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Smart Strategies for Planning College Costs and Visits

Planning for college costs involves careful budgeting and exploration. Start by applying for admission to your desired institutions. Develop a range of options that fit your financial situation. Consider visiting campuses on weekdays—this allows your student to get a real feel for campus life. Encourage them to engage with faculty, explore housing options, sample the dining experience, and interact with current students. These experiences can help make informed decisions about which college will best suit their needs and aspirations.

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Smart Strategies for Planning College Costs and Visits

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  1. Planning for college costs

  2. Apply for admission Develop options Visit the campus during a week day Let your student learn what it will be like to be a student there. Talk with faculty, look at housing, eat the food, talk with the students. What is placement rate, the retention rate, how many years does it take to complete a degree Most schools will award aid for only admitted students Talk to the financial aid officer to research what might be available.
  3. What your student can be doing now….. External funding can help make college affordable. Look for local scholarships in your newspaper. Community organizations and businesses may have scholarships reserved for local students. Talk with your school counselor, who can tell you about financial aid and where to find it. Set up a profile on www.fastweb.com
  4. Persistence and planning pay off…. Apply, apply, apply. The more financial aid for which you apply, the better your chances of getting enough aid to pay for college. Make sure you meet all deadlines Be a neat freak. Neat and complete counts when you’re filling out applications Develop a budget and consider all costs
  5. Filing early is best… Complete your Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. The FAFSA is used to apply for state and federal student aid. File online at www.fafsa.gov for the fastest response Set up your PIN (personal identification number). One PIN for your student, one PIN for at least one parent
  6. Who files the FAFSA ? Parents and student both have data to submit unless a student is… 24 years of age Orphan, ward of the court Has dependents other than a spouse Is a military veteran
  7. What does it take Basic demographic information, DOB, SSN, US citizenship, or eligible non-citizen status Tax information if employed and meets minimum threshold of earnings File your taxes as early as possible, and do it electronically If you can’t file early, you can supply estimated data in order to submit the FAFSA
  8. http://mappingyourfuture.org/paying/debtwizard/ Decide how much you can borrow (debt/salary wizard) Use this interactive calculator to determine the following: How much you can afford to borrow in student loan funds based on your future expected earnings. The salary you will need in order to afford your student loan payments. If you enter the salary you anticipate earning upon graduation, the calculator will calculate the maximum amount of student loan debt you should borrow. If you enter the current amount borrowed in student loans and the amount you anticipate borrowing throughout your college career, the calculator will return the salary required to make payments on this debt. Note: This calculator is based on the recommendation that your student loan payment be no more than 8 percent of your gross earnings. The calculations do not take into consideration a high amount of credit card or other debt.
  9. I expect to earn $50,000 Debt Wizard Question:How much can I afford to borrow in student loans based on a certain salary? Answer:Based on a salary of: $24.04 Hourly$4,166.67 Monthly$50,000.00 Annually I should borrow no more than $28,965.27.
  10. I’m thinking about medical school Question:How much salary do I need to support my student loan debt? Answer:Based on student loan debt of $250,000.00 to be repaid over 25 years at 6.8 percent interest, my estimated monthly payment is $1,735.18. To support repayment of the debt, I should earn at least:$125.13 Hourly$21,689.75 Monthly$260,277.04 Annually
  11. Questions? Feel free to call or email me… Carla Boren carla.boren@park.edu 816-584-6317
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