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Dollars and Sense: Affording College 101

Dollars and Sense: Affording College 101. Jessica Rivera| Presentation #1. Who is uAspire ?. uAspire used to be called ACCESS Your uAspire Advisor is: ME!! Jessica Rivera and I will be here Tuesdays from 8:30- 2:30. Public and Private options. Private Colleges.

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Dollars and Sense: Affording College 101

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  1. Dollars and Sense:Affording College 101 Jessica Rivera| Presentation #1

  2. Who is uAspire? uAspire used to be called ACCESS Your uAspire Advisor is: ME!! Jessica Rivera and I will be here Tuesdays from 8:30- 2:30

  3. Public and Private options Private Colleges • Why do public colleges have a lower sticker price? They receive funding from the government What is sticker price?? Sticker Price is the full cost of attendance before you receive any financial aid Which typically have a higher sticker price, public or private colleges?

  4. What is a “Financial Safety School?” • A financial safety school is a college that a student will most likely • be accepted to AND be able to afford • May not be the same for every student due to factors such as • Grades • Family Income • Location • For many students, in-state public schools can be good examples of financial safety schools, including community colleges (2-year, public colleges)

  5. Why is it important to have a Financial Safety School? • If other schools don’t give you enough financial aid, you will still have options!

  6. Your Senior Year Schedule: Oct >> Nov >> Jan >> March >> May • Apply to College • Apply for Financial Aid • Receive Acceptance Letters • Receive Financial Aid Award Letters • Review Financial Aid Award Letters • Decide on a College and Make a Deposit Research and apply for scholarships

  7. How Do I Apply For Financial Aid? Oct >> Nov >> Dec >> Jan >> Feb • Apply for Financial Aid Research and apply for scholarships • CSS/Profile: Form required by some private colleges • FAFSA: Free Application For Federal Student Aid – Required by all colleges FAFSA FAFSA+CSS FAFSA+CSS FAFSA FAFSA

  8. CSS/Financial Aid Profile Oct >> Nov>> Dec • Apply for Financial Aid • Only required by some private colleges • Complete online at www.collegeboard.com, beginning October 1st (be sure to check your school’s due date) • NOT free- $25 for the first school, $16 for each additional school • Can get fee waivers for up to 6 schools (determined by information provided on form) FAFSA+CSS FAFSA+CSS FAFSA+CSS FAFSA+CSS

  9. Important Notes About The FAFSA Jan>> Feb >> March • Apply for Financial Aid • Required by ALL Colleges • It is FREE! Apply online (www.fafsa.gov) starting January 1st Priority given to students who complete FAFSA early, all money awarded is first come, first served! After completion, the FAFSA is submitted electronically to all colleges you apply to

  10. Free Application for Federal Student Aid www.fafsa.gov

  11. Sample documents needed Tax return W-2 form

  12. How much will I have to pay? Family income Expected Family Contribution FAFSA Brothers or sisters in college Household size

  13. Expected Family Contribution What’s an EFC? What does EFC tell YOU? The minimum amount to pay for college Why do I care? Colleges and scholarship organizations use EFC to figure out how much money to give you

  14. Types of Financial Aid Grants and Scholarships Loans Work-study Free MoneyBorrowed MoneyEarned Money

  15. Outside Scholarships Oct >> Nov >> Dec >> Jan >> Feb • Apply for Financial Aid Research and apply for scholarships • Every year organizations give away millions of dollars in scholarships to college students. Scholarships are often awarded based on: • Grades • Community Service • Need • Cultural/Ethnic Background

  16. Outside Scholarships Oct >> Nov >> Dec >> Jan >> Feb • Apply for Financial Aid Research and apply for scholarships • To get scholarships you have to apply! • Scholarships often require essays, recommendations, and transcripts • Deadlines for scholarships are often early in the year, so start looking now!

  17. How much do I really have to pay? Because you will receive different financial aid packages from each college, you will be expected to pay different amounts for each college Our goal at uAspire is that you will have an option that is affordable to you and your family! Cost of Attendance -Financial Aid awarded = Amount to pay

  18. Different colleges, different financial aid • Ami got accepted to Green University and University of the Blue • Ami has an EFC of 0

  19. Special Circumstances If any of the following apply to you, it is especially important that you connect with your uAspire advisor EARLY in the year… • I am neither a U.S. Citizen or permanent resident, or am not sure of my status • I don’t live with my parents • My parents might not be willing to share their information with me to complete the financial aid process • I have been in foster care or have a legal guardian other than my parents REMEMBER: uAspire works with ALL students, no matter your GPA, residency status, or family situation!

  20. What should I do now? Jessica Rivera Tuesday 8:30- 2:30 • PS: Our services are always free! • Start learning about the financial aid process • Talk with your family about saving money for college • Meet with your uAspireadvisor to get help with…… • Considering options for your financial safety school • Gathering information to complete financial aid forms • Researching and applying for scholarships

  21. Why visit your uAspire advisor? • Here are some thoughts from students who have come before you…..

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