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College Research and Financing

College Research and Financing. Career Explorations Burlington High School A. Nolte. What to consider I. Type of College or University 2-yr or 4-yr ? technical /vocational? single gender or coed? particular affiliation, e.g. religious, military, business? Cost Available Aid

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College Research and Financing

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  1. College Research and Financing Career Explorations Burlington High School A. Nolte

  2. What to consider I • Type of College or University • 2-yr or 4-yr ? • technical /vocational? • single gender or coed? • particular affiliation, e.g. religious, military, business? • Cost • Available Aid • Academic Programs • Selectivity (GPA, class rank, SAT/ACT, leadership, service, work ethic, recommendations, etc.) • Faculty College Intro

  3. What to consider II • Reputation • Location • Size of school • Student/Teacher Ratio • Infrastructure (housing, atmosphere, activities, student life, facilities) • Diversity College Intro

  4. Cost • Tuition – the cost of classes • Room and Board – the cost of living on campus (live in dorm, eat at cafeterias) • Student Fees – various lab, athletic or activity fees, health care • Books and Supplies • Other Fees – some schools have other random fees • Personal Items (living expenses) • Transportation, travel College Intro

  5. Cost per year *) *) 2008 data College Intro

  6. Cost for 4 Years  avg. student debt (class of 2008): $23,000 College Intro

  7. Reducing Cost I • go to nearby school and live at home • go to school part-time (w/part-time job) • participate in work-study program • Buy used textbooks and supplies needed • live off-campus • prepare own meals, not eating at cafeteria College Intro

  8. Reducing Cost II • 2+2 = savings (start 2-yr community college + transfer) • connections (e.g., family member) • Dual Enrollment (take college classes during H.S.) • AP classes in H.S. to earn credits for free • Take Gap-year (for work or personal advancement) • Go to school abroad (incl. Canada) • Etc. College Intro

  9. How to Pay? • Financial Aid (Sources: Fed. Govnmt, State, Colleges, Private Scholarships, Banks, etc.) • Grants and Scholarships • Work Study Program • Loans • Savings (yours, parents’, 529 plans, etc.) • Work and SAVE (have you started??) College Intro

  10. How to Pay – a puzzle… Plus own contribution from savings and earnings! College Intro

  11. Grants and Scholarships • “gift aid” – do not need to be repaid • but: scholarships are not entirely “free” – you may “owe”: • (community) service • athletic activities • academic results • scholarships are based on, for example: • Financial need • Academic / Athletic Achievements • Activities, Services, Involvement • Recommendations • Essay, Interview, Personal Statement College Intro

  12. Work Study Program • “self-help aid”: students earn money for education • jobs usually within the college (hours are appropriate for students) • jobs sometimes useful (e.g., desk job where you can study, do homework) College Intro

  13. Loans • “self-help aid”: money borrowed to pay for school (parents or students) • loans must be repaid with interest (lots of interest…!) • typical: repay 6 mos. after leaving school • no interest while in school • deferment if continue on to grad school  work closely with financial aid advisor! College Intro

  14. Interest on Loan – an example • Federal Stafford Loans for 2008 were at 6.8% interest • UVM will cost you $97,851 over 4 years • Assumption: you borrow $97,851 at 6.8% • Total cost over 10 years: • Pay $36,549 in interest • Pay $1,120 per month for 10 years • Pay total cost $134,400 over 10 years  avg. student debt (class of 2008): $23,000 College Intro

  15. Sources of Financial Aid • Federal Government = the primary source of financial aid (FAFSA.ed.gov) • VSAC – limited to Vermont residents • Vermont state grants, scholarships, and some federal and private loans • College – colleges provide their own amount of financial aid • Grants, Scholarships, Loans, Work Study • Other – foundations, civic groups, organizations, sponsors, employers, etc. College Intro

  16. Financial Aid Criteria - General • Family income before taxes (incl. student’s!) • Family assets: savings, investments (incl. student’s!) • Family size (parents plus children) • Family members in college • The age of your older parent • Other factors sometimes considered include: • Credit card debt • Home and/or Business equity • Rent/Mortgage payments • Retirement accounts College Intro

  17. Financial Aid Criteria – Income and Assets Budget minus Resources = Need 1. Income Statement = Family income before taxes minus certain expenses = Resource 1 2. Balance Sheet = Family assets minus certain liabilities/debt = Resource 2 Yields EFC = Expected Family Contribution College Intro

  18. FAFSA • www.FASFA.ed.gov • Free Application for Federal Student Aid • Example: Cost / yr = $40,000 FAFSA = $15,000 (EFC) Financial Aid = $25,000 College Intro

  19. College Search - Resources • Free tools, e.g. VSAC’s “School Finder, ” or “Choices” • or: www.collegeaccess.org • or: www.collegeboard.com • or: www.FastWeb.com • Internet Research (colleges and aid programs) • Campus visits, open houses, fairs • College Pathways Conference (at St. Mike’s) • Workshops • Recommendations • Guidance • LLL Office (“College Connections”, Dhyana Bradley) • Etc. College Intro

  20. College Search - Preparation • Meet with school counselor (check your high school “course map”) • Meet with “Linking Learning to Life” • Talk to your parents, guardians, siblings, friends, teachers, mentors, classmates, etc. • Prepare for tests (PLAN, PSAT, SAT, ACT, etc.) • Explore / Research / Visit more than one college (target schools + reach schools) • Sign up for extracurricular activities • Stay involved (volunteer, service, clubs, sports, music, drama, …) College Intro

  21. College Search – Preparation cont’d • Keep on track with work, grades, exams • Save money, manage funds wisely • Continue “Career Exploration” (interests, skills, values, talents, empl. outlooks) • Attend Informational Meetings (“Pathways”) • Know due dates for tests, applications, fairs • Line up letters of recommendation • Clean up your image (e.g. Facebook) • …and again: distinguish yourself… College Intro

  22. Education pays in higher earnings and lower unemployment rates College Intro

  23. Education & Earnings – some statistics • Workers w/bachelor’s degree earn avg. $26K/yr more than workers with H.S. diploma only ($57K vs. $31K p.a.) • 29% of adults (25+ yrs) have a bachelor’s degree: • 29.4 mio. women • 28.4 mio. men College Intro

  24. More Reading/Reasearch Sources • College: How Much to Spend? http://www.pbs.org/now/shows/528/college-expenses.html • Census Bureau Releases Data Showing RelationshipBetween Education and Earnings http://www.census.gov/Press-Release/www/releases/archives/education/013618.html • Look Before You Leap: Student Loan Shopping Tips http://projectonstudentdebt.org/look_leap.vp.html • Gap year, Time Off With A Plan http://www.bls.gov/opub/ooq/2009/fall/art04.pdf • Student Loans: Avoiding Deceptive Offers http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre43.pdf • Characteristics of Borrowers with Excessive Debt http://www.finaid.org/educators/20090511excessivedebt.pdf College Intro

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