Financial Literacy for College Planning


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Financial Literacy for College Planning

  1. 1. When thinking about college…
  2. 2. Think Seasonally
  3. 3. In the Fall
  4. 4. Register and take or… re-take the SAT Register for the SAT HERE or the ACT Register for the ACT HERE
  5. 5. Schedule college visits to make sure you like the school… Or at least take a look with a virtual tour
  6. 6. Create your Student Résumé Outline it first, then have an advisor review it! Tips for writing a great high school resume
  7. 7. your favorite teachers, coaches or advisors for student recommendations Tips for the best ways to ask for a recommendation
  8. 8. Decide how you want to apply to college What is Early Decision? What is Early Action? What is Regular Decision?
  9. 9. HERE are 7 reasons to avoid senioritis! Control your early symptoms of senioritis and keep working hard!
  10. 10. In Winter
  11. 11. Start regular decision applications HERE are the dates you need to know for college applications Finish up college visits HERE are some tips for planning the perfect college visit
  12. 12. How are your social media profiles looking?
  13. 13. 4 easy ways to clean up your social media profiles 1 - Choose appropriate pictures 3 - Check privacy settings If your grandmother wouldn’t be happy with it, untag yourself You can easily privatize your social media by changing your personal settings 2 - Search Your Name on Google If any embarrassing/inappropriate tweets or public posts come up from your social profiles, you should probably delete them Don’t be this guy  4 - Sticks, stones and words… In addition to sticks and stones, words can also hurt you – so be careful what you post, tweet, pin etc. If you think that admissions officers can’t find you, read this article
  14. 14. File the FAFSA on time! “The early bird gets the worm” File the FAFSA by: Rule of thumb for maximum financial aid eligibility!
  15. 15. Financial aid is generally awarded on a first come first serve basis The earlier you file the FAFSA, the more likely you can qualify for maximum funding
  16. 16. FILE YOUR FAFSA! January 1st: New FAFSA is available online Q: What if tax returns are not ready by FAFSA filing date? A: Estimate figures and file FAFSA before deadline; Update figures later once taxes are filed
  17. 17. Know your sources of funding Grants: Scholarships: Sources: Sources: Awarded considering student financial need Federal, state, institutional Awarded based on merit College of attendance, charities, social organizations Most popular: Federal Pell, FSEOG, various state programs, school based programs Most popular: Academics, community service, leadership, personal attributes, athletics Federal Loans: Widely available for students Sources: Federal Direct Loans Work Study: Most popular: Subsidized, unsubsidized, parent plus Reminder Earn the hourly federal minimum wage, up to 20 hrs per week Always maximize grants, scholarships and other financial aid before applying for student loans!
  18. 18. Apply for Scholarship Search Basics 1 - Use online resources: Filter for national options 2 - Check local: Community groups can help 3 - Avoid scams: Don’t pay for scholarship applications
  19. 19. Also remember to… Fill Out Your CSS Profile For Elite Schools Review Your Student Aid Report, Admissions Decisions and Financial Aid Awards Which schools qualify as elite? Here’s the list Tips for reviewing your financial aid
  20. 20. Spring
  21. 21. Understand your Financial Aid Package Sample Financial Aid Package FAQs •What are Federal Loans? •What is Federal Work Study? •What are Federal Grants? •What are State Grants? •What are Institutional Grants? Click to check out NASFAA’s Cash for College brochure for more (.PDF on NASFAA site)
  22. 22. KEY FINANCIAL AID TERMS YOU SHOULD KNOW! Financial Need = COA – EFC The difference between COA and EFC is the student’s financial need, and determines eligibility for need based financial aid resources. Student with greater financial need will qualify for more financial aid. EFC = Expected Family Contribution The amount of financial support your family is expected to provide towards college costs (determined mostly by family income and assets as calculated on the FAFSA). COA: Cost of Attendance Total costs associated with attending college including tuition, room & board, books, transportation, personal expenses.
  23. 23. Calculate your Financial Need!
  24. 24. Review your Financial Aid Offer So what’s the deal with professional judgment? Do I qualify? How to receive merit-based scholarships? How to review a financial aid offer? What is professional judgment?
  25. 25. Know your Degree vs Debt potential Top-Paid Degrees 1. Engineering 2. Computer Science 3. Physics 4. Applied Math 5. Economics 6. Info Systems 7. Finance 8. Government & Political Science 9. Construction Management 10. Biochemistry What is Degree vs. Debt? Tips for career to debt repayment?
  26. 26. “Socially, academically & financially balanced… …your decision should be.”
  27. 27. Congratulations! You’ve been Now What? Make an Informed Decision about your School Choice that incorporates social and financial reasoning Consider Your Debt Versus Your Potential Earnings in Your Career Submit your deposit to the school of your choice
  28. 28. It’s Summer
  29. 29. To complete the Direct Loan Master Promissory Note and Entrance interview online Federal Direct Loan Website
  30. 30. Ask your college billing office • Is your account up to date? • Financial & medical clearance • How do you set up a monthly bill-payment plan? • Do you need college health insurance? • In most cases if you’re covered by your parents, may waive charges you • Are you cleared to move into your dorm?
  31. 31. Prepare your college What does a college budget look like? How can I calculate MY college budget?
  32. 32. Learn more about your private student loan options at banks or credit unions like Great Lakes Credit Union
  34. 34. Credit Unions & Banks
  35. 35. CREDIT UNIONS BANKS • Provide private student loans • Provide private student loans • Owned by it’s members • Owned by it’s shareholders • Not-for-profit • left over profits are put towards additional benefits for members like higher savings rates, lower-interest loans • Lower processing fees than banks • For-profit • left over profits are redistributed to the shareholders and employees of the bank rather than as member benefits • Higher processing fees than credit unions
  36. 36. Banks have exited the student loan market… Bank of America in 2008 US Bank in 2012 Citigroup in 2010 JP Morgan 2012
  37. 37. …but credit unions like Great Lakes Credit Union have your back!
  38. 38. So what’s a private student loan from Great Lakes Credit Union? Squeaky Great question, Squeaky! It’s a non-federal student loan that helps cover college costs your financial aid can’t. Business Barry
  39. 39. How is Great Lakes loan program, different than a bank loan program? Well, Great Lakes can offer you lower rates and better terms that can help you save money!
  40. 40. Now I understand! Great Lakes Credit Union can save me a lot of money! See some fun financial literacy videos HERE! Let us help you with all of your future financial needs!
  41. 41. Visit Today!