted

Each have their own deadlines, their own forms, their own language

add text

Where Do I Start?

Target in Mind Reality Check Family Philosophy Available Resources Protection Plan

It’s Like Buying a Car...

Sticker Price = $20,000 Savings = $10,000 Gap = $10,000

When is the last time you paid sticker price for your car?

text

The Sticker Price:

Private Schools

(Ferrari)*

State Schools (Mercedes

Benz)**

Community College (Smart Car)***

Tuition and Fees

$44,210 $6,700 - $13,132

$3,620

Room and Board

$9,760 $7,927 - $8,772 NA

Books, supplies, etc.

$2,100 $4,124 - $2,950 $800

Total per year $56,070 $18,751 - $24,854

$4,420

Total for degree $224,280 $75,004 - $99,416

$8,840

Source: College Board*Private school numbers are for University of Richmond, Fall 2012**State school range includes Norfolk State University, Fall 2011 (low end) and William and Mary, Fall 2011 (high end)***Community College numbers are for John Tyler Community College, Fall 2011

The Impact of Financial Aid

VCU University of Richmond

Percent of freshmen receiving financial aid 75% 68%

Average financial aid package $10, 823 $39,389

Scholarships/loans 43%/57% 84%/16%

Sticker price $22,201 $56,070

Avg. price paid by students receiving financial aid

$11, 378 $16,681

2010 grads with debt 61% 42%

Average debt $25,151 $23,070

Sources: College Board, USNews

Schools are Big Business

Over 90% of the money students receive comes through the schools

They compete for the students they want

They compete for resources from the states and other funding sources

Federal government decisions impact them

Ways to Pay the Bill

Free Money – grants and scholarships Need vs. Merit Programs

Special Programs – Work study; Tuition Adjustments

Loans Stafford Loans Plus Loans

Your Own Money (OOP)k to add text

FAFSA-Gateway to Financial Aid

Free Application for Federal Student Aid Must file each year (as close to Jan. 1 as

possible) Required for almost every type of aid, including

merit Family structure – who reports what Numbers In; Numbers Out Appeals & Special Circumstances CSS Profile spreading to state schoolsadd text

Definition of Financial Need

College’s Cost of Attendance (COA)

MinusFAFSA Expected Family Contribution (EFC)

________________________________ = Your Financial Need to

add text

What you should know about the EFC

Income counts more than assets Number of children in college is a factor Parent age has an impact Pulling money from retirement to pay college

costs could cause your EFC to rise in the following year

A change in circumstances can impact the aid decision

text

What I Can Do Today

Set expectations with your student Decide how much you want to cover Take an inventory of current resources Run the FAFSA Forecaster Review your plan of protection Educate yourself

Resources

www.grasp4virginia.com Your high school GRASP advisor University financial aid offices and websites Other websites

www.fafsa.ed.gov www.fafsa4caster.ed.gov www.collegeboard.com http://www.usnews.com/education/best-colleges/paying-for-

college