Planning Financially for College FONTBONNE UNIVERSITY FINANCIAL LITERACY AND DEFAULT PREVENTION FACILITATED BY JAMES “VINNY” VINCENT ASSOCIATE DIRECTOR, FINANCIAL LITERACY LIAISON

College Costs Revealed  Seen costs  Tuition and fees  Books  On-campus housing and meal plans  Unseen costs  Transportation  Insurance  Student loan interest  Transfer costs  Extended years of attendance

The “5 th Year” Pitfall  Double-majoring? Minoring? Studying Abroad?  Anything which could delay your graduation date results in a pitfall of your financial goals  Everything comes with a cost  Cost of tuition, fees, books, housing, transportation, etc. for the period of delay PLUS  Wages lost from not earning maximum wage potential for the period of delay  Possible Financial Aid Exhaustion  Maximum lifetime eligibility  Student Loans (Dependents: $31,000/Independents: $57,500)  Pell Grant (6 years)  State aid (4 years/8 semesters)  Scholarships (4 years/8 semesters)

College is an Investment Maximize Your Return Finish Your Degree Finish Quickly Choose a Major Wisely Minimize Costs Transfer Credits: Many community colleges have agreements with local 4-year colleges to often allow credits to easily transfer toward the 4-year degree without students having to retake already completed courses. Social Costs: It is common for transfer students to feel isolated when they arrive at a new college. Isolation could lead to depression, poor academic performance, or inability to develop a strong social network.

Paying for College PrepareApplyReceiveRepay Prepare yourself not just financially, but academically as well. Academic performance drives the ability for students to continue receiving financial aid. Apply for financial aid by completing the FAFSA (Free Application for Federal Student Aid) as well as community-sponsored scholarships Now that you have the money, make sure you spend it wisely. Any excess aid could assist with future costs the next year, lowering the need to borrow loans. Work with your student loan servicer to select a repayment plan that not only works best for your repayment ability but for your financial goals as well.

Other Aid Alternatives Workstudy Jobs Cooperative Education Paid Internships Non-workstudy Jobs Family Support

Seminar Activity  For this activity you will need a computer.  Step 1:  Step 2: Locate the Outside Scholarships page.  Step 3: Create a list of 10 outside scholarships you could apply for.  Step 4: Name 5 General Scholarship Databases you could use to further your search.  Step 5: Visit one of the College and Scholarship Blogs. Read an article and write a short review (10 sentences minimum) of how you believe the article you read benefited you.

Questions?  Contact James “Vinny” Vincent    Office Hours: Monday thru Friday (8:30am-4:30pm)  Lunch taken daily from 12:30pm – 1:30pm