Paying for College 2018-2019
Today’s Questions • What do we need to do? • How will we pay for this? 2
Today’s Questions • We know what to do • We know what steps to take • We have a plan to pay for college 3
Agenda • College costs • Financial aid • Financial aid applications • Timeline and action items • Help when you need it 4
College Costs • Community colleges • $5,093 tuition; $13,826 total • Public colleges and universities • $10,797 tuition; $26,046 total • Private colleges and universities • $41,576 tuition; $55,996 total 5
College Cost of Attendance (COA) • Tuition and fees • Room and board • Books and supplies • Transportation • Personal • S tudy abroad* • Computer purchase* *Can include with the permission of the financial aid office 6
Y ou Are in Charge • Direct cost: Money you pay to the college • Indirect cost: Money you spend (or don’ t spend) independent of the college • COA is an AVERAGE— your expenses will vary • Create your own COA 7
Net Price Calculator • Required by the U.S . Department of Education • S hows standard COA minus “ your” financial aid • S chools’ current award policies • Y our income, assets, household size • Optional: GP A and test scores for merit- based aid 8
Agenda • College costs • Financial aid • Financial aid applications • Timeline and action items • Help when you need it 9
Financial Aid Programs • Gift aid • Grants • S cholarships • S elf-help • Work-study • Loans • All of these can be need-based or merit-based 10
Federal Grants Page 19 • Federal grants • Pell Grant • FS EOG • TEACH Grant • Iraq and Afghanistan S ervice Grant 11
State of Oregon Grants Page 31 • Oregon Opportunity Grant • Oregon Promise 12
Institutional Funds • Y our college or university • Grants • S cholarships • Different awarding criteria 13
Scholarships Pages 21 and 31 • High school scholarships • Community scholarships • College and university scholarships • National scholarships 14
Searching for Scholarships • AS K EVER YONE! • Relatives, neighbors • High school counselors • Employers • GetCollegeFunds.org • Collegegreenlight.org • S cholarships.com • Naviance or ORCIS 15
Work-Study Page 20 • Federal Work-S tudy Program • Institutional work-study • Y ou are a student first • Work shouldn’ t interfere with your studies • Time management • Dead week and finals week 16
Loans Page 20 • Federal student loans • Direct S ubsidized Loans • Direct Unsubsidized Loans • Federal parent loans • Direct PLUS Loans • Interest Rates 2018-2019 • Undergraduate sub and unsub: 5.05% • PLUS : 7.60% 17
Other Ways to Pay for College • S avings • AmeriCorps • Military S ervice • ROTC • Reserves • National Guard • Parent’s GI Benefits 18
Agenda • College costs • Financial aid • Types of financial aid applications • Timeline and action items • Help when you need it 19
Types of Financial Aid Applications • Free Application for Federal S tudent Aid (F AFS A) • Oregon S tudent Aid Application(ORS AA) • CS S Profile • S cholarship Applications 20
Free Application for Federal S tudent Aid (www.F AFS A.gov) 21
Federal Student Aid ID (FSA ID) • FS AID.ed.gov • S tudent and at least one parent get an FS A ID • Used for F AFS A • Used for student loans 22
IRS Data Match with FSA ID S ource: Federal S t udent Aid. Fsaid.ed.gov. 23
IRS Tax Transcript S ource: Int ernal Revenue S erivice. www.irs.gov. 24
Oregon S tudent Aid Application (ORS AA) S ource: Oregon Office of S t udent Access and Complet ion. "Oregon S t udent Aid Applicat ion (ORS AA) Pre-Filt er Tool” ht t p:/ / oregonst udent aid.gov/ PublicTools/ FinancialAid/ PreFilt er. 25
F AFSA and ORSAA Sections • S tudent demographics • S tudent plans • S tudent colleges • S tudent income • S tudent assets • Parents’ income • Parents’ assets • S ignatures 26
Financial Aid Parents S ource: Oregon Goes t o College.” Who Is My Financial Aid Parent ? ” ht t p:/ / oregongoest ocollege.org/ sit es/ default / files/ ccc/ financialaidparent handout .pdf. 27
Financial Aid Expert Chat http://oregongoestocollege.org/finaid-help 28
Not Financial Aid Parents (Unless They Have Adopted Student) Widowed Grandparents Fost er Parent s Legal Guardians Older Brot hers Aunt s or Uncles S t epparent or S ist ers 29
Common F AFSA Rej ects Nationally • Confusing student and parent information • Entering information that doesn’ t match with S ocial S ecurity Database • Amount of federal income tax • Not signing the F AFS A form 30
CSS Profile S ource: CollegeBoard. “ CS S Profile.” ht t ps:/ / cssprofile.collegeboard.org. 31
CSS Profile • CS S Profile website: https:/ / cssprofile.collegeboard.org • Application Fees • First submission: $25 • Additional submissions: $16 each • Waivers are available • Non-custodial parent information • Additional income and asset information 32
OSAC Scholarship Application Page 31 S ource: Oregon Office of S t udent Access and Complet ion. “ OS AC S t udent Port al.” ht t ps:/ / app.oregonst udent aid.gov. 33
Additional Financial Aid Paperwork • Verification • Provide documentation of F AFS A answers • Roughly 30% of students selected • Loan entrance counseling • Online information about loan rights and responsibilities • Loan promissory notes • S igning for a loan online • Master Promissory Note: Up to 10 years 34
Agenda • College costs • Financial aid • Types of financial aid applications • Timeline and action items • Help when you need it 35
September Timeline Attend financial aid night F AFS A filers: Create FS A IDs ORS AA filers: Find your 2017 tax return Verify names and numbers on S ocial S ecurity cards Have a family financial aid talk 36
Family Financial Aid Discussion Parent(s): • How much can you pay from savings? • How much can you pay from earnings? 37
Family Financial Aid Discussion S tudent: • How much are you earning? • How much are you saving? • How many potential scholarships? 38
Family Financial Aid Discussion • How much are you willing to borrow? • Can you increase savings/ decrease spending? 39
October Timeline Complete F AFS A or ORS AA Experiment on Net Price Calculators Complete Oregon Promise application www.oregonpromise.org Y es, even if you don’ t intend to go to a community college 40
November Timeline Narrow your college choices to no more than six to 10 Do any of your schools require the CSS Profile ? Now’s the time to do it! Take Thanksgiving weekend to perfect any scholarship or admission essays Respond to any communicat ion you receive from a financial aid office 41
December Timeline Use your winter break to apply to your colleges and universities— during finals week, you’ ll be so glad you did this Research scholarships Apply for scholarships 42
Agenda • College costs • Financial aid • Types of financial aid applications • Timeline and action items • Help when you need it 43
Help When Y ou Need It • High school counselors • College and career center • 800-4-FED-AID • http:/ / oregongoestocollege.org/ finaid-help • www.bigfuture.org • https:/ / oregongearup.org 44
Contact Us The College Place-Oregon Portland Community College S ylvania Campus Jennifer S atalino j satalino@ ecmc.org 971-722-4493 45
S ign Up to Receive Targeted and Timely Information https:/ / tinyurl.com/ ECMCTCP 46
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