1. Paying For College Presented by Bob Breum
Member, National Association for College Admission Counseling
Earned a graduate certificate in College Counseling from UCLA (2003)

2. 10 Most Expensive Colleges
Each >$55,000/year:
#1 Sarah Lawrence
#2 Wesleyan Univ. 
#3 Columbia Univ.
#4 Johns Hopkins
#5 Georgetown Univ.
#6 NYU
#7 Barnard College
#7 Harvey Mudd 
#9 Bard College 
#10 Trinity Coll. (CT)

3. 10 Most Expensive Colleges
#2 Wesleyan Univ.
Jan, Lyman ’07
Single parent
#5 Georgetown Univ.
Yasmin, Lyman ’09
Free lunch
#9 Bard College
Sami, Lyman ‘11
#10 Trinity Coll. (CT)
Roger, Lyman ’06
Presidential Scholar
“Semester Abroad”
@ #6 NYU

4. Other Well-Known Private Colleges
Univ. of Penn (Ivy)
TJ, Lyman ‘10
Dartmouth (Ivy)
Becky, Lyman ‘10
Brown (Ivy)
Marielena, LHHS ‘11
Cornell (Ivy)
Ramon, Lyman ‘09
Duke
Safkat, Lyman ‘12
U. of Chicago
Blake, Lyman ‘09

5. Other Well-Known Private Colleges
Vanderbilt
Nikki, Lyman ‘08
Emory
Alexa, ’11
Jilly, ‘11
Carnegie Mellon
Chris, ’06
Aimee, ‘10
Vassar
Jesus, ’09
Berklee Coll.of Music
Erik ‘08

6. Florida Prepaid Tuition Plan
What IS covered
Tuition
Local fees (optional)
Dormitory (optional, not all dorms are available)
What is NOT covered
Books, supplies, meals, clothing, transportation, computer costs, or other living expenses

7. Florida Prepaid Tuition Plan
Benefits
Scholarships do not reduce the amount of the annual award
Transferable to siblings and cousins
May be used for schools outside the state
Drawbacks
Only pays current Florida state university costs
Tuition = $103.32/credit hr.
Fees (optional) ≈ $57.85/hr.
Dorm (optional) ≈ $5,300 ?
Reduces eligibility for financial aid by an equal amount

8. Bright Futures What is covered
Academic Scholars $100/credit hour (4 yr.) $61/credit hour (2 yr.)
Medallion/Gold Seal Scholars:
$75/credit hour (4 yr.)
$61/credit hour (2 yr.)
Typical 15 hr/semester with so-called 75%:
$2,250/yr. at the univ.
$1,830/yr. at state coll.

9. Bright Futures What is NOT covered
Books, supplies, dormitories, meals, clothing, transportation, computer costs, or other living expenses
2011/2012 Award Amounts for students at private 4 year institutions
Academic Scholar:
~$3,000 annually
Medallion/Gold Seal Scholar: ~$2,250 annually

10. Bright Futures Benefits Drawbacks
May be used in conjunction with other scholarships
Drawbacks
May NOT be used at schools outside the state

11. Cost of Attendance Components Total = $20K to $60K
Tuition & fees ($5,700 - $45,000+)
Room & board ($8,800 - $15,000+)
Books & supplies ($1,070 - $1,500)
Computer costs ($1,240)
Transportation/travel ($530 - $1,200+)
Living expenses ($650 - $2,500+)
Insurance ($1,840+)
Total = $20K to $60K

12. Cost of Attendance
At UF, Bright Futures pays between 11% and 15% of the annual costs
UF estimates the annual COA at $19,830

13. Financial Aid
“From each according to his ability, to each according to his need.”
Karl Marx

14. FAFSA (Free Application for Federal Student Aid) www.fafsa.ed.gov
Must be filed annually, but not before January 1
Requires completed Federal Income Tax returns for custodial parents/stepparents
Does not require information from non-custodial parents
Online FAFSA is faster and eliminates errors

15. SAR (Student Aid Report)
Compiled from your FAFSA
Reveals your Expected Family Contribution (EFC)
When a family has multiple students in college simultaneously, the EFC will be adjusted for each student, i.e., two students only cost a little more than one

16. CSS/Profile profileonline.collegeboard.com
The College Board’s financial aid application that is used by many private institutions in addition to the FAFSA
May require additional information, possibly including non-custodial financial disclosure
May be completed online

17. Financial Aid Drug convictions may affect your eligibility
Male students must register with the Selective Service
If you are not a US citizen, you must have an I-151 or I-551 Alien Registration Receipt Card (not an I-171 or I-464 Notice of Approval to Apply for Permanent Residence) to be eligible

18. Independent Student Criteria
My parents don’t want to pay their EFC. Can I file a FAFSA as an independent student so that I can receive more financial aid?
To qualify as independent, you must meet one of these criteria:
Born before 1989
Married or legally separated
Already completed a bachelor’s degree
Provide more than half the support of your own children or other dependents
You are an emancipated minor, orphan, ward of the court, or a homeless unaccompanied youth
You are a veteran of the US Armed Forces (or on active duty)

19. Special Circumstances
Students or families with special circumstances may appeal their EFC through the Financial Aid office of their institution (not through the Federal Government)
Unusually high medical expenses
Sudden change of earning power

20. Financial Need
Financial Need is defined as the difference between the Cost of Attendance and your Expected Family Contribution
(COA minus EFC)

21. Need-Based Financial Aid
All colleges offer need-based financial aid from the Federal government
Most states, including Florida, offer need-based financial aid programs that supplement the Federal programs
Some colleges supplement Federal aid with institutional aid (their own money)

22. Types of Need-Based Financial Aid
Grants
These are gifts, sometimes called scholarships, that do not have to be repaid
Loans
Subsidized loans have interest deferred until after you graduate
Federal Work-Study
Hourly wages paid directly to you
Jobs typically arranged on-campus
Supposed to be relevant to your course of study
Usually about 10 hours per week

23. Meeting Financial Need
Some colleges guarantee that they will meet 100% of Financial Need
(COA minus EFC)
This is usually done with a combination of Grants, Loans, and Work-Study
Schools with large endowments (big pockets) can usually offer more attractive financial aid packages, i.e., larger grants, smaller loans

24. No-Loan Schools Guarantee no loans: Amherst Bowdoin Claremont McKenna
Colby
Columbia University
Davidson
Harvard
Univ. of Pennsylvania
Pomona
Princeton
Swarthmore
Vanderbilt
Washington & Lee
Williams
Yale

25. No Loans to Low Income Students
Brown ($100,000)
CalTech ($100,000)
Cornell ($75,000)
Dartmouth ($75,000)
Emory ($100,000)
MIT ($75,000)
U. of Chicago ($75,000)
Rice ($80,000)
Vassar ($60,000)
Wellesley ($60,000)
Many other schools with a max of $50K family income

26. Beware of Gaps
Each school receives a fixed amount of Federal financial aid money each year
Well-endowed schools supplement this money to meet 100% of need
Other schools cannot meet all of your need, leaving a GAP between your financial NEED and your financial AID.

27. Your Fair Share
Your family is expected to pay your fair share (“from each according to his ability”)
Your Expected Family Contribution (EFC) equals your fair share

28. Expected Family Contribution
Your EFC does NOT change whether you attend community college or Harvard, no matter what the Cost of Attendance (COA) is
Although your EFC does not change, the manner in which your Financial Need (COA minus EFC) is met may change dramatically among institutions

29. Private Schools Can Cost Less
If your EFC is less than the COA ($20,000) of our state universities, you can probably attend many private colleges and universities for LESS than you would pay at our state universities, because many private institutions will offer you more attractive financial aid packages with lower loan amounts.

30. Ignore the Sticker Price
The school’s “sticker price”, i.e., its advertised cost of attendance, is meaningless unless you are rich or not eligible for Federal aid.