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Training presentation updated 7.13.11, part 3
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Training presentation updated 7.13.11, part 3
Jul 20, 2011
Economy & Finance
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Transcript of "Training presentation updated 7.13.11, part 3"
1. 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 To direct the youth and their parents to resources they can use to consider these options
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Part 3 Please continue to the Part 3 Review Questions below to complete this module.