Slide 1 - Rangeview High School

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					Paying for College
Financial Aid 101
                                Dave Aker
                      Rangeview High School
             Scholarship Workshops Fall 2010
                 Cost of Attendance (COA)
                      Student Budget
• Cost of attendance refers to the cost for attending college for one
  year (2 semesters)
• Colleges often define total cost of attendance to include:

    – Tuition and fees
                               Fixed Costs
    – Room and board

    –   Books and supplies
    –   Medical expenses
                                Variable Costs
    –   Transportation
    –   Personal expenses
    Cost of Attendance Comparison
                 Community
                                  Public 4 Year    Private 4 Year
                   College

Tuition & Fees     $2,000-3,500     $5,500-8,500   $30,000-$39,000

Room & Board             8,000             9,700             9,300


Books/Supp               1,750             1,750             1,750

Personal/Med             3,100             3,400             3,800
                                  $522 p/month
Transportation           1,300             1,300             1,300

TOTAL            $16,200-17,700   $21,600-24,600    $46,000-55,000
           Resident –vs- Non-Resident Tuition

            Community College          4-Year Public

                 In-state Tuition      In-state Tuition
                 $2,000-$3,500         $5,500-$8,500

              Out-of-state Tuition   Out-of-state Tuition
                $5,050-$6,500         $15,800-$29,500



Source: Hispanic Scholarship Fund
TYPES OF FINANCIAL AID
     GRANTS
  WORK STUDY
STUDENT LOANS
 SCHOLARSHIPS
                    GRANTS
• Need-based
• Federal, State and Institutional
• Don’t repay – must maintain Satisfactory Academic
  Progress (SAP)
• Pell Grant = up to $5,500
• School awarded - $ vary
• FAFSA required
                      Pell Grant
•   Eligibility determined from FAFSA
•   2010-2011 maximum amount $5,550
•   Pro-rated if student is less than full-time
•   Need based grant
•   EFC must be under $5,273
           State & Institutional Grants
 Colorado State Grants
    Based on financial need
    Must be Colorado resident
    Types and amounts vary by school
    Must complete FAFSA

 Institutional Grants
    Based on need, academics & other factors
    Types, amounts, deadlines vary by school
    Inquire at school(s) you are applying to
                            Federal TEACH Grant
•   Up to $4000 in grant money per year for teaching students
•   Undergraduates can qualify for up to four years, graduates for up to two years
•   Must score above the 75th percentile on a college admissions test OR
    maintain a cumulative GPA of at least 3.25
•   Must be a student who intends to teach full-time in high-need subject areas
    for at least four years at schools that serve students from low-income families
•   If the student does not meet the teaching requirements, the grant must be
    paid back as an unsubsidized loan

     Colorado State University-Pueblo       Mesa State College
     Metropolitan State College of Denver   University of Denver
     University of Colorado Denver          Regis University
     University of Northern Colorado        Jones International University
     Colorado Christian University          Arapahoe Community College
              WORK STUDY
• Both Need- & Non-need based
• Set amount of hours/dollars
• Minimum wage & above
• Up to 20 hours per week
• Work on or near campus
• FAFSA required
              STUDENT LOANS
• Federal Direct Student Loan Program
• $ comes directly from Federal Government 
  to college  to student
• Must be repaid – average 10 yr term
• Low fixed interest rates
• Grace period before repayment begins
  graduation – leave school – drop below part time enrollment
• FAFSA required
                                                     5 Types
                      Stafford Loans
               • Low fixed interest rates
               • 6 month grace period
               • In student’s name
               • No credit check/income verification

      Subsidized Stafford                 Unsubsidized Stafford
• Need-based                          Not need-based
• Interest Rate = 4.5% (2010-11)      Interest rate = 6.8%
• Government pays interest            Student pays interest/
  while in school & during grace       accrues while in school &
  period                               during grace period
                                      Can pay quarterly or capitalize
                             Annual Loan Limits
                                            Annual Loan Limits - Stafford Loan




Dependent Students                 Combined Base Limit for                               Total Limit for Unsubsidized
(whose parents were not denied   Subsidized and Unsubsidized      Additional Limit for     Loans (minus subsidized
a PLUS loan)                                Loans                 Unsubsidized Loans               amounts)

First-Year Undergraduate
                                           $3,500                       $2,000                     $5,500
(Freshman)



Second-Year Undergraduate
                                           $4,500                       $2,000                     $6,500
(Sophomore)




Third-Year and Beyond
                                           $5,500                       $2,000                     $7,500
Undergraduate (Junior, Senior)
Federal Parent Loan for Undergraduate Students
                  PLUS Loans
• In parent name - for parents of undergrad. dependent students
• Fixed interest rate of 7.9%
• Credit check required
    – If denied, student is eligible for additional unsubsidized Stafford allowance
• Repayment begins 6 weeks after the loan is fully disbursed – or -
  parent may defer repayment:
    – while the student on whose behalf the parent borrowed the loan is
      enrolled on at least a half-time basis, and
    – for an additional six months after the student ceases to be enrolled at
      least half-time.
• $ = up to unmet need
• Fees - up to 4%
      Private/Alternative Student Loans

 Higher interest rates and variable (Prime/LIBOR)
 Based on credit score & income = parents typically
  co-sign
 Interest rate & fees determined by credit score
 Less favorable repayment & deferment terms than
  Federal student loans
 Use federal loans first
    Consider PLUS/home equity loans
    Talk to financial aid office first
              How do I apply?
            Start with the FAFSA

Free Application for Federal Student Aid (FAFSA)

– Apply Early! Some Financial Aid is awarded on a first-
  come-first-served basis

– Must file every year after January 1

– Will receive a Student Aid Report (SAR) via email or snail
  mail
               How to Submit the FAFSA
• Available every January 1st- apply early!
• Online application is fastest
   – Processed in 72 hours
   – Student and one parent need to get Personal Identification Numbers
     to sign application electronically (apply at www.pin.ed.gov)
   – Parent and Student Information required:
       • Social security numbers, drivers license numbers
       • Records of money earned last year, tax returns and bank statements, etc.
   – Complete FAFSA online at http://www.fafsa.gov
   – 1-800-4FEDAID paper applications
   – Student Aid Report (SAR)

• BEWARE of any service that requires you to pay a fee to
  submit your FREE application
            Frequently Asked Questions

• My parents are divorced. Whose information do I put on the FAFSA?
• I have a stepparent. Do I need to include his/her information on the
   FAFSA?
• My parent is making less money in the current year than the last
   year. Can I reflect this on the FAFSA?
• What if we don’t have our 2010 tax returns done - can we still
   complete the FAFSA for 2010-11?
          Financial Need



     Cost of Attendance (COA)
- Expected Family Contribution (EFC)
______________________________
     = Financial Need
                EFC Remains Constant
                   Community   Four Year   Four Year
                     College    Public      Private




COA (variable)      $17,700    $24,600     $55,000


  EFC (fixed)       $1,000      $1,000      $1,000



Need (variable)     $16,700    $23,600     $54,000
                College Goal Sunday

• 15 locations around the state
• Free help filling out the FAFSA
   – Bring income, tax, savings documentation
• Information on scholarships and college planning
• Scholarship giveaways
• www.collegegoalcolorado.org
• February 13, 2011
                                       Locations
Alamosa                                        Grand Junction
Adams State College-Student Union              Mesa State College-Wubben Hall

Aurora                                         Greeley
Community College of Aurora
                                               Aims community College – Greeley Campus
Colorado Springs
Pikes Peak Community College                   Gunnison
University of Colorado Colorado Springs        Western State College

Commerce City                                  La Junta
Adams City High School                         Otero Junior College
Craig                                          Longmont
Colorado Northwestern Junior College
                                               Front Range Community College-Boulder Campus
Denver
Auraria Campus-The Tivoli                      Pueblo
                                               Central High School
Durango
Fort Lewis College                             Sterling
                                               Northeastern Junior College
Fort Collins
Front Range Community College
                                           Visit www.collegegoalcolorado.org for
                                           more information.
Western Undergraduate Exchange Program (WUE)


• Alaska, Arizona, California, Colorado, Hawaii, Idaho,
  Montana, Nevada, New Mexico, North Dakota, Oregon,
  South Dakota, Utah, Washington, Wyoming
• Reciprocal agreement to discount non-resident tuition
• Must maintain specific GPA and meet special deadlines
• Dependent upon school and program of study
• www.wiche.edu/wue
Questions?

				
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