financial college literacy 101
TRANSCRIPT
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Financial Aid College Literacy 101: How Will We
Pay For College?
Rebecca Joseph, PhD
Getmetocollege.org/hs
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Higher Earnings. High Education
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What Is College Education Worth?
• Careers
• Healthy Life
• Savings
• Take Care of Families
• Brains on Fire
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First things first.How much is college going to cost?
There are two components to this:Direct Costs & Indirect Costs.
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Tuition
Fees
Room & Board+
Direct Costs
(if applicable)
Direct Costs are those that arebilled directly by the University.
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Books
Transportation
Etc.+
Indirect Costs
Indirect Costs are the other miscellaneousexpenses involved with attending college.
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Direct Costs
Indirect Costs+
Cost of Attendance
Together, these two components makeup the total Cost of Attendance.
(COA)
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Ciria and Kimberly
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UC Merced
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Next, you need to determine howmuch you can contribute toward
Cost of Attendance.
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How Do Colleges Determine How Much We Can Pay?
• FAFSA (fafsa.ed.gov)
• CSS Profile
(https://student.collegeboard.org
/css-financial-aid-profile)
• CA Dream Act
(https://dream.csac.ca.gov)
• Cal Grants
(http://www.calgrants.org)
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Parent Contribution
Student Contribution+
Estimated Family Contribution
The data you provide on the FAFSA is used tocalculate the amount you are expected to contribute.
(EFC)
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Cost of Attendance
Estimated Family Contribution-Financial Need
The gap that’s left between what you are expected to contribute and the total cost is called “Financial Need.”
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There are 3 types of Financial Aid:
$ Need-based Merit-based Non-need-based
Financial Aid is what helps you fill that gap.
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Need-based
Grants Federal Work Study Loans
(Federal, State, and College Grants)
(Stafford Subsidized Loan, Perkins Loan)
The first type of aid is determinedsolely by Financial Need.
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Scholarships (College and Outside Scholarships)
Merit-based
The second type of aid is determined by a student’sacademic accomplishments, not Financial Need.
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Internal Merit Scholarships
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College Greenlight
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External Merit Scholarships
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https://roybal-allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf
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Loans (Stafford Unsubsidized Loan, PLUS Loan, Alternative Loans)
Non-need-based
The final type of aid is available to all students, regardless of Financial Need or academic accomplishments.
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The Financial Aid Packageconsists of all or any of these.
Need-based Merit-based
Non-need-based
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COA Across Campuses
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Financial Aid Recommendations
• If parents make less than $60,000 per year, students and families most likely
won’t have to take out many loans.
• There are more than 50 colleges that meet all need with no loans.
http://www.usnews.com/education/best-colleges/paying-for-
college/articles/2014/09/15/colleges-and-universities-that-claim-to-meet-full-
financial-need
• Educational loans are low interest. Students have ten years to pay them back and
can deduct interest from taxes. They are best investment possible in your child.
• Students should never borrow on credit cards.
• Students can visit colleges for free at the beginning and end of senior year.
http://getmetocollege.org/hs/what-colleges-look-for/fall-2014-free-diversity-
college-visits
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What Can We Do Now?
• Save. Every dollars counts.
• Prepare FAFSA-Now PRIOR, PRIOR
• Explain your family finances to your children.
• Build children’s resume.
• Apply for scholarships.
– MALDEF- http://www.maldef.org/assets/pdf/1415_MALDEF_Scholarship.pdf
– Congresswoman Roybal-Allard- http://roybal-
allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf
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