+ scholarships 101 or, how to get your education paid for and avoid living in your parents’...
TRANSCRIPT
+
Scholarships 101
Or, How to Get Your Education Paid for and Avoid Living in Your Parents’ Basement for the Rest of Your Life
+Session overview The purpose of today’s class is to give you a few key
tools and strategies to help you as you develop a plan to pay for your college education.
Remember: there is no magic bullet, no single website, no single scholarship (generally), no pain-free way to pull together all of the funds you need for college. This will take time, work, and perseverance, but the potential payoff is well worth it.
+Some facts: As of 2012, the average student loan balance for all age
groups is $24,301. 25% of borrowers owe more than $28,000 10% of borrowers owe more than $54,000 3% owe more than $100,000 <1%, or 167,000 people, owe more than $200,000. (Source:
FRBNY)
Loan Calculator Loan Balance: $24,301.00 Loan Interest Rate: 6.80% Loan Term:10 years Average Debt per Year: $6,075.25 Monthly Loan Payment: $279.66* Number of Payments:120 Cumulative Payments: $33,558.64 Total Interest Paid: $9,257.64*According to mappingyourfuture.org, you’ll need an annual salary of $42,000 to be able to repay this loan.
+University of Illinois, Tuition and Fees: 2014-2015
Tuition: $12,036
Fees $3,566
Room and Board: $10,848
Books: $1200
Other: $2500
Total: $30,150
Over four years… $120,600
+But what if I get federal and state aid? Won’t it cover everything? From our University of Illinois example:
Total yearly cost: $30,150 Federal Pell Grant: -$5,550* Illinois Map Award: -$4,700* Amount still owed: $19,900
4 year cost of attendance: $79,600*assumes estimated family contribution = 0 AND that funds are available
+Yikes! Paying Back U of I(With federal and state aid)
Over 10 years ($79,600): $831 Cumulative Payments (4.66% interest) $99,733 Total Interest Paid: $20,133
Over 20 years ($79,600): $510 Cumulative Payments: $122,517 Total Interest Paid: $42,9917
(With NO federal or state aid: subsidized + unsubsidized loans only)
Over 10 years ($120,600): $1259 Cumulative Payments: $151,105 Total Interest Paid: $30,504
Over 20 years: ($120,600) $773 Cumulative Payments: $185,623 Total Interest Paid: $65,023
According to mappingyourfuture.org, you’ll need an annual salary of $76,000 to be able to repay the first loan and $116,000 to repay the second over 20 years.Maximum student loan for undergrads: $23,000
+A better solution is…
SCHOLARSHIPS
+They’re not just for students with good grades & high test scores!
Gifts that YOU DO NOT NEED TO PAY BACK! Based on need or merit Given by colleges, organizations, or foundations for many
reasons: Students in after-school activities Students affected by Alzheimer’s scholarships Females over 5’ 10” scholarships Left handed students scholarships Students of different ethnicities scholarships Students of different religions scholarships Gender-based scholarships Zombie Apocolypse scholarships Students with learning disabilities scholarships Undocumented students scholarships
+But how do I find them? Check with your counselor at Von
Check with your employer and your parents’ employers Ex: the CTU offers a scholarship for the children of teachers
Check with college or university summer programs you have participated in
Check with the college or university you plan to attend
Check with your church, synagogue or mosque or other community organizations in your neighborhoods
Check with your coaches
Search the Internet and use online scholarship search engines
Check scholarship guides found on Amazon.com
Check Naviance
+Von Steuben Alumni Scholarships Invitations will be sent out to eligible seniors during
division soon
Awards vary from $1000-$2500
Criteria GPA 2.5+
“Need-based” – In other words, do you need money for college? Not based on FAFSA or family income.
Information session sometime in February. You MUST attend to apply.
+College Scholarship Guide2014-2015
ChooseYourFuture.org > College > Paying for College > Strategic Scholarships
Scholarships offered by organizations, companies, institutions, foundations, individuals or families that specifically target and award Chicago Public Schools (CPS) high school students. Millions of scholarship opportunities out there, but this site identifies scholarship opportunities that specifically target CPS students as recipients.
+Highlights from the CPS College Scholarship Guide
George Pullman (pg. 40) Residents of Cook County 3.0+ GPA FAFSA eligible $200-$5000 Renewable for 4 years
William J. Cook Foundation (pg. 55) Male students from Cook County Plan to enroll full-time at 4-year college or university $1000-$5000 Renewable for 4 year
+ Chicago Engineers Foundation (pg. 50) Chicago high school students admitted to engineering program ACT = 21 or higher $800 (up to $5000 over course of study) Renewable for 4 years
Darius A. Felton Scholarship (pg. 51) CPS high school seniors 2.5 GPA $500 Not renewable
Jackie Robinson Foundation (pg. 27) Graduating, minority senior ACT 21 Plan to attend 4-year college or university in U.S. Leadership potential & dedication to community service Amount varies Renewable for 4 years
+ Northeastern Ill. University Presidential Scholarship (pg. 29) Graduating Chicago high school seniors with strong
academic promise ACT 27 GPA 3.35 (maintain a 3.5 GPA at Northeastern) 4 years of tuition and fees with a book allowance
(~$40,000 over four years) Renewable for 4 years
Illinois Dream Fund (pg. 26) Undocumented students GPA 2.5 Illinois high school grad (or attended 3 years with a GED) Resided with parents or guardians while in high school Up to $2000 for 2-year institutions; Up to $6000 for 4-year Possibly renewable
+ Smart Kids with Learning Disabilities Youth Achievement Award Students 19 or younger Demonstrated initiative, talent and determination resulting
in a notable accomplishment in any field, including art, music, academics, athletics and community service
$1000 Not renewable
Scholarships for Students with Disabilities
http://www.finaid.org/otheraid/ld.phtml
http://www.scholarships.com/financial-aid/college-scholarships/scholarships-by-type/disability-scholarships/
http://www.iup.edu/page.aspx?id=87437
+Local University Scholarships
Lake Forest College & University of Chicago offer full-ride scholarships to CPS students
University of Chicago and IIT offer full ride scholarships to the children of Chicago firefighters and police officers
+Scholarship Resources
chooseyourfuture.com/scholarships (CPS students) fastweb.com Illinoisdreamfund.org (undocumented students) ISAC.org (State of Illinois scholarships) collegeboard.com/student/pay/scholarships-and-aid/
index.html scholarships.com wiredscholar.com collegeanswer.com
Also see page 2 of the College Scholarship Guide