College and Financial Aid PlanningCollege and Financial Aid PlanningCollege and Financial Aid PlanningCollege and Financial Aid Planning
How this works …How this works …
- The primary objective of this session is to outline how to
evaluate the investment you will be making in your
education and opportunities to help finance it.
-The session will last approximately 60 minutes.
- Feel free to type questions in the “Questions” box at any
time.
I will answer them as I am able during the session.
Example Cost of Example Cost of AttendanceAttendanceResidential Student
- Tuition: $29,500- Student Fees: $1,000 - Room/Board: $12,778
- Books (Estimated): $1,000
- Personal Expenses (Estimated): $1,000
- Transportation Costs (Estimated): $400
BUDGETED TOTAL: $45,678
Commuter Student- Tuition: $29,500
- Student Fees: $1,000- Books (Estimated):
$1,000- Personal Expenses
(Estimated): 2,500- Transportation Costs
(Estimated): $2,000BUDGETED TOTAL:
$36,000Costs do not consider merit and need-based aid available for students
College as an InvestmentCollege as an Investment- Oftentimes students and families underestimate the value of a
an education
- Private universities often have the ability to give more as far as financial aid is concerned (nearly 90% of students receive aid
of some kind)
- NEVER rule out applying to ANY school because of the “price tag”
(finish the process)
Need-Based Financial AidNeed-Based Financial AidFederal Pell Grants
- Range from $400 - $5,550 (amount determined by U.S. Dept. of Education)
Federal Supplemental Education Opportunity Grant (SEOG)- Federal program to provide additional grant assistance to
Pell eligible students(students are selected by the University)
Federal Academic Competitiveness Grant (ACG)- $750 for first year; $1,300 for second year
(1st and 2nd year students who have completed a rigorous high school program and are Pell eligible. Must maintain a 3.0 GPA)
Campus EmploymentCampus EmploymentFederal Work Study (FWS)
- A wide variety of jobs on campus including Residential Life, Administrative Offices, and Athletics
- Students work varying hours a week (maximum of 20)- Students are paid $8.25 per hour and are paid weekly
- Money is used to pay for books and other personal expenses
Bursary/Institutional Student Employment- Offered by individual offices on campus.
- Students can check for availability with Career Services- Students work varying hours a week
- Students are paid by the department weekly
Student Loan ProgramsStudent Loan ProgramsFederal Perkins Loan
- Low interest (fixed 5%) federal loan program awarded to needy students
(ranging from $1,000 - $5,500 per year)- Entrance counseling is required for new borrowers, and a Master
Promissory Note (MPN) must be completed- Repayment is 9 months after a recipient leaves school
Federal Direct Student Loan- Subsidized: The U.S. Department of Education pays the interest while
you are enrolled at least half-time.- Unsubsidized: The U.S. Department of Education DOES NOT pay interest on the loan (fixed at 6.8%). Interest accrues beginning the
first day of disbursement
Parent Loan ProgramsParent Loan ProgramsFederal Direct Parent Loan
(Formerly known as PLUS)- Financing option available to parents of a dependent undergraduate
student enrolled at least half-time and making satisfactory academic progress.
- Fixed interest rate at 7.9%- Parents who do not have adverse credit histories may borrow UP TO
the annual cost of education less other financial aid received.- If parent does not qualify for the PLUS loan their child is eligible for a
$4,000 Student Loan
Alternative Loan ProgramsAlternative Loan Programs- Chase Select Loan
- Wells Fargo Education Loan- Citizens Bank TruFit Loan
- Connecticut Felp Loan- SallieMae Smart Option Student Loan
Go to www.certifiedprivateloans.com (an independent website) to find out which provider is best for you
Remember:Loans are based on a applicant being credit worthy. In some cases students
will be required to provide a cosigner in order to have their loan approved. A cosigner should be a U.S. citizen with a permanent U.S. address and be
deemed creditworthy by the lender.
Outside Sources of Financial AidOutside Sources of Financial AidScholarship Search Sites:
- Fastweb.com- Scholarships.com
- MeritAid.com- FastAid.com- Zinch.com
- CollegeBoard.com
Remember:- Kiwanis Club- Rotary Club
- Local businesses
Student aid and loan sites:
- Nslds.ed.gov- Simpletuition.com
REMEMBER:- Receiving outside assistance
may impact your NEED-based aid, but will have NO impact
on MERIT-based awards
Thank you!!!Thank you!!!Thank you!!!Thank you!!!
To receive a copy of this presentation please To receive a copy of this presentation please
visit the University of New Haven’s booth at visit the University of New Haven’s booth at
CollegeWeekLive. CollegeWeekLive.
I will e-mail a copy to all booth visitors.I will e-mail a copy to all booth visitors.
To receive a copy of this presentation please To receive a copy of this presentation please
visit the University of New Haven’s booth at visit the University of New Haven’s booth at
CollegeWeekLive. CollegeWeekLive.
I will e-mail a copy to all booth visitors.I will e-mail a copy to all booth visitors.