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Navigating College Costs: A Comprehensive Guide to Financial Aid and Education Investment

This guide provides essential information on college costs, financial aid options, and the benefits of postsecondary education. Discover the estimated costs of attendance for various schools, including public, private, and vocational institutions. Learn about different financial aid types, including grants, scholarships, and loans, as well as tips on minimizing expenses. Understand how a college degree leads to increased job stability and earnings potential. Equip yourself with resources for making informed decisions about financing your education.

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Navigating College Costs: A Comprehensive Guide to Financial Aid and Education Investment

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  1. Paying for College Revised 8/2013

  2. Agenda

  3. College Costs: Education Pays Postsecondary education creates more job stability 8.3 7.7 6.8 6.2 4.5

  4. College Costs: Education Pays Postsecondary degrees lead to greater weekly earnings Source: Bureau of Labor Statistics, Current Population Survey, 2013.

  5. College Costs

  6. College Costs: Terms Cost of Attendance/Budget: what the college estimates an academic year of school should cost for the average student.

  7. College Costs: Cost of Attendance ?

  8. College Costs: 4-year Public Schools

  9. College Costs: 4-year Private Schools

  10. College Costs: 2-year and Vocational Schools

  11. College Costs: Other Costs • How long will it take to graduate? • What will my job prospects be like once I graduate? • What will my earning potential be once I graduate? • What can I do to lower the cost of attendance? • What kind of financial aid can I get?

  12. Agenda

  13. Money: Financial Aid = Paying for College Family Financing

  14. Money: Financial Aid Hierarchy *Need-based *Available to everyone *On financial aid award letter High High • Gift Aid: Grants COST AVAILABILITY Low/No Low

  15. Money: Scholarships and Grants

  16. Money: Scholarships • TO • Academics • Athletics • Community involvement • Leadership • Interests • Hobbies • Demographic • Field of Study • Family heritage • Income • School choice • Where you live • Where you’re from • Contest • Raffle • Essay • Portfolio • Affiliation • Beliefs and passions • Participation • Extra-Curricular • Skill • Birthday • FOR • School • Company • Organization • Individual • FROM • YOU

  17. Money: Work Study

  18. Money: Federal Loans

  19. FEDERAL LOANS *Limited loan forgiveness & deferment programs available

  20. Money: Private Loans • Variable interest rates • Large loans sometimes required to access lower interest rates • More fees • Risky grace periods • Lack the options of government loans: repayment, deferment, forbearance, forgiveness, consolidation Exhaust federal loan options first. Only take out private loans as a small, short-term option.

  21. Money: Other Options • Transferring from community college • Western Undergraduate Exchange (www.wiche.edu) • Deferring • Part-Time Enrollment • Working • Budgeting • HOPE & Lifetime Learning tax credits • Individual Development Accounts (www.cfed.org) • Government Programs • Peace Corps • Americorps • Military Service

  22. Agenda

  23. Getting It: Financial Aid = Paying for College Family Financing

  24. Getting It: Scholarships • TheWashBoard.org • Studentaid.ed.gov • Finaid.org • Scholarships360.org • ScholarshipJunkies.com • Collegeboard.com • Scholarships.com • Petersons.com • Zinch.com • ScholarshipExperts.com • Fastweb.com

  25. Intro to the FAFSA

  26. Aid

  27. Review: Resources • Your College Financial Aid Office!!! • Financial aid information: • www.finaid.org • Free Application for Federal Student Aid: • www.fafsa.gov • Federal student aid: • www.studentaid.gov • College Bound: • http://www.wsac.wa.gov/PreparingForCollege/CollegeBound • College Affordability and Transparency Center: • www.collegecost.ed.gov

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