Paying For College Strategies for Ohio

Students

OACAC Articulations, September, 2014

Presented by OASFAA

Agenda

2015-2016 Federal and State Updates Handout Updates are minimal this year

Federal: Reauthorization negotiations have begun

Election this November

State: Ohio is in the midst of the second year of their bi-annual budget

Our Goal today is to update you on how families are actually paying for college in Ohio.

Are Recent Headlines Accurate?

L.A. Times: Student debt holds back many would-be home buyers 4/19/2014

N.Y. Times: It’s Official: The Boomerang Kids Won’t Leave 6/20/2014

U.S. News & World Report: Student Debt Hurts More Than Your Wallet 08/07/2014

Huffington Post: These 9 Charts Show America's Coming Student Loan Apocalypse 08/20/2014

Politico: Poll Education second-biggest issue for likely voters 08/14/2014

What is the Experience of Real Ohio College Students?

We will compare the actual experience of a $0 EFC student as well as several $10,000 EFC students as far as their award letters and how they actually ended up paying for college at each of: An Ohio Community College An Ohio For-Profit School An Ohio Four Year Public University An Ohio Four Year Not-For-Profit Private University

Ohio Community College Award Letter

Ohio Community College Award Letter Budget (COA): $12,459*

EFC: $0

Need: $12,459

Awards Award Total FallSpring

Pell Grant $5,730 $2,865 $2,865

SEOG Grant $ 600 $ 300 $ 300

Direct Sub $3,500 $1,750 $1,750

Direct Unsub $2,000 $1,000 $1,000

TOTAL $11,830

*This includes tuition/fees, books, personal expenses, room/board, and transportation.

Ohio Community College Award Letter

Ohio Community College Award Letter Budget (COA): $15,723*

EFC: $15,605

Need: $118

Awards Award Total FallSpring

Direct Unsub $5,500 $2,750$2,750

TOTAL $5,500

*This includes tuition/fees, books, personal expenses, room/board, and transportation.

Ohio Community College - Options

Reduce Budget (COA)

Books? Personal Expenses? Room & Board? Transportation?

Cash or Credit Cards

Tuition Payment Plan

Independent students have increased Unsubsidized Loan eligibility (an additional $4,000 for first and second year undergraduate students)

Dependent students’ parents can borrow the Parent PLUS Loan

Students of parents that are denied PLUS Loans can also borrow the additional unsub of $4,000 for first and second year undergraduate students)

Private Student Loans

Ohio Proprietary School Award Letter

$0 EFC

Ohio Proprietary School Award Letter

$0 EFC Budget (COA): $14,205*

EFC: $0

Need: $14,205

Awards Award Total Term 1 Term 2 Term 3Term 4

Pell Grant $5,730 $1,432$1,433$1,432$1,433

Direct Sub $3,464 $ 866$ 866$ 866$ 866

Direct Unsub $5,936 $1,484$1,484$1,484$1,484

TOTAL $15,130

*This includes tuition/fees, books, tools, supplies, and uniforms. Student is eligible for additional indirect cost COA such as personal expenses and transportation. Award shown is what they are eligible for.

Ohio Proprietary School – Account$0 EFC

Ohio Four Year Public Award Letter -

$0 EFC

Ohio Four Year Public Award Letter Budget (COA): $25,758*

EFC: $0

Need: $25,758

Awards Award Total FallSpring

Pell Grant $5,730 $2,865 $2,865

SEOG Grant $ 500 $ 250 $ 250

OCOG $1,048 $ 524 $ 524

Institutional Grant $4,000 $2,000 $2,000

Work Study $2,000 $1,000 $1,000

Direct Sub $3,500 $1,750 $1,750

Direct Unsub $2,000 $1,000 $1,000

TOTAL $18,778

*This includes tuition/fees, books, personal expenses, room/board, and transportation.

Ohio Public Four Year University – Statement of Account

*Note fees

*Also note the Charges are $11,227.60 which is $22,455.20 for two terms (down from COA of $25,758). Shows the difference between Direct and Indirect Costs.

*Balance of $2,866.60 represents the balance of direct costs.

Ohio Four Year Public Award Letter$10,000 EFC

Ohio Four Year Public Award Letter$10,000 EFC

Budget (COA): $25,758*

EFC: $10,000

Need: $15,758

Awards Award Total FallSpring

Direct Sub $3,500 $1,750$1,750

Direct Unsub $2,000 $1,000$1,000

TOTAL $5,500

*This includes tuition/fees, books, personal expenses, room/board, and transportation.

Ohio Public Four Year University – Statement of Account - $10,000

EFC

*Balance of $8,505.60 represents the balance of direct costs.

Ohio Private Four Year NFP University –

Award Letter $0 EFC Budget (COA): $38,895*

EFC: $0

Need: $38,895

Awards Award Total Fall Spring

Merit Scholarship $9,500 $4,750 $4,750

Institutional Grant $1,335 $ 667 $ 668

Pell Grant $5,645 $2,823 $2,822

SEOG Grant $4,000 $2,000 $2,000

OCOG $2,080 $1,040 $1,040

Direct Sub $3,500 $1,750 $1,750

Direct Unsub $2,000 $1,000 $1,000

Perkins $2,100 $1,050 $1,050

Work Study $1,400 $ 700 $ 700

Outside Scholarship $3,000 $1,500 $1,500

Institutional Residency $200 $ 100 $ 100

TOTAL $34,760

*(Direct Charges: $36,160)

Ohio Private Four Year NFP University –

Statement of Account $0 EFCFall Semester BillingDate Term Source Charges Payments

7/31/132013/Fall Tutition- Full Time $13,530

7/31/132013/Fall Technology Fee $160

7/31/132013/Fall Comprehensive Deposit $150

8/2/132013/Fall Double- Traditional Hall $2,120

8/9/132013/Fall Unlimited Mean Plan $2,270

8/9/132013/Fall Chem Lab Fee $40

9/30/132013/Fall Parking Fine $25

7/25/132013/Fall Enroll Deposit Credit Card Payment   $150

8/23/132013/Fall Ohio College Opportunity Grant   $1,040

8/23/132013/Fall Federal Pell Grant   $2,823

8/23/132013/Fall Federal SEOG   $2,000

8/23/132013/Fall Federal Perkins Loan   $1,050

8/24/132013/Fall Institutional Grant   $667

8/25/132013/Fall Merit Scholarship   $4,750

8/26/132013/Fall Outside Scholarship   $500

8/26/132013/Fall Outside Scholarship   $1,000

8/26/132013/Fall Subsidized Stafford Loan   $1,732

8/26/132013/Fall Unsubsidized Stafford Loan   $990

8/26/132013/Fall Institutional State Residency Award   $100

8/27/132013/Fall Check Payment   $2,128

$18,295 $18,930

Total Charges $18,295

Total Credits $18,930**$635 credit balance carried forward

Ohio Private Four Year NFP University –

Award Letter $10,000 EFC Budget (COA): $38,895*

EFC: $9,974

Need: $28,921

Awards Award Total FallSpring

Merit Scholarship $7,500 $3,750 $3,750

Institutional Grant $5,940 $2,970 $2,970

Institutional Gift Awd $2,000 $1,000 $1,000

Direct Sub $3,500 $1,750 $1,750

Direct Unsub $2,000 $1,000 $1,000

Perkins $ 660 $ 330 $ 330

Work Study $1,400 $ 700 $ 700

Outside Scholarship $1,000 $ 500 $ 500

TOTAL $24,000

*Direct Charges: $36,160

Ohio Private Four Year NFP University –

Statement of Account $10,000 EFC

Fall Semester BillingDate Term Source Charges Payments

7/31/132013/Fall Tutition- Full Time $13,530

7/31/132013/Fall Technology Fee $160

7/31/132013/Fall Comprehensive Deposit $150

8/2/132013/Fall Double- Traditional Hall $2,120

8/9/132013/Fall Unlimited Mean Plan $2,270

7/25/132013/Fall Enroll Deposit Credit Card Payment   $150

8/23/132013/Fall Federal Perkins Loan   $330

8/24/132013/Fall Institutional Grant   $2,970

8/25/132013/Fall Merit Scholarship   $3,750

8/26/132013/Fall Institutional Gift Award   $1,000

8/26/132013/Fall Subsidized Stafford Loan   $1,732

8/26/132013/Fall Unsubsidized Stafford Loan   $990

8/27/132013/Fall Credit Card Payment   $7,308

10/29/132013/Fall Outside Scholarship   $500

$18,230 $18,730

Total Charges $18,230

Total Credits $18,730

**$500 credit balance carried forward

Resources and Our Contact Information

Email: outreach@oasfaa.org Web: http://www.oasfaa.org/ (page for counselors)

Request an OASFAA volunteer High School Financial Aid Night presenter.

Register for December Counselor Workshops (we anticipate registration being live within a week).

Sign up for our email database to be sure you are notified for all events.

Financial Aid 101 Webinar: Registration information coming soon on the OASFAA web site and list serves. November 20, 2014 at 1:30 PM. If you know a newer counselor, please invite them!