HOW DO I PAY FOR COLLEGE? FUNDING SOURCES “When it comes to saving for college, many parents and families don’t know where to start—and when they do, they.

Slides:



Advertisements
Similar presentations
Financial Aid: An Informational Tool for Middle School Students and Families.
Advertisements

Financial Assistance Overview Presented by Joanne Graziano Executive Director for Enrollment Services LIU Post.
Challenges Facing Graduate/Professional Students Jennifer Meier Assistant Director for Student Loans & Graduate Aid The College of William & Mary.
Making Cents Clay Community Center September 12, 2013 PAYING FOR COLLEGE.
Howard Community College Financial Aid Services 1.
BrianPeterNeil  Financial Aid is financial assistance to pay education- related expenses at approved colleges.  Financial Aid is given in the form.
University of Wyoming – Delta Alpha Chapter Financial Literacy Student Loan Information.
FAFSA Free Application for Federal Student Aid The main form students use to apply for Federal education grants and loans.
An Overview of Federal Student Aid.  Federal Student Aid (FSA) is provided by the US Department of Education and helps students pay for expenses at post-secondary.
COLLEGE MONEY PLANNING Presenter: Kalman A. Chany President, Campus Consultants Inc. PLEASE TURN OFF YOUR CELL PHONES AND PAGERS.
Student Loan Repayment The Perfect Storm Increasing costs of college leads to increasing levels of student debt Tough economic times, few jobs available,
Trailblazer Camp 2007 Welcome! Trailblazer Camp 2007.
Week 14 Financial Aid Kent L. Barrus Pre-professional Advisor.
Financial Aid University of Akron Wayne College. What is financial aid? Any assistance used to reduce the amount you must pay Grants Loans Work-Study.
Paying for College Financial Aid Overview. Plan for Success College Planning Center – Banknd.nd.gov Discover your interests – RUReadyND.com Find a School.
1 Financing Your Education A Partnership between Government, School and Family.
GeneralInfoFAFSALoansWork-Study and more Grants
Financial Aid Puts College in Reach! 1 Spring 2014.
1 WHAT YOU NEED TO KNOW ABOUT FINANCIAL AID. The Concept of Financial Aid 2  Financial aid is designed to allow families to choose between colleges based.
Paying for College Financial Aid Overview. Plan for Success College Planning Center – Banknd.nd.gov Discover your interests – RUReadyND.com Find a School.
Hmong Families. Why college??  Knowledge - Critical thinking skills  Potential - Who are you? What are your interests?  Opportunity - More doors open.
PAYING FOR HIGHER EDUCATION PRESENTER : ARTHUR APIYO ASSISTANT DIRECTOR of FINANCIAL AID BOWIE STATE UNIVERSITY.
Financial Aid 101 Michigan Student Financial Aid Association Jo Cassar, St Clair County Community College Chiquita McKenzie-Bennett, Marygrove College.
UNM-Valencia Financial Aid. What Is Financial Aid? Scholarships Grants Loans Student Employment opportunities.
Financial Aid Student Aid Programs and Process. Can You Help Me?
Financial Aid Presentation For New Students
Personal Finance ATM- Automated Teller Machine Credit Cards- revolving line of credit, department store cards, major credit cards (Macy’s, Visa, Mastercard,
Financial Aid 101 Presented by Palisades High School Counseling Office.
FINANCIAL AID INFORMATION Can everyone afford to go to college? YES! With the help of scholarships, grants, and loans, anyone can afford to go to college!
Slides by Pamela L. Hall Western Washington University 1 Financing a College Education Chapter 15.
Financial Aid 101 EVERYTHING YOU NEED TO KNOW ABOUT FINANCIAL AID.
Financing Your Education Paul Calme Director of Financial Aid Xavier University www.xavier.edu/financial-aid.
Financial Aid Goals of Financial Aid Access to Post-Secondary Education Choice among Post-Secondary Institutions.
Paying for Post-Secondary Education Unit 8 - Succeeding.
Types of Colleges.
© American Student Achievement Institute Please delete this slide before printing or presenting. NOTE: To see the speaker notes for each slide, click the.
 Financing Your Education. Intro to Financial Aid  Tuition– The cost of enrolling in courses.  Total Cost-Total Aid= What you owe  Types of Financial.
Class of 2015: Senior Lunch & Learn Funding Sources for College.
Debunking the Myths of Financial Aid Information for students and parents.
Financial Aid / Student Loans. Student Loans  a loan obtained to pay for education bills in which the payments are delayed until after graduation.
Financing Higher Education IBM Objectives Students will: Define Higher Education Define Higher Education Discuss Higher Education as an Investment.
COLLEGE KNOWLEDGE FOR JUNIORS: DAY 1 What are the major costs of attending college? Take a few minutes to write down your thoughts...
Financial Aid Presentation Academic Year.
Financing Your Education A partnership between Government, School and Family. HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA.
Personal Finance. Parents pay 48 percent of college costs. 32 percent comes from income and savings. 16 percent comes from loans. An average student covers.
FINANCIAL AID 101. December 5, 2008Prepared by S. Meyer ConnectEDU FINANCIAL AID 101 Overview What is Financial Aid? Types of Financial Aid How Financial.
FINANCIAL AID Ms.Escoto. ancial_aid_in_the_bag.
College Board TRENDS IN STUDENT AID Total Aid Awarded $134.8 Billion Graduate & Undergraduate 51% or 69 Billion in Loans (FFELP and Direct) –Undergrad.
Paying for College Felice Rollins. What is Financial Aid? Funds provided to students and families to help pay for postsecondary educational expenses.
Financial Aid 101 EVERYTHING YOU NEED TO KNOW ABOUT FINANCIAL AID.
Senior Presentation. Financial Aid (What is it?)  Financial aid is money given or loaned to help pay for college.  It can come from federal & state.
Hands on Banking ® Financial Education Paying for College © 2016 Wells Fargo Bank, N.A. All rights reserved.
 Financial Aid is financial assistance to pay education- related expenses at approved colleges.  Financial Aid is given in the form of:  Grants  Scholarships.
Financial Aid Overview Marion Meadows I Know I Can MorraLee Keller Ohio College Access Network
Student Loans Information from
National Association of Student Financial Aid Administrators Presents… © NASFAA 2010 Filling the Piggybank: Saving for College.
Financial Aide A Starting Point Financial Aide and Scholarships.
WHAT IS FEDERAL STUDENT AID?  Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the.
Boys Division Lunch Groups October 24, Federal Student Aid, ensures that all eligible individuals can benefit from federally funded financial assistance.
Personal Finance Section Paying for Education. Personal Finance Section Learning how to finance your tuition is an education in itself? By the time you.
WARM-UP What is debt? Explain 5 ways you can be in debt.
Career & Financial Management
Advanced Career Readiness
Understanding the Basics
Understanding the Basics
Financial Aid 101 Sarah J. Dorsey Assistant Director, Financial Aid
Wait Til I get my Money Right
Financial Literacy Coordinator
Personal Finance Student Loans.
Financial Literacy Coordinator
Presentation transcript:

HOW DO I PAY FOR COLLEGE? FUNDING SOURCES “When it comes to saving for college, many parents and families don’t know where to start—and when they do, they can be quickly overwhelmed with conflicting or misguiding information.”

A COLLEGE EDUCATION CAN OPEN DOORS TO FUTURE ECONOMIC SUCCESS. STATISTICS SHOW THAT MEDIAN EARNINGS (INCOME) FOR A WORKER WITH A BACHELOR’S DEGREE WERE MORE THAN 60 PERCENT HIGHER THAN MEDIAN EARNINGS FOR A WORKER WITH A HIGH SCHOOL DIPLOMA ALONE.

THE CLASS OF 2015 IS REACHING NEW HEIGHTS, THOUGH PERHAPS NOT THE WAY IT HAD HOPED COLLEGE GRADUATES ARE LEAVING SCHOOL AS THE MOST INDEBTED CLASS EVER, A TITLE THEY’LL HOLD EXCLUSIVELY FOR ALL OF ABOUT 12 MONTHS IF CURRENT TRENDS HOLD. THE CLASS OF 2015 GRADS AVERAGED $35,000 IN TOTAL DEBT. THE BULK OF THEIR DEBT IS IN GOVERNMENT AND STATE LOANS, PRIVATE LOANS, PERSONAL AND FAMILY LOANS, AND CREDIT CARD DEBT. SOURCE: THE WALL STREET JOURNAL, MAY 2015.

Ways to Pay for College Savings (school-year and summer employment) Parents Grandparents Godparents (aunts, uncles) Loans Grants Scholarships – academic, athletic Work Study Private Funding – banks, home equity loans, second mortgage, private lenders (Private loans, like federal student loans, cannot currently be discharged in bankruptcy. Unlike federal student loans, they tend to carry higher interest rates and have few to no loan forgiveness options available to borrowers. If students run into trouble with repaying their private loans (and student loan default rates have recently been on the rise), they can quickly balloon into a lifelong financial burden.federal student loans

Loans - A Federal Perkins Loan is a low-interest rate (5%) loan for both undergraduate and graduate students who demonstrate exceptional financial need. The college is the lender; the loan is made with government funds, with a share contributed by the college. The loan must be repaid to the college. “Approximately 60 percent of federal financial aid comes in the form of student loans, and all loans represent debt that a family must incur.”

Loan Forgiveness or Cancellation (check with your lender) Nursing Educational Loan Repayment: Award recipients are obligated to one year of service for each year of the award; the goal of the program is to ensure a stable and adequate supply of nurses to meet the health care needs of Vermonters. Other similar programs exist in the healthcare field. Worth checking out! Peace Corps: Volunteers may apply for deferment of student loans during their period of service, as well as partial cancellation of Perkins Loans. Teach for America - AmeriCorps benefits may be available, including federal loan forbearance, interest accrual payments, and education awards.

Grants - Federal Pell Grants are awarded to eligible undergraduate students with exceptional financial need who have not earned a bachelor’s or professional degree. Pell Grants do not have to be repaid.

VT The Vermont Higher Education Investment Plan (VHEIP) can help families start investing in their child's college education. Keys are to start early, contribute consistently and regularly. Investing in education is a smart move and the tax advantages built into VHEIP can make it an important part of your overall college funding strategy. Anyone Can Open an Account - Parents, grandparents, relatives and friends who are U.S. citizens and at least 18 years of age may open a VHEIP account and contribute to a beneficiary. Funds Can be Used at Eligible Schools Nationwide – 2-yr, 4-yr, tech schools, etc. Funds Can be Used for a Variety of Qualified Expenses - Funds can be used for tuition, mandatory fees, books, supplies, and equipment required for enrollment or attendance; certain room and board costs, certain expenses for "special needs" students.

Scholarships – Forms of “gift aid," meaning there is no obligation (under most circumstances) to repay the funds. Scholarships are typically based on factors unique to each scholarship. These may include residency, degree program or major, academic achievement, extracurricular activities, athletics, and in some cases, financial need. Scholarships, unlike grants, are competitive, meaning that eligible applicants compete for a limited number of awards. Work Study - The work-study program provides part-time employment to undergraduates and graduates to help with college expenses. Your earnings will depend on where you work and the type of work that you perform. Your earnings are considered taxable income; and in some programs, the money earned will be used to determine your financial need when filing the FAFSA.* (Free Application for Federal Student Aid)Free Application for Federal Student Aid

CURRENT INTEREST RATES