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Financial Aid and Financial Literacy Training for Students and Families

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Presented by The SEED Foundation at the NPEA 2014 conference in Minneapolis, MN on April 24-25, 2014.

Presented by The SEED Foundation at the NPEA 2014 conference in Minneapolis, MN on April 24-25, 2014.

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  • 1. SEED  Overview   CTS  Overview   Why  Financial     Educa7on?   SEED  Financial     Educa7on  Model   SEED  Advocacy  
  • 2. Why  does  SEED  exist?   2   Only  half  of  all  low-­‐income  high  school  graduates   immediately  enroll  in  college.   Only  one  in  ten  low-­‐income,  first-­‐genera4on  students   that  enroll  in  college  earn  a  bachelors  degree.     Even  those  who  make  it  to  their  first  day  of   college  are  unlikely  to  see  gradua;on  day.       SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 3. SEED  is  more  than     a  school.     SEED  brings  students   together  in  a  24-­‐hour-­‐a-­‐day,   5-­‐day-­‐a-­‐week  community   with  highly  dedicated   teachers,  counselors,  and   College  Transi:on  &   Success  (CTS)  specialists   focused  on  college   readiness  and  comple7on.          SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 4. SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy   CTS:  Services  from  6  -­‐  16  
  • 5. SEED’s  College  Matching  Tier  System   5  
  • 6. OUR  GOAL:  COLLEGE  COMPLETION   8% 11% %  earning  a  bachelor’s  degree     within  six  years   Lowest  income  quar7le   students   Low-­‐income,  first-­‐ genera7on  students   who  enroll  in  college   All  SEED  graduates  who   graduated  from  high   school  5+  years  ago   SEED  graduates  who   enrolled  in  CTS-­‐ recommended  colleges   54% Na;onal     Average,  31%   33% SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 7.  College  affordability   is  a  na7onal   problem.    
  • 8.           College  students  are   paying  more  as  state   financial  aid  drops.           Median  debt  load  =     Approx.  $22,000   SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 9. Many  colleges  have  high  costs  and  low  gradua:on  rates.     College  or  University   Average  Annual  Cost  ASer   Grants  &  Scholarships   Six-­‐Year  Gradua:on  Rate   School  1   $14,207   8%   School  2   $16,257   29.2%   School  3   $9,489   39.7%   SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 10. Affording  college     is  a  challenge.    
  • 11. The  world  of  financial  aid   can  be  overwhelming…       Every  college  is  different  and   there  are  mul7ple  layers  of   complexi7es.       Many  colleges  offer  liZle  to  no     ins7tu7onal  financial  aid.       Some  colleges  reduces   ins7tu7onal  scholarships  when   students  receive  local/outside   scholarships.       Most  colleges  don’t  offer  a  loan-­‐ free  educa7on.           SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 12. SEED  is  taking  a   proac7ve  approach.  
  • 13. The  world  of  financial  aid   can  be  overwhelming…       Every  college  is  different  and   there  are  mul7ple  layers  of   complexi7es.       Many  colleges  are  expensive,  and   a  lot  of  them  offer  liZle  to  no   ins7tu7onal  financial  aid.       Numerous  colleges  offer   scholarships  to  a  few  students.   Some  even  punish  students  for   receiving  outside  scholarships.       Most  colleges  don’t  offer  loan-­‐ free  educa7on.           …Unless  you  are  an   informed  consumer.       SEED  has  a  financial  educa:on  model   designed  to  simplify  the   complexi:es.     SEED  has  iden:fied  colleges  that  are   affordable  and  offer  numerous   financial  aid  op:ons.       SEED  has  iden:fied  colleges  that  give   scholarships  and  encourage  students   to  win  outside  scholarship  dollars.   SEED  helps  students  find  and  apply   to  scholarships.       SEED  has  iden:fied  colleges  that   offer  loan-­‐free  and  limited  loan   degree  op:ons.         SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 14. SEED  advises     students  and  families   about  making     college  affordable.    
  • 15. Financial  educa:on  is  a  cri:cal  part  of  SEED’s   CTS  program.  We  provide:       •  Tools  to  evaluate  college  grants,  loans,  and  work   opportuni7es.   •  Counseling  to  help  match  students  to  affordable   colleges.       •  Assistance  to  complete  and  submit  winning  scholarship   applica7ons.     •  Training  to  make  informed,  quality  financial  decisions.       SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 16. Snapshot  of  Financial  Educa:on  Model     •  25  student  workshops  (grades  6  –  12)       •  12  family  workshops  (grades  6  –  12)       •  Curriculum  integrated  weekly  with  financial  aid   and  financial  literacy  skills  (grades  6  –  12)       •  Regular  advising  services  via  webinars,  phone,   and  in-­‐person  sessions  (during  college  years)     SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 17. Financial  Educa:on  Workshops   Middle  School         SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy   Grade   Curriculum   Student  Workshops   Parent  Workshops   6   The  Classroom   Economy   Math  is  Important  I   (October)       Math  is  Important  II   (November)   Intro  to  SEED's  Financial   Educa7on  Model  (September)     Inves7ng  in  a  College   Educa7on  (October)   7   College  Is  My   Future   Career  By  Degree  (October)     Financial  Aid  Checklist   (November)   College  Costs  (November)   8   College  Is  In  My   Future   Know  How  to  Go  (October)     Knowledge  is  Power   (November)   Savings  and  Inves7ng   (November)  
  • 18. Financial  Educa:on  Workshops   High  School             SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy   Grade   Curriculum   Student  Workshops   Parent  Workshops   9   TG  Financial   Literacy   Needs  and  Wants  (October)     Credit  Basics  (November)   Intro  to  SEED's  Financial   Educa7on  Model  (September)     Needs  and  Wants  (October)   10   TG  Financial   Literacy   Looking  for  College   Scholarships  (October)     Managing  Credit  (November)     Book  of  College  Majors   (February)   Looking  for  College   Scholarships  (October)     Managing  Credit  (November)  
  • 19. Financial  Educa:on  Workshops   High  School  (cont.)             SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy   Grade   Curriculum   Student  Workshops   Parent  Workshops   11   TG  Financial   Literacy   Spending  Plans  (September)     Looking  for  College   Scholarships  (October)     How  Do  You  View  Money?   (November,  December,   January,  February)  (4  classes)     How  to  Write  a  Scholarship   Essay  Part  1     How  to  Write  a  Scholarship   Essay  Part  2   Looking  for  College   Scholarships  (October)     The  Financial  Aid  Process   (February)  
  • 20. Financial  Educa:on  Workshops   High  School  (cont.)             SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy   Grade   Curriculum   Student  Workshops   Parent  Workshops   12   TG  Financial  Literacy   Employee  Compensa7on   (September)     Financial  Aid  Checklist   (September)     Monitoring  Spending   (November)     The  Financial  Aid  Process   (November)     Financing  a  College  Educa7on   (December)     Comparing  Financial  Aid  Offers   (January)   The  Financial  Aid  Process   (November)     Financing  a  College  Educa7on   (December)     FAFSA  Comple7on  Night  (February)     Comparing  Financial  Aid  Offers   (February)  
  • 21. SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy   Financial  Educa:on  Workshops   High  School  Course  Snapshot         Workshop  Curriculum:    TG  Financial  Literacy   Student  Workshop:  Comparing  Financial  Aid  Offers   Family  Workshop:  Comparing  Financial  Aid  Offers   Grade:  12     Workshop  Objec:ve:  Students  and  families  will  understand  the  components  of  a   financial  aid  award  leZer,  including  how  to  review  and  compare  offers  from  different   ins7tu7ons  before  making  a  final  decision.     Workshop  Agenda:     •  Financial  Aid  Programs  Review   •  10  Financial  Aid  Offer  Characteris7cs   •  Financial  Aid  Packaging   •  Sample  Financial  Aid  Packages   •  Analyzing  Financial  Aid  Offers   •  Applying  for  Late  Spring  Scholarships    
  • 22. Financial  Educa:on  Workshops   Your  College  Years  (Sample:  College  Year  1)        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
  • 23. It’s  Working!       Successfully  help  students   complete  financial  aid  appeal   processes     Emergency  support  and  financial   aid  counseling  provided  to  reduce   tui7on,  fees  and  housing  costs     Affordable  college  selec7ons  are   being  made  resul7ng  in  a   reduc7on  of  student  loan  debt   SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 24. And  we’re  sharing  our  lessons   learned.       •  U.S.  Department  of  Educa7on  Mee7ngs   •  White  House  Ini7a7ve  on  Historically  Black  Colleges  and   Universi7es   •  Best  Prac7ces  Sharing  with  Maryland,  Illinois,  and  more!       SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial     Aid  Model   SEED  Advocacy  
  • 25. Let’s  improve  college  comple7on   rates  by…     Improving  financial   educa:on  awareness  and   making    informed  college   and  financial  aid  decisions.    
  • 26. Ques7ons?    

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