College & Scholarship Planning Cynthia Hammond Davis College & Career Advisor @ Wheaton HS Author, Speaker

How America Pays for College 2015 A snapshot of the national study by Sallie Mae®  Average percent of total cost paid from each source: 32% parent income and savings  11% student income and savings  16% student borrowing  6% parent borrowing  30% scholarships and grants  5% relatives and friends Parent income and savings are the #1 source of funding, surpassing scholarships and grants for the first time since 2010

Teamwork Is The Key Working together as a team Student, Parent, School, Community, Etc. Everyone Has A Role

Child’s Skills/Talents/Abilities What are some of the skills, talents, etc you’ve seen in your children? (creative, leadership, organized) What are some of their favorite things to do? Do you find them doing some of those things today? For example, I’ll share my experience with you…

Naviance College Planning Tool, Resource Career Interest Survey Strengths Explorer Roadtrip Nation

Getting Good Grades & SAT/ACT Scores Children must do their very best in school GPAs will get students accepted to college Great SAT/ACT test scores may bring college scholarship money Study the PSAT/ACT as much as possible before taking the test!! Khan Academy – SAT Prep, ACT Prep

Counselor & College Advisors Counselors - (9th, 10th, March/April & Summer months, 11th gr. Feb/March & Summer months 12th gr. all year) (suggestions only!) Talk about your child’s courses for next school year college/career school Discuss AP or Honors Classes Review your child’s credits. Are they on target for graduation? Resumes, Recommendations Letters (10th - 12th gr)

Cutting College Costs Academic Common Market WWW.SREG.ORG Out of state colleges that provide in-state tuition for Maryland Residents (specific majors) Plan A, B, C & D – for cost of college!

College cost is way out of your budget. Plan A College cost is way out of your budget. Student receives a significant amount of merit/academic scholarships, financial aid/grants to help with cost and you can pay or loan the rest of the tuition cost.

Plan B State College or Less Affordable 4 Year College Student receives merit or academic based scholarship and or state aid/financial aid. Parents can afford to pay any additional costs.

Plan C 2 year Community College More affordable for families. Students can transfer to 4 year college after 2 years.

Attend college full or part time Plan D Work full or part time & Attend college full or part time

NCAA College Sports Research this early! What are your child’s stats? What are the stats of the current college students? Where does your child fit on the team? GPA & SAT/ACT Scores – Are you NCAA Eligible?

FAFSA Free Application For Federal Student Aid Who fills this out? When should it be completed? FAFSA4Caster Net Price Calculator Collegeboard.Org “Bright Futures” EFC Calculator*

COA – EFC = NEED EFC- estimated by the federal government. What you can pay for your child’s tuition per year based on your income, assets, savings, etc. Cost of attendance – tuition, room, board, fees, transportation, etc.

COA – EFC = NEED CONT’D ABC COLLEGE $40,000 (C0A) Minus Your EFC $5,000 (what you pay out of pocket or loan) Need for college = $35,000

Financial Aid Award Letter --If your child will apply to 4-year universities, this is the kind of letter that you will see in a about a year and a half --The letters are difficult to read and not necessisarily reader friendly. This example is a good award letter because it provides the costs at the top of the letter. --Although the Obama administration has talked about standardizing award letters and guidelines have been recommended, colleges haven’t agreed to this process. --Show maximum pell grant, explain work study, show parent loan, show federal loans, demonstrate the gap in funding. --Explain how parent loans are often used to trick students and families into believing that a school is affordable…when it really isn’t/ --Sometimes there is no gap, sometimes the gap is fillable with your savings, sometimes the gap is really high like this one --Some of you have started a college fund for your students—some not. The money you can save between now and next May 1st (decision/deposit day) could mean the difference between the college of your child’s choice and his/her safety school.

Financial Award w/Merit Scholarship Fall 2015-2016 Spring 2015-2016 Total Tuition and fees 7,568.00 7,568.00 15,136.00 Room & Board 4,317.00 4,317.00 8,634.00 Books and Supplies 500.00 500.00 1,000.00 Personal Expenses 600.00 600.00 1,200.00 Transportation 787.50 787.50 1,575.00 Total Cost of Attendance $27,545.00 We are pleased to offer you the following forms of financial aid to assist you with financing your higher education at ABC University!! Presidential Scholarship 10,000.00 10,000.00 20,000.00 Student Subsidized Loan 1,750.00 1,750.00 3,500.00 Unsubsidized Loan 1,000.00 1,000.00 2,000.00 Parent Plus Loan 1,022.50 1,022.50 2,045.00 Estimated Total Awards 13,772.50 13,772.50 $27,545.00

Homework EFC Calculator Tutorial Youtube video Tutorial Knowing your Expected Family Contribution Number (EFC) is crucial! Plan Ahead! http://www.youtube.com/watch?v=iMIC74pnBRA

Counting Up the Cost Budgeting Saving Where Can I Cut Back On Spending & Start Saving?

Counting Up the Cost Coffee from Starbucks 5 days a week $3.00 each day $3 x 5days a week = $15 $15 x 52 weeks a year = $780 $780 x 18 years = $14,040 Fast food twice a week $8.00 each day $8 x 2 days a week = $16 $16 x 52 weeks ag year = 832 $832 x 18 years - $14,976 Coffee and fast food total $29,016 for 18 years $29,016/4 years = $7,254 Where Can I Cut Back On Spending & Start Saving?

Collegeandcareeradvice.Com

Websites/Resources www.sreb.org (academic common market) www.collegeboard.org (test site, college info, etc.) www.ncaa.org (NCAA Div 1 & 2 info/registration) www.act.org (test site, college info, etc.) www.fastweb.com (free scholarship info website) www.collegedata.com (college data & stats info)

Contact Mrs. Hammond Davis Cynthia Hammond-Davis College & Career Advisor Email: Chammonddavis@yahoo.com

QUESTIONS???