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"How Do I Pay for College?"

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Although there are many ways to pay for college, this presentation covers the common ways.

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"How Do I Pay for College?"

  1. 1. “How do I pay for college?” By Boise Bible College Financial Aid Department
  2. 2. Presented here are the common ways students pay for college. There are numerous other ways students pay for college.
  3. 3. INSTITUTIONAL SCHOLARSHIPS Each college or university has ”institutional” scholarships or grants. In other words, these scholarships are meant to be awarded by the college or university. These scholarships or grants can range from merit-based, need-based, and other specific similarity-based scholarships. In the 2018-2019 school year about $355,010 in BBC specific scholarships were given to students.
  4. 4. OUTSIDE SCHOLARSHIPS These scholarships or grants are available through organizations outside of the college or university. Students can search for these in various places and apply to as many as possible. In the 2018-2019 year about $127,069 was given to students at Boise Bible College from organizations, churches, and other generous sources. Common places to look: • Civic Organizations • Churches • Community Groups • Workplaces • Online Search Engines: • U.S. Department of Labor • College Board • Fast Web
  5. 5. SAVINGS It is always a good idea to save up for cost that will be valuable to you later. College is one of the greatest investments you can make, so it is best to save up money before you start to attend college. “Every worthwhile accomplishment has a price tag attached to it. The question is whether or not you are willing to pay the price to attain it – in hard work, sacrifice, patience, faith and endurance.” John C. Maxwell
  6. 6. PART-TIME EMPLOYMENT Working part-time either on-campus or off- campus while attending school is a great way to offset some of the cost of a college education. Be sure to ask the college or university you attend about on-campus employment.
  7. 7. PAYMENT PLANS Don’t assume you have to pay for the entire semester upfront. Many colleges have a slight fee attached to payment plans, but talk to the Business Office of your college for details. Generally, payments are made in 4-month increments.
  8. 8. FEDERAL AID PART 1: PELL GRANT Federal Pell Grants are usually awarded only to undergraduate students who display financial need and have not earned a bachelor’s or greater degree. The award amount can change yearly. The maximum Federal Pell Grant award is $6,195 for the 2019-2020 award year (July 1, 2019 to June 30, 2020). You must file a Free Application for Federal Student Aid (FAFSA) to be eligible. The amount you may receive depends on your FAFSA information, how many credits you take, if you plan to attend school for a full academic year, and other factors. The Pell Grant does not need to paid back.
  9. 9. FEDERAL AID PART 2: SEOG The Supplemental Opportunity Education Grant (SEOG). This grant may also be available for Pell- eligible students with the greatest financial need (lowest Expected Family Contribution as calculated on the FAFSA). The SEOG does not need to paid back.
  10. 10. FEDERAL AID PART 3: STUDENT LOANS Unlike grants and scholarships, loans are borrowed funds that MUST be repaid with interest. Several types of loans may be available to both students and their parents. We recommend that students be wise and carefully consider loans and the amount to be repaid after much research and prayer. Eligible loans include: • Federal Direct Subsidized and Unsubsidized Student Loans • Federal Direct Parent PLUS Loan. After you graduate, or leave school, you will have a six-month grace period before you are required to begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. Payments are usually due monthly.
  11. 11. THE BBC PLEDGE Student Loan Repayment Assistance Boise Bible College is pleased to work with Ardeo Education Solutions to provide you with this benefit, as we reiterate our lifelong commitment to your successful future. Learn more at Boise Bible College. How the BBC Pledge works: • You pay nothing! Boise Bible College pays for the student to be in the program. • You must graduate from Boise Bible College with a 4-year degree. • You must be employed after graduation with an average of 30 hours per week. • Graduates with incomes below $20,000, will be eligible for 100% reimbursement • Proportional assistance is proved for incomes between $38,000 and $20,000. This is not offered at all colleges and universities, so be sure to ask if it’s available at the college your researching.
  12. 12. NEXT STEPS Learn more about Boise Bible College at www.boisebible.edu For questions, email admissions@boisebible.edu

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