PART 3:PAYING FOR COLLEGE                     © 2010, Michigan Campus Compact. All rights reserved
The CPV’s Job   To let the youth know    there are a wide range    of possible options to    fund a college education   ...
College Funding Options Section 5                         Family/Personal Savings                         Scholarships  ...
Family/ Personal Savings   Savings Plans       Michigan Education Savings Plan - tax free growth         www.misaves.co...
Scholarships Scholarships   are great sources of funding Finding and applying for them can be overwhelming–  therefore s...
Scholarship Types   Scholastic achievement (grades, honor society membership, etc.)   Religious affiliation   Gender  ...
Grants   Usually given by colleges, non-profit organizations, or    government agencies   Often given to individuals bas...
Working and Paying As You Go   Students take a limited number of classes per term    (about two), possibly live at home t...
The FAFSA p. 36   The “Free Application for Federal Student Aid”   Needed for State and Federal     Scholarships     G...
The FAFSA   Can be completed online or on paper, as early as January    1st by students and their parents in their senior...
The FAFSATo file the FAFSA, the following documents are required:   Social Security card   Driver’s license (if any)   ...
The FAFSA   Sources of Information About the FAFSA and Financial Aid:       High school guidance counselors       Colle...
State and Federal Grants   Michigan Grants – michigan.gov/mistudentaid       Children of Veterans Tuition Grant       M...
Federal Work Study Programs   College work study programs are paying jobs offered to certain    students based on their f...
Federal Loans   Loans must be repaid. Alternatives after applying for    grants, scholarships, and before private loans ...
Private Loans   Filing the FAFSA is not necessary for these loans   Private loans should be the last option after applyi...
Part 3   Please continue to the Part 3 Review Questions    below to complete this module.
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Training presentation updated 7.13.11, part 3

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Transcript of "Training presentation updated 7.13.11, part 3"

  1. 1. PART 3:PAYING FOR COLLEGE © 2010, Michigan Campus Compact. All rights reserved
  2. 2. The CPV’s Job To let the youth know there are a wide range of possible options to fund a college education To direct the youth and their parents to resources they can use to consider these options
  3. 3. College Funding Options Section 5  Family/Personal Savings  Scholarships  Grants  College Work Study Programs  Working and Paying as You Go  Federal and State Financial Aid  State and Federal Loans  Private Loans © 2010, Michigan Campus Compact. All rights reserved
  4. 4. Family/ Personal Savings Savings Plans  Michigan Education Savings Plan - tax free growth  www.misaves.com Pre-paid tuition plans  Allow the purchase of college credits at current tuition rates  Michigan Education Trust (MET)  www.setwithmet.com © 2010, Michigan Campus Compact. All rights reserved
  5. 5. Scholarships Scholarships are great sources of funding Finding and applying for them can be overwhelming– therefore students should start early and search often  The Internet is a good, free source for scholarship information  All scholarships should have free applications Utilize the Michigan College Access Portal’s “Scholarship Search” function to find available scholarships © 2010, Michigan Campus Compact. All rights reserved
  6. 6. Scholarship Types Scholastic achievement (grades, honor society membership, etc.) Religious affiliation Gender Ethnicity Sports students participated in The college a student wants to attend The field/major a student intends to pursue Disabilities or handicaps students may have Special talents © 2010, Michigan Campus Compact. All rights reserved
  7. 7. Grants Usually given by colleges, non-profit organizations, or government agencies Often given to individuals based on financial needs, meeting a certain criteria, or a commitment to study a particular field. Students often have to report information to the donor. © 2010, Michigan Campus Compact. All rights reserved
  8. 8. Working and Paying As You Go Students take a limited number of classes per term (about two), possibly live at home to keep expenses minimal, and pay the tuition for their college classes out of their earnings. It does take a longer amount of time, however, students graduate DEBT FREE! © 2010, Michigan Campus Compact. All rights reserved
  9. 9. The FAFSA p. 36 The “Free Application for Federal Student Aid” Needed for State and Federal  Scholarships  Grants  Work Study  Loans Applicable for students planning to attend four- year colleges, two-year colleges, and other career- focused training institutions © 2010, Michigan Campus Compact. All rights reserved
  10. 10. The FAFSA Can be completed online or on paper, as early as January 1st by students and their parents in their senior years. The FAFSA should be completed by the date’s posted on the college’s website, which is typically March 1st. © 2010, Michigan Campus Compact. All rights reserved
  11. 11. The FAFSATo file the FAFSA, the following documents are required: Social Security card Driver’s license (if any) W-2 forms and other records of money earned Income tax return Records of child support paid Current bank statementsBecause filing the FAFSA requires these sensitive documents, CPVsshould not help students fill out the FAFSA, unless they are trainedin filing the FAFSA or will be volunteering at an event wheretrained professionals will be in attendance. © 2010, Michigan Campus Compact. All rights reserved
  12. 12. The FAFSA Sources of Information About the FAFSA and Financial Aid:  High school guidance counselors  College financial aid offices  The Federal Student Aid website -www.federalstudentaid.ed.gov  College Goal Sunday - www.collegegoalsundayusa.org © 2010, Michigan Campus Compact. All rights reserved
  13. 13. State and Federal Grants Michigan Grants – michigan.gov/mistudentaid  Children of Veterans Tuition Grant  Michigan Merit Award  Michigan Tuition Grant  Police Officers and Fire Fighters Survivors Tuition Program  Tuition Incentive Program Federal Grants – studentaid.ed.gov  Federal Pell Grant  Federal Supplemental Educational Opportunity Grant (FSEOG)  Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)  Iraq and Afghanistan Service Grant  Institutional Grants © 2010, Michigan Campus Compact. All rights reserved
  14. 14. Federal Work Study Programs College work study programs are paying jobs offered to certain students based on their financial needs as part of federal, state or college-based financial aid. Students usually work on campus or locally for at least the current minimum wage and the federal government funds up to 100% of the student’s paycheck. The amount of aid given is based on the student’s pay rate and the number of hours they work. Information about applying for Federal Work Study © 2010, Michigan Campus Compact. All rights reserved
  15. 15. Federal Loans Loans must be repaid. Alternatives after applying for grants, scholarships, and before private loans They offer lower interest rates and the variety of repayment options compared to private loans Offered directly to students or their parents/guardians  Stafford Loans  Subsidized (government pays interest while student is in school)  Unsubsidized (student is responsible to pay for interest) © 2010, Michigan Campus Compact. All rights reserved
  16. 16. Private Loans Filing the FAFSA is not necessary for these loans Private loans should be the last option after applying for all other forms of aid! Provided by private lenders, such as banks, credit unions, and other financial institutions The least cost-effective way to finance a college education, however sometimes the easiest to obtain © 2010, Michigan Campus Compact. All rights reserved
  17. 17. Part 3 Please continue to the Part 3 Review Questions below to complete this module.

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