College and Financial Aid Planning

How this works … - The primary objective of this session is to outline how to evaluate the investment you will be making in your education and opportunities to help finance it. -The session will last approximately 60 minutes. - Feel free to type questions in the “Questions” box at any time. I will answer them as I am able during the session.

Example Cost of Attendance Residential Student -Tuition: $29,500 -Student Fees: $1,000 -Room/Board: $12,778 -Books (Estimated): $1,000 -Personal Expenses (Estimated): $1,000 -Transportation Costs (Estimated): $400 BUDGETED TOTAL: $45,678 Commuter Student -Tuition: $29,500 -Student Fees: $1,000 -Books (Estimated): $1,000 -Personal Expenses (Estimated): 2,500 -Transportation Costs (Estimated): $2,000 BUDGETED TOTAL: $36,000 Costs do not consider merit and need-based aid available for students

College as an Investment -Oftentimes students and families underestimate the value of a an education -Private universities often have the ability to give more as far as financial aid is concerned (nearly 90% of students receive aid of some kind) -NEVER rule out applying to ANY school because of the “price tag” (finish the process)

Need-Based Financial Aid Federal Pell Grants -Range from $400 - $5,550 (amount determined by U.S. Dept. of Education) Federal Supplemental Education Opportunity Grant (SEOG) -Federal program to provide additional grant assistance to Pell eligible students (students are selected by the University) Federal Academic Competitiveness Grant (ACG) -$750 for first year; $1,300 for second year (1 st and 2 nd year students who have completed a rigorous high school program and are Pell eligible. Must maintain a 3.0 GPA)

Campus Employment Federal Work Study (FWS) -A wide variety of jobs on campus including Residential Life, Administrative Offices, and Athletics -Students work varying hours a week (maximum of 20) -Students are paid $8.25 per hour and are paid weekly -Money is used to pay for books and other personal expenses Bursary/Institutional Student Employment -Offered by individual offices on campus. -Students can check for availability with Career Services -Students work varying hours a week -Students are paid by the department weekly

Student Loan Programs Federal Perkins Loan -Low interest (fixed 5%) federal loan program awarded to needy students (ranging from $1,000 - $5,500 per year) -Entrance counseling is required for new borrowers, and a Master Promissory Note (MPN) must be completed -Repayment is 9 months after a recipient leaves school Federal Direct Student Loan -Subsidized: The U.S. Department of Education pays the interest while you are enrolled at least half-time. -Unsubsidized: The U.S. Department of Education DOES NOT pay interest on the loan (fixed at 6.8%). Interest accrues beginning the first day of disbursement

Parent Loan Programs Federal Direct Parent Loan (Formerly known as PLUS) -Financing option available to parents of a dependent undergraduate student enrolled at least half-time and making satisfactory academic progress. -Fixed interest rate at 7.9% -Parents who do not have adverse credit histories may borrow UP TO the annual cost of education less other financial aid received. -If parent does not qualify for the PLUS loan their child is eligible for a $4,000 Student Loan

Alternative Loan Programs -Chase Select Loan -Wells Fargo Education Loan -Citizens Bank TruFit Loan -Connecticut Felp Loan -SallieMae Smart Option Student Loan Go to (an independent website) to find out which provider is best for youwww.certifiedprivateloans.com Remember: Loans are based on a applicant being credit worthy. In some cases students will be required to provide a cosigner in order to have their loan approved. A cosigner should be a U.S. citizen with a permanent U.S. address and be deemed creditworthy by the lender.

Outside Sources of Financial Aid Scholarship Search Sites: -Fastweb.com -Scholarships.com -MeritAid.com -FastAid.com -Zinch.com -CollegeBoard.com Remember: -Kiwanis Club -Rotary Club -Local businesses Student aid and loan sites: -Nslds.ed.gov -Simpletuition.com REMEMBER: -Receiving outside assistance may impact your NEED-based aid, but will have NO impact on MERIT- based awards

Thank you!!! To receive a copy of this presentation please visit the University of New Haven’s booth at CollegeWeekLive. I will a copy to all booth visitors. To receive a copy of this presentation please visit the University of New Haven’s booth at CollegeWeekLive. I will a copy to all booth visitors.