This document discusses how to afford college, including calculating costs and financial aid options. It explains that the total cost of attendance has direct costs like tuition and fees as well as indirect expenses. Financial need is determined by subtracting the estimated family contribution from the cost of attendance. There are three main types of financial aid - need-based aid like grants and subsidized loans, merit-based sources like scholarships, and non-need-based loans. The document provides tips for funding college such as completing the FAFSA early, saving money, applying for scholarships, and only taking out low-interest student loans if needed.

1. Fall 2018 Affording College
Rebecca Joseph, PhD
rjoseph@calstatela.edu
Getmetocollege.org

2. Higher Earnings. High Education

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

4. Funding College Is
EasierThan Ever
•Prior
Prior

5. DEADLINES MATTER

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

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

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

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

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

11. How Do Colleges Determine How
MuchWe Can Pay?
• FAFSA (fafsa.ed.gov)
• CSS
Profile(
• CA DreamAct
• Cal Grants (school
submits)

12. Cal Grants-March 2

13. 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)

14. 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.”

15. There are 2 types of Financial Aid:
 Need-based
 Merit-based
Financial Aid is what helps you fill that gap.

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

17. • 1.Your FSA ID (Fafsa.gov)
• 2.Your Social Security number or Alien Registration Number
• 3.Your driver’s license number
• 4.Your 2017 tax records (Direct connection to IRS)
• 5. Records of your untaxed income*
• The FAFSA questions about untaxed income may or may not apply to you; they include things like
child support received, interest income, and veterans non-education benefits.
• 6. Records of your assets (money)
Savings and checking account balances, as well as the value of investments such as stocks
and bonds and real estate (but not the home in which your family lives).You should report
the current amounts as of the date you sign the FAFSA form, rather than reporting the
2017 tax year amounts.
• 7. List of the schl(s) you are interested in attending
FAFSA IS SIMPLERTHAN EVER.

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

19. Internal Merit Scholarships

21. College Greenlight

22. External Merit Scholarships

23. Great Free Guide

24.  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.

25. The Financial Aid Package
consists of all or any of these.
Need-based Merit-based

26. COA Across Campuses

27. 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.
• Many schools now offer middle class plans: UC Berkeley, UC Chicago, Rice
• 18 schools that don’t look at need and 14 with no tuition
• 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.
• You must check emails on a regular basis!!!Awards, verification!!!
• Students can visit colleges for free at the beginning and end of senior year.

28. What CanWe Do Now?
• Save. Every dollars counts.
• Prepare FAFSA-Now PRIOR, PRIOR
• Explain your family finances to your children.
• Build children’s resume.
• Create lists centered on affordability.
• Scholarship Resources.
– MALDEF-
– College Greenlight https://www.collegegreenlight.com

29. Fall 2018 AffordingCollege
Rebecca Joseph, PhD
rjoseph@calstatela.edu
Getmetocollege.org