bishop o’connell high school december 16, 2015 paying for college 1/5/2016

BISHOP O’CONNELL HIGH SCHOOLDECEMBER 16, 2015

Paying for College

04/22/23

We will talk about:

College expenses (briefly)

College Finance Third party scholarships Virginia state student aid (FAFSA) Federal student aid College-based grants Targeted college-based grants

04/22/23

College Expenses

TuitionRoom & BoardBooks, school supplies & incidentalsExtraordinary expenses

04/22/23

Sources of Funding for College

Third-Party Scholarships1. Start search in junior year. Apply in senior year.2. The following websites contain lists of scholarships:

Naviance: https://succeed.naviance.com List of scholarships from various sources

Scholarship America: http://scholarshipamerica.org List of corporate and other scholarships

Fastweb: www.fastweb.com Scholarship search engine

04/22/23

Third Party Scholarships

Examples of organizations providing scholarships:

1. Armed Forces Communications and Electronics Association (AFCEA)(STEM)

2. Arlington Community Foundation3. Arlington Optimists Club4. Bank of America5. Best Buy6. General Electric Corporation ($10,000/year for 4

years)7. Daughters of the American Revolution (DAR)8. Knights of Columbus

04/22/23

State Based AidVirginia Tuition Assistance Grant

Provides tuition assistance to students from Virginia attending private in-state colleges.

The amount for the 2015-2016 academic year is estimated to be $3,100.

Student must apply for grant by sending application form to college.

04/22/23

F

FAFSA: Free Application for Federal Student Aid

Eligibility:U.S. citizen or permanent residentHigh school graduate/GED holderValid Social Security numberMales registered for Selective ServiceEligible degree/certificate programSatisfactory academic progress

04/22/23

How much federal aid can I get?

In general, this depends on your financial need.

Financial need is defined as the difference between Cost of Attendance (COA) and Expected Family Contribution (EFC)

COA is tuition, fees, room & board, transportation, etc.

EFC comes from what you report on FAFSA

COA – EFC = financial need

04/22/23

How much federal student aid can I get?

For early estimate, use FAFSA4caster:

Go to https://studentaid.ed.govEnter some financial informationGet an estimate

04/22/23

How Much Federal Student Aid Can I Get?

Grant/Work-Study (2015-16) Amount/School Year

Federal Pell Grant Up to $5,775

Federal SEOG $100 to $4,000

TEACH Grant Up to $4,000

Iraq and Afghanistan Service Grant Up to $5,775

Loans (2015-16) Maximum Amount

For Dependent Student1.Stafford Direct Loans (4.66%)

2.Federal Perkins Loan (5.0%)

$5,500 (No more than $3,500 subsidized)$5,000-(Subsidized)

For Parents1. Federal PLUS Loan (7.21%) COA-EFC+Financial Aid

(unsubsidized)

04/22/23

How do I apply for federal student aid?

1. Use FAFSA on the Web Worksheet to get ready.

• Get worksheet at https://studentaid.ed.gov• Use checklist to gather documents you need.• Fill out worksheet to prepare your answers.

04/22/23

Dependent vs. Independent Student

A student must meet certain criteria to be declared independent for purposes of the FAFSA: Be 24 years of age or older by December 31 of the award year; Be an orphan (both parents deceased), ward of the court, in foster care or

was a ward of the court when 13 years or older; Be a veteran of the Armed Forces of the United States or serving on active

duty for other than training purposes; Be a graduate or professional student; Be a married individual; Have legal dependents other than a spouse; Be an emancipated minor or in legal guardianship; Be a homeless youth; Be a student for whom a financial aid administrator makes a documented

determination of independence by reason of other unusual circumstances.

04/22/23


2. Complete the on-line Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov

• Obtain two PINs at www.pin.ed.gov for student and parent

• Choose your own PIN or let the site choose one for you

• Don’t tell anyone your PIN!

04/22/23


• 2016 Graduates: Apply on or after Jan.1, 2016, using 2015 income tax information.

• 2017 Graduates: Apply on or after Oct. 1, 2016, using 2015 income tax information.

• Don’t forget to print confirmation page.

3. Complete FAFSA on line

04/22/23


• Double-check and, where necessary, update information online at www.fafsa.ed.gov (use your PIN to log on).

4. Watch for Student Aid report (SAR) from the U.S. Department of Education.

04/22/23


5. Federal government gives FAFSA information to colleges you are considering

• Give the schools any additional paperwork they ask for (CSS Financial Aid Profile)

• Meet all deadlines or you could miss out on aid!

04/22/23


04/22/23

CSS Profile•A service of the College Board (http://css-collegeboard.org)•Used only for college (and not federal) financial assistance•You can complete only once for a given school year.•More invasive than FAFSA• College may request tax forms• Non-custodial parents may need to provide

information.•Fee waiver for families earning under $40,000.

College Financial Aid Package

Each school will tell students how much aid each can get at that school, including:

Assistance from the U.S. government based on federal grant and loan formulas.

Scholarships from the college (based largely on merit).

04/22/23

College Merit Scholarships

Private colleges use merit scholarships to “buy down” their tuition, room & board expenses

Example: Mount St. Mary’s University 2016-17 Tuition, Room & Board = $49,900

Scholarship/ Fellowship

Amount HSGPA

SAT(CR&M)

ACT

Trustee Scholarship $22,000 2.75 1250 28

3.5 1200 26

Presidential Scholarship

$20,000 2.75 1100 24

Dean’s Scholarship $19,000 2.753.0

1050 900

2220

Leadership Scholarship

$ 5,000 Leadership, involvement and need

04/22/23

Targeted Grants and Scholarships

Students sometimes are qualified for targeted scholarships: Athletic scholarships (Division 1 and 2 schools) Art scholarships (VCU has very strong art program) STEM scholarships Leadership ROTC scholarships

04/22/23

And the Beat Goes On . . .

In 2014, the average student earning a graduate or professional degree owed:

$57,600

solely for educational expenses related to the graduate degree. *

*U.S. News & World Report

04/22/23

Resources

https://studentaid.ed.gov Information on federal student aid

http://nces.ed.gov/collegenavigator.com College search engine

http://collegecost.ed.gov Compare colleges based on various criteria.

1-800-4-FED-AID (1-800-433-3243) Federal Student Aid Information Center

“Twisdoms about Paying for College”by Mark Kantrowitz

04/22/23

bishop o’connell high school december 16, 2015 paying for college 1/5/2016

Documents