Junior planning night2011
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  • INTRODUCTION & WELCOME Welcome everyone! About yourself, background Experience, history of where you’ve worked We’re here tonight to learn about how to finance a college education To get you jump-started on the college financing process for 2003-2004! Special thanks to _________ for invitation Remind everyone to complete sign-in sheet...for MEFA’s use only The program is brought to you my MEFA, the Massachusetts Educational Financing Authority We call this a ‘financial aid” presentation, but it is actually a “college financing” presentation. The information we’ll cover tonight is good for all families, whether you qualify for financial aid or not.
  • Grants: WHAT YOU WANT (Gift Aid) Some come from Federal government (Pell), state (MassGrant) and colleges themselves (ie. Boston University has Boston University Grant) Scholarships: Grants given for a purpose, you may look for yourself or the school may offer. Loans (Self-Help) Parent and Student Explain Federal Stafford and Direct loan Subsidized vs. Unsubsidized: everyone can borrow regardless of income Parent Loans include PLUS and the MEFA Loan (more later) Work-study (Self-Help) Explain that you don’t study and get paid, but earnings can go towards living expenses, not just tuition Examples of work-study jobs.
  • FAFSA: Where to get it? Guidance offices, Libraries, Colleges and Universities DON'T FILE UNTIL AFTER 1/1/04! Do one form, information is sent to all of your potential schools. All schools require the FAFSA It’s FREE PROFILE: SOME colleges need this…why? Gives schools more information to spend their institutional funding, it’s faster than waiting for the FAFSA data for schools that award based on early decision or want to award early. There is a fee for the profile, explain. INSTITUTIONAL Institutions can ask anything. Not all schools require this, check your application view books and applications for details You can also apply on the web. We’ll talk about that in more detail later.
  • C.O.A: Not direct cost to you, direct = your bill, COA includes living, etc. E.F.C: estimate of the families ability to contribute towards the student’s educational expenses to the extent that they are able for the upcoming academic year. Estimates how much you can contribute relative to other families, but makes no particular assumptions about how you will finance that contribution. In fact, you have choices about how to do that which we will discuss later. NEED: COA-EFC (need is $$ you need, but don’t have) This is where financial aid comes in. More need, more eligibility for aid, less aid = less financial aid eligibility
  • This is how it works, important so we will review again In a perfect world, you would get 100% of your financial need in financial aid and all you have to pay is your family contribution….but it doesn’t always work this way Based on funds availability, many families demonstrate high need so schools may only meet a % of this need with aid.
  • Here’s how it works: Formula looks at the following: Income: Taxable (wages, interest, business income, rental income etc.) Non-taxable ( paid to pension, child support received, AFDC etc.. # in family, that you support Tax paid, not withheld # in college, at least 1/2 time, matriculated program Assets: current value of cash, savings and investments, equity of other real estate, business equity (equity is worth-debt) Uses parent and student information Outcome = EFC Only as good as the numbers that are reported
  • College Financing Like buying a car - most can’t afford cash for a new car Use some savings Use some money from your current paycheck Use future earnings by borrowing a loan Explain payment plan i.e. owe $1000? pay $100 per month for 10 months better than ANY loan Review guide to borrowing as resource for finding a loan One of the options is the MEFA Loan

Transcript

  • 1. GUIDANCE PRESENTS JUNIOR COLLEGE PLANNING NIGHT
  • 2. Guidance Counselors Mark Tanguay (A-F) ______________________________________ Jo-Anne Gretemeyer (G-M) ______________________________________ Andrea Norton (N-Z) ______________________________________
  • 3. Topics of Discussion
    • Graduation Requirements
    • College Requirements
    • Guidance Packet for College
    • Class Rank
    • Time Line
    • The Application Process
    • Career Cruising
    • Financial Aid
  • 4. Graduation Requirements
    • CREDIT REQUIREMENTS
    • 110 Credits Minimum
    • 20 Credits in English
    • 15 Credits in History
    • 15-20 Credits in Math
    • 15 Credits in Science
    • 10 Credits in Phys. Ed.
    • Must earn 27.5 credits
    • each year including senior
    • year
    • COURSE REQUIREMENTS
    • U.S. History I
    • U.S. History II
    • MCAS REQUIREMENTS
    • Must Pass MCAS in ELA,
    • Math, and Science
  • 5. College Requirements
    • Plymouth North requirements PLUS:
    • Math – Completion of Algebra II
    • Foreign Language – 2 Year Minimum, 3 Years Recommended
    • Specific Requirements of the College or the Major
    • SAT’s
    • a. SAT I (Reasoning Test)
    • b. SAT II (Subject Tests)
    • c. Students must send all scores to colleges through www.collegeboard.com
    • d. Score Choice
  • 6. Guidance Packet for College
    • High School Transcript with Rank and GPA
    • Resume through Career Cruising (activities, volunteer work, awards/honors, work experience)
    • Counselor Recommendation
    • Teacher Recommendations
    • School Profile
  • 7. Class Rank
    • Plymouth Public Schools utilizes a weighted 4.0 scale where only core courses are included and only courses taken during the school day are considered.
  • 8. Class Rank Grade Point Conversions
  • 9.  
  • 10. The Application Process
    • Responsibility of the Student
    • Request recommendations from two teachers
    • Obtain applications
    • Complete resume on Career Cruising
    • Complete application with essay & application Fee and send to colleges
    • Have parent complete Records Release Form
    • Complete Transcript Request Card for each College and Submit to Guidance
    • Send SAT Scores to Colleges
  • 11. The Application Process
    • Responsibility of the Counselor
    • Review Transcript and Options with Student
    • Write Letter of Recommendation if requested or required
    • Compile and Mail Packages to all Colleges
    • Mail Mid-Year Reports to Schools Requested by Student
    • Send Final Transcript to School of Choice
  • 12.
    • Login Information
    • username: plymouth
    • password: north
    • Portfolio Login
    • Special Tools – Resume Builder
    • Careers
    • Schools - School Selector, Planning Timeline, & Financial Aid
  • 13. An Overview of College Financing
  • 14. What is Financial Aid?
    • Grants, scholarships
            • Free gifts
            • Need based aid vs. merit aid
            • Do not have to be repaid
    • Loans
      • Money that must be repaid
      • Borrowed by student, parent, or both
    • Work Study
          • Money student is given the opportunity
          • to earn
  • 15. The Forms You Need to Know
    • Free Application for Federal Student Aid
    • (FAFSA)
      • Required by all colleges for Federal and State aid
      • Get PIN early (both parents and students)
      • Free form
    • PROFILE
      • Some colleges need this for institutional aid
      • Paid form ($25 to register, $16 per school)
    • Institutional Application
      • One per school
      • Usually part of admissions packet
  • 16. Vocabulary
    • COA = Cost of Attendance - Includes tuition, room, board, fees, books, supplies, transportation, personal expenses
    • EFC = Expected family contribution - Measure of what a family is expected to contribute over a year
    • Financial Need (Eligibility) = Difference between COA and EFC
  • 17. Cost of Attendance (COA) - Expected Family Contribution (EFC) __________________________ = Financial Aid Eligibility/Family Need Financial Aid Formula
  • 18. Federal Methodology
    • Must file FAFSA
    • Uses both parent and student information
    • Used to award all financial aid
    T axes # in college As sets # in family Income The Financial Aid Funnel EFC
  • 19.
    • Past Income
      • Savings
      • College Savings Plans
    • Present Income
      • Salary
      • Payment Plans
    • Future Income
      • Loan Programs
      • See the Guide to Borrowing
    How Do I Pay My Balance?
  • 20. Financial Aid Resources
    • MEFA – Massachusetts Educational Financing Authority
    • www.mefa.org
    • FAFSA4CASTER – calculators/estimators
    • www.fafsa.ed.gov
  • 21. Senior Year Evenings
    • Senior Planning Night - Fall
    • Financial Aid Night - Fall
    • Local Scholarship & Parent Awareness Night - Spring
  • 22. Please visit our website at www.plymouth.k12.ma.us