Financing College Now and in the Future

PresentedMoney Smart Week

April 2008

Myths

Students can borrow in loans all the money they need for college

Students can be considered independent just by not living at home.

If you don’t qualify for a scholarship it doesn’t pay to try

Savings plans and budgeting for college will not help.

Truths Students are limited

on their government loans

Students becoming independent must meet FAFSA criteria or have an extreme circumstance

From the time you decide on college you need to prepare for scholarship searches no matter what age, race or family income.

Upromise, 529 plan are just some of the ways to start savings for college.

Key Factors in Financing College

Seek Information: Websites are a great source.

Prior to the school year of attending complete your FAFSA Make sure to complete it prior to March 1st

Scholarship search starting a year before you attend and continue till you stop going to college.

Where to find information

College websites particularly in their financial aid section

College catalogs Illinois Student Assistance

Commision Website: www.collegezone.com

Other site suggested through the college websites.

FAFSA This is the Federal Application for

financial aid and it is FREE FAFSA does not offer to fund a

students educations it only is a tool to evaluate your need for help.

The EFC estimate family contribution is just a benchmark not a bill or the amount the family may need to pay.

FAFSA is a picture of your previous years financial picture and is used to determine your need. If you have lost this income you should check with your financial aid advisor about the situation.

Most students who do not pay out right their college bill need financial aid and generally that means a student loan and a parent plus loan.

Scholarships Start a student portfolio in middle

school. Activities, organizations, and volunteerism.

Start a savings plan Research what your colleges offer in

scholarships Research what kinds of scholarships

are offered in your major.

Where to Start Check out websites Get involved in looking for funds Plan carefully your choice of college

can you afford it? Will it give you the educations your

want? Know what you want from college. Always keep working on funding

college

Thank-You

This presentation is part a project for the graduate class CEI 432