how can i afford to send my child to college? shayla mcglothan & chris farr
DESCRIPTION
Agenda O Understand Costs of College O FAFSA O Types of Aid O Hope Scholarship/ Zell Miller Scholarship O Private Scholarships O QuestionsTRANSCRIPT
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How Can I Afford to Send My Child to
College?
Shayla McGlothan & Chris Farr
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About Me• UGA Alum
• Georgia College Advising Corps College Adviser
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AgendaO Understand Costs of CollegeO FAFSAO Types of AidO Hope Scholarship/ Zell Miller
ScholarshipO Private ScholarshipsO Questions
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Understand College Costs
O Avg. Cost of College in Georgia (tuition & fees):O 2 year College -
$3,600O 4 year Public
College/University - $7,800
O 4 Year Private College/University- $28,700
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Sample COA
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COA vs. Net PriceO Published Costs of
Attendance (COA) vs. Net Price
O COA includes direct & indirect costs:O Tuition & FeesO Room & BoardO Books & SuppliesO Other Expenses
(Transportation, etc.)O Net Price
O COA - Grants & Scholarships
O Net Price Calculator
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Sources of Financial Aid
O FederalO StateO InstitutionalO Private
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FAFSAO FREE Application for Federal Student Aid
O www.fafsa.ed.govO About 100 QuestionsO Available every year on Jan. 1stO Complete annually
O Deadline- depends on school, but ASAPO Pin Number (Student & Parent)O Income Driven- Tax ReturnsO Cannot list special circumstancesO Send to up to 10 schools
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What does the FAFSA Calculate?
O Demonstrated NeedO COA - Estimated Family
Contribution (EFC)O Student Aid Report
(SAR)O Receive in a week via
e-mailO 4-6 Weeks for college
to processO Financial Aid Award
Letter
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What Influences the EFC
O ParentO IncomeO SavingsO Assets O Number of people in collegeO Family Size
O StudentsO IncomeO SavingsO Independent/Dependent
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Common QuestionsO Divorced or Separated Parents
O Provide parent information for parent has child 51% of the time
O If equal, who provides more monetary support
O If parent is remarried, provide info for both biological parent and step-parent
O Independent Students
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FAFSA TipsO Enter name exactly how
it appears on Social Security Card
O Use IRS Data RetrievalO Fill out the FAFSA the
day after monthly bills are paid
O Use "Help & Hint" link on right side of screen
O Select "Yes" for work-study
O IRS Data Retrieval Tool
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Types of Financial AidO Free Money
O ScholarshipsO Grants
O Self-HelpO Work-StudyO Loans
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Free MoneyO Grants- financial aid that doesn't have
to be repaid. Often need-based.
O Federal Pell Grant: max. amount $5,730
O Federal Supplemental Educational Opportunity Grant
O Teacher Education Assistance for College and Higher Education (TEACH) Grant
O Iraq and Afghanistan Service Grant
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HOPE/Zell Miller Scholarship
O HOPE ScholarshipO 3.0 GPA in Core ClassesO Portion of tuition - ~90%
O Zell Miller ScholarshipO 3.7 GPAO 1200 SAT (CR & M) or 26
ACTO Full tuition covered
O Public vs. PrivateO Maintaining, Losing,
RegainingO www.gacollege411.org
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HOPE/Zell Miller GrantO HOPE Grant-
seeking certificate or diploma at Technical College, will pay percentage amount of tuition,
O No GPA requirement
O 2.0 GPA at checkpoints
O Zell Miller Grant
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Strategic Industries Workforce Development Grant
O Eligibility requirements same as HOPE Grant
O Certain high demand industries
O Commercial Truck Driving
O Practical NursingO WeldingO Diesel MechanicO Early Childhood
Care/EducationO Healthcare
TechnologiesO Information
Technology
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Private ScholarshipsO National WebsitesO zinch.comO bigfuture.collegeboard.orgO fastweb.comO Local Scholarships- NewspaperO Your EmployerO Surrounding High School WebsitesO RENEWABLE!!!
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Self-HelpO Work Study- on campus or off campus
job, students are paid at least federal minimum wageO Money does not have to be repaidO Does not count against you on
following years FAFSAO Job outside of school MAY count against
you
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LoansO Must be repaidO Two Federal Student Loam
ProgramsO Federal Direct Loan (4 Types)
O Direct Subsidized LoansO Direct Unsubsidized LoansO Direct PLUS LoansO Direct Consolidation Loans
O Federal Perkins Loan Program
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LoansO Direct Subsidized Loans, 3.86%
interest rateO financial needO may not exceed financial needO U.S. Dept. of Education pays the
interest while you're in school at least half-time for the first six months after you leave school
O loan postponementsO First Year- Max. $3,500O Second Year- Max. $4,500O Third Year and Beyond- Max.
$5,500
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LoansO Direct Unsubsidized Loans, 3.86%
interestO No requirement for financial needO School determines amount based on
COA and other received financial aidO Student responsible for interest
during all periodsO Unpaid interest will be added to
principal amount of loan O Up to $20,500 (less any subsidized
amounts received from same period) depending on grade level and dependency status
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LoansO Direct Plus Loan, 6.41%
O Parents of dependent undergraduate students can be used to cover costs not covered by other aid
O U.S. Dept of Education is lenderO Credit Check is conductedO Max. Loan amount: COA - any other aid received
O Federal Perkins Loan, 5%O Exceptional financial needO School is the lender
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LoansO To receive loans, student must complete
entrance counselingO Any additional fund will be paid to the
studentO The student has to accept the amount they
choose to accept
*If you are a dependent student whose parents are ineligible for a Direct Plus Loan, additional funds from unsubsidized loans may be available.*
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Questions?