Fall 2010

1. Fall 2010 Online Version for Program Course Credit 2010-11 College Financial Planning Workshop I Intro to Glow, IDA, College Benefits and Budgeting

2. Goals for This Meeting • Group Agreements • Orientation - Glow Foundation Program and Timeline • IDA Overview • Benefits/Costs of College • Budgeting – Expenses • Closing/Questions

3. Group Agreements • Commitment to Glow Foundation’s program • Be prompt and prepared for all Glow sessions (including Homework items) • Reach out for help when needed • Respond promptly to emails or phone calls • Share the information learned with family and peers • Be respectful (one mic)/confidentiality • Accountable for myself and the group success

4. What is Glow Foundation? • Glow Foundation aims at providing all dedicated high school students with the opportunity to afford, attend, and graduate from college, regardless of their income level. • To do this, we provide: • Financial Education Workshops • Mentoring/College Planning Support • “Unmet need” scholarships

5. Financial Education Program September~ February February ~ March • College Financial Planning • Benefits and costs of college, financial aid, scholarships, student loans, award letters, and budgeting • Creation of individual college budgets including: • Detailed expenses • Income sources including parent contributions, scholarships, grants, jobs, and loans • Determine funding gap and identify ways to close or reduce it • Budget support sessions • Students meet with Glow Foundation volunteers to work on and refine their individual budgets • Budget review and submission • Individual budgets are assessed by volunteer reviewers

6. Program Dates/Timeline (Dates/Times will be posted at the end of the session)

7. “Unmet Need” Scholarship Upon COMPLETING our financial education program, eligible students are given the opportunity to apply for our Glow Foundation Scholarship: • Priority is given to low-income students who are first in family/first generation to attend college • Amount varies depending on the “unmet need” in funding • Requires the submission of a personal budget and additional scholarship materials

8. Individual Development Account What it is: A 2:1 matched savings account for your college education - for every $1 you save, receive $2 in matched funds up to $6,000!! How it can be used: Tuition, books, or a computer Basic Requirements: • Fall below specified income ceilings • Parents must file a tax return and be working • Save a minimum of $20 a month • Complete Glow Foundation’s Financial Education Program

9. How Do I Participate in IDA? Complete the following: • Online student application (11/1) • Media Waiver • Engage in the program!

10. Benefits of College Earnings and Unemployment Rates for People 25 and Older with Different Education Levels • More money!! • More/better job security • More opportunities • Personal growth • FUN!! College graduates earn almost $1,000,000 MORE than high school graduates on average over a life time 

11. How Much Does College Cost?

12. College Costs HOW MUCH??! SAN FRANCISCO STATE UNIVERSITY: • California State University • Less intense application process • Moderate class sizes • Practice-based learning • Gets you ready to work after you graduate • More affordable than UCs and private colleges • Actual Cost of Attendance: • $23,476

13. College Costs HOW MUCH??! UNIVERSITY OF CALIFORNIA, BERKELEY: • Part of the UC system • High reputation • High student-to-teacher ratio • Research-based learning • Gears you toward graduate school • Expensive tuition • Actual Cost of Attendance: • $29,259

14. College Costs HOW MUCH??! Cost of Attendance by Type of School (2010-2011 Academic Year) But, this is before Financial Aid!

15. College Website Navigation-SFSU

16. What Do I Do with These Costs? How can you plug this cost of attendance info into a meaningful tool that will help you think about how to finance and afford college?

17. Budgeting Spend a few minutes thinking about about the following (see page 2 in student packet): • What is a budget? • What is the purpose of a budget? • What does a budget tell you about your financial situation/what decisions can it help you make? • What should be included on a budget?

18. Creating a College Financial Budget Expenses: Cost of Attendance • Fixed Expenses (E.g., tuition, rent, car payments, insurance) • Flexible Expenses (E.g., books & supplies, food, utilities/bills, transportation, personal care) • Discretionary Expenses(E.g., entertainment, going-out, gifts) minus Income: Sources of Funding • Parents or Savings / Investment • Job / Work Study • Grants (Pell Grants, ACG, Cal Grant etc.) • Loans (Stafford, Perkins, Plus, Private) • Others?? equals Funding Gap

19. Tradeoffs What happens when you don’t have the enough money to cover your expenses? How can a budget help you in this situation?

20. Budgeting with Microsoft Excel What is Microsoft Excel? • A Program that stores, sorts, and analyzes data. • Excel allow you to make calculations, graphs, and perform other data analysis • Excel allows you to keep versions and update We will use Microsoft Excel to create our budgets – Excel will allow us to calculate these numbers quickly with the use of basic math formulas

21. Microsoft Excel 101 Excel Basics: • Review the Budget Directions • Test how to do simple tasks (“How To”) in Excel • Use “Shortcuts/Tips,” especially related to basic math functions • Review any other “Important Information” related to the budget you will create

22. Create a Draft Budget for Understanding

23. Homework • Continue researching college costs and inputting this information into your budget • Complete the online student application • Sign and return the media waiver

24. Recap • Group Agreements • Orientation - Glow Foundation Program and Timeline • IDA Overview • Benefits/Costs of College • Budgeting – Expenses • Closing/Questions

25. Contact Info Jason Hong Program Associate JasonH@glowfoundation.org Veronica Flores Program Associate/Volunteer Coordinator VeronicaF@glowfoundation.org Alana Okamoto Program Director Alana@glowfoundation.org