what hs counselors need to know to help students apply for … · 2019-04-17 · § go into...

What HS Counselors Need to Know to Help Students Apply for and Consider Financial Aid Offers

KATY MURPHY, BELLARMINE COLLEGE PREPARATORY

WACAC SLC 2019

4/5/19 ThispresentationcannotbereplicatedwithoutexpresspermissionfromBellarmineCollegePreparatory

What you really need to know . . . § Ishowtohelpstudentsunderstandthatthey

deserveacollegeeducation

§ Ishowtohelpstudents/familiesdetermine“value”

§ Ishowtohelpstudentsapply§ Andhowtoevaluatetheirfinancialaidpackages


What Students Need to Know about College Financial Aid

GAINING INTEREST AND TRUST


Why Go To College?

§ toprepareforacareer

§ toprepareforallthecareersapersonwillhaveoverhis/herlifetime

§ tolearnabouttheworldandimprovequalityoflife

§ toprovideforafamily


FinancialAdvantagesofaCollegeDegreeBachelorDegreeHoldersearnover50%morethanHSdiplomaholders,andapprox.100%morethan

thosewithoutahighschooldiploma.

From:HigherEducationEarningsPremiumbySandyBaumfortheUrbanInstitute,Feb.2014


When to Start This Conversation? § make“college”apartofeverypresentation

§ foreverystudent,itistheoption§ keepthedoorsopen...eachstudentcandecidewhether

togothroughthem

§ A–Gcompletionagoodstart

§ workwithparentstounderstandthevalue4/5/19 ThispresentationcannotbereplicatedwithoutexpresspermissionfromBellarmineCollege

Preparatory

Determining Value I’M GOING . . .

HOW CAN I UNDERSTAND HOW FINANCING SHOULD BE A PART OF MY CONSIDERATIONS IN WHERE TO APPLY


How to Determine “Value”: Big Future


Natl.AverageGraduationRate:44%

Natl.AverageRetentionRate:about67%

Avg.Need-BasedLoan

Avg.Need-BasedGrants

Avg.“Merit”Scholarship

Avg.IndebtednessatGraduation


How to Determine “Value”: College Navigator


Retentionand

GraduationRates


Determine“Value””:CollegeScorecard


Context of Costs


“Bill” vs. Cost of Attendance

The“Bill”...paidtothecollege,includes tuition,fees,room

andboardifthestudentlivesoncampus

CostofAttendance(COA)...

includestuitionandfeesPLUSroomandboardorlivingallowance

booksandsuppliestransportationandpersonalexpenses


Why is this Important?

UC Berkeley San Jose State U Santa Clara U

bill: $30,582 bill: $13,214 bill: $66,621

COA: $35,258 COA: $18,283 COA: $71,778

forresidentstudents2018-19

Publics are not necessarily less expensive than Privates . . . Or Out-of-State

Institutions

§ Meritscholarships

§ Timetodegree,havetostartatacommunitycollege?

§ Opportunitiesforco-ops/payinginternships

§ WUE...WesternUndergraduateExchange


TomFanning6-15

ActualCostisRarely“TheStickerPrice”


WUE: Western Undergrad Exchg

“WUE”: Awards qualified students “scholarships” so they pay 150% of in state tuition at public institutions. Not all offer, and each determines eligibility based on gpa and majors. 2018-19 Tuition: Arizona State*: WUE: $ 14,720 Out of State: $ 27,418 Colorado State: WUE: $ 20,368 Out of State: $ 28,730 U Nevada Reno: WUE: $ 10,080 Out of State: $ 21,192

*some programs

Need-Based Aid and Merit Scholarships

NEED-BASEDAIDBasedonFamilyIncome&

Assets Meanttohelpmakecollege

affordableforallAlsobasedontuitionandother

costs

MERIT-BASEDSCHOLARSHIPS

 IncomeandAssetsnotconsidered

 Butgradesandtestscorescount!

 Maydependonstudentactivities,essay,etc.

ThispresentationcannotbereplicatedwithoutexpresspermissionfromBellarmineCollegePreparatory4/5/19

How to Help Your Students Apply

TIMING, INFORMATION, SUBMISSION


Change in FAFSA Dates: Oct 1! § FAFSAopensforFall2020on

October1st§ CalGrantdeadlineisstillMarch2nd


•  Firstyear...Don’twaitforadmission!!!

•  Alwaysapply•  StudentneedsanFSAID*•  ParentneedsanFSAID*

4/5/19

FAFSA

ThispresentationmaynotbeusedwithoutexplicitpermissionfromBellarmineCollegePreparatory

FAFSA and Dream Act FAFSA

 FAFSA...forusebystudentswhoarecitizensandpermanentresidents(parentsmayormaynotbecitizensorpermanentresidents)

 DreamActFAFSA...forusebyundocumentedstudentsorstudentsinCaliforniawhoseparentsarenotcitizensofCalifornia(onvisas,military,etc.)

4/5/19 ThispresentationmaynotbeusedwithoutexplicitpermissionfromBellarmineCollegePreparatory

Parent and the FSA ID

 EachpersonusingtheFAFSA*needsoneFSAID...butonlyifdocumentedcitizen/permres

 ParentsdonotmakeseparateFSAIDsforeachstudent

 DreamActFAFSAs...StudentsandparentsdonotregisterfororusetheFSAID!


Implications of PPY “Early FAFSA” § FAFSAopensinOctober:

timingofadmissionapplicationsandthenfinancialaidapplications

§ FAFSAbeforethelistiscomplete?KnowtheEFC?

manycollegesdonotpackagetodemonstratedneed

§ Financialaidapplicationseasier:usingthe2018taxestoapplyforaidforFall2020,etc.

§ Financialaidawardsearlier?probablynot,buthopefullytheCSUswillgetthesedoneontime!


Completing the FAFSA

§ ifusingdirectionalhandouts,onesidefortheFAFSA,onesidefortheDreamActApplication

§ Sat/Sunworkshops?

§ uselocalaccountant/taxfirmstohelpfamilies?

§ FAFSAfilersshouldusetheDataRetrievalToolifpossible


FAFSA Workshops . . . In Fall of Senior Yr.

§ Nightprogramforparents...FundamentalsoftheFAFSA&CSSProfile

§ GointoGovernment/SeniorEnglishClasses

Goals:togettheparentsandstudents“ready”andaskthemtoregisterfortheFSAID(formerlythePIN)beforetheybegintheprocess


About the CSS Profile

§ notrequiredbymostpublicinstitutions

§ notrequiredbyallprivateinstitutions

§ usuallytakesinfoonnon-custodialparents,etc.§ Fallfilingmayberequiredbysomeinstitutionsifthe

studentisapplying“early”;otherwiseshouldbefiledinJan/Feb


Differences between the FAFSA and CSS

Profile

 FAFSA:informationonsizeoffamily,adjustedgrossincome,ageofolderparent,assetsoutsidethehome,etc.

 CSSPROFILE:individualcollegesaskforinformation

includinghomeequity,incomeandassetsfromnon-custodialparents,etc.


Biggest Mistakes on the FAFSA

§ nameonFAFSAdoesnotmatchthenameinSocialSecuritysystem

§ parentsincludevalueofthehomeontheFAFSA§ parentsdonotusetheFSAIDto“sign”theFAFSA§ parentsdonotupdatetheFAFSAwithactualfiguresafter

usingestimatedfiguresontheFAFSA§ parentsdonotfiletheFAFSAontime!


Questions Asked Most about the FAFSA

§ whichparentneedstofillitout(theparentthestudentsliveswiththemost;andclaimingontaxesdoesnotmatter)

§ doesastep-parent’sincomeandassetsneedtobeincluded(yes,ifthestep-parentismarriedtothecustodialparent)

§ doesthenon-custodialparent’sincomeappearontheFAFSA(no,butitisaskedontheCSSProfile)

§ doesthevalueofretirementneedtobeincludedinassets(no,buttheamountcontributedthatyearisincluded)


Questions . . . cont. § 10spacesforcollegesontheform(studentlists10colleges,

withatleastoneCAcollegeinthetopthree...submitstheFAFSA...whentheStudentAidReportcomesbacktothestudent’semailaddress...goesin,takessomeout,putstherestinandresubmits)

§ Signaturepage(fortheFAFSA,theparentputsinhis/her/theirFSAID,studentputstheFSAIDandsubmits;fortheDreamActFAFSA,theparentdoesnothaveanFSAID..printsthelastpage,signsandmailsitin)


How to Help Your Students Analyze Their Awards

HELP THEM UNDERSTAND “THE BOTTOM LINE”


Coll/Uni#1 Coll/Uni#2 Coll/Uni#3

COSTS/EXPENSES

tuitionandfees

roomandboard

totalof"direct"costs(whichmeansthebill!) addlines4+5

booksandsupplies

transportation

personalexpenses

totalcostofattendance add6+8+9+10

FINANCIALAID

grantsandscholarships

othergiftaid

FederalStafford/DirectLoans

UsetheCostEstimatorWorksheet


Gaps in Meeting Need (EFC = $20,000)

 CollegeOneCOA=$45,000 Need=$25,000

 Award:

 Scholarship $20,500

 Work $2,500

 Loans $2,000

 totalaward $25,000meetsneed

 CollegeTwoCOA=$45,000 Need=$25,000

 Award:

 Scholarship $15,500

 Work $2,500

 Loans $2,000

 totalaward $20,000

 “gap”of$5,000orParentLoanof$5,000


After the Worksheet is Completed

§ howmuchloanisinthepackage?whatwillbethetotalbytheendofthedegree?gradschool?

§ howmuchworkisexpected?§ isthereaParentPLUSLoan?§ ifso...cantheparentpayoutofsavings,etc.,anddeclinethe

loan?§ ifso...iftheparentwantstousethis,willtheparentqualify?§ ifso...whataboutyears#2-4+,andotherchildren’seducation?


After the Worksheet is Completed, cont. § howlongwillthestudentneedtocompletethedegree?§ willtherebeextraordinarytravel/personalexpenses?§ doesthefamilyhavehealthinsurance?Ifnot,thecollege

willexpectbetween$900and$1800topayfortheinsurance.

§ canthefamilyaffordthemonthly/semesterpayments?§ howmuchcanthestudentearnintheSummer?4/5/19 ThispresentationcannotbereplicatedwithoutexpresspermissionfromBellarmineCollege

Preparatory

After the Worksheet is Completed, cont.

§ whichcollegeoffersthebestfinancial“bottomline”?

§ whichcollegemakesthebestsenseinterms

of“fit”and“bottomline”?


At the end of the day . . .

 Itisthestudent’sfamilydecision...ourresponsibilitiesendbeforethedecisionismade.


Questions?


[email protected]

what hs counselors need to know to help students apply for … · 2019-04-17 · § go into...

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