financial aid: knowing the options

Financial Aid: Knowing the

Options

Taking A Closer Look At Types of Aid, Scholarships, and the

Financial Aid Process

Value and Cost of Postsecondary Education

The Value of Higher Education

Source: Bureau of Labor Statistics, Current Population Survey3

Choosing the Right School For You

Choosing Your School College Navigator

−www.nces.ed.gov/collegenavigator

• Factors to Consider• Cost• Location

• State, Region• Suburban, Urban, Rural

• Size• Degree and Major Options• Religious Affiliation

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Financial Aid: Types and Sources

Financial Aid Options Scholarships

− Local and National

Grants− Federal and State− Institutional

Work and Internships− Savings − Experience

Savings− It’s Never Too Late to Start

Federal Financial Aid

State of Indiana Financial Aid

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Scholarships Money you DON’T have to repay!

www.fastweb.com

www.scholarships.com

www.collegenet.com/mach25

www.collegeboard.com/scholarships

Ask around− Student’s Place of Employment, Parent’s Place of

Employment, Guidance Counselor, Church Groups, Local Businesses, and Organizations

Balance− Spend a fair amount of time on small and large scholarship

applications

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Make a Plan Create Scholarship Resume

− Think Baby Book for your High School Student

Apply to all that you are eligible for

Target List (list of scholarships that are coming up) − Start Writing Essays (Proofread)

− Find Other Scholarships asking Same Question

− Apply to 10, 20, or more using one base essay

− Add experiences to your resume› Build Houses

› Feed the Poor

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Grants More $ you DON’T have to repay!

−Federal or State Government› Pell and TEACH

Your College or University−Institutional Aid

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Work and Internships Work

−Generate Savings−References−Networking Opportunities

Internships−References−Networking Opportunities−Find the right career field

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It is less expensive to save for college than to borrow.− When you save, the money earns interest− When you borrow, you're paying the interest

Myth: Savings will prevent families from getting financial aid.− Truth: The federal formula that calculates a families EFC does not look at around

$50,000 of parental assets for the average family.

Savings tips:− Investigate Savings Plan Options

› Including 529 College Savings Plans, Money Market Accounts, Regular Savings Accounts

− Start a savings plan› Parents and Students

− Make savings deposits regular› Automatic Deposits

− Continue saving through college› Parents and Students

Savings

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Federal Title IV Programs• Federal Pell Grant (Max: $5,645)

• Federal Supplemental Educational Opportunity Grant (FSEOG) ($1k – $4k)

• TEACH Grant ($4,000)

• Federal Work Study (FWS)

• Federal Perkins Loan (5%)

• Federal Stafford Direct Loan (3.86%)

• Federal Parent Loan for Undergraduate Students (PLUS) (6.41%)

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State of Indiana ProgramsDivision of Student Financial Aid

www.in.gov/ssaci

Frank O’Bannon Grant Program− Higher Education Award− Freedom of Choice Award

21st Century Scholars Program

The Mitch Daniels Early Graduation Scholarship

Child of Certain Veterans and Public Safety Officer Supplemental Grant

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Free Application for Federal Student Aid

www.FAFSA.gov

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Other Resources Fafsa4caster

−www.fafsa4caster.ed.gov› Using FAFSA4caster, you and your family will receive

an early estimate of eligibility for federal student aid and helps you better understand the financial aid process.

ISM College Planning Team−Outreach@ISMCollegePlanning.org

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How College Cost is Presented

Net Price Calculators Provide estimates of Financial Aid

Packages to help families make informed decisions

Cost of Attendance

– Gift Aid (Grants & Scholarships)

= Net Price

Colleges are required to include a net price calculator on their website

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Net Price Calculators

http://collegecost.ed.gov/netpricecenter.aspx

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Next Steps

What do I do now? Talk w/ Counselors

SAT or ACT

FAFSA4Caster

Scholarships

Applications (and Deadlines)

Campus Visits

College Fairs

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www.ISMCollegePlanning.org

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Like us on at:

www.facebook.com/ISMCollegePlanning

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Follow us on at:

@ISM_CollegePlan

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E-Newsletter Tips and advice to make educated

decisions about paying for higher education

News and information from the world of financial aid

Links to free resources to help students, parents, and counselors

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Bill WozniakOutreach@ISMCollegePlanning.org

317.416.2888