Apply Yourself!
Week Seven
College Is How Much!?
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We Will Learn…
What college really costs.
About different financial aid options.
Where to locate resources to help.
Helpful tips!
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What College Really Costs
(Per Year)
Public IL 4 Year University (In-State):
Tuition and Fees: $15,000
Room and Board: $8,000
Books: $1,200
Transportation: $1,000
Miscellaneous Expenses: $2,000
Total: $27,200
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What College Really Costs
(Per Year)
Private IL 4 Year University:
Tuition and Fees: $22,000
Room and Board: $8,000
Books: $1,200
Transportation: $1,000
Miscellaneous Expenses: $2,000
Total: $34,200
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Financial Aid Options
Student Loans
Work Study
Grants
Scholarships
FAFSA (Your Best Friend!)
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Student Loans
Money for school that you MUST pay back
Subsidized: Government pays interest while
in school.
Unsubsidized: You pay interest while in
school.
May need a co-signer
Must be used for school related expenses
It’s easy to get loans, so use wisely!
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Work Study
Need-based program
Student works while in school and
keeps earnings.
Some jobs are only offered to work
study students.
Optional program
Notify your decision on FAFSA if you
are interested in work study.
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Grants
Do NOT have to be repaid
Usually based on financial need
Often require good academic standing
Many require completed FAFSA form
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Scholarships
Thousands of scholarships with varying
awards
Can be based on ethnicity, gender, financial
status, major, hand dominance, etc!
Hundreds of online scholarship databases
are free!
Usually require essay or application
Some are not need-based.
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FAFSA (Your Best Friend!)
Free Application for Federal Student Aid
Determines what your family can afford to pay
for your education
EFC: Estimated Family Contribution. This is
the amount your family can contribute to your
education each year.
Will give you options to pay for the rest
(loans, work-study, grants)
Based on your parent/guardian’s income tax
and yearly earnings.
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FAFSA Steps
Fill out the form beginning Jan 1st prior to
each school year.
Use your parent/guardian’s federal tax info.
Choose schools to send your FAFSA to.
Update your FAFSA is anything changes.
Receive your Student Aid Report (SAR) and
EFC.
You will also receive a financial aid award
letter from each school that accepts you.
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Sample Award Letter
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are needed to see this picture.
FAFSA will determine
your EFC.
The school will help you
find other aid, even if
you have to pay it back.
Your total award should
equal your financial
need.
If you go to a school with
a higher tuition, you will
still have the same EFC.
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Helpful Tips!
Don’t rule out a school because the tuition is
high.
Don’t rule out private schools; sometimes
they offer more aid!
Get your FAFSA done early. State deadlines
are usually in Feb. or Mar.
Keep your parents involved. They often have
to sign your paperwork.
Look for financial aid nights at schools,
libraries, colleges, etc!
Make sure you reply to schools by the
deadline to ensure your financial aid!
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Resources
Online: Most forms or applications can be
completed online (FAFSA, scholarships, etc)
Online: Many websites offer information on
paying for college (see handout!)
Libraries: There are many books on paying
for college.
Teacher/Counselor: Ask your school faculty
for help. They may have other ideas or know
about scholarships.
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References
http://www.offtocollege.com
http://www.collegeboard.com
http://www.salliemae.com
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Questions??
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