Financial Aid 101: “Making cents of College” Mark Clynes Regional Admission Coordinator Truman State University

Overview Where to Start? College/Universities Federal Aid (FAFSA) Private Scholarships Work Study/Employment Timeline, Tips, and Tricks Questions?

Where to Start: The Costs Direct Costs Tuition Room and Board Fees (Application, Housing, Orientation, etc.) Additional Course Fees Indirect Costs Books/Supplies Travel expenses Parking Food and/or Entertainment

Breaking Truman Down: TOTAL COSTS = $21,747 TOTAL COSTS = $28,599 IN-STATE COSTS TUITION & FEES = $8,099 ROOM & BOARD = $8,780 DIRECT COSTS = $16,879 INDIRECT COSTS BOOKS & SUPPLIES = $1,000 PERSONAL = $2,500 TRANSPORTATION = $1,300 LOAN FEES = $68 TOTAL COSTS = $21,747 OUT OF STATE COSTS TUITION & FEES = $14,951 ROOM & BOARD = $8,780 DIRECT COSTS = $23,731 INDIRECT COSTS BOOKS & SUPPLIES = $1,000 PERSONAL = $2,500 TRANSPORTATION = $1,300 LOAN FEES = $68 TOTAL COSTS = $28,599

“How do we pay for it?”

Where to Start: The Vocabulary Scholarships Free earned money from the university and/or outside sources—you do not pay back. FAFSA Free Application for Federal Student Aid Prior-Prior Year (PPY) Able to submit as early as October with 2015 tax information EFC Expected Family Contribution Grants Gift aid awarded by the university and/or the federal/state government, based on your FAFSA—you do not pay back. Loans Borrowed financial aid; can be federal or private—you are required to payback. (Subsidized, Unsubsidized, PLUS)

Where to Start: The Sources Colleges/Universities Federal Aid (FAFSA) Private Scholarships Work Study/Employment

Colleges/Universities Research the scholarship process at each university Many universities have separate applications for scholarships At some universities (i.e. Truman), the application for admission also serves as the application for scholarships Reach out to your college admissions counselor to determine what the process looks like What opportunities are available? Extra steps for more competitive scholarships? Are scholarships renewable?

Types of scholarships Merit-based Scholarships Automatic Scholarships Scholarships that are based on your ACT/SAT and GPA Automatic Scholarships Non-resident tuition Military—veteran and/or active Legacy scholarships A+ recognition Missouri Scholars Academy Competitive Scholarships Based on a number of different factors (EX: leadership, service, foreign language, music, speech, ROTC, Boy’s/Girl’s State, etc.) Athletic Scholarships

Merit-Based Scholarship Chart Truman Scholarships Application for admission serves as the application for scholarships! The more that you share with us, the better. Letters of recommendation Service transcripts Resumes/activity lists Art/music/theatre portfolios Priority Deadline for Competitive Scholarships December 1 Merit-Based Scholarship Chart

Truman Scholarships

Are Truman Scholarships Renewable? Scholarships may be renewed for a total of 8 semesters—excluding Foundation Scholarships. Requirements for 100% renewal 3.25 Truman GPA 24 credit hours (12 per semester) from Truman 60 scholarship hours per semester—beginning Sophomore year Scholarship renewal service is required of students receiving more than $1,250 per semester in Truman scholarships. Students opting not to perform scholarship renewal service may renew one half of their scholarship amounts.

Federal Aid (FAFSA) Regardless of situation, it is highly recommended to submit the FAFSA – as early as October Truman FAFSA Code = 002495 FAFSA calculates EFC (Expected Family Contribution) EFC is used to determine eligibility for grants, need-based aid (both on the university, state, and federal level), and federal loans Cost of attendance (COA) (Varies by Institution) – Expected Family Contribution (EFC) (Constant) --------------------------------------------------------------- = Unmet Financial Need (Varies by Institution)

Types of Federal Aid Grants Federal Loans Pell Grant (EFC > $5,000) Access Missouri Grant (EFC > $12,000) FAFSA Deadline Feb. 1, 2019 SEOG/ACG Various College Grants Federal Loans Subsidized Loans – no interest builds while enrolled in college Stafford Subsidized Loan 4.45% interest rate Unsubsidized Loans – interest builds while enrolled in college Stafford Unsubsidized Loan Parent PLUS Loan Must begin repayment 6 months after graduation, unless deferred

Private Scholarships Always consider applying for outside scholarships—amounts may be smaller but can make a big difference. Fast Web (www.fastweb.com) Raise.Me (www.raise.me) Petersons (www.petersons.com) The College Board (www.collegeboard.com) The Scholarship Foundation of STL (www.sfstl.org) Make sure to double-check that your university will accept outside scholarships—Truman will accept most outside scholarships!

Work Study/Employment Federal and State Work Study Based on FAFSA results and EFC Employment on or off campus Work less than 18 hours per week Minimum wage Institutional Positions Payment from the university for employment on or off campus Positions depend on the university

Automatic/Merit Scholarships Competitive Scholarships The Truman Timeline Award type Notification Automatic/Merit Scholarships Upon admission FAFSA/Need-Based Aid February 1, 2019 Competitive Scholarships End of February 97% of incoming Truman students will receive some type of financial aid Student taking out loans have some of the lowest default rates in the country Truman Average = 2.8% National Average = 11.5% Over 50% of Truman graduates graduate debt-free

Tips and Tricks Submit your FAFSA early, but take your time with the information Ask your admissions counselor about the various steps that you need to take Understand all the costs Application fees? Housing fees? Down payments? Determine flexible payment plans with the university More information here: http://www.truman.edu/wp-content/uploads/2014/06/Flexible_Payment_Plan.pdf

Mark Clynes Any questions? Truman State University Regional Admission Coordinator Greater St. Louis Area mclynes@truman.edu 660-341-1565