Apply Yourself! Week Seven College Is How Much!? 1 We Will Learn… What college really costs. About different financial aid options. Where to locate resources to help. Helpful tips! 2 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 3 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 4 Financial Aid Options Student Loans Work Study Grants Scholarships FAFSA (Your Best Friend!) 5 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! 6 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. 7 Grants Do NOT have to be repaid Usually based on financial need Often require good academic standing Many require completed FAFSA form 8 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. 9 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. 10 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. 11 Sample Award Letter QuickTime™ and a TIFF (Uncompressed) decompressor 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. 12 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! 13 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. 14 References http://www.offtocollege.com http://www.collegeboard.com http://www.salliemae.com 15 Questions?? 16