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Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity

Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity. Investing In Your Future … an introduction to financial aid. Financing Your Future. What does college cost ? What is financial aid? How do I apply for financial aid ? Where can I get more information?.

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Melvin Monette, MSEd Director UMN School of Public Health Recruitment and Diversity

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  1. Melvin Monette, MSEdDirectorUMN School of Public Health Recruitment and Diversity Investing In Your Future …an introduction to financial aid

  2. Financing Your Future • What does college cost? • What is financial aid? • How do I apply for financial aid? • Where can I get more information?

  3. What does college cost?(annual tuition and fees) • Private Colleges: $29,023 • Private Career Colleges: $12,233 • University of Minnesota: $11,466 • State Universities: $6,639 • Community & Technical Colleges: $4,708

  4. Estimated Annual Cost of Attendance (COA)

  5. How will I pay for it? • Family support • Savings • Work • Grants • Scholarships • Loans

  6. What is financial aid? • Scholarships • Grants • Loans • Employment Opportunities Where does it come from? Federal and state government, schools, employers, and other public and private sources like clubs and organizations.

  7. Search for scholarships • on the Web • at the library • high school counselor’s office or career center • in the community: church, civic, and business organizations, parent’s employer • your college(s) of choice

  8. Avoid scholarship scams • Know that legitimate scholarships never charge fees and the application information is available to everyone. • Don’t fall for guarantees or claims that someone has information you can’t get anywhere else.

  9. Grants • Federal Pell Grant: need-based; annual award range is $400 - $5350 • Federal SEOG Grant: limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000 • Minnesota State Grant: MN resident enrolled at eligible MN school; for students from low and moderate income families; annual award range is $100 - $9,444

  10. ...more on grants • Minnesota Achieve Scholarship: MN resident with family income of < $75,000; must complete a rigorous high school curriculum; one-time award of up to $4,022; apply on-line at: www.getreadyforcollege.org/achieve • Institutional Grant: college or university funds awarded to students with financial need

  11. Loans

  12. Work Study • Part-time student employment • Earnings paid to student • Work-study earnings not included when determining EFC on next year’s FAFSA

  13. How do I apply for financial aid? • Complete the Free Application for Federal Student Aid (FAFSA) • Complete school financial aid application (if required) • Meet application deadlines • Apply for scholarships • Contact your financial aid administrator if you have special circumstances

  14. FAFSA on the Webwww.fafsa.gov • Completing and processing the FAFSA • are free! • Avoid being charged a • fee to file the FAFSA. • Contact your school’s financial aid office if you need help.

  15. Avoid Errors! • Put your name and SSN on FAFSA exactly how it appears on your social security card. • Refer to completed federal income tax return and consult instructions for proper line references. • If entry is zero or none, enter 0. Don’t leave blank. • Enter school code(s). • Student and one parent must both sign dependent student’s FAFSA.

  16. What makes a student “independent”? • At least 24 years old by December 31st of the award year covered by the FAFSA • Graduate or professional student • Married • Has legal dependents other than a spouse who receive more than one half of their support from the student • Both parents deceased, in foster care, homeless or ward of the court • On active duty or veteran of the U.S. Armed Forces • Emancipated minor or in legal guardianship as determined by a court

  17. How does the school determine my financial aid awards? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid

  18. Expected Family Contribution (EFC) • What is the EFC? • Indicates how much of your and your family’s financial resources should be available to help pay for your education. • The EFC is calculated from your FAFSA according to a formula established by law. • The COA is different at each school, but a student’s EFC stays the same. A student’s need will be different from school to school.

  19. EFC Components Dependent Student • Parents’ income and assets • Number in family • Number in college • Student’s income and assets Independent Student • Student’s income and assets • Number in family • Number in college

  20. Get free help with the FAFSAMNCollegeGoalSunday.org It’ll take more than good luck and best intentions to pay for college. You need a plan. Begin with College Goal Sunday.

  21. Other Resources • Reciprocity Programs • Wisconsin, North and South Dakota, Manitoba • MSEP: Kansas, Michigan, Missouri, Nebraska • Federal Tax Benefits for Higher Education • Deduction for Qualified Education Expenses • Employer Paid Tuition Assistance • Hope and Lifetime Learning Tax Credits • Student Loan Interest Deduction • Other Government Programs • Americorps Program • Bureau of Indian Affairs Grants • Dislocated Worker Programs • ROTC Scholarships and/or Stipends • Veterans Benefits • Vocational Rehabilitation Programs

  22. Where can I get more information? • U.S. Department of Education: www.ed.gov • Minnesota Office of Higher Education:www.ohe.state.mn.us • Internet System for Education & Employment Knowledge: www.iseek.org • FinAid! - The Financial Aid Information Page: www.finaid.org • FastWEB scholarship search: www.fastweb.com • The College Board: www.collegeboard.org

  23. Money management for students • Graduate on time! • Create a budget and stick to it. • Avoid credit card pushers. • Plug everyday spending leaks. • Do you really need a car on campus? • Live like a student.

  24. What do I do…and when? • Apply for scholarships now and throughout college. • Apply for admission to your school(s) of choice. • Complete the FAFSA (each year) as soon as possible after January 1. • Review your Student Aid Report (SAR) for accuracy. • Respond promptly if your school requests more information. • Respond to financial aid award notice and complete any loan promissory notes. • If awarded work-study, obtain work-study job and begin working once school begins.

  25. Scholarship Application Advice • Keep records – they all ask for similar information • Keep electronic records of essays – they can always be easily reworked to apply to specific scholarships • ANSWER the Question!! • Think of it as a job – what are you willing to do for $X per Hour??

  26. Investing In Your Future…an investment in you!

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