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Paying For College Strategies for Ohio Students

Paying For College Strategies for Ohio Students. OACAC Articulations, September, 2014 Presented by OASFAA. Agenda. 2015-2016 Federal and State Updates Handout Updates are minimal this year Federal: Reauthorization negotiations have begun Election this November State:

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Paying For College Strategies for Ohio Students

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  1. Paying For College Strategies for Ohio Students OACAC Articulations, September, 2014 Presented by OASFAA

  2. Agenda • 2015-2016 Federal and State Updates Handout • Updates are minimal this year • Federal: • Reauthorization negotiations have begun • Election this November • State: • Ohio is in the midst of the second year of their bi-annual budget • Our Goal today is to update you on how families are actually paying for college in Ohio.

  3. Are Recent Headlines Accurate? • L.A. Times: Student debt holds back many would-be home buyers4/19/2014 • N.Y. Times: It’s Official: The Boomerang Kids Won’t Leave 6/20/2014 • U.S. News & World Report: Student Debt Hurts More Than Your Wallet08/07/2014 • Huffington Post: These 9 Charts Show America's Coming Student Loan Apocalypse08/20/2014 • Politico: Poll Education second-biggest issue for likely voters08/14/2014

  4. What is the Experience of Real Ohio College Students? • We will compare the actual experience of a $0 EFC student as well as several $10,000 EFC students as far as their award letters and how they actually ended up paying for college at each of: • An Ohio Community College • An Ohio For-Profit School • An Ohio Four Year Public University • An Ohio Four Year Not-For-Profit Private University

  5. Ohio Community College Award Letter

  6. Ohio Community College Award Letter • Budget (COA): $12,459* • EFC: $0 • Need: $12,459 Awards Award Total Fall Spring Pell Grant $5,730 $2,865 $2,865 SEOG Grant $ 600 $ 300 $ 300 Direct Sub $3,500 $1,750 $1,750 Direct Unsub $2,000 $1,000 $1,000 TOTAL $11,830 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

  7. Ohio Community College Award Letter

  8. Ohio Community College Award Letter • Budget (COA): $15,723* • EFC: $15,605 • Need: $118 Awards Award Total Fall Spring Direct Unsub $5,500 $2,750 $2,750 TOTAL $5,500 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

  9. Ohio Community College - Options • Reduce Budget (COA) • Books? Personal Expenses? Room & Board? Transportation? • Cash or Credit Cards • Tuition Payment Plan • Independent students have increased Unsubsidized Loan eligibility (an additional $4,000 for first and second year undergraduate students) • Dependent students’ parents can borrow the Parent PLUS Loan • Students of parents that are denied PLUS Loans can also borrow the additional unsub of $4,000 for first and second year undergraduate students) • Private Student Loans

  10. Ohio Proprietary School Award Letter$0 EFC

  11. Ohio Proprietary School Award Letter$0 EFC • Budget (COA): $14,205* • EFC: $0 • Need: $14,205 Awards Award Total Term 1 Term 2 Term 3 Term 4 Pell Grant $5,730 $1,432 $1,433 $1,432 $1,433 Direct Sub $3,464$ 866 $ 866 $ 866 $ 866 Direct Unsub$5,936$1,484$1,484 $1,484 $1,484 TOTAL $15,130 *This includes tuition/fees, books, tools, supplies, and uniforms. Student is eligible for additional indirect cost COA such as personal expenses and transportation. Award shown is what they are eligible for.

  12. Ohio Proprietary School – Account$0 EFC

  13. Ohio Four Year Public Award Letter - $0 EFC

  14. Ohio Four Year Public Award Letter • Budget (COA): $25,758* • EFC: $0 • Need: $25,758 Awards Award Total Fall Spring Pell Grant $5,730 $2,865 $2,865 SEOG Grant $ 500 $ 250 $ 250 OCOG $1,048 $ 524 $ 524 Institutional Grant $4,000 $2,000 $2,000 Work Study $2,000 $1,000 $1,000 Direct Sub $3,500 $1,750 $1,750 Direct Unsub $2,000 $1,000 $1,000 TOTAL $18,778 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

  15. Ohio Public Four Year University – Statement of Account *Note fees *Also note the Charges are $11,227.60 which is $22,455.20 for two terms (down from COA of $25,758). Shows the difference between Direct and Indirect Costs. *Balance of $2,866.60 represents the balance of direct costs.

  16. Ohio Four Year Public Award Letter$10,000 EFC

  17. Ohio Four Year Public Award Letter $10,000 EFC • Budget (COA): $25,758* • EFC: $10,000 • Need: $15,758 Awards Award Total Fall Spring Direct Sub $3,500 $1,750 $1,750 Direct Unsub $2,000 $1,000 $1,000 TOTAL $5,500 *This includes tuition/fees, books, personal expenses, room/board, and transportation.

  18. Ohio Public Four Year University – Statement of Account - $10,000 EFC *Balance of $8,505.60 represents the balance of direct costs.

  19. Ohio Private Four Year NFP University –Award Letter $0 EFC • Budget (COA): $38,895* • EFC: $0 • Need: $38,895 Awards Award Total Fall Spring Merit Scholarship $9,500 $4,750 $4,750 Institutional Grant $1,335$ 667$ 668 Pell Grant $5,645 $2,823 $2,822 SEOG Grant $4,000 $2,000 $2,000 OCOG $2,080 $1,040 $1,040 Direct Sub $3,500 $1,750 $1,750 Direct Unsub$2,000 $1,000 $1,000 Perkins $2,100 $1,050 $1,050 Work Study $1,400 $ 700 $ 700 Outside Scholarship $3,000 $1,500 $1,500 Institutional Residency $200 $ 100 $ 100 TOTAL $34,760 *(Direct Charges: $36,160)

  20. Ohio Private Four Year NFP University –Statement of Account $0 EFC

  21. Ohio Private Four Year NFP University –Award Letter $10,000 EFC • Budget (COA): $38,895* • EFC: $9,974 • Need: $28,921 Awards Award Total Fall Spring Merit Scholarship $7,500$3,750$3,750 Institutional Grant $5,940$2,970$2,970 Institutional Gift Awd$2,000$1,000$1,000 Direct Sub $3,500 $1,750 $1,750 Direct Unsub $2,000 $1,000 $1,000 Perkins $ 660$ 330$ 330 Work Study $1,400 $ 700 $ 700 Outside Scholarship $1,000$ 500$ 500 TOTAL$24,000 *Direct Charges: $36,160

  22. Ohio Private Four Year NFP University –Statement of Account $10,000 EFC

  23. Resources and Our Contact Information • Email: outreach@oasfaa.org • Web: http://www.oasfaa.org/(page for counselors) • Request an OASFAA volunteer High School Financial Aid Night presenter. • Register for December Counselor Workshops (we anticipate registration being live within a week). • Sign up for our email database to be sure you are notified for all events. • Financial Aid 101 Webinar: Registration information coming soon on the OASFAA web site and list serves. November 20, 2014 at 1:30 PM. • If you know a newer counselor, please invite them!

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