1. Dialing Down Di$appointment
Helping Families “de-stress” about the cost of college

2. What we’ll discuss Battling financial aid misconceptions
Debunking need-based aid myths
Debunking merit-based aid myths
Other financial aid myths
resources

3. Financial aid Myths & Misconceptions
I make too much; I won’t get anything
Private and out-of-state universities are more expensive / Staying in California is cheaper)
Having a college savings account or 529 will totally kill my chances for need- based aid
Need is a fixed number
Everyone gives superstar students scholarships based on test scores and GPA
It’s worth it to pay top $$ for certain name/prestige schools
Community college will save me money (it might – but will it cost you time?)
We shouldn’t consider the financial aid part until the college list is final
There are tons of private scholarships out there
Recruited athletes always get full scholarships
Financial aid Myths & Misconceptions
What other financial aid Myths do you hear every day?

4. Myths about need-based aid
We make too much, so we won’t get anything.
Having a 529 will work against us.
Finances don’t need to be part of building our college list.

5. Need is a fixed number
Nope! Your need at each school is different based on the total cost of attendance (COA)! So your need at a private or out-of-state school (that you probably think is expensive) may be greater than your need at an in-state institution – which means you MAY get need-based aid for out-of-state or private colleges but NOT for in-state schools.

6. Myths about merit aid All Colleges give merit aid!
Only 4.0 students get merit aid!
We know that NEITHER of these is true!
Honors/high achieving students get merit aid from their likely schools
Many colleges award merit aid for students who have a 3.0, 3.25, 3.5 or greater!
This is a great way to help/encourage students to “fall in love” with their “safety” schools

7. Other money-related myths
CA colleges are cheaper
It’s worth it to pay for prestige/name
I’ll never get a fee waiver
I have to pay to send test scores everywhere??
International schools are more expensive
Community college will save me money
There are tons of private scholarships out there!
Recruited athletes all get 4- year, full scholarships

8. Resources www.collegedata.com Learn how to use Net price calculators
Practice efc calculator on College board website
Jennie Kent & Jeff Levy Need-based and Merit-based list
Fafsa4caster (shows eligibility for student aid)
College Navigator
The College Solution (Lynn O’Shaughnessy)

9. Ask the right questions
How accurate is your NPc?
How competitive are your merit scholarships?
Collect your financial docs before senior year
Waiting until October 1 could bring unwelcome surprises
College Board website vs. CollegeData
How many students receive merit money?
Are merit scholarships renewable for four years?

10. Thanks for joining us to dial down Di$appointment!
Evelyn Alexander, Magellan College Counseling
Casey Rowley, Beverly Hills High School
x8290