planning financially for college fontbonne university financial literacy and default prevention...
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The “5 th Year” Pitfall Double-majoring? Minoring? Studying Abroad? Anything which could delay your graduation date results in a pitfall of your financial goals Everything comes with a cost Cost of tuition, fees, books, housing, transportation, etc. for the period of delay PLUS Wages lost from not earning maximum wage potential for the period of delay Possible Financial Aid Exhaustion Maximum lifetime eligibility Student Loans (Dependents: $31,000/Independents: $57,500) Pell Grant (6 years) State aid (4 years/8 semesters) Scholarships (4 years/8 semesters)TRANSCRIPT
Planning Financially for College
FONTBONNE UNIVERSITY FINANCIAL LITERACY AND DEFAULT PREVENTIONFACILITATED BY JAMES “VINNY” VINCENT
ASSOCIATE DIRECTOR, FINANCIAL LITERACY LIAISON
College Costs Revealed
Seen costs Tuition and fees Books On-campus housing and meal plans
Unseen costs Transportation Insurance Student loan interest Transfer costs Extended years of attendance
The “5th Year” Pitfall
Double-majoring? Minoring? Studying Abroad? Anything which could delay your graduation date results in a pitfall of your financial goals Everything comes with a cost
Cost of tuition, fees, books, housing, transportation, etc. for the period of delay PLUS Wages lost from not earning maximum wage potential for the period of delay
Possible Financial Aid Exhaustion Maximum lifetime eligibility
Student Loans (Dependents: $31,000/Independents: $57,500) Pell Grant (6 years) State aid (4 years/8 semesters) Scholarships (4 years/8 semesters)
College is an Investment
Maximize Your Return
Finish Your
Degree
Finish Quickly
Choose a Major Wisely
Minimize Costs
• Transfer Credits: Many community colleges have agreements with local 4-year colleges to often allow credits to easily transfer toward the 4-year degree without students having to retake already completed courses.
• Social Costs: It is common for transfer students to feel isolated when they arrive at a new college. Isolation could lead to depression, poor academic performance, or inability to develop a strong social network.
Paying for College
Prepare
Apply
Receive
Repay
• Prepare yourself not just financially, but academically as well. Academic performance drives the ability for students to continue receiving financial aid.
• Apply for financial aid by completing the FAFSA (Free Application for Federal Student Aid) as well as community-sponsored scholarships
• Now that you have the money, make sure you spend it wisely. Any excess aid could assist with future costs the next year, lowering the need to borrow loans.
• Work with your student loan servicer to select a repayment plan that not only works best for your repayment ability but for your financial goals as well.
Other Aid Alternatives
Workstudy Jobs
Cooperative Education
Paid Internships
Non-workstudy Jobs
Family Support
Seminar Activity
For this activity you will need a computer. Step 1: https://www.fontbonne.edu/financial-aid Step 2: Locate the Outside Scholarships page. Step 3: Create a list of 10 outside scholarships you could apply for. Step 4: Name 5 General Scholarship Databases you could use to further your search. Step 5: Visit one of the College and Scholarship Blogs. Read an article and write a
short review (10 sentences minimum) of how you believe the article you read benefited you.
Questions?
Contact James “Vinny” Vincent [email protected] 314.719.4353
Office Hours: Monday thru Friday (8:30am-4:30pm)
Lunch taken daily from 12:30pm – 1:30pm