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Paying for College

Understanding the financial aspects of college is crucial for aspiring students. This guide outlines the costs associated with different types of schools, including hidden fees, and financing options available through government programs, family contributions, and community scholarships. We'll explore work-study opportunities, the importance of scholarships, and creative funding strategies like dual-enrollment programs and internships. With the right resources and a proactive approach, you can successfully navigate the complexities of paying for college and secure your educational future.

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Paying for College

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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: Cost of Attendance ?

  7. College Costs: 4-year Public Schools

  8. College Costs: 4-year Private Schools

  9. College Costs: 2-year and Vocational Schools

  10. College Costs: “Hidden” Costs • Test fees • Application fees • Dorm deposits • Health Insurance • Postage/Communication • Printing

  11. Agenda

  12. Money: 3 Pots of Money Government/ Institutional Financing Family Financing Community Financing

  13. 1079 Options: The Barriers • You may not have access to federal or state financial aid • You may not be eligible for some employment • You may not be eligible for a few scholarships • You may have to work harder and longer hours than most students • You will also be attending school while you work • You may have to be more creative than most students

  14. 1079 Options: You Can Pay for College! ! • College Credit in HS • Running Start • AP Classes • Work • Scholarships/Sponsorship • Internships for scholarships • Institutional scholarships • Community colleges • Part-time enrollment

  15. Money: Family Financing • What can you and your family contribute to your college education? • Savings • Income • Investments • How many people are in your family? • How many are/will be in college? • What kind of unusual expenses do you have?

  16. Money: Community Financing What scholarships or other external funding can you find?

  17. Money: Scholarships • TO • FOR • 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 • School • Company • Organization • Individual • FROM • YOU

  18. Money: Government/Institutional Financing What funds are available to me through the federal or state government or from my college? • Financial Aid • Grants • Loans • Work-Study

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

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

  21. Money: Scholarships and Grants

  22. Money: Work Study

  23. Money: Federal Loans

  24. Money: Other Options • Starting at a community college • Working while in college • HOPE & Lifetime Learning Credits • College credit in HS: Running Start, AP • AmeriCorps • Military service • Western Undergraduate Exchange (www.wiche.edu)

  25. 1079 Options: Paying for College

  26. Agenda

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

  28. Getting it: Family Financing • Open a savings account! • Summer/after-school jobs • Parents/grandparents • Save some of your weekly allowance • Saving birthday and holiday money • Every little bit counts! • Individual Development Account • cfed.org/programs/idas/

  29. Getting It: Scholarships

  30. 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

  31. 1079 Options: Scholarship Sources • TheWashBoard.org • LatinoCollegeDollars.org • Scholarshipsa-z.org • CollegeSuccessFoundation.org • Maldef.org • ca-core.org • Salef.org • scholarshipsforhispanics.org • migrant.net/migrant/scholarships.htm • TALK TO THE PEOPLE AROUND YOU! • CREATE YOUR OWN OPPORTUNITIES!

  32. Getting It: Scholarships

  33. 1079 Options: Questions to Ask Colleges • Does your school have scholarships that don’t require a social security number? How do I apply for them? • Where can I find specific department scholarships that I can apply to? • What are my options if I can’t afford tuition for a quarter?

  34. Review: College Process Timeline

  35. Resources: Helpful Websites • Financial aid information: www.finaid.org • Federal student aid: www.studentaid.ed.gov • College Bound: www.hecb.wa.gov • KH2GO Web site: www.knowhow2go.org • NELA online presentations: events.nela.net • Reality Check: www.jumpstart.org/reality-check.html • Washington State G.E.T. Program: www.get.wa.gov • Paying for College Calculators: www.savingforcollege.com/tools_calculators/ • Western Undergraduate Exchange: wiche.edu/wue

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