Dialing Down Di$appointment Helping Families “de-stress” about the cost of college

What we’ll discuss Battling financial aid misconceptions Debunking need-based aid myths Debunking merit-based aid myths Other financial aid myths resources

Financial aid Myths & Misconceptions I make too much; I won’t get anything Private and out-of-state universities are more expensive / Staying in California is cheaper) Having a college savings account or 529 will totally kill my chances for need- based aid Need is a fixed number Everyone gives superstar students scholarships based on test scores and GPA It’s worth it to pay top $$ for certain name/prestige schools Community college will save me money (it might – but will it cost you time?) We shouldn’t consider the financial aid part until the college list is final There are tons of private scholarships out there Recruited athletes always get full scholarships Financial aid Myths & Misconceptions What other financial aid Myths do you hear every day?

Myths about need-based aid We make too much, so we won’t get anything. Having a 529 will work against us. Finances don’t need to be part of building our college list.

Need is a fixed number Nope! Your need at each school is different based on the total cost of attendance (COA)! So your need at a private or out-of-state school (that you probably think is expensive) may be greater than your need at an in-state institution – which means you MAY get need-based aid for out-of-state or private colleges but NOT for in-state schools.

Myths about merit aid All Colleges give merit aid! Only 4.0 students get merit aid! We know that NEITHER of these is true! Honors/high achieving students get merit aid from their likely schools Many colleges award merit aid for students who have a 3.0, 3.25, 3.5 or greater! This is a great way to help/encourage students to “fall in love” with their “safety” schools

Other money-related myths CA colleges are cheaper It’s worth it to pay for prestige/name I’ll never get a fee waiver I have to pay to send test scores everywhere?? International schools are more expensive Community college will save me money There are tons of private scholarships out there! Recruited athletes all get 4- year, full scholarships

Resources www.collegedata.com Learn how to use Net price calculators Practice efc calculator on College board website Jennie Kent & Jeff Levy Need-based and Merit-based list www.Raise.me Fafsa4caster (shows eligibility for student aid) College Navigator The College Solution (Lynn O’Shaughnessy)

Ask the right questions How accurate is your NPc? How competitive are your merit scholarships? Collect your financial docs before senior year Waiting until October 1 could bring unwelcome surprises College Board website vs. CollegeData How many students receive merit money? Are merit scholarships renewable for four years?

Thanks for joining us to dial down Di$appointment! Evelyn Alexander, Magellan College Counseling evelyn@magellancounseling.com 310-351-9309 Casey Rowley, Beverly Hills High School crowley@bhusd.org 310-551-5100 x8290