Online Version for Program
Course Credit 2010-11
College Financial
Planning Workshop I
Intro to Glow, IDA, College
Benefits and Budgeting
Fall 2010
Goals for This Meeting
Group Agreements
Orientation - Glow Foundation Program
and Timeline
IDA Overview
Benefits/Costs of College
Budgeting – Expenses
Closing/Questions
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Group Agreements
 Commitment to Glow Foundation’s program
 Be prompt and prepared for all Glow sessions
(including Homework items)
 Reach out for help when needed
 Respond promptly to emails or phone calls
 Share the information learned with family and peers
 Be respectful (one mic)/confidentiality
 Accountable for myself and the group success
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What is Glow Foundation?
Glow Foundation aims at providing all
dedicated high school students with the
opportunity to afford, attend, and graduate
from college, regardless of their income level.
To do this, we provide:
1. Financial Education Workshops
2. Mentoring/College Planning Support
3. “Unmet need” scholarships
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Financial Education Program
Financial
Education Workshops
September~ February
• College Financial
Planning
- Benefits and costs
of college, financial
aid, scholarships,
student loans,
award letters, and
budgeting
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Budget Analysis
Budget Support
and Review
February ~ March
• Creation of individual
college budgets
including:
- Detailed expenses
- Income sources
including parent
contributions,
scholarships, grants,
jobs, and loans
- Determine funding gap
and identify ways to
close or reduce it
• Budget support
sessions
- Students meet with
Glow Foundation
volunteers to work on
and refine their
individual budgets
• Budget review and
submission
- Individual budgets are
assessed by volunteer
reviewers
Program Dates/Timeline
Session Number
Date
Time
Session Topic
1(Orientation)
Orientation
2 (CFPW-I)
Understanding the Costs of
College/Budgeting
3 (CFPW-IV)
Funding Your Education –
Award Letters and Financial
Aid Overview
4 (Budget Support)
Budget Support Session
5 (Budget Review)
Budget Review Session
(Dates/Times will be posted at the end of the session)
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“Unmet Need” Scholarship
Upon COMPLETING our financial education program,
eligible students are given the opportunity to apply
for our Glow Foundation Scholarship:
 Priority is given to low-income students who are
first in family/first generation to attend college
 Amount varies depending on the “unmet need” in
funding
 Requires the submission of a personal budget and
additional scholarship materials
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Individual Development Account
What it is: A 2:1 matched savings account for your
college education - for every $1 you save, receive
$2 in matched funds up to $6,000!!
How it can be used: Tuition, books, or a computer
Basic Requirements:
 Fall below specified income ceilings
 Parents must file a tax return and be working
 Save a minimum of $20 a month
 Complete Glow Foundation’s Financial Education
Program
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How Do I Participate in IDA?
Complete the following:
Online student application (11/1)
Media Waiver
Engage in the program!
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Benefits of College
 More money!!
 More/better job
security
 More opportunities
 Personal growth
 FUN!!
Earnings and Unemployment Rates for
People 25 and Older with Different
Education Levels
Mean
earnings in
2006
Unemployment
rate
(August 2006)
Didn't finish High
School
$30,146
7.10%
High School
Graduate
$38,837
4.40%
Some College/
Associate’s Degree
$45,232/
$47,401
3.80%
College Graduate
$67,766
2.20%
Master’s Degree
82,022
1.80%
Doctorate
115,377
1.30%
Level of education
completed
College graduates earn almost $1,000,000 MORE than high school
graduates on average over a life time
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How Much Does College Cost?
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College Costs HOW MUCH??!
SAN FRANCISCO STATE UNIVERSITY:
 California State University
 Less intense application process
 Moderate class sizes
 Practice-based learning
 Gets you ready to work after you graduate
 More affordable than UCs and private colleges
Actual Cost of Attendance:
$23,476
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College Costs HOW MUCH??!
UNIVERSITY OF CALIFORNIA, BERKELEY:
 Part of the UC system
 High reputation
 High student-to-teacher ratio
 Research-based learning
 Gears you toward graduate school
 Expensive tuition
Actual Cost of Attendance:
$29,259
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College Costs HOW MUCH??!
Cost of Attendance by Type of School
(2010-2011 Academic Year)
Type of School
Two-Year Community
College (De Anza*)
Four-Year Public In-State
Resident (SF State)
Four-Year Public Out-ofState Resident (SF State)
Four-Year Public In-State
Resident (UC Davis)
Four-Year Public Out-ofState Resident (UC Davis)
Four-Year Private (Stanford)
Tuition
Room
Books/
Health
Personal/
Total Cost of
and Fees and
Supplies Insurance/ Transportation Attendance
Board
Fee
855
10,872
1,728
3,996
$17,451
5,014
12,414
1,704
-
4,344
$23,476
16,918
12,414
1,704
-
4, 344
$35,380
12,034
12,498
1,601
1,048
2,078
$29,259
34,055
12,498
1,601
1,048
2,078
$51,280
39,138
11,876
1,485
501
2,385
$55,385
But, this is before Financial Aid!
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College Website Navigation-SFSU
Page 15
What Do I Do with These Costs?
How can you plug this cost of attendance info
into a meaningful tool that will help you think
about how to finance and afford college?
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Budgeting
Spend a few minutes thinking about about the
following (see page 2 in student packet):
 What is a budget?
 What is the purpose of a budget?
 What does a budget tell you about your financial
situation/what decisions can it help you make?
 What should be included on a budget?
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Creating a College Financial Budget
Expenses: Cost of Attendance
 Fixed Expenses
(E.g., tuition, rent, car payments, insurance)
 Flexible Expenses
(E.g., books & supplies, food, utilities/bills, transportation, personal care)
 Discretionary Expenses
(E.g., entertainment, going-out, gifts)
minus
Income: Sources of Funding
 Parents or Savings / Investment
 Job / Work Study
 Grants (Pell Grants, ACG, Cal Grant etc.)
 Loans (Stafford, Perkins, Plus, Private)
 Others??
Funding Gap
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equals
Tradeoffs
What happens when you don’t have the enough
money to cover your expenses?
How can a budget help you in this situation?
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Budgeting with Microsoft Excel
What is Microsoft Excel?
 A Program that stores, sorts, and analyzes data.
 Excel allow you to make calculations, graphs, and
perform other data analysis
 Excel allows you to keep versions and update
We will use Microsoft Excel to create our budgets –
Excel will allow us to calculate these numbers quickly
with the use of basic math formulas
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Microsoft Excel 101
Excel Basics:
 Review the Budget Directions
 Test how to do simple tasks (“How To”) in Excel
 Use “Shortcuts/Tips,” especially related to basic
math functions
 Review any other “Important Information” related
to the budget you will create
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Create a Draft Budget
for Understanding
Page 22
Homework
Continue researching college costs and
inputting this information into your budget
Complete the online student application
Sign and return the media waiver
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Recap
Group Agreements
Orientation - Glow Foundation Program
and Timeline
IDA Overview
Benefits/Costs of College
Budgeting – Expenses
Closing/Questions
Page 24
Contact Info
Jason Hong
Program Associate
JasonH@glowfoundation.org
Veronica Flores
Program Associate/Volunteer Coordinator
VeronicaF@glowfoundation.org
Alana Okamoto
Program Director
Alana@glowfoundation.org
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