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Paying for College  Revised Paying for College  Revised

Paying for College Revised - PowerPoint Presentation

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Paying for College Revised - PPT Presentation

82013 Agenda College Costs Education Pays Postsecondary education creates more job stability 83 77 68 62 45 College Costs Education Pays Postsecondary degrees lead to greater weekly earnings ID: 651015

year college 500 aid college year aid 500 costs school money university financial www graduate loans students amp interest

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Slide1

Paying for College

Revised

8/2013Slide2

AgendaSlide3

College Costs: Education Pays

Postsecondary education creates more job stability

8.3

7.7

6.8

6.2

4.5Slide4

College

Costs: Education Pays

Postsecondary degrees lead to greater weekly earnings

Source: Bureau of Labor Statistics, Current Population Survey, 2013.Slide5

College CostsSlide6

College Costs: Terms

Cost of Attendance/Budget

: what the college estimates an academic year of school should cost for the average student.Slide7

College Costs: Cost of Attendance

?Slide8

College Costs: 4-year Public Schools

University of Washington

Washington

State University

Evergreen State University

Eastern Washington University

Tuition & Fees

$12,383

$12,326

$8,709

$8,124

Books

$1,206

$960

$1,026

$1,050

Room/Board$10,752

$10,868$9,492

$9,996

Transportation

$414

$1,434

$1,296

$1,500

Other

$2,265

$2,108

$1,794

$2,100

Total

$27,587

$27,696

$22,317

$22,770Slide9

College Costs: 4-year Private Schools

Whitworth University

Seattle Pacific University

Seattle University

Reed College

Concordia University

Tuition & Fees

$36,012

$33,813

$36,465

$45,810

$27,418

Books

$687

$1,026

$1,485

$950

$900Room/Board

$9,814

$9,867

$10,545

$11,770

$8,030

Transportation

$681

$1,032

$1,710

$1000

$1,000

Other

$861

$1,936

$2,400

$900

$1,674

Total

$48,055$47,674

$52,605$60,430$39,022Slide10

College Costs: 2-year and Vocational Schools

North Seattle Community College

Columbia Gorge Community College

Northwest School

of Wooden Boats

Beau Monde College of Hair Design

Tuition & Fees

$4,458

$3,636

$17,400

$24,165

Books

$1,026

$1,500

$1,500

$835

Room/Board

$9,492

$8,631

$11,280

$14,004

Transportation

$1,572

$2,295

$2,272

Other

$1,932

$1,500

$3,136

$4,000

Total

$18,480

$17,562

$35,588

$43,004Slide11

College Costs: Other Costs

How long will it take to graduate?

What will my job prospects be like once I graduate?

What will my earning potential be once I graduate?

What can I do to lower the cost of attendance?

What kind of financial aid can I get?Slide12

AgendaSlide13

Money: Financial Aid

Paying for College

Family Financing

=Slide14

Money: Financial Aid Hierarchy

Low/No

Low

High

High

COST

AVAILABILITY

Gift Aid: Grants

*Need-based

*Available to everyone

*On financial aid award letterSlide15

Money: Scholarships and GrantsSlide16

Money: Scholarships

FROM

TO

FOR

School

Company

Organization

Individual

YOU

Academics

Athletics

Community involvement

Leadership

Interests

Hobbies

Demographic

Field of Study

Family heritage

Income

School choice

Where you live

Where you’re from

Contest

Raffle

Essay

Portfolio

Affiliation

Beliefs and passions

Participation

Extra-Curricular

Skill

BirthdaySlide17

Money: Work StudySlide18

Money: Federal LoansSlide19

FEDERAL LOANS

LOAN

Interest rate

Grace period

Maximum award

Availability

Perkins*

5% fixed

Gov’t

pays interest while in school & during grace period

9 month

s after discontinuing school or below ½-time

$5,500/year for undergraduate students

$8,000/year

for graduate students

need-basednot every school participates

Subsidized (direct) Stafford*

3.86% (Undergrad)Gov’t

pays interest while in school

6 months after

discontinuing school or below ½-time

$3,500-1

st

year

$4,500-2

nd

year

$5,500-3

rd

year +

More allowed for independent students

need-based

Unsubsidized (direct) Stafford*

3.86% (Undergrad)5.41%(Graduate)

6 months after discontinuing school or below ½-time

$5,500-1st year$6,500-2

nd year$7,500-3rd year+

*in combination w/ subsidized*

More allowed for independent students and graduate studentsnon-need-based

PLUS6.41%None

Gap*non-need-based*parents or graduate students

*Limited loan forgiveness & deferment programs availableSlide20

Money: Private Loans

Variable interest rates

Large loans sometimes required to access lower interest rates

More fees

Risky grace periods

Lack the options of government loans: repayment, deferment, forbearance, forgiveness, consolidation

Exhaust federal loan options first. Only take out private loans as a small, short-term option.Slide21

Money: Other Options

Transferring from community college

Western Undergraduate Exchange (www.wiche.edu)

Deferring

Part-Time Enrollment

Working

Budgeting

HOPE & Lifetime Learning tax credits

Individual Development Accounts (www.cfed.org)

Government Programs

Peace Corps

Americorps

Military ServiceSlide22

AgendaSlide23

Getting It: Financial Aid

Paying for College

Family Financing

=Slide24

Getting It: Scholarships

TheWashBoard.org

Studentaid.ed.gov

Finaid.org

Scholarships360.org

ScholarshipJunkies.com

Collegeboard.com

Scholarships.com

Petersons.com

Zinch.com

ScholarshipExperts.com

Fastweb.comSlide25

Intro to the FAFSASlide26

AidSlide27

Review: Resources

Your College Financial Aid Office!!!

Financial aid information:

www.finaid.org

Free Application for Federal Student Aid:

www.fafsa.gov

Federal student aid:

www.studentaid.gov

College Bound:

http://

www.wsac.wa.gov/PreparingForCollege/CollegeBound

College Affordability and Transparency Center:

www.collegecost.ed.govSlide28