Talking to Parents about Money for College Introductions

https://www.youtube.com/watch?time_continue=2&v=JhAPVwIrkys After the video is played, popcorn share about conversations scholars may have had with parents that were and were not communicated well. Having conversations with parents about money for college can be daunting. How many of you have talked to your parents about money for college? Do you know if your parents plan to help you out with college or are you financing your college education on your own? Either way, your Uplift counselors are committed to helping you find your Best Fit affordable college!

Agenda Financial Aid Overview The difference between FREE $$$$ and self-help money Having “The Talk” with your parents Important things to talk to your Parents about NOW Questions & Answers

Money for College Colleges put together an “AID PACKAGE” based on the amount your family is able to pay for college expenses every year Must apply for financial aid to determine eligibility Every college that you are admitted to will provide you with a financial aid package, but you must apply!

What is Financial Aid? Funds provided to help pay for college expenses Intended to make up the difference between college cost and what you can afford to pay If you think you can’t afford college…think again! Billions of dollars are awarded annually! Last year, Uplift seniors were offered over 16 million dollars in free money! 5

Self-Help Aid = Earned/Borrowed Types of Financial Aid Gift Aid = Free Money Self-Help Aid = Earned/Borrowed Merit Based Based on academic achievement, skills or other unique characteristics Scholarships Need Based Changes from year to year depending upon changes in your personal finances Grants Need Based Repayment after education is finished Relatively low interest rates Loans are an investment in the future Loans Colleges provide part-time jobs for students with financial need Allows students to earn money to help pay educational costs College pays the student directly (usually per hour) Employment (work study) Financial aid packages are made up of scholarships, grants, loans and work study to assist in making up the financial gap of college costs. 6

3 Ways to Apply for Financial Aid Used for awarding federal student aid and most state/college aid Available October 1, 2018 Need to file as soon as possible FAFSA – Free Application for Federal Student Aid Complete if you are not a US citizen or permanent resident TASFA – Texas Application for State Financial Aid Required as part of the financial aid process by some private schools and scholarship program Deadlines vary by school CSS Profile The Road to College Counselors on your campus will hold financial aid workshops and individual meetings to help you fill out your FAFSA, TAFSA or CSS Profile. 7

EFC = Estimated Family Contribution By completing the FAFSA4CASTER with your parent, you can estimate what your EFC (Estimated Family Contribution) will be.

Documents needed to complete your FAFSA/TASFA Social Security Number or TIN number 2017 income tax return 2017 W2 Forms or 1099 for both parents 2017 Investment Records and other financial statements might be necessary Driver’s License It is important to have these documents BEFORE you and your parent begins to fill out the FAFSA, TAFSA or CSS Profile. 9

Important FAFSA Tips Parents need to file their taxes! Parents should claim you as a dependent on their taxes. Special Circumstances Must be a biological parent or legal guardian who provides the most financial assistance to the child. If you switch dependency between parents, it is to the child’s benefit to stay on the parent’s taxes consistently throughout college. Must wait to file FAFSA on or after October 1st!

Costs of Applying to College Application Fees Sending Testing Scores Can range from $0-$75 Scholars on Free/Reduced lunch receive fee waivers for every out of state school and only 4 for in state schools (provided by the College Board) CSS Profile – Costs Vary Visiting Colleges The ACT and the College Board both have fees for sending scores. ACT - $13 SAT - $12 To avoid costs, on the day of the test, register up to 4 colleges to send scores The College Counselor can send test scores to out of state schools for FREE Please budget and plan accordingly! Be sure to fill out the application for free and reduced lunch! Scholars on free and reduced lunch receive waivers for College application fees, sending test scores and CSS Profile.

Parent Conversations 1.“We don’t have money for you to go to college.” Could possibly mean… 2.“We haven’t saved money” or 3.“I haven’t done my taxes” Or 4.“I’m worried about you leaving” Ask a scholar to read each individual statement. Ask for a show of hands how many scholars can see their parent communicating the statement. Elaborate on why parents may state the above phrases and assure scholars that even if parents have not planned financially for college, scholars have resources to make their college dreams a reality. Ask scholars to take 2 minutes and jot down a possible difficult conversation with their parent. Ask 2 or 3 scholars if they’d like to share .

Conversation Pro Tips Choose the right time and place. Stay calm and listen to your parents concerns. If you feel the conversation is getting heated, step away and save the conversation for another time. Remember, your RTC counselors are here to help! The right environment and the right mindset will help to ensure a productive conversation!

Wrapping up: Ask scholars what their big take away are from the session. Remind them of the BIG 3 Apply for free and reduced lunch (Even if you have been turned down in the past) Parents need to file their 2017 Taxes AND make sure to have scholar on their taxes. Begin talking to parents about money for college NOW!