Financing A College Education Presented by Rebecca Wonderly, Senior Counselor Student Financial Services Office Seattle University

Overview How Much Will It Cost? How Much Will It Cost? How Much Will We Pay? How Much Will We Pay? Closing the Gap: Private Outside Scholarships Closing the Gap: Private Outside Scholarships Closing the Gap: Need-Based Financial Aid Closing the Gap: Need-Based Financial Aid Applying for Financial Aid Applying for Financial Aid Types of Financial Aid Types of Financial Aid Senior Year Timeline Senior Year Timeline Web Sites and Resources Web Sites and Resources

How much will it cost? Nine-Month Cost of Attendance Washington State College Averages Washington State College Averages 4-Year 4-Year 4-Year 4-Year Community PublicPrivate Community PublicPrivate College College College College College College Tuition and Fees$ 4,200 $ 9,500 $37,800 Books $ 1,100 $ 1,100 $ 1,100 Room and Board* $ 3,250 $10,450 $10,450 Personal Expenses $ 1,900 $ 1,900 $ 1,900 Transportation $ 1,350 $ 1,350 $ 1,350 Estimated Total Cost $11,800$24,300 $52,600 *Assumes living at home for community college and not living at home for 4-year colleges

Net Price Calculator All institutions that participate in federally funded financial aid programs are required to have a net price calculator on their web sites Shows estimated cost Shows estimated cost Calculates estimated financial aid … and often institutional academic scholarships … based on: Calculates estimated financial aid … and often institutional academic scholarships … based on:  Simplified FAFSA-like information and  GPA and/or other information (test scores, for instance) if merit-based scholarships are part of the estimate The difference between estimated cost and estimated aid is the estimated “net price” to the student and his or her family The difference between estimated cost and estimated aid is the estimated “net price” to the student and his or her family

Net Price Calculator Check out the “Net Price Calculator” on the web site of each school in which you’re interested Check out the “Net Price Calculator” on the web site of each school in which you’re interested  Go to the school’s web site  Search that site for “Net Price Calculator”  The Net Price Calculator can often be found on the Admissions and/or Financial Aid page of a school’s web site Are the results accurate? Are the results accurate?  Yes, to the extent that the information entered is reasonably close to the actual information submitted on the student’s applications (Common Application, FAFSA, institutional scholarship applications, etc.)

How much will we pay? The student and family will pay the difference between the cost of attendance between the cost of attendance and the assistance the student receives from ALL sources: Cost of Attendance - Assistance from ALL Sources* = Amount the Student and Family Will Pay *Includes any and all sources of funding whose purpose is to help cover the student’s educational costs: need-based financial aid, institutional academic and talent scholarships, outside scholarships, veterans benefits, tribal stipends, tuition remission and exchange, etc.

Closing the Gap: Applying for Private Outside Scholarships Use your favorite search engine to find “FREE College Scholarship Search Websites” A few of the results include: Cappex Cappexcappex.com/scholarships The College Board Scholarship Search The College Board Scholarship Searchcollegeboard.com/paying FinAid! FinAid!finaid.org Student Scholarship Search Student Scholarship Searchstudentscholarshipsearch.org Washington Scholarship Coalition Washington Scholarship Coalitionthewashboard.org Searching will produce many, many more!

Closing the Gap: Applying for Need-Based Financial Aid The Free Application for Federal Student Aid (FAFSA) is filed each year at fafsa.gov. For , it will be available in January 2016 and should be filed by February 1 st if at all possible For , it will be available in January 2016 and should be filed by February 1 st if at all possible For , it should be available earlier and should be filed as soon as possible once it becomes available. For , it should be available earlier and should be filed as soon as possible once it becomes available. The student and parent each use their FSA ID … User Name and Password … as their electronic signature on the student’s FAFSA Create a New FSA ID: fsaid.ed.gov/npas/index.htm

Who’s eligible to apply? NEARLY EVERYONE!!! You won’t know unless you apply … and it’s FREE You won’t know unless you apply … and it’s FREE  If you think you’ll need help paying for college, complete the FAFSA DON’T exclude yourself because you don’t think you’ll qualify DON’T exclude yourself because you don’t think you’ll qualify  With very few exceptions, EVERYONE who files the FAFSA is eligible for at least a student loan Keep your options open: have a “Plan B” Keep your options open: have a “Plan B”  You can list several colleges to receive the results of your FAFSA.

FAFSA on the Web:

Frequent FAFSA Errors Filing for the incorrect year … instead of , for instance … because the FAFSA is academic year-specific Filing for the incorrect year … instead of , for instance … because the FAFSA is academic year-specific Filing too late = missing priority funding deadlines (file within a month of the FAFSA becoming available) Filing too late = missing priority funding deadlines (file within a month of the FAFSA becoming available) Waiting to complete your tax return to file the FAFSA. Don’t wait … it’s okay to estimate!!! Waiting to complete your tax return to file the FAFSA. Don’t wait … it’s okay to estimate!!! Not signing the FAFSA … both the student and a parent Not signing the FAFSA … both the student and a parent Incorrect number of people in the household and/or number of people in college Incorrect number of people in the household and/or number of people in college Incorrect information from parents who have divorced or divorced and remarried Incorrect information from parents who have divorced or divorced and remarried

Special Circumstances You must provide the information the FAFSA requests You must provide the information the FAFSA requests  If, for instance, 2015 information is requested, you cannot provide 2014 or anticipated 2016 information Contact the Financial Aid Office(s), not the FAFSA processor, about financial circumstances you’re not able to explain on the FAFSA such as: Contact the Financial Aid Office(s), not the FAFSA processor, about financial circumstances you’re not able to explain on the FAFSA such as:  Loss of Income (retirement, lay-off, etc.)  Private K-12 Tuition for siblings  Medical/Dental expenses not covered by insurance  Unusual non-discretionary expenses If you’re unsure, it never hurts to ask! If you’re unsure, it never hurts to ask!

Types of Financial Aid SCHOLARSHIPS and GRANTS “Gift Aid” Don’t have to be repaid WORK STUDY Must work part-time to earn LOANS Must be repaid Students and parents may borrow

Senior Year Timeline Fall 2015: Fall 2015:  Apply for admission  Complete institutional financial aid form and/or supplemental applications such as the College Board’s PROFILE as requested January 2016: January 2016:  File the FAFSA … by February 1 if possible  Begin scholarship search  High School Counselor and/or Career Center  Web Search  Don’t wait to be admitted to apply for financial aid

Helpful Financial Aid Web Sites Free Application for Federal Student Aid (FAFSA) Free Application for Federal Student Aid (FAFSA)  fafsa.gov FSA ID (used to electronically sign the FAFSA) FSA ID (used to electronically sign the FAFSA)  fsaid.ed.gov/npas/index.htm Department of Education, Federal Student Aid Department of Education, Federal Student Aid  studentaid.ed.gov  “Prepare for College” tab on home page  Info about federal education loans for students and parents: studentaid.ed.gov/types/loans

More Helpful Financial Aid Web Sites Washington State’s 529 Plan: Guaranteed Education Tuition Program (GET) Frequently Asked Questions Washington State’s 529 Plan: Guaranteed Education Tuition Program (GET) Frequently Asked Questions  get.wa.gov/faqs College Scholarship Service (CSS) Profile College Scholarship Service (CSS) Profile  student.collegeboard.org/css-financial-aid-profile Western Undergraduate Exchange (WUE) Western Undergraduate Exchange (WUE)  Coordinated by the WICHE: Western Interstate Commission for Higher Education  Frequently Asked Questions: wiche.edu/wue

Have Questions? Get Answers! Meet with your high school counselor Meet with your high school counselor Contact the Financial Aid Office at the college(s) you’re considering Contact the Financial Aid Office at the college(s) you’re considering Contact the Department of Education’s FAFSA processor using the “Contact Us” menu link from fafsa.gov Contact the Department of Education’s FAFSA processor using the “Contact Us” menu link from fafsa.gov  Online chat  Toll-free phone  Whether or not you’re considering attending Seattle University, contact Whether or not you’re considering attending Seattle University, contact  Rebecca Wonderly, Outreach Specialist Seattle University Student Financial Services Office