Paying for College: From Zero to HeroPresentation Transcript
ACT Conference Paying for college: from zero to hero Presented By Stephen Rogers
Who Am I? Steve Rogers manages outreach for the Utah Higher Education Assistance Authority (UHEAA)
People with a bachelor’s degree account for less than 12% of unemployment claims filed. Utah Department of Workforce Services Profiling Job Loss Through Initial Unemployment Claims July/August 2009
… to inform, educate, guide, and assist all students and parents with making informed decisions about preparing,participating,completing,andpaying for Higher Education in Utah, with a priority and emphasis in serving low-income, first generational, and ethnic minority students.
What is College Goal Utah? Adapted from NASFAA’s College Goal Sunday 1989, Indiana Student Financial Aid Association Assist students with financial aid preparation and eligibility Funded by Lumina Foundation Private educational research firm, Indiana 3 year grant cycle Target = Low Income & Non-Traditional Students FAFSA Completion Staffed by financial aid professionals Sunday after Super Bowl, 2:00 p.m. to 4:00 p.m. This day/time can be modified for Utah 35 states participated in 2008
CollegeGoalUtah Concept Identify Utah High Schools Demonstrating – Location (need) Size: High Volume of Seniors 25-50% FRLR, lower SES Under-represented, rural, high minority Navajo Reservation State wide effort
College Goal Utah Model High School Coordination Principal, Counselors, Financial Literacy Teachers Schedule Classroom Time Financial Literacy Courses General Financial Aid Overview & FAFSA Advertise College Goal Utah Nights with Postcard Computer Space & Ensuring Coverage (CGU Nights) Train counselors & financial literacy teachers, 3:00 – 4:00 p.m. Assist students with FAFSA completion, 4:00 p.m. – 7:00 p.m. CGU Dates Early February - April
What to Bring on CGU Night? Don’t be afraid to bring your friends, a league of experts is there to help
We need to prepare and make Use of the strengths these new Faces will bring to our state. SOURCE: WICHE, Knocking on the College Door, 2008
Are Students Applying Under Current Model? Percentage of low-income students completing the FAFSA has increased In 1999-2000, 57% of low-income undergraduates applied In 2007-08, 68% of low-income undergraduates applied But because the overall numbers of students has also grown, we have lost ground In 1999-2000, 3.3 million low-income undergraduates did not apply In 2007-08, 3.6 million low-income undergraduates did not apply Source: OPE Analysis of National Postsecondary Student Aid Study (NPSAS 2008, 2004, 1999, and 1995)
College Goal Utah’s Goals & Objectives 1) Compliancewith Federal Financial Aid Regulations 2) Increase early awareness & preparation of financial aid programs 3) Implementation of college and financial aid evenings, including regional FAFSA workshops. 4) Development of Utah high school and college partnerships. 5) Promote Utah Futures & FAFSA Completion. 6) Provide ongoing professional development for middle and high school counselors 7) Build & maintain business and education partnerships working towards increasing the college going rate.
Financial Aid 411
Types of Aid Work-study Grants Scholarships Student Loans Savings
Scholarships Institutional Merit Leadership Diversity Academic Department Private Community Service Heritage Interest/hobby based Employer
Deadline Application Essay Letters of recommendation Save outstanding writing assignments! Preparing for Scholarships
Follow the directions Tailor your essay to the scholarship Be yourself, and be memorable Write about something you care about Give examples Be honest Spelling & grammar check (have two readers) Scholarship Essays
ACT efforts Get to know your recruiter Get involved Search beyond institutions Deadlines! Convince the committee that you’re the perfect fit Show your plan for success Demonstrate your financial backup plan Eight Tips from the Experts
New Century Scholarship- Overview March 2011 21 Purpose This scholarship encourages students to accelerate their education by earning an Associate’s degree while in high school Background Created in 1999 Initiated by former Governor Leavitt In the 12th year award cycle
New Century — Program Requirements March 2011 22 Application Deadline has Passed 2011 Applicants must: Earn Associate’s degree by the date of high school graduation Earn a minimum 3.0 college GPA Achieve a minimum high school GPA of a 3.5 Home School Student Must earn an ACT Score of 26 or higher, score submitted by June 15 Verify they have no criminal record Meet Citizenship requirement
New Century — Application Timeline March 2011 23 Application Timeline for 2011 High School Graduates
Regents’ Scholarship - Overview 24
Established in 2008
Based on nationally-recognized foundational core designed to help students prepare for college academically and financially
Fact: Students can qualify for 1, 2, or 3 of the awards. For example a student can qualify for the Base award only, Base and UESP, Base and Exemplary, or Base, Exemplary and UESP. Regents’ Scholarship
Regents’ — Application Timeline 25 A complete application file consists of: The application itself which is submitted online (2011 Deadline Passed) Supporting documents which must provide evidence of what the student reported on the online application is true and accurate--these documents are mailed Note: All deadlines are postmarked deadlines unless otherwise stated.
Scholarship Funding March 2011 26 Award Levels for 2011-2012 College Academic year
The Regents’ Scholarship Base award will be a $1,000 one-time payment;
The New Century Scholarship award and Regents’ Scholarship Exemplary Academic Achievement award will be aflat dollar amount of $1250 per semester and issubject to the student renewing it each semester and the flat rate will be applied to all scholarship participants; and
The Regents’ Scholarship Utah Educational Savings Plan award is subject to contributions to your UESP trust account and is a one-time payment.
The Award amounts are determined on an annual basis and are subject to legislative funding and number of qualified participants. Therefore, award amounts may be reduced, may vary from year to year, and are dependent on when the recipient is enrolled in college. Funding levels beyond Spring of 2012 are unknown and the award amounts will be determined in April of each year. However, the maximum New Century award and the Regents’ Scholarship Exemplary Academic Achievement award amount that a student may receive is $1250 per semester.
Things to Consider… March 2011 27 Student should look to ALL financial aid opportunities If possible diversify, rather than relying on one Other Financial Aid Options Saving for College through the Utah Educational Savings Plan program Work while attending school Private Scholarships/grants --visit UtahFutures.org Federal Financial Aid Loans, Grants and Work Study
Where to Find Scholarships Information To access the scholarship information Higheredutah.org Click on “Scholarships” Click on the specific program that you want to access 28
Scholarship Contact Information March 2011 29 New Century firstname.lastname@example.org 801-321-7221 Regents’ Scholarship email@example.com 801-321-7294 (students and parents) 801-321-7159 (school personnel)
In the Face of Overwhelming Odds…
Use of newer, state of the art Web technology – Web 2.0
Populate with data directly from the IRS
Increased use of ‘skip-logic’
Provide applicant with types and amounts of aid likely to receive
Working with states and schools
Technology Status indicators will guide applicants through web modules (e.g., student demographics, basic eligibility, dependency status). Student and parent sections of the application will be more clearly identified. Dynamic question labels, help text and instructions based on applicant profile (e.g., marital status, responses to tax filing status, type of tax return filed).
Technology 2010-11 design facilitated by technology upgrade Updated navigation reduces the number of pages and length of the application Display of help text and instructions will be enhanced by: use of field instructions flyover text modal boxes
IRS Data Share
Populate with IRS Data
No taxpayer consent needed because data is not released to a third party.
While in FAFSA on the Web, applicant (tax filer) submits a real-time request to IRS.
IRS sends real-time results to applicant (taxpayer) in new window.
Applicant (tax filer) transfers data to FAFSA on the Web.
Results Reporting Students will receive more detailed information on their FAFSA on the web confirmation page and Student Aid Report (SAR)
An estimate of the Pell Grant award amount
An indication of student loan eligibility
Links to College Navigator for detailed information about the institutions selected:
Programs offered, Tuition and fees, Graduation rates, etc. 37
Notable News Easy to remember web address: www.fafsa.gov (never access fafsa.com) PIN web address is still: www.pin.ed.gov (real time PIN for applicants)
WHAT IS NEW FOR 2011 FAFSA APPLICANTS – RECAP New, streamlined application facilitated by technology upgrade Reduced screens for applicants to fill out 22 questions are eliminated (improved skip logic) 17 web screens are eliminated Access to information about schools and states where they apply
RECAP – Continued… Improved Student Aid Report (SAR) will contain: Will receive more detailed information on SAR Estimate Pell grant Indicate loan eligibility Links to colleges to see: Programs offered Tuition and fees Graduation rates, etc.
Grants (2011-2012 School Year)
Possible reduction in maximum award amount $5,550 - $845 = $4705 Possible changes to year-round grant Pell Uncertainty
Work-Study Work on or off of campus Flexible work schedule What you earn won’t count against you for next year’s financial aid Have to apply Competitive
Student Loans Federal Loan Programs Stafford Loan PLUS Loan Perkins Private/Alternative Loans
Other Federal Aid Robert C. Byrd Honors Scholarship Program Corporation for National and Community Service U.S. Department of Veterans Affairs Reserve Officers Training Corps (ROTC) Bureau of Indian Affairs (BIA) Grants Vocational rehabilitation benefits U.S. Department of Health and Human Services (HHS)
Savings Summer jobs Bank savings accounts CD savings accounts 529 Savings Plans
Utah’s official and only 529 college savings plan A 529 plan is a tax-advantaged program to save for higher education expenses. 47 What Is UESP? Administered by the Utah State Board of Regents and the Utah Higher Education Assistance Authority Direct-sold programA nonprofit agency
Use of the Money Qualified Higher Education Expenses
Funds can cover tuition, fees, room and board, books, supplies, and required equipment
Use at any educational institution (including college, technical school, or graduate school in the United States or abroad) that participates in federal financial aid programs for students, not just in Utah (for a list of qualified schools, see fafsa.ed.gov)
Earnings exempt from federal and Utah state income tax if used for qualified higher education expenses
Utah state income tax credit per beneficiary can be claimed up to the following amounts:
After the FAFSA
Ask about other forms
Contact the schools you are interested in attending and find out what they require for a “complete application”
What if your situation has changed from last year? If you have experienced… Parent lost a job Medical expenses that weren’t covered by insurance Parents divorced You cannot get your parents’ info Any other unusual changes
Contact the school’s financial aid office! What if your situation has changed from last year?
Check with your school about deadlines
See if there is a deadline to file your information
Make sure you receive your financial aid before classes start Meeting this deadline could also get you access to additional types of financial aid
You’ll need to file a new FAFSA every year. Make sure to get it in by the deadline
How much aid do you need? School—Cost of Attendance (COA)
Tuition and Fees
Room and Board
Books and Supplies
Miscellaneous Living Expenses
FAFSA—Expected Family Contribution (EFC)
How will you know? The school will send an award letter Many times this is online, or through email The award letter will explain what types of aid are available Choose what aid you accept and let your school know
Contact the school’s financial aid office! What should you do if you have any questions or problems?
Find more information at www.HigherEdUtah.org www.facebook.com/uheaa www.youtube.com/uheaa www.twitter.com/uheaa