PAYING FOR COLLEGE GRASP Presentation Chesterfield County Public Library Kathy Davis, GRASP advisor

What is GRASP?  GRASP is a non-profit organization that helps students and their families find the financial resources needed for the student to continue his or her education after high school.  GRASP financial aid advisors are available in every high school in the Richmond metro area and their services are provided free of charge. to add text

Get Ready!  You are now starting a race on two parallel tracks  One is the Admissions Track  One is the Financial Track  The two will intersect when your student is accepted  Each have their own deadlines, their own forms, their own language add text

Where Do I Start?  Target in Mind  Reality Check  Family Philosophy  Available Resources  Protection Plan

It’s Like Buying a Car...  Sticker Price = $20,000  Savings = $10,000  Gap = $10,000  When is the last time you paid sticker price for your car? text

The Sticker Price: Private Schools (Ferrari)* State Schools (Mercedes Benz)** Community College (Smart Car)*** Tuition and Fees$44,210$6,700 - $13,132$3,620 Room and Board$9,760$7,927 - $8,772NA Books, supplies, etc.$2,100$4,124 - $2,950$800 Total per year$56,070$18,751 - $24,854$4,420 Total for degree$224,280$75,004 - $99,416$8,840 Source: College Board *Private school numbers are for University of Richmond, Fall 2012 **State school range includes Norfolk State University, Fall 2011 (low end) and William and Mary, Fall 2011 (high end) ***Community College numbers are for John Tyler Community College, Fall 2011

The Impact of Financial Aid VCUUniversity of Richmond Percent of freshmen receiving financial aid75%68% Average financial aid package$10, 823$39,389 Scholarships/loans43%/57%84%/16% Sticker price$22,201$56,070 Avg. price paid by students receiving financial aid$11, 378$16, grads with debt61%42% Average debt$25,151$23,070 Sources: College Board, USNews

Schools are Big Business  Over 90% of the money students receive comes through the schools  They compete for the students they want  They compete for resources from the states and other funding sources  Federal government decisions impact them

Ways to Pay the Bill  Free Money – grants and scholarships  Need vs. Merit Programs  Special Programs – Work study; Tuition Adjustments  Loans  Stafford Loans  Plus Loans  Your Own Money (OOP)k to add text

FAFSA-Gateway to Financial Aid  Free Application for Federal Student Aid  Must file each year (as close to Jan. 1 as possible)  Required for almost every type of aid, including merit  Family structure – who reports what  Numbers In; Numbers Out  Appeals & Special Circumstances  CSS Profile spreading to state schools add text

Definition of Financial Need College’s Cost of Attendance (COA) Minus FAFSA Expected Family Contribution (EFC) ________________________________ = Your Financial Need to add text

What you should know about the EFC  Income counts more than assets  Number of children in college is a factor  Parent age has an impact  Pulling money from retirement to pay college costs could cause your EFC to rise in the following year  A change in circumstances can impact the aid decision text

What I Can Do Today  Set expectations with your student  Decide how much you want to cover  Take an inventory of current resources  Run the FAFSA Forecaster  Review your plan of protection  Educate yourself

Resources   Your high school GRASP advisor  University financial aid offices and websites  Other websites    