1. HOW TO PAY FOR COLLEGE John Swan Victoria Johnk
Director of Financial Aid
Victoria Johnk
Admission Counselor
Cheryl Tevlin
Associate Director of Freshman Admissions
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

2. Agenda HOW TO PAY FOR COLLEGE Total Cost of Attendance
College Costs Myths
Ways to Finance a College Education
Basic Information about California Student Financial Aid
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

3. HOW TO PAY FOR COLLEGE Folsom High School
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

5. How Much will it cost? HOW TO PAY FOR COLLEGE Billable Costs
Tuition and Fees
On-Campus Room and Board
These costs will show up on the college bill.
Indirect Costs
Books and Supplies
Off-Campus Room & Board
Personal Expenses
Travel Costs
These costs do not show up on the college bill.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

6. Net Price HOW TO PAY FOR COLLEGE
NET PRICE is the amount that a student pays to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives.
Focus on the NET PRICE.
Not the STICKER Price.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

7. NET PRICE CALCULATORS

8. Net Price Calculators HOW TO PAY FOR COLLEGE
Available on a college’s website, net price calculators can help prospective students get a better handle on what they will be expected to pay.
Students enter information about their family’s financial situation to learn what similar students paid to attend the institution in the previous year.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

9. Why are Net Price Calculators important?
HOW TO PAY FOR COLLEGE
Why are Net Price Calculators important?
Knowing your net price:
Gives you the best idea of what you’ll pay for a particular college
Makes comparing colleges easier
Widens your choice of colleges
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

10. Net Price Calculator Tips
HOW TO PAY FOR COLLEGE
Net Price Calculator Tips
Answer questions accurately
Remember that this is just an estimate and the actual cost may end up being higher or lower than the estimate provided by the net price calculator
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

11. Myths HOW TO PAY FOR COLLEGE Private = Expensive
Out of State = Expensive
No Cal Grant = Expensive
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

12. Myths HOW TO PAY FOR COLLEGE Private = Expensive Folsom High School
Student/Parent Evening Symposium
November 14, 2018

13. Myths HOW TO PAY FOR COLLEGE Out of State = Expensive
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

14. HOW TO PAY FOR COLLEGE
Western Undergraduate Exchange (WUE – pronounced “Woo E”)
What is it? Students in Western states may enroll in participating two-year and four-year public college programs at a reduced tuition level – up to 150 percent of the institution’s regular resident tuition. In all cases, WUE tuition is considerably less than nonresident tuition.
Participating States Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

15. Myths HOW TO PAY FOR COLLEGE No Cal Grant = Expensive
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

17. Types of financial aid

19. The Financial Aid Process
HOW TO PAY FOR COLLEGE
The Financial Aid Process
FAFSA (Free Application for Federal Student Aid) –
CSS Profile – cssprofile.collegeboard.org
Institutional aid applications
Be sure to check each individual school’s website to find out what forms are required and when they must be filed.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

21. An Important Day HOW TO PAY FOR COLLEGE
October 1 is the first day that the FAFSA can be completed.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

22. CSS/ Financial Aid PROFILE
HOW TO PAY FOR COLLEGE
CSS/ Financial Aid PROFILE
The PROFILE is a tool created by the College Board that allows students to complete one form and apply online for non-federal financial aid from almost 400 colleges, universities, professional schools, and scholarship programs.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

23. CSS/ Financial Aid PROFILE Tips
HOW TO PAY FOR COLLEGE
CSS/ Financial Aid PROFILE Tips
Available on October 1st
Use your College Board Account to complete the Financial Aid PROFILE
May be required by some colleges and universities
CSS / Financial Aid PROFILE is in addition to the FAFSA.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

24. Be Smart about Scholarships
HOW TO PAY FOR COLLEGE
Be Smart about Scholarships
Thousands of scholarships exist. Some colleges automatically consider all applicants for scholarships. Other scholarships from colleges, universities, and private sources require special applications and additional work and motivation to make it happen.
Never pay money to apply to an outside scholarship.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

25. Resources for Private Scholarships
HOW TO PAY FOR COLLEGE
Resources for Private Scholarships
CollegeBoard Scholarship Search
FastWeb.org
FinAid.org
FindTuition.com
Scholly App
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

26. Assessing Student Need
HOW TO PAY FOR COLLEGE
Assessing Student Need
A student’s financial need is calculated as the difference between the cost of attending the school, the Cost of Attendance (COA) minus any expected financial assistance (EFA), such as gifts or outside scholarships, and the amount the student and their family is expected to pay, the Expected Family Contribution (EFC)
COA – EFC = Student Financial Need
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

27. Expected Family Contribution (EFC) is influenced by these Factors:
HOW TO PAY FOR COLLEGE
Expected Family Contribution (EFC) is influenced by these Factors:
The amount the student’s parents will be asked to pay from income and assets
The amount the student can contribute from earnings and savings
Family size, age of oldest parent, number of children currently attending college
Special circumstances: Health related expenses, loss of property or death in the family
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

28. Take Steps to Minimize Debt
HOW TO PAY FOR COLLEGE
Take Steps to Minimize Debt
The majority of students use loans to help finance their college education.
Don’t borrow any more than you absolutely need.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

29. Trusted Sources HOW TO PAY FOR COLLEGE
Hundreds of websites purport to offer families advice about financial aid. Not all of them are truly helpful. Not all are accurate.
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

30. Other things to consider:
HOW TO PAY FOR COLLEGE
Other things to consider:
Retention Rage
Years to Graduate/Forgone Income
Graduation Rate
Career Placement
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

31. Closing Thoughts HOW TO PAY FOR COLLEGE
Start with an honest conversation
Be realistic with the college search
Build in Plan A, B, and C (aka “financial aid safety school”)
Deadlines
Folsom High School
Student/Parent Evening Symposium
November 14, 2018

32. HOW TO PAY FOR COLLEGE John Swan Victoria Johnk
Director of Financial Aid
Victoria Johnk
Admission Counselor
Cheryl Tevlin
Associate Director
Folsom High School
Student/Parent Evening Symposium
November 14, 2018