College Research and Financing
Career Explorations
Burlington High School
A. Nolte
What to consider I
Type of College or University
2-yr or 4-yr ?
technical /vocational?
single gender or coed?
particular affiliation, e.g. religious, military, business?
Cost
Available Aid
Academic Programs
Selectivity (GPA, class rank, SAT/ACT, leadership,
service, work ethic, recommendations, etc.)
Faculty
Career Explorations College Intro 2
What to consider II
Reputation
Location
Size of school
Student/Teacher Ratio
Infrastructure (housing, atmosphere,
activities, student life, facilities)
Diversity
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Cost
Tuition – the cost of classes
Room and Board – the cost of living on
campus (live in dorm, eat at cafeterias)
Student Fees – various lab, athletic or
activity fees, health care
Books and Supplies
Other Fees – some schools have other
random fees
Personal Items (living expenses)
Transportation, travel
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Cost per year *)
UVM Avg. State School Avg.
In-State SMC Out-of-State Private School
Tuition $11,048 $31,675
Room & Board $8,534 $7,960
n/a n/a
Student Fees $1,796 $265
Books & Supplies $990 $1,200
Total Costs: $22,368 $41,100 $27,791 $35,374
*) 2008 data
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Cost for 4 Years
UVM Avg. State School Avg.
In-State SMC Out-of-State Private School
First Year $22,368 $41,100 $27,791 $35,374
Second Year $23,710 $43,566 $29,458 $37,496
Third Year $25,133 $46,180 $31,226 $39,746
Fourth Year $26,641 $48,951 $33,100 $42,131
Total: $97,851 $179,797 $121,575 $154,748
avg. student debt (class of 2008): $23,000
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Reducing Cost I
go to nearby school and live at home
go to school part-time (w/part-time job)
participate in work-study program
Buy used textbooks and supplies needed
live off-campus
prepare own meals, not eating at
cafeteria
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Reducing Cost II
2+2 = savings (start 2-yr community college +
transfer)
connections (e.g., family member)
Dual Enrollment (take college classes during H.S.)
AP classes in H.S. to earn credits for free
Take Gap-year (for work or personal advancement)
Go to school abroad (incl. Canada)
Etc.
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How to Pay?
Financial Aid (Sources: Fed. Govnmt, State, Colleges,
Private Scholarships, Banks, etc.)
Grants and Scholarships
Work Study Program
Loans
Savings (yours, parents’, 529 plans, etc.)
Work and SAVE (have you started??)
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How to Pay – a puzzle…
Plus own contribution from savings and earnings!
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Grants and Scholarships
“gift aid” – do not need to be repaid
but: scholarships are not entirely “free” – you
may “owe”:
(community) service
athletic activities
academic results
scholarships are based on, for example:
Financial need
Academic / Athletic Achievements
Activities, Services, Involvement
Recommendations
Essay, Interview, Personal Statement
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Work Study Program
“self-help aid”: students earn money
for education
jobs usually within the college (hours
are appropriate for students)
jobs sometimes useful (e.g., desk job
where you can study, do homework)
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Loans
“self-help aid”: money borrowed to pay for
school (parents or students)
loans must be repaid with interest (lots of
interest…!)
typical: repay 6 mos. after leaving school
no interest while in school
deferment if continue on to grad school
work closely with financial aid advisor!
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Interest on Loan – an example
Federal Stafford Loans for 2008 were at
6.8% interest
UVM will cost you $97,851 over 4 years
Assumption: you borrow $97,851 at 6.8%
Total cost over 10 years:
Pay $36,549 in interest
Pay $1,120 per month for 10 years
Pay total cost $134,400 over 10 years
avg. student debt (class of 2008): $23,000
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Sources of Financial Aid
Federal Government = the primary source
of financial aid (FAFSA.ed.gov)
VSAC – limited to Vermont residents
Vermont state grants, scholarships, and
some federal and private loans
College – colleges provide their own
amount of financial aid
Grants, Scholarships, Loans, Work Study
Other – foundations, civic groups,
organizations, sponsors, employers, etc.
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Financial Aid Criteria - General
Family income before taxes (incl. student’s!)
Family assets: savings, investments (incl.
student’s!)
Family size (parents plus children)
Family members in college
The age of your older parent
Other factors sometimes considered include:
Credit card debt
Home and/or Business equity
Rent/Mortgage payments
Retirement accounts
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Financial Aid Criteria – Income and
Assets
Budget minus Resources = Need
1. Income Statement =
Family income before taxes
minus certain expenses
= Resource 1
2. Balance Sheet =
Family assets
minus certain liabilities/debt
= Resource 2
Yields EFC = Expected Family Contribution
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FAFSA
www.FASFA.ed.gov
Free Application for Federal Student Aid
Example:
Cost / yr = $40,000
FAFSA = $15,000 (EFC)
Financial Aid = $25,000
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College Search - Resources
Free tools, e.g. VSAC’s “School Finder, ” or “Choices”
or: www.collegeaccess.org
or: www.collegeboard.com
or: www.FastWeb.com
Internet Research (colleges and aid programs)
Campus visits, open houses, fairs
College Pathways Conference (at St. Mike’s)
Workshops
Recommendations
Guidance
LLL Office (“College Connections”, Dhyana Bradley)
Etc.
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College Search - Preparation
Meet with school counselor (check your
high school “course map”)
Meet with “Linking Learning to Life”
Talk to your parents, guardians, siblings,
friends, teachers, mentors, classmates, etc.
Prepare for tests (PLAN, PSAT, SAT, ACT, etc.)
Explore / Research / Visit more than one
college (target schools + reach schools)
Sign up for extracurricular activities
Stay involved (volunteer, service, clubs, sports,
music, drama, …)
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College Search – Preparation cont’d
Keep on track with work, grades, exams
Save money, manage funds wisely
Continue “Career Exploration” (interests, skills,
values, talents, empl. outlooks)
Attend Informational Meetings (“Pathways”)
Know due dates for tests, applications, fairs
Line up letters of recommendation
Clean up your image (e.g. Facebook)
…and again: distinguish yourself…
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Education pays in higher earnings
and lower unemployment rates
Lower unemployment
Earnings
Bureau of Labor
Statistics, March 2009
7-I
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Education & Earnings – some statistics
Workers w/bachelor’s degree earn
avg. $26K/yr more than workers with
H.S. diploma only ($57K vs. $31K p.a.)
29% of adults (25+ yrs) have a
bachelor’s degree:
29.4 mio. women
28.4 mio. men
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More Reading/Reasearch Sources
College: How Much to Spend?
http://www.pbs.org/now/shows/528/college-expenses.html
Census Bureau Releases Data Showing Relationship
Between Education and Earnings
http://www.census.gov/Press-Release/www/releases/archives/education/013618.html
Look Before You Leap: Student Loan Shopping Tips
http://projectonstudentdebt.org/look_leap.vp.html
Gap year, Time Off With A Plan
http://www.bls.gov/opub/ooq/2009/fall/art04.pdf
Student Loans: Avoiding Deceptive Offers
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre43.pdf
Characteristics of Borrowers with Excessive Debt
http://www.finaid.org/educators/20090511excessivedebt.pdf
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