Advanced Level Paying for Higher Education 2.3.5.G1 Receiving

Advanced Level Paying for Higher Education 2.3.5.G1 Receiving

Advanced Level Paying for Higher Education 2.3.5.G1 Receiving a Higher Education Pros Cons Plan Ahead! Eight times as many students drop out of degree and certificate programs due to finances and debt than grades! What are other pros and cons of higher education? Take Charge Today August 2013 Paying for Higher Education Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1

Reduce Costs by Planning Ahead What are ways you can reduce the total cost of higher education? Start saving early! Take advanced placement courses or pass college-level exams Avoid needing remediation classes in college Begin career pathway planning early Live at home Work part-time Consider in-state and public universities

Carefully evaluate the cost of attendance and financial aid packages Attend a community or junior college first Take Charge Today August 2013 Paying for Higher Education Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Academic Advisors Meet Imani: About to graduate from high school Imanis Goal:

Become a lawyer or politician Imani has little saved to pay for higher education Based on Imanis grades and college entrance placement scores she may need remediation courses Imani has learned that a bachelors and professional degree to become a lawyer could cost as much as $301,118 Your mission: Explore ways to help Imani pay for her education

Take Charge Today August 2013 Paying for Higher Education Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Imanis Plan Anticipated total cost: $241,458 1. Go out-of-state to earn a two-year associate degree, bachelor degree and professional degree 2. Attend in-state schools to earn her associate and Anticipated bachelors degrees while living at home; go to an out-of- total cost: $178,294 state college for a professional degree 3. Go to in-state schools for all degree programs Anticipated total cost: $95,536 Take Charge Today August 2013 Paying for Higher Education Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Imanis Total Anticipated Cost

Through careful research, Ive been able to get the potential cost of my dream career from $301,118 down to $95,536. That would make my debt-to-income ratio 11.7% if I take 20 years to repay loans. But this is still a LOT of money What can Imani do to lower her total cost even more? What methods can Imani use to pay for her education? Take Charge Today August 2013 Paying for Higher Education Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Three Types of Higher Education Financial Aid Higher Cost Private loans Federal Student Loans Money you do not have to repay Scholarships, Grants, Work-study Earnings

2.3.5.G1 Money You Do Not Have to Repay Grants Work-study Earnings Scholarships You do not have to repay if all requirements are met Take Charge Today August 2013 Paying for Higher Education Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Scholarships Typically an application process May have requirements before, during, and after the scholarship is awarded Can be based on

Who you are What you do What your plans are Examples: gender, race, military background Examples: academic achievements, interests, community service Example: your certificate or degree program Take Charge Today August 2013 Paying for Higher Education Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1

Scholarship Sources Guidance Counselors Potential Major or College Financial Aid Office Affiliations Employer You should never have to pay for a scholarship - watch for scams! Clubs and Organizations Take Charge Today August 2013 Paying for Higher Education Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona

What are sources of scholarships in your community? 2.3.5.G1 Imanis Potential Scholarships Your mission: work in small groups to identify at least three scholarships Imani is eligible for based on her special circumstances and extra-curricular activities Take Charge Today August 2013 Paying for Higher Education Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Grants Tax-exempt financial aid Purpose For specific projects Reports typically required to donor

Sources Non-profits Foundations Corporations Take Charge Today August 2013 Paying for Higher Education Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Federal Student Grants Who How Typically awarded to students with financial need Complete the Free Application for Federal Student Aid (FAFSA)

Examples: Federal Pell Grant Federal Supplemental Educational Opportunity Grant Teacher Education Assistance Take Charge Today August 2013 Paying for Higher Education Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Work-Study Provides part-time jobs to students with financial need Administered by the school (eligibility determined by FAFSA) Earnings may be used to help pay educational expenses Take Charge Today August 2013 Paying for Higher Education Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Low-Cost Financial Aid Federal Student Loans Characteristics include:

Lower and fixed interest rates Generous repayment plans No prepayment penalties No credit checks (except for PLUS Loans) Eligibility determined by FAFSA application Take Charge Today August 2013 Paying for Higher Education Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 2.3.5.G1

Types of Federal Loans Highest Interest Rates PLUS Loan - Loan is unsubsidized (you pay all interest) - Offered to graduate students and parents of undergraduate students Direct Unsubsidized Stafford Loan - Financial need is not required - Borrower is responsible for all interest costs Direct Subsidized Stafford Loan Must demonstrate financial need - U.S. Dept. of Education pays the interest while you are in school and during grace and deferment periods Lowest Interest Rates Federal Perkins Loan - Must demonstrate financial need - Your school is the lender Take Charge Today August 2013 Paying for Higher Education Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona

2.3.5.G1 High-Cost Consumer Loans Private Loans Depository Institutions You pay 100% of the interest often a higher rate than a federal loan Sources Higher Education Institutions State Agencies Take Charge Today August 2013 Paying for Higher Education Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona

2.3.5.G1 FAFSA Forecaster FAFSA Forecaster = free financial aid calculator that provides an early estimate of federal student aid eligibility Your mission: work in small groups using the FAFSA Forecaster to estimate Imanis potential financial aid and expected family contribution Take Charge Today August 2013 Paying for Higher Education Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Free Application for Federal Student Aid (FAFSA) Eligibility Deadlines Application Process

Resources Why Everyone Should Complete the FAFSA 2.3.5.G1 Gives you access to the largest source of financial aid! Determines how much your family can afford to contribute Applies to a variety of types of postsecondary institutions Determines what types of aid you qualify for Used by states and post-secondary institutions to

determine aid Take Charge Today August 2013 Paying for Higher Education Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona To Receive Federal Student Aid, You Must Be a U.S. citizen or documented legal resident Be a high school graduate or have a GED Males 18-25 must be registered with the Selective Service Be enrolled or accepted to an eligible postsecondary program Confirm that you are

not in default on a federal student loan Confirm that you will only use the money for educational purposes Have no drug convictions while receiving aid Maintain satisfactory academic progress 2.3.5.G1 Age, race and field of study do not impact eligibility Take Charge Today August 2013 Paying for Higher Education Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona

2.3.5.G1 When Do I Fill Out the FAFSA? As soon as it is available! Some aid is awarded on a first come, first served basis Federal State January 1 June 30 Date listed on FAFSA website Post-secondary Contact the financial aid office deadline information

The FAFSA Form must be completed each academic year! Take Charge Today August 2013 Paying for Higher Education Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Who Decides How Much Aid I Will Receive? Your Expected Family Contribution Your Year in School Amount determined by post-secondary institution Your Enrollment Status The Cost of Attendance at your post-secondary Institution Take Charge Today August 2013 Paying for Higher Education Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 2.3.5.G1

Need-Based Aid Awarded if you have financial need and meet other criteria Cost of Attendance amount it will cost you to go to school Expected Family Contribution estimate of the parents and/or student's ability to contribute to postsecondary expenses Financial Need Does not change between post-secondary institutions Take Charge Today August 2013 Paying for Higher Education Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona

2.3.5.G1 Non-Need-Based Aid Cost of Attendance Financial Aid Awarded Non-Need Based Aid Examples: Direct Unsubsidized Loan and Federal PLUS Loan Take Charge Today August 2013 Paying for Higher Education Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Determine Dependency Status Important to know whose

information must be reported Dependent must report your and your parent/ guardian's information Independent must report your and your spouses (if applicable) information FAFSA website has a checklist to help you determine your dependency status Take Charge Today August 2013 Paying for Higher Education Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Create a Personal Identification Number (PIN) How to get one How it is used What it is

Four digit number used to identify you on the FAFSA website Created online at www.pin.ed.gov Used as your electronic signature (legally binding) If filing as a dependent student and parent/guardian need a PIN Take Charge Today August 2013 Paying for Higher Education Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Gather Required Documents Identification Documents - Social Security Number, Drivers License, Alien Registration Card (if not a U.S. Citizen)

Federal Tax Information from Previous Year - W-2s, Federal 1040 Forms, Foreign Tax Return Records of Untaxed Income from Previous Year - Child support, interest income, veterans benefits, etc. Current Asset Information - Bank statements, investments, real estate, etc. Take Charge Today August 2013 Paying for Higher Education Slide 28 If filing asa grant a from dependent areand needed student and parent/guardian Funded by Take Charge America,-Inc.documents to the Norton School of Family Consumer Sciencesfor Take Charge America Institute

at the University of Arizona 2.3.5.G1 FAFSA Application Process Complete the FAFSA Online at www.fafsa.ed.gov Answer all questions completely and accurately Identify between 1 and 10 schools An IRS Data Retrieval Tool is available to automatically complete your FAFSA If you have not filed your

taxes, estimate the amount and then update the FAFSA when tax information is available Organize information in advance by completing the FAFSA on the Web worksheet Take Charge Today August 2013 Paying for Higher Education Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Sign and Submit Sign using your PIN If you are a dependent, your parent/guardian must also sign

Application not submitted until the confirmation page appears Take Charge Today August 2013 Paying for Higher Education Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Review Your Student Aid Report Summary of the FAFSA data you submitted What it is When it will be received 3 days-3weeks after

submitting the FAFSA Review closely and report any errors immediately What you need to do Take Charge Today August 2013 Paying for Higher Education Slide 31 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Determine Your Aid Eligibility Post-secondary institutions will determine your eligibility for aid Institution will send you

an award letter outlining your aid package (must be eligible for aid and offered admission) Institution may request more information Must meet deadlines Take Charge Today August 2013 Paying for Higher Education Slide 32 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Compare Aid Packages Evaluate aid offered by each school to determine which is the most affordable 1. Determine the Net Price Cost of Attendance

Grants and Scholarships Net Price amount you must pay 2. Evaluate student loans Understand what you are responsible for paying and by when 3. Only accept what you really need Take Charge Today August 2013 Paying for Higher Education Slide 33 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 FAFSA Application Process Support is available! Free Application for Federal Student Aid www.fafsa.ed.gov

Post-secondary Institution Financial Aid Office College Goal Sunday www.collegegoalsundayusa.org Federal Student Aid http://studentaid.ed.gov Take Charge Today August 2013 Paying for Higher Education Slide 34 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona When Its Not Free Money! Student loans must be repaid! Implications of Defaulting What You If You Are in Can Do Trouble 2.3.5.G1

If You Default on Your Student Loan Your loan balance will be due in full, immediately Lose deferment and forbearance options You may be sent to collections and pay fees Your wages may be garnished and tax refunds seized Lose future eligibility for aid Your credit report will be negatively impacted affecting other financial areas

Take Charge Today August 2013 Paying for Higher Education Slide 36 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 If You Find Yourself in Trouble Defer Many lenders offer a grace period before you must begin paying Consolidate Renegotiate Repayment Terms Consolidate several loans into one loan that has a lower

interest rate and monthly payment See if options are provided such as lower payments that increase over time or incomebased payments Take Charge Today August 2013 Paying for Higher Education Slide 37 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 2.3.5.G1 Your Goals: Complete the FAFSA to be eligible for financial aid

Apply for as many loans and scholarships as possible Never borrow more than you need Be sure you can afford to pay back your loan Take Charge Today August 2013 Paying for Higher Education Slide 38 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona

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