Tips and Tricks on Affording College Emily Adkins, Keith Ahearn and Michael Daso

Good News About Paying for College ●Colleges and Universities will almost always reserve their so-called “preferential financial aid packages” to the students they really want ●The college market is largely a buyers market ●Gallup Survey: 58% of colleges surveyed did not meet their freshman targets

What is my EFC? Estimated Family Contribution ●Parent’s Available Income ●Parent’s Available Assets ●Student’s Available Income ●Student’s Available Assets

What is my EFC? Families with incomes below 24K have an automatic EFC of 0 Using the College Board’s EFC calculator is the best way to estimate your family’s EFC.

When to file FAFSA? ●Assumption - Senior at Lakewood High attending college in the Fall of 2017 ●FAFSA should be completed in Fall 2016, now available October 1, 2016 ●Base Income Year will be 1/1/2015 through 12/31/2015 *(prior year) ●Assets will be based on values as of today

CSS Profile - College Scholarship Service This is based on an estimate of taxes and should be filed on or after October 1st Generally required by more “selective” institutions Asks questions that require deeper financial information from families

Useful Financial Documents Current Year Tax Return Previous Year Tax Return W2 Forms and Other Records of Income Records of Untaxed Income and Benefits for the current and previous tax years Current Bank Statements Records of Savings, Stocks, Bonds, Trust, etc.

Ways to Cut the Price of College Matching your child to a college that is most likely to give them generous merit aid Treat shopping for college like every other major purchase College Credit Plus

What is College Credit Plus (CCP)? ●Formerly PSEO / Dual Enrollment ○ Lakewood High School on-site courses ○ Off-site courses / Online courses ○ Available for students in grades 7-12 ●Courses count on high school transcript AND college transcript Must be taken during the academic year Tuition and books are covered by district Intent to Participate form due April 1st

Dual Enrollment Options through the University of Akron and LHS (taught by LHS teachers) Anatomy & Physiology (LCCC) Intro to Psychology / Social Psychology (U of Akron) Beginning Spanish / Intermediate Spanish (U of Akron) Pre-requisites / specific course criteria may be required What Classes Can Students Take?

Students can take a maximum of 30 credit hours per year A maximum of 120 credit hours throughout participation Upon acceptance, students will work with their HS Guidance Counselor to determine the exact amount of credit hours that can be taken. Credit Hour Limits

Earn credit for both HS & College Complete college degree sooner & save money Retain freshman status for financial aid CCP credits are guaranteed to transfer to any state university in Ohio CCP Benefits

College grades are computed into GPA Grades earned in college coursework may affect HS class rank Exposed to coursework geared towards adult learners College transcripts are permanent records If a course is failed or dropped after the deadline, districts may seek financial restitution CCP Cautions

Boosting Chances of Admission and Money Look for academic matches ●Applying to test-optional schools if standardized test scores are low ●Apply to Schools in other Time Zones ●Seek out schools not on coast or in cities ●Gender and ethnicity make a difference ●ACT/SAT Review

4 Main Sources for College Money ●Federal Government (44%) ○ Pell Grants, Subsidized / Unsubsidized Loans, Work Study (always say YES) ●Colleges (36%) ○ In house scholarships may require additional applications ●State Government (9%) ○ Most likely awarded to families with low and moderate income ●Private Scholarships (6%)

Scholarships ●Do not invest significant time on National Scholarships ○ Drawbacks to Search Engines ○ Use MeritAid.com - A comprehensive directory of merit scholarships and academic scholarships from colleges across the country. ●Look for scholarships that require an essay because it increases the odds ●Pay attention to deadlines! ●Be sure to factor in what happens BEYOND freshman year

Net Price Calculator ●Provide a family’s net price ●Can test out academic scenarios ○ Whether a higher ACT/SAT score could make a difference ○ weigh impact of assets ●Ask the college how accurate it is ●Some colleges make the net price calculator difficult to find ○ use NetPriceCalculator.com

Financial Aid Letters ●Every financial aid award letter should include: ○ Full cost of attendance ○ Grants and Scholarships ○ Types and amount of loans (be mindful of this!) ○ Net amount student owes after financial aid is deducted ○ The EFC ●Use federal direct loans first and private loans only if maxed out

Other Tips to Consider Be Honest Reduce Income During Base Years Increase Family Members Enrolled in College Sell Investments Before Base Income Year Increase Retirement Contributions Avoid Consumer Debt

Resources ●The Princeton Review - Paying for College Without Going Broke (Kalman A. Chany) ●I’m Going to College - Not you! (Jennifer Delahunty) ●Don’t Stalk the Admissions Officer (Risa Lewak) ● Counselors and Mentors Handbook on Federal Student Aid