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Final copy sc space parent academy i






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Final copy sc space parent academy i Presentation Transcript

  • 1. Basics to College and College Financing Salem CyberSpace College Success Program
  • 2. Tonight’s Program I. Introductions and Sponsors II. What do you know? What do you want to know? Prequiz III. Basics to Understanding College IV. Timeline to Important Dates V. Getting into College and Staying There VI. Intro to Financing College A. Scholarships B. Workstudy C. Federal and Private Loans
  • 3. How Much Do You Know About College?How many choices for college are there within 2 hours of Salem, MA?A.)25 B.) 55 C.) 99 D.) 2002A semester of Community College in Massachusetts costs…A.)500 B.) 1,000 C.) 5,500 D.) 12,000The US Department of Higher Education says ____ of free Scholarship and Grant is available every year. A.) $10,000 B.) $50,000 C.) $999,000 D.) 1 billionThe most difficult part of college is A.) Money B.) Time to study C.) Space to study D.) A,B & CTrue False It is possible to get 100% of your college education financed by scholarship, grant and loan.True False It is necessary to take an exam, have high grades and pay full money to go to College in the USA.
  • 4. After This Session You Will :•Understand Different Types of Colleges• Learn important strategies to Prepare for College• Know 10 ways to be successful in College• Understand 3 ways to Finance College• Learn about National and Local Scholarships and helpfulwebsites to find them•Understand basic information about Federal and PrivateLoans
  • 5. What Do I Want To Know? Understanding Basics about Preparing for College and College Options Strategies for Success Scholarships and Loans to Help Pay for College
  • 6. What is College? What are my Options? Traditional College or University (4 years) [Live on Campus, Commute to Campus, Online] College or University Transfer Community Program College (Last 2 years of College) (2 years) Technical College Training Private Institute Courses (6 weeks to 18 (varies)(pay per credit) months)
  • 7. College Admission Requirements Academic Readiness The Person: Who Are You? College Entrance Exams
  • 8. Academic Readiness • Grades • Many scholarships require 3.0 GPA+ • Courses (AP, Honors vs. Regular) • Transcript showing Variety, Improvement • Interests, Organizations, Community Service, Experience
  • 9. The Person Written Essay o Describe a Significant Experience in your Life o Person of Influence or Importance o Personal Background related to a Character Value Interviews Citizenship Experiences in your Life Organizations/ Interests Community Service
  • 10. College Entrance Exams • SAT 1: 3 areas of study (Math, Critical Reasoning, Writing) • ACT (alternative to SAT1): Individual Subjects (Math, Reading, Science, etc) • SAT 2 – Subject tests required for the more competitive schools • AP Tests – Can earn $$ and college credit
  • 11. Studying for the Test Test Strategy - Learn how to take the test Review subject material prior to the test Take SAT study groups  Most High Schools have SAT Electives  Salem CyberSpace offers free classes for Salem residents  Some private SAT study companies may offer low- income discounts Internet –many free study resources online SAT study software available Sign up for College Board – junior year.
  • 12. Timeline for Success PSAT - Oct AP Classes ScholarshipHonors Honors interviews SAT & ACT Top 5 choicesClasses Classes Exams (Jan, March, May, Prepare RenewJoin Clubs Join another Scholarship June) College Essay club orIdentify school Mentors AP Classes Letters ofInterests organization Recommendat Research ion SupportExperience Begin (TRIO) Colleges Community Take SATLeadership Service Class Meet with Subjects Guidance Registration PSAT – Oct Community Campus Service Student Resume Assistant Visits Scholarship Center Essay Tutoring Deposit
  • 13. SUCCESSStructure and Support for Success
  • 14. What Type of Support Doyou Need to Succeed? Obstacles Success
  • 15. Things to Avoid in order to Successfully Enter CollegeThings to Avoid in order to SolutionSuccessfully Enter College1. Not Studying Enough for Organization and schedulingClasses/ Exams2. Missing Deadlines Use a Deadline Scheduler3. Not Doing Community Sign up for volunteer workService4. Not joining groups or Sign up for two clubs in yourclubs interest area
  • 16. Things to Avoid to Successfully Stay in CollegeThings to Avoid Solution1. Put things off, ignore the Find a mentorfeeling of beingoverwhelmed.2.Not studying enough for Join study groups, getclasses and exams tutoring See student services3. Family obligations, Talk to advisors who canwatching little sister instead help let your familyof going to class understand how the college courses function
  • 17. Financing CollegeScholarships, Grants, Loans
  • 18. Defining Basic Financing Options Saving Money and Earning Interest Scholarship: International / National/ Local Grants Loan: Federal/ Private  Subsidized  Unsubsidized
  • 19. Cost of College- Saving vs. Loan
  • 20. Finance Options: UPlan
  • 21. Scholarships Money Given for College based on an affiliation, academic or special interest achievement. You do not have to pay back. Providers are companies, professional groups, ethnic associations, publications, community organizations, private donors. Normal Requirements  2.5 or 3.0 Grade point Average or Special Skills in another area  Community Service  Special Interests  Leadership roles
  • 22. National Scholarships Local Scholarships1. Hispanic College Fund (Feb 16th) 1. City Board of Commissioners of Trust Funds2. Lulac: League of United Latin 2. Stephen Philips MemorialAmerican Citizens Scholarship (April 30)3. Ronald McDonald Charities 3. Christian Herter Memorial(HACER) Scholarship (March 1)4. Bill Gates Millennium Scholars 4. NSCC Presidential Scholars(Jan 10th) Program (after 9 credits are earned)5. La Unidad Latina 5. State School Alumni Association Award (April)6. Best Buy (2.5 GPA) 6. Rotary Club7. Yawkey Scholar Program (Feb 7. The Robert P. Buck Alexander15th) DMD Merit Scholarship8. MALDEF: Mexican American 8. High School Booklets/ LocalLegal Defense Fund (2.5 GPA) Banks
  • 23. Sign Up for FastWeb WWW.FASTWEB.COMAfter completing a comprehensive profile,FastWeb will notify you of scholarshipsavailable to you based on your grades andbackground.
  • 24. Grants Money awarded to attend College because you meet a specific financial need or belong to a special group. You may be granted the money without all the competitive achievements. You may have to commit to certain guidelines throughout your receipt of this fund. This is money you will not have to pay back. Pell Grant
  • 25. LoansLoan Basics and Federal Loans
  • 26. Loan Basics• Loans are a promise. – You promise to repay the principal plus the interest. – The principal is the original amount you borrow. – Interest is the amount that a lender will charge you to use the borrowed money.• Loans can provide help. – Education loans are a resource to help you meet college expenses, establish credit in your name, and become financially responsible.• Loans are a responsibility. – You must repay your loan whether or not you find employment, complete your degree, or achieve your salary goal.
  • 27. Subsidized and UnsubsidizedLoans What is a Subsidized Loan? What is an Unsubsidized Loans?
  • 28. Important Steps to the FAFSA Application• Complete the FAFSA—the required application used to determine your eligibility for federal financial aid. (online or PDF www.fafsa.gov)• File taxes as soon as you can so you can complete the FAFSA right after the January 2012 enrollment cycle• New in 2011! Students and parents who have submitted their IRS tax return will be able to view and transfer their information over to the FAFSA
  • 29. Preparing for the 2011-2012 FAFSA Student Information Parent Information (spousal information required if married) (for dependent students) – Social Security card – Social Security card(s) – Driver’s license – 2010 W-2 form(s) – Alien registration or permanent – 2010 federal income tax return(s) resident card (if not U.S. citizen) – 2010 untaxed income records – 2010 W-2 form(s) – Current financial statements – 2010 federal income tax return(s) – FSA PIN for FOTW – 2010 untaxed income records – Current financial statements – FSA PIN for FOTW FAFSA on the Web Worksheet can help too.
  • 30. After your FAFSA Application is Processed• You will receive your SAR after your FAFSA is submitted—via e-mail within 3–5 days with a valid e-mail address or via postal mail within 7–10 days if no valid e-mail address.• Double-check your SAR for accuracy and submit corrections.• SAR provides you with your EFC, which is the contribution that the school believes you (and your parents, if you are a dependent student) can make toward your education.
  • 31. Types of Federal Student Loans• Perkins loan – School awards students with demonstrated need. – Funded through the school from a limited pool of money.• Stafford loan (subsidized and unsubsidized) – Previously funded through lenders or the U.S. Department of Education (ED), but as of July 1, 2010, only funded through ED. – Subsidized Stafford loans are need based; unsubsidized Stafford loans are not need based.• PLUS loan – Previously funded through lenders or ED, but as of
  • 32. UMASS Amherst Scenario Tuition: $12,612 Room and Board: $9514 Books: $1,000 Fees: $600 Total: $23,700 Over 4 years: $97,000 (assumes 2% increase by 2012)
  • 33. Paying for UMASSType Interest Rates Yearly Amount Amount over 4 yearsCollege Grants Not applicable $10,000 $40,000Federal Grants Not applicable $5,500 $22,000Scholarships Not applicable $2,000 $ 8,000Maximum Stafford 6.8% $3500, $4500, $19,000Loans Subsidized $5500, $5500Stafford Loan 6.8% $2,000 $ 8,000UnsubsidizedTotal $ 97,000 Assumptions: Graduate in 4 years, family is eligible for maximum federal financial aid (EFC=0)
  • 34. Loan Repayment Typical Scenario – UMASSType Interest Total # Monthly Total Total loans months payment interest loan to s – year payment repay one sStafford 6.8% $27,00 120 (10 $310/mo $10,285 $37,285 0 yrs)Assumptions:•Start repaying 6 months after graduation•Graduate college in 4 years
  • 35. Typical High-End PrivateScenario Congratulations You Just Got Accepted to Boston University Total Tuition: $39,314 Total Room and Board: $12,700 Fees: $600 Books: $1,000 Total Cost/Year: $53,614 Total Cost over 4 years: $214,416
  • 36. Paying for Boston UniversityType Interest Rates Yearly Amount Amount over 4 yearsCollege Grants Not applicable $20,000 $80,000Federal Grants Not applicable $5,500 $22,000Scholarships Not applicable $10,000 $40,000Maximum Stafford 6.8% $3500, $4500, $19,000Loans $5500, $5500(subsidized)Stafford Unsub 6.8% $2,000 $ 8,000Perkins 5% $3,000 $ 3,000Plus Loan 7.9% $10,500 $42,000Total $214,000 Assumptions: Graduate in 4 years, family is eligible for maximum federal financial aid (EFC=0)
  • 37. Consequences of Default If you default: You must immediately repay the entire unpaid amount of your loan. You may be sued, all or part of your federal and state tax refunds and other federal or state payments may be taken, and/or your wages garnished so that your employer is required to send us part of your salary to pay off your loan. You will be required to pay reasonable collection fees and costs, plus court costs and attorney fees. You may be denied a professional license. You will lose eligibility for other federal student aid and assistance under most federal benefit programs. You will lose eligibility for loan deferments. We will report your default to national consumer reporting agencies (credit bureaus).
  • 38. Thank You for Attending Program For more information please contact Jesenia Tejada at Salem CyberSpace 978-740- 6667