Junior year-to-date

1. Welcome to College Costs & Financial Aid For Junior Parents.We’re glad you’re here!While we’re waiting to begin, would you please take a moment to silence your cell phone? Mahalo!

2. Junior year-to-date • October Junior College Night • November Juniors took PSAT • November Christian College & College & Career Fair • Course registration for Senior year • Fall college representative visits – 180+ • Junior Guidance: Tour of Counseling Center, College Knowledge, PSAT & How Colleges Select Students, MyCollegeQuickStart, You & the Internet

3. On the Horizon… • April 12-National College Fair Convention Center: 5-8 p.m. • Spring College Representative Visits (Check KS website)! • Take SAT and/or ACT • May or June of Junior Year • Guidance classes continue on Healthy Relationships & Planning for Senior Year

5. WHY is it important to learn about Financial Aid NOW?? • So your ‘ohana doesn’t get fixated on the cost alone as your child begins to look into & research colleges • So your ‘ohana can have informed conversations and make informed decisions • So you can help calm one another down!

6. What is Financial Aid? Gift Aid • Grants • Scholarships Self-Help Aid • Loans • Federal Work Study

7. An honest look at Federal Aid • The major responsibility for paying for a child’s education belongs to the parent and child. • Parents’ ability to pay, not willingness to pay, is what’s measured by needs analysis. • A family’s college contribution (EFC) is typically the second largest expense after their mortgage…

8. The (qualified) good news There ARE monies available for families with demonstrated financial need… Who are willing to share their financial information with the federal government and colleges… AND provide their financial information on standardized FORMS… By the DEADLINE!

9. “Of course we’re saving for college. So far we can afford to send him for 23 days, 12 hours and 32 minutes.”

10. Sources of Financial Aid • Federal Government • State Government • Institution or School • Private sources • Civic organizations and churches • Employers

11. Forms Required to Apply for Need Based Financial Aid $Free Application for Federal Student Aid $CSS Profile (www.collegeboard.com) F A F S A

12. FAFSA on the Web • Web site: www.fafsa.ed.gov

13. 2012 – 2013 FAFSA

14. What determines my Eligibility for Need Based Financial Aid? • Parent’s Income & Assets • Student’s Income & Assets • Size of Household • Number in College (NOT including parents) • Special Circumstances = Expected Family Contribution (EFC)

15. FAFSA on the Web • Reasons to file electronically: • Built-in edits prevent costly errors • Skip-logic allows student and/or parent to skip (& never see) unnecessary questions • IRS Data Retrieval • More timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified renewal application process • Easy access to SAR (Student Aid Report)

16. FAFSA SAR • EFC, as determined by Federal Methodology, on SAR • EFC ranges from 0000-$99,999 • EFC divides by number of students in college • FAFSA results available to student and the college(s) YOU listed. • SAR requested by some scholarship programs • College reviews the results & may request additional documentation (such as afederal tax abstract). • College notifies student of aid eligibility. • Student & family accepts OR declines funding. • Aid is disbursed to school and student.

17. What else determines how much money I can get? • Tuition & Fees • Room & Board • Books & Supplies • Transportation • Personal/Miscellaneous = Cost of Attendance (COA)

18. How is the Amount of my Need Based Aid Determined? COA -EFC = Need COA: Cost of Attendance EFC: Expected Family Contribution

19. Comparing Financial Aid Awards Mainland Mainland Local Private Public Public Total Cost $60,000 $30,000 $20,000 - EFC 15,000 15,000 15,000 = NEED 45,000 15,000 5,000 Financial Aid Package Grant 40,000 0 0 Loan 2,500 5,000 5,000 Work 2,500 2,000 0 0 Total 45,000 7,000 5,000

20. EFC Calculator • Use FAFSA4caster to estimate just your • ExpectedFamilyContribution (EFC). • www.fafsa4caster.ed.gov/

21. Net Price Calculator • The Goal: To help you better understand and compare college costs. • How: You provide information about your family's finances on college websites. • You Get: An estimate of the need-based financial aid you may qualify for, AND • an estimate of what your family would have to contribute toward college costs. • Keep In Mind: Many calculators give you estimates only of need-based aid. •  Most calculators don't fully reflect a college's financial-aid policies. •  Calculators are not a replacement for required financial-aid application forms. •  A net-price calculator is only as accurate as the information you provide.

22. Ways To Cover The Parent Contribution • EARNINGS – use current money from paycheck • SAVINGS – draw on savings built over time in an interest-bearing account • BORROWING – low-interest, government backed PLUS loans are available for credit worthy parents. Some colleges have private loans available. Some families use a home equity line of credit. • PAYMENT PLANS – many campuses offer deferred payment plans that spread the cost over several months and options to pay by credit card (and earn miles!) • TAX BENEFITS – After-the-fact support comes in the form of federal tax breaks that benefit parents who pay tuition and fees. Talk to a tax expert about eligibility or visit the IRS website at www.irs.gov

23. CSS ProfileCollege Scholarship Service Profile • Used by: Kamehameha Schools Post-High Scholarship program and some private, selective colleges on the mainland • Available ONLY online at www.CollegeBoard.com • Costs a nominal fee to process, but based on family financial information, you may automatically receive a fee waiver if you are eligible

25. WhatShouldParentsDo To Finance Their Contribution? • Most parents find they need to use a combination of sources to provide their expected family contribution • A common combination is one third each from current income, savings and loans. • Middle and Upper-Middle income families may find it challenging to meet the contribution set by the federal formula if they try to use earnings alone

26. When can I apply for Need Based Financial Aid? FAFSA • Earliest – January 1 of Senior Year • Deadlines are typically January 15-March 1 CSS Profile • Earliest – October of Senior Year • Deadlines are typically January 1-February 1 Ho’oulu Data Center (Juniors K-3) • If unsure double check NOW!! • Note: Forms are completed yearly • Awards are based on calendar year earnings previous to attendance

27. Remember Deadlines…DEADLINES…DEAD/Lines Estimate if needed to meet College & Scholarship Deadlines • A Student’s Academic Record Can Increase Gift Aid • Some colleges have more money than others • Many colleges offer substantial “no-need” merit based scholarships • Colleges treat “outside” scholarships (like KS) differently

28. Two Main Types of Financial Aid • NEED Based Financial Aid • MERIT Based Financial Aid

29. Types & Examples of MERIT based Aid • Athletic Scholarship………Football, Volleyball etc. • Academic Performance…..Valedictorian Award • Music………………………...Band, Orchestra etc. • Art/Drama…………………..Theatre, Dance etc. • College Major………………Engineering Society • ROTC Scholarships ………Army, Navy, Air Force • Community Organizations.Rotary, Lions, Elks etc. • Ethnic Background ………Hawaiian Civic Club etc.

30. Other sources of Merit Aid • Places of Employment • Corporations • Places of Worship • Clubs • Civic Organizations • National Contests • Local Contests • Computer

31. Where can I find more information on Merit based Aid? Ke Ali’i Pauahi Foundation Hawai’i Community Foundation The Internet Fastweb (www.fastweb.com) Local Newspapers Haleakala Counseling Center http://kapalama.ksbe.edu/high/counseling Colleges! Western Undergraduate Exchange (WUE)

32. WESTERN UNDERGRADUATE EXCHANGE (WUE) Over 80 public colleges in 15 participating states Student pays “in-state tuition” + 50% Criteria , Application & Awarding process Varies: WUE awards may be limited by number awarded, GPA and/or major Start Searching at: www.wiche.edu/wue

33. Huali Māmaka Kaiao’s List Financial Aid Safety Schools University of Hawai’i at Manoa(Public In-State School) University of Arizona (Out-of-State Public w/learning communities) Portland State Univ(Out-of-state Public w/WUE & Merit) Colleges with Merit Money Whitman College (WA) $8,000 renewable diversity Univ. of Miami (FL) $10,000 renewable academic Occidental College (CA) $15,000 renewable leadership Most Selective with NO Merit Money Stanford University If admitted, only need would be met

34. College advice that could pay off… • Consider out-of-state options like WUE • Don’t overlook in-state options • Have an admission & a financial aid “safety school” • See where merit money could work for you • Be prepared, loans could be offered to your child & possibly you. Have a frank discussion about borrowing

35. Face it Pua, our kids aren’t rocks…but they aren’t rocket scientists either. They’re smart enough to get into college, but not smart enough for academic scholarships.

36. What Can We do NOW?? • Encourage your child to finish the year strong academically • Help them to spend their time wisely this summer • Start a conversation with your child about their future & your expectations • Have your child start an account with Fastweb.com • Do the “FAFSA4Caster” • Attend the National College Fair on April 12th • Explore Net Price Calculators

37. Top 10 Financial Aid Tips for Parents to Make Your Life Easier! • Organize, Organize, Organize! Remember 2012 earnings will impact your Financial Aid. Keep track of forms & key contact people. • Hang out at Borders & read financial aid books for free. (Find one you like & buy it). • Research other sources of funding. Find out if your employer, club, union, church, offer scholarships. What kind of low interest educational loans are available from your bank, credit union… or even Grandpa?

38. Be prepared to be forthcoming with college financial aid administrators about special circumstances (natural disasters, bankruptcy, divorce, unusual medical expenses, etc.). • STRONGLY encourage your child to apply to a financial aid “safety” school (at least one college you can afford even if you receive little or no financial aid) • Ask yourself the tough questions: Are you willing and/or able to take out loans? Is your child? Are you willing or able to make lifestyle changes if necessary?

39. Don’t rule a college out because of cost alone. Have a cross section of options, including schools with merit based aid. • Keep communication lines open with your child! Are you on the same page about their post high plans? Let them know where you stand on financing their college education. • Keep your options open • KEEP THINGS IN PERSPECTIVE!

40. Keeping it all in Perspective (From The Parent Soup Financial Aid and College Guide) • Parents should contribute their love, support, insight, and when necessary, some financial parameters for the search. • Students should retain the right to determine their fate to the largest degree possible.

41. “After LOVE the most valuable thing you can give your child is an EDUCATION”~Alan Page(former NFL player & MN Supreme Court Justice)

42. Questions? Mrs. Kathryn Kekaulike Juniors: A-K Ph: 808-842-8900 Email: kakekaul@ksbe.edu Mr. Steve Morales Juniors: L-Z Ph: 808-842-8254 Email: stmorale@ksbe.edu

43. Mahalo for joining us! Please Drive Safely!A Hui Hou!