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Final copy sc space parent academy i

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  • 1. Salem CyberSpace College Success Program Basics to College and College Financing
  • 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.) 2002 A semester of Community College in Massachusetts costs… A.)500 B.) 1,000 C.) 5,500 D.) 12,000 The 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 billion The most difficult part of college is A.) Money B.) Time to study C.) Space to study D.) A,B & C True 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 helpful websites to find them •Understand basic information about Federal and Private Loans
  • 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 Program (Last 2 years of College) College Courses (pay per credit) Technical Training (6 weeks to 18 months) Community College (2 years) Private Institute (varies)
  • 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 Honors Classes Join Clubs Identify Interests Experience Leadership Honors Classes Join another club or school organization Begin Community Service PSAT – Oct Resume PSAT - Oct SAT & ACT Exams (Jan, March, May, June) AP Classes Research Colleges Meet with Guidance Campus Visits AP Classes Top 5 choices Prepare College Essay Letters of Recommendat ion Take SAT Subjects Community Service Scholarship Essay Deposit Scholarship interviews Renew Scholarship Mentors Support (TRIO) Class Registration Student Assistant Center Tutoring
  • 13. SUCCESS Structure and Support for Success
  • 14. What Type of Support Do you Need to Succeed? Obstacles Success
  • 15. Things to Avoid in order to Successfully Enter College Things to Avoid in order to Successfully Enter College Solution 1. Not Studying Enough for Classes/ Exams Organization and scheduling 2. Missing Deadlines Use a Deadline Scheduler 3. Not Doing Community Service Sign up for volunteer work 4. Not joining groups or clubs Sign up for two clubs in your interest area
  • 16. Things to Avoid Solution 1. Put things off, ignore the feeling of being overwhelmed. Find a mentor 2.Not studying enough for classes and exams Join study groups, get tutoring See student services 3. Family obligations, watching little sister instead of going to class Talk to advisors who can help let your family understand how the college courses function Things to Avoid to Successfully Stay in College
  • 17. Financing College Scholarships, 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 Scholarships 1. Hispanic College Fund (Feb 16th) 1. City Board of Commissioners of Trust Funds 2. Lulac: League of United Latin American Citizens 2. Stephen Philips Memorial Scholarship (April 30) 3. Ronald McDonald Charities (HACER) 3. Christian Herter Memorial Scholarship (March 1) 4. Bill Gates Millennium Scholars (Jan 10th) 4. NSCC Presidential Scholars 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 Club 7. Yawkey Scholar Program (Feb 15th) 7. The Robert P. Buck Alexander DMD Merit Scholarship 8. MALDEF: Mexican American Legal Defense Fund (2.5 GPA) 8. High School Booklets/ Local Banks
  • 23. Sign Up for FastWeb WWW.FASTWEB.COM After completing a comprehensive profile, FastWeb will notify you of scholarships available to you based on your grades and background.
  • 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. Loans Loan 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 Unsubsidized Loans 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 (spousal information required if married) – Social Security card – Driver’s license – Alien registration or permanent resident card (if not U.S. citizen) – 2010 W-2 form(s) – 2010 federal income tax return(s) – 2010 untaxed income records – Current financial statements – FSA PIN for FOTW Parent Information (for dependent students) – Social Security card(s) – 2010 W-2 form(s) – 2010 federal income tax return(s) – 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 UMASS Type Interest Rates Yearly Amount Amount over 4 years College Grants Not applicable $10,000 $40,000 Federal Grants Not applicable $5,500 $22,000 Scholarships Not applicable $2,000 $ 8,000 Maximum Stafford Loans Subsidized 6.8% $3500, $4500, $5500, $5500 $19,000 Stafford Loan Unsubsidized 6.8% $2,000 $ 8,000 Total $ 97,000 Assumptions: Graduate in 4 years, family is eligible for maximum federal financial aid (EFC=0)
  • 34. Loan Repayment Typical Scenario – UMASS Type Interest Total loans # months to repay Monthly payment s – year one Total interest Total loan payment s Stafford 6.8% $27,00 0 120 (10 yrs) $310/mo $10,285 $37,285 Assumptions: •Start repaying 6 months after graduation •Graduate college in 4 years
  • 35. Typical High-End Private Scenario  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 University Type Interest Rates Yearly Amount Amount over 4 years College Grants Not applicable $20,000 $80,000 Federal Grants Not applicable $5,500 $22,000 Scholarships Not applicable $10,000 $40,000 Maximum Stafford Loans (subsidized) 6.8% $3500, $4500, $5500, $5500 $19,000 Stafford Unsub 6.8% $2,000 $ 8,000 Perkins 5% $3,000 $ 3,000 Plus Loan 7.9% $10,500 $42,000 Total $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