funding your education wisely...beware of scams don’t pay for searches be careful providing...
TRANSCRIPT
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Funding Your Education WiselyPlanningAheadMaySaveYouTime&Money
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PoorChoicesCostYouTime&Money
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We’llHelpYouUnderstand…➤ Value&CostofPostsecondaryEducation➤ ChoosingtheRightCareer&MajorforYou➤ TypesofFinancialAid➤ TheFAFSA➤ UnderstandingCollegeCosts➤ ImpactofSocialMedia➤ We’llHelp
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Value and Cost of Postsecondary Education
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The Value of Higher Education
Whatdoyouthinktheunemploymentrateisfor25‐to‐34year‐oldswhograduatedfromafour
yearcollege?
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Hint:ForthosewithONLYahighschooldiploma
7.4%
http://www.nytimes.com/interactive/2016/06/03/upshot/up-college-unemployment-quiz.html
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The Value of Higher Education
TheOneQuestionMostAmerican’sGetWrongAboutCollegeGraduates
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http://www.nytimes.com/interactive/2016/06/03/upshot/up-college-unemployment-quiz.html
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The Value of Higher Education
Source: Current Population Survey, U.S. Department of Labor, U.S. Bureau of Labor Statistics
LessthenHighSchool
HighSchool
SomeCollege
Associates
Bachelors
Masters
Professional
Doctoral $1,743
$1,836
$1,401
$1,173
$836
$774
$712
$520
MedianWeeklyEarnings$
1.5%
1.5%
2.2%
2.5%
3.4%
4.0%
4.6%
6.5%
UnemploymentRate(%)
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Higher Education Debt
➤ 70%ofcollegegraduateshavecollege‐relateddebt
➤ Averages:✦ Studentloandebt$37,000
✦ Monthlypayment$350
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➤ 50%aresurprisedathowmuchtheyowe
➤ Studentloandebtishigherthancreditcarddebt
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Choosing the Right Career & College for You
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MyNextMove.Org
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MyNextMove.Org
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Explore Career Paths
GainExperienceBy:
➤ Jobshadowing
➤ Volunteering
➤ Internships
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Get started with great resources at:
INvestEdIndiana.org
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Choosing Your School
CollegeNavigator
➤ Varietyofsearchcriteria
➤ Wealthofinformation
➤ Findoptionstofityou
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The Right Choice
ThekeyisfindingaschoolthatofferstherightmajorANDisagoodfit!
➤ Academically
➤ Socially
➤ Financially
Changingmajorsorschoolsmayadd
➤ Extratimetocompletedegree
➤ Increasedcost&studentdebt
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Staying on Track
Taking15credithours(5classes)eachsemesterhelpsyou
➤ MaximizeIndianagrants
➤ Minimizestudentdebt
➤ Graduateontime
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30 credits
2 years
4 years
60 credits
120 credits
Typical Graduation Requirements
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Types of Financial Aid
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Types of Financial Aid
GiftAid
➤ Scholarships
➤ Grants
Self‐HelpAid
➤ StudentEmployment
➤ Savings
➤ LoansINvestEdIndiana.org 17
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Scholarships
Colleges&Universities➤ Needbasedvs.Meritbased
Local&Community➤ SchoolCounselor➤ CommunityFoundation➤ PrivateBusinesses➤ CivicOrganizations➤ ChurchGroups➤ PlaceofEmployment
FREENationalSearchSitesINvestEdIndiana.org 18
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GetOrganized➤ Scholarshipfolder
➤ Create“Brag”sheet
➤ Sampleessays
➤ Identifydeadlines
➤ Balancetime
BewareofScams➤ Don’tpayforsearches
➤ Becarefulprovidingpersonalfinancialinfo.
➤ Avoid“You’vealreadyWon!”traps.
Scholarship Tips
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Spend time each week searching for scholarships
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Scholarships – Get Creative!
There’ssomethingforeveryone
HavefunsearchingyourfavoritethingsINvestEdIndiana.org 20
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INvestEdIndiana.org
Five$1,000scholarshipswillbegiven➤ Mustbe16oroldertoenter
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Grants
Federal➤ PellGrant(Max:$6,095)➤ SupplementalEducationalOpportunityGrant(SEOG)($100to$4,000)
➤ TEACHGrant($4,000)
State➤ 21st CenturyScholars➤ FrankO’BannonGrant
CollegeorUniversity
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Student Employment
Benefits➤ Earnmoneytopayforcollege&minimizestudentloans
➤ Job&interviewexperience➤ Buildtimemanagementskills
Options➤ Workingpart‐time➤ Federalworkstudy➤ Internships
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College Savings
Savingoncostofcollege➤ AdvancePlacement(AP)orDualCredit
➤ Commutingvs.LivingonCampus
➤ Onlinevs.Classroom
529DirectSavingsPlan➤ 20%taxcreditupto$1,000
➤ Lowfeesandcontributionrequirements
➤ Accountownercanchangebeneficiary
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Education Loans
FederalDirectLoan(5.05%Rate&1.066Fee)
➤ Student’sloan➤ SubsidizedorUnsubsidized➤ Annuallimits
FederalDirectPLUSLoan(7.6%Rate&4.264Fee)
➤ Parent’sloan➤ Eligibilityimpactedbyadversecredit
PrivateLoan(Ratesvary&Typicallynofee)➤ Studentandcosigner’sloan➤ Eligibilitybasedoncreditscore&income
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Remember: All Loans MUST Be Repaid!(Interest Rate for loans disbursed on or after 7/1/18, Loan Fees for loans disbursed between 10/1/17 – 9/30/18)
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FAFSA
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Importance of the FAFSA
FreeApplicationforFederalStudentAid➤ Annualapplicationformostformsoffinancialaid
➤ Basisfordeterminingeligibilityfor✦ FederalFunds
❖ Grants❖ Work Study❖ Loans
✦ StateofIndianaGrants✦ PotentiallyInstitutionalFunds
➤ DeterminesEFC
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What is EFC?
EFC=ExpectedFamilyContribution
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OR
Parent(s) Income & Assets
Student Income & Assets
Amount family can reasonably be expected to
contribute
$0$5K
$378
$7.5K$10K
$816
$85K
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FAFSA.govAvailablestartingOctober1st
Usecompletedtaxdata
Knowdeadlines➤ StateofIndiana– April15th
➤ Colleges– Askthem
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HS Graduation
Year
FAFSAYear
Academic Year (Attending College Between:)
FAFSAOpen Date
Tax Year Data
2018 2018-2019 July 1, 2018 - June 30, 2019 October 1, 2017 2016
2019 2019-2020 July 1, 2019 - June 30, 2020 October 1, 2018 2017
2020 2020-2021 July 1, 2020 - June 30, 2021 October 1, 2019 2018
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Comparing College Costs
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Net Price Calculators
Estimateyourfinancialaidandcostsatacollege
Foralinktoanycollege’snetpricecalculatororINvestEd’sComparisonWorksheetvisit:
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Cost of Attendance- Gift Aid
= Net Price *
✽ What you have to pay through:
Outside Scholarships Student Employment Savings Loans
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Indiana Public Institution Example
Studentdemographics
➤ Middle/lowincome
➤ AboveaverageGPA&testscores
Results:➤ Cost=$24,778
➤ NetPrice=$14,123
➤ RemainingCost=$5,623
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Impact of Social Media
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Professional Online Presence
Appropriateemailaddress
Reviewsocialmediaaccountsremoving
➤ Inappropriatematerial
➤ Anythingthatmaybemisinterpreted
Beengaging&personal
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Professional Online Presence
DosocialMediadecisionsmakeadifference?
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Evaluation of Applicants
Scholarshipprovidersindicatedthefollowingaboutreviewinganapplicant’sonlinepresence
➤ Todeterminewhethertheapplicantdemonstratesgoodjudgment(58%)
➤ Togettoknowtheapplicantbetter(42%)
Scholarshipprovidersreviewofonlinecontent
➤ 25%ofscholarshipprovidersselectedanapplicant
➤ 33%deniedanapplicantascholarshipINvestEdIndiana.org 36
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Twitter Examples
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We’ll Help!
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INvestEdIndiana.org
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Stay Connected With Us!
@INvestEdIndiana
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