1. BISHOP O’CONNELL HIGH SCHOOL DECEMBER 16, 2015 Paying for College 1/5/2016

2. We will talk about: College expenses (briefly) College Finance  Third party scholarships  Virginia state student aid  (FAFSA) Federal student aid  College-based grants  Targeted college-based grants 1/5/2016

3. College Expenses Tuition Room & Board Books, school supplies & incidentals Extraordinary expenses 1/5/2016

4. Sources of Funding for College Third-Party Scholarships 1. Start search in junior year. Apply in senior year. 2. The following websites contain lists of scholarships: Naviance: https://succeed.naviance.com https://succeed.naviance.com List of scholarships from various sources Scholarship America: http://scholarshipamerica.org http://scholarshipamerica.org List of corporate and other scholarships Fastweb: www.fastweb.comwww.fastweb.com Scholarship search engine 1/5/2016

5. Third Party Scholarships Examples of organizations providing scholarships: 1. Armed Forces Communications and Electronics Association (AFCEA)(STEM) 2. Arlington Community Foundation 3. Arlington Optimists Club 4. Bank of America 5. Best Buy 6. General Electric Corporation ($10,000/year for 4 years) 7. Daughters of the American Revolution (DAR) 8. Knights of Columbus 1/5/2016

6. State Based Aid Virginia Tuition Assistance Grant Provides tuition assistance to students from Virginia attending private in-state colleges. The amount for the 2015-2016 academic year is estimated to be $3,100. Student must apply for grant by sending application form to college. 1/5/2016

7. F FAFSA: Free Application for Federal Student Aid Eligibility: U.S. citizen or permanent resident High school graduate/GED holder Valid Social Security number Males registered for Selective Service Eligible degree/certificate program Satisfactory academic progress 1/5/2016

8. How much federal aid can I get? In general, this depends on your financial need. Financial need is defined as the difference between  Cost of Attendance (COA) and  Expected Family Contribution (EFC) COA is tuition, fees, room & board, transportation, etc. EFC comes from what you report on FAFSA COA – EFC = financial need 1/5/2016

9. How much federal student aid can I get? For early estimate, use FAFSA4caster: Go to https://studentaid.ed.gov Enter some financial information Get an estimate 1/5/2016

10. How Much Federal Student Aid Can I Get? Grant/Work-Study (2015-16)Amount/School Year Federal Pell GrantUp to $5,775 Federal SEOG$100 to $4,000 TEACH GrantUp to $4,000 Iraq and Afghanistan Service GrantUp to $5,775 Loans (2015-16)Maximum Amount For Dependent Student 1.Stafford Direct Loans (4.66%) 2.Federal Perkins Loan (5.0%) $5,500 (No more than $3,500 subsidized) $5,000-(Subsidized) For Parents 1. Federal PLUS Loan (7.21%)COA-EFC+Financial Aid (unsubsidized) 1/5/2016

11. How do I apply for federal student aid? 1. Use FAFSA on the Web Worksheet to get ready. Get worksheet at https://studentaid.ed.govhttps://studentaid.ed.gov Use checklist to gather documents you need. Fill out worksheet to prepare your answers. 1/5/2016

12. Dependent vs. Independent Student A student must meet certain criteria to be declared independent for purposes of the FAFSA:  Be 24 years of age or older by December 31 of the award year;  Be an orphan (both parents deceased), ward of the court, in foster care or was a ward of the court when 13 years or older;  Be a veteran of the Armed Forces of the United States or serving on active duty for other than training purposes;  Be a graduate or professional student;  Be a married individual;  Have legal dependents other than a spouse;  Be an emancipated minor or in legal guardianship;  Be a homeless youth;  Be a student for whom a financial aid administrator makes a documented determination of independence by reason of other unusual circumstances. 1/5/2016

13. How do I apply for federal student aid? 2. Complete the on-line Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov www.fafsa.ed.gov Obtain two PINs at www.pin.ed.gov for student and parentwww.pin.ed.gov Choose your own PIN or let the site choose one for you Don’t tell anyone your PIN! 1/5/2016

14. How do I apply for federal student aid? 2016 Graduates: Apply on or after Jan.1, 2016, using 2015 income tax information. 2017 Graduates: Apply on or after Oct. 1, 2016, using 2015 income tax information. Don’t forget to print confirmation page. 3. Complete FAFSA on line 1/5/2016

15. How do I apply for federal student aid? Double-check and, where necessary, update information online at www.fafsa.ed.gov (use your PIN to log on). 4. Watch for Student Aid report (SAR) from the U.S. Department of Education. 1/5/2016

16. How do I apply for federal student aid? 5. Federal government gives FAFSA information to colleges you are considering Give the schools any additional paperwork they ask for (CSS Financial Aid Profile) Meet all deadlines or you could miss out on aid! 1/5/2016

17. How do I apply for federal student aid? 1/5/2016 CSS Profile A service of the College Board (http://css-collegeboard.org)http://css-collegeboard.org Used only for college (and not federal) financial assistance You can complete only once for a given school year. More invasive than FAFSA College may request tax forms Non-custodial parents may need to provide information. Fee waiver for families earning under $40,000.

18. College Financial Aid Package Each school will tell students how much aid each can get at that school, including:  Assistance from the U.S. government based on federal grant and loan formulas.  Scholarships from the college (based largely on merit). 1/5/2016

19. College Merit Scholarships Private colleges use merit scholarships to “buy down” their tuition, room & board expenses Example: Mount St. Mary’s University 2016-17 Tuition, Room & Board = $49,900 Scholarship/ Fellowship AmountHS GPA SAT (CR&M) ACT Trustee Scholarship$22,0002.75125028 3.5120026 Presidential Scholarship$20,0002.75110024 Dean’s Scholarship$19,0002.75 3.0 1050 900 22 20 Leadership Scholarship$ 5,000Leadership, involvement and need 1/5/2016

20. Targeted Grants and Scholarships Students sometimes are qualified for targeted scholarships:  Athletic scholarships (Division 1 and 2 schools)  Art scholarships (VCU has very strong art program)  STEM scholarships  Leadership  ROTC scholarships 1/5/2016

21. And the Beat Goes On... In 2014, the average student earning a graduate or professional degree owed: $57,600 solely for educational expenses related to the graduate degree. * *U.S. News & World Report 1/5/2016

22. Resources https://studentaid.ed.gov  Information on federal student aid http://nces.ed.gov/collegenavigator.com  College search engine http://collegecost.ed.gov  Compare colleges based on various criteria. 1-800-4-FED-AID (1-800-433-3243)  Federal Student Aid Information Center “Twisdoms about Paying for College” by Mark Kantrowitz 1/5/2016