Shayla McGlothan amp Chris Farr About Me UGA Alum Georgia College Advising Corps College Adviser Agenda Understand Costs of College FAFSA Types of Aid Hope Scholarship Zell Miller Scholarship ID: 447186
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Slide1
How Can I Afford to Send My Child to College?
Shayla
McGlothan
& Chris FarrSlide2
About Me
UGA Alum
Georgia College Advising Corps College AdviserSlide3
Agenda
Understand Costs of College
FAFSA
Types of AidHope Scholarship/ Zell Miller ScholarshipPrivate
ScholarshipsQuestionsSlide4
Understand College Costs
Avg. Cost of College in Georgia (tuition & fees):
2 year College - $3,600
4 year Public College/University - $7,800
4 Year Private College/University- $28,700Slide5
Sample COASlide6
COA vs. Net Price
Published Costs of Attendance (COA) vs. Net Price
COA includes direct & indirect costs:
Tuition & Fees
Room & BoardBooks & SuppliesOther Expenses (Transportation, etc.)Net PriceCOA - Grants & ScholarshipsNet Price CalculatorSlide7
Sources of Financial Aid
Federal
State
InstitutionalPrivateSlide8
FAFSA
FREE Application for Federal Student Aid
www.fafsa.ed.gov
About 100 Questions
Available every year on Jan. 1stComplete annuallyDeadline- depends on school, but ASAPPin Number (Student & Parent)Income Driven- Tax ReturnsCannot list special circumstancesSend to up to 10 schoolsSlide9
What does the FAFSA Calculate?
Demonstrated Need
COA - Estimated Family Contribution (EFC)
Student Aid Report (SAR)
Receive in a week via e-mail4-6 Weeks for college to processFinancial Aid Award LetterSlide10
What Influences the EFC
Parent
Income
Savings
Assets Number of people in collegeFamily SizeStudentsIncomeSavingsIndependent/DependentSlide11
Common Questions
Divorced or Separated Parents
Provide parent information for parent has child 51% of the time
If equal, who provides more monetary support
If parent is remarried, provide info for both biological parent and step-parentIndependent StudentsSlide12Slide13
FAFSA Tips
Enter
name exactly how it appears on Social Security
CardUse IRS Data Retrieval
Fill out the FAFSA the day after monthly bills are paidUse "Help & Hint" link on right side of screenSelect "Yes" for work-studyIRS Data Retrieval ToolSlide14
Types of Financial Aid
Free Money
Scholarships
GrantsSelf-Help
Work-StudyLoansSlide15
Free Money
Grants- financial aid that doesn't have to be repaid. Often need-based.
Federal Pell Grant: max. amount $5,730
Federal Supplemental Educational Opportunity Grant
Teacher Education Assistance for College and Higher Education (TEACH) GrantIraq and Afghanistan Service GrantSlide16
HOPE/Zell Miller Scholarship
HOPE Scholarship
3.0 GPA in Core Classes
Portion of tuition - ~90%
Zell Miller Scholarship3.7 GPA1200 SAT (CR & M) or 26 ACTFull tuition coveredPublic vs. PrivateMaintaining, Losing, Regainingwww.gacollege411.orgSlide17
HOPE/Zell Miller Grant
HOPE
Grant- seeking certificate or diploma at Technical College, will pay percentage amount of tuition,
No
GPA requirement2.0 GPA at checkpointsZell Miller GrantSlide18
Strategic Industries Workforce Development Grant
Eligibility requirements same as HOPE Grant
Certain high demand industries
Commercial Truck Driving
Practical NursingWeldingDiesel MechanicEarly Childhood Care/EducationHealthcare TechnologiesInformation TechnologySlide19
Private Scholarships
National Websites
zinch.com
bigfuture.collegeboard.org
fastweb.comLocal Scholarships- NewspaperYour EmployerSurrounding High School WebsitesRENEWABLE!!!Slide20
Self-Help
Work Study- on campus or off campus job, students are paid at least federal minimum wage
Money does not have to be repaid
Does not count against you on following years FAFSA
Job outside of school MAY count against youSlide21
Loans
Must be repaid
Two Federal Student Loam Programs
Federal Direct Loan (4 Types)
Direct Subsidized LoansDirect Unsubsidized LoansDirect PLUS LoansDirect Consolidation LoansFederal Perkins Loan ProgramSlide22
Loans
Direct Subsidized Loans, 3.86% interest rate
financial need
may not exceed financial need
U.S. Dept. of Education pays the interest while you're in school at least half-time for the first six months after you leave schoolloan postponementsFirst Year- Max. $3,500Second
Year- Max. $4,500Third Year and Beyond- Max. $5,500Slide23
Loans
Direct Unsubsidized Loans, 3.86% interest
No requirement for financial need
School determines amount based on COA and other received financial aid
Student responsible for interest during all periodsUnpaid interest will be added to principal amount of loan
Up to $20,500 (less any subsidized amounts received from same period) depending on grade level and dependency statusSlide24
Loans
Direct Plus Loan, 6.41%
Parents of dependent undergraduate students can be used to cover costs not covered by other aid
U.S.
Dept of Education is lenderCredit Check is conductedMax. Loan amount: COA - any other aid receivedFederal Perkins Loan, 5%Exceptional financial need
School is the lenderSlide25
Loans
To receive loans, student must complete entrance counseling
Any additional fund will be paid to the student
The student has to accept the amount they choose to
accept*If you are a dependent student whose parents are ineligible for a Direct Plus Loan, additional funds from unsubsidized loans may be available.*Slide26Slide27
Questions?