This document discusses how to afford college, including calculating costs of attendance, determining financial need, and types of financial aid. It explains that the total cost of attendance includes direct costs like tuition and fees as well as indirect costs like books and transportation. The Free Application for Federal Student Aid (FAFSA) is used to calculate the estimated family contribution and determine financial need. Financial aid can be need-based, merit-based, or non-need-based. The document provides recommendations for affording college such as saving money, applying early for financial aid, and applying for outside scholarships.

1. Affording College
Rebecca Joseph, PhD
getmetocollege@gmail.com
Getmetocollege.org

2. Higher Earnings. High Education

3. What Is College EducationWorth?
• Careers
• Healthy Life
• Savings
• Take Care of Families
• Brains on Fire

4. First things first.
How much is college going to cost?
There are two components to this:
Direct Costs & Indirect Costs.

5. Tuition
Fees
Room & Board+
Direct Costs
(if applicable)
Direct Costs are those that are
billed directly by the University.

6. Books
Transportation
Etc.+
Indirect Costs
Indirect Costs are the other miscellaneous
expenses involved with attending college.

7. Direct Costs
Indirect Costs+
Cost of Attendance
Together, these two components make
up the total Cost ofAttendance.
(COA)

8. Next, you need to determine how
much you can contribute toward
Cost of Attendance.

9. How Do Colleges Determine How
MuchWe Can Pay?
• FAFSA (fafsa.ed.gov)
• CSS Profile
(https://student.collegeboard.org
/css-financial-aid-profile)
• CA Dream Act
(https://dream.csac.ca.gov)
• Cal Grants
(http://www.calgrants.org)

10. Parent Contribution
Student Contribution+
Estimated Family Contribution
The data you provide on the FAFSA is used to
calculate the amount you are expected to contribute.
(EFC)

11. Cost of Attendance
Estimated Family Contribution-
Financial Need
The gap that’s left between what you are expected to
contribute and the total cost is called “Financial Need.”

12. There are 3 types of Financial Aid:
 $ Need-based
 Merit-based
 Non-need-based
Financial Aid is what helps you fill that gap.

13. Need-based
 Grants
 FederalWork Study
 Loans
(Federal, State, and CollegeGrants)
(Stafford Subsidized Loan, Perkins Loan)
The first type of aid is determined
solely by Financial Need.

14.  Scholarships (College and Outside Scholarships)
Merit-based
The second type of aid is determined by a student’s
academic accomplishments, not Financial Need.

15. Internal Merit Scholarships

16. College Greenlight

17. External Merit Scholarships

18. https://roybal-
allard.house.gov/uploadedfiles/student_resource_guide_2014-
2015.pdf

19.  Loans (Stafford Unsubsidized Loan, PLUS Loan,Alternative Loans)
Non-need-based
The final type of aid is available to all students, regardless
of Financial Need or academic accomplishments.

20. The Financial Aid Package
consists of all or any of these.
Need-based Merit-based
Non-need-based

21. COA Across Campuses

22. Financial Aid Recommendations
• If parents make less than $60,000 per year, students and families most likely
won’t have to take out many loans.
• There are more than 50 colleges that meet all need with no loans.
http://www.usnews.com/education/best-colleges/paying-for-
college/articles/2014/09/15/colleges-and-universities-that-claim-to-meet-full-
financial-need
• Educational loans are low interest. Students have ten years to pay them back and
can deduct interest from taxes.They are best investment possible in your child.
• Students should never borrow on credit cards.
• Students can visit colleges for free at the beginning and end of senior year.
http://getmetocollege.org/hs/what-colleges-look-for/fall-2014-free-diversity-
college-visits

23. What CanWe Do Now?
• Save. Every dollars counts.
• Prepare FAFSA-Now PRIOR, PRIOR
• Explain your family finances to your children.
• Build children’s resume.
• Apply for scholarships.
– MALDEF- http://www.maldef.org/assets/pdf/1415_MALDEF_Scholarship.pdf
– Congresswoman Roybal-Allard- http://roybal-
allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf

24. Affording College
Rebecca Joseph, PhD
getmetocollege@gmail.com
Getmetocollege.org