Financial Aid 101: “ Making cents of College”

1. Financial Aid 101: “Making cents of College” Mark Clynes Regional Admission Coordinator Truman State University

2. Overview • Where to Start? • College/Universities • Federal Aid (FAFSA) • Private Scholarships • Work Study/Employment • Timeline, Tips, and Tricks • Questions?

3. Where to Start: The Costs • Direct Costs • Tuition • Room and Board • Fees (Application, Housing, Orientation, etc.) • Additional Course Fees • Indirect Costs • Books/Supplies • Travel expenses • Parking • Food and/or Entertainment

4. Breaking Truman Down: • OUT OF STATE COSTS • TUITION & FEES = $14,951 • ROOM & BOARD = $8,780 • DIRECT COSTS = $23,731 • INDIRECT COSTS • BOOKS & SUPPLIES = $1,000 • PERSONAL = $2,500 • TRANSPORTATION = $1,300 • LOAN FEES = $68 • TOTAL COSTS = $28,599 • IN-STATE COSTS • TUITION & FEES = $8,099 • ROOM & BOARD = $8,780 • DIRECT COSTS = $16,879 • INDIRECT COSTS • BOOKS & SUPPLIES = $1,000 • PERSONAL = $2,500 • TRANSPORTATION = $1,300 • LOAN FEES = $68 • TOTAL COSTS = $21,747

5. “How do we pay for it?”

6. Where to Start: The Vocabulary • Scholarships • Free earned money from the university and/or outside sources—you do notpay back. • FAFSA • Free Application for Federal Student Aid • Prior-Prior Year (PPY) • Able to submit as early as October with 2015 tax information • EFC • Expected Family Contribution • Grants • Gift aid awarded by the university and/or the federal/state government, based on your FAFSA—you do not pay back. • Loans • Borrowed financial aid; can be federal or private—you are required to payback. (Subsidized, Unsubsidized, PLUS)

7. Where to Start: The Sources • Colleges/Universities • Federal Aid (FAFSA) • Private Scholarships • Work Study/Employment

8. Colleges/Universities • Research the scholarship process at each university • Many universities have separate applications for scholarships • At some universities (i.e. Truman), the application for admission also servesas the application for scholarships • Reach out to your college admissions counselor to determine what theprocess looks like • What opportunities are available? • Extra steps for more competitive scholarships? • Are scholarships renewable?

9. Types of scholarships • Merit-based Scholarships • Scholarships that are based on your ACT/SAT and GPA • Automatic Scholarships • Non-resident tuition • Military—veteran and/or active • Legacy scholarships • A+ recognition • Missouri Scholars Academy • Competitive Scholarships • Based on a number of different factors (EX: leadership, service, foreign language, music, speech, ROTC, Boy’s/Girl’s State, etc.) • Athletic Scholarships

10. Truman Scholarships • Application for admission serves as the application for scholarships! • The more that you share with us, the better. • Letters of recommendation • Service transcripts • Resumes/activity lists • Art/music/theatre portfolios • Priority Deadline for Competitive Scholarships December 1 Merit-Based Scholarship Chart

11. Truman Scholarships

12. Are Truman Scholarships Renewable? • Scholarships may be renewed for a total of 8 semesters—excluding Foundation Scholarships. • Requirements for 100% renewal • 3.25 Truman GPA • 24 credit hours (12 per semester) from Truman • 60 scholarship hours per semester—beginning Sophomore year • Scholarship renewal service is required of students receiving more than $1,250 per semester in Truman scholarships. • Students opting not to perform scholarship renewal service may renew one half of their scholarship amounts.

13. Federal Aid (FAFSA) • Regardless of situation, it is highly recommended to submit the FAFSA – as early as October • Truman FAFSA Code = 002495 • FAFSA calculates EFC (Expected Family Contribution) • EFC is used to determine eligibility for grants, need-based aid (both on the university, state, and federal level), and federal loans Cost of attendance (COA) (Varies by Institution) – Expected Family Contribution (EFC) (Constant) --------------------------------------------------------------- = Unmet Financial Need (Varies by Institution)

14. Types of Federal Aid • Grants • Pell Grant (EFC > $5,000) • Access Missouri Grant (EFC > $12,000) FAFSA Deadline Feb. 1, 2019 • SEOG/ACG • Various College Grants • Federal Loans • Subsidized Loans – no interest builds while enrolled in college • Stafford Subsidized Loan • 4.45% interest rate • Unsubsidized Loans – interest builds while enrolled in college • Stafford Unsubsidized Loan • Parent PLUS Loan • 4.45% interest rate • Must begin repayment 6 months after graduation, unless deferred

15. Private Scholarships • Always consider applying for outside scholarships—amounts may be smaller but can make a big difference. • Fast Web (www.fastweb.com) • Raise.Me (www.raise.me) • Petersons (www.petersons.com) • The College Board (www.collegeboard.com) • The Scholarship Foundation of STL (www.sfstl.org) • Make sure to double-check that your university will accept outside scholarships—Truman will accept most outside scholarships!

16. Work Study/Employment • Federal and State Work Study • Based on FAFSA results and EFC • Employment on or off campus • Work less than 18 hours per week • Minimum wage • Institutional Positions • Payment from the university for employment on or off campus • Positions depend on the university

17. The Truman Timeline • 97% of incoming Truman students will receive some type of financial aid • Student taking out loans have some of the lowest default rates in the country • Truman Average = 2.8% • National Average = 11.5% • Over 50% of Truman graduates graduate debt-free

18. Tips and Tricks • Submit your FAFSA early, but take your time with the information • Ask your admissions counselor about the various steps that you need to take • Understand all the costs • Application fees? • Housing fees? • Down payments? • Determine flexible payment plans with the university • More information here: http://www.truman.edu/wp-content/uploads/2014/06/Flexible_Payment_Plan.pdf

19. Any questions? Mark Clynes Truman State University Regional Admission Coordinator Greater St. Louis Area mclynes@truman.edu 660-341-1565