College and Me: How can I prepare to pay for college? Shauna La Beau Finance Program Coordinator, M.S. Kirstin Kvam Finance Program Assistant

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College and Me: How can I prepare to pay for college? Shauna La Beau Finance Program Coordinator, M.S. Kirstin Kvam Finance Program Assistant What are Your Goals? Cost Comparison as of 10/1/15 Yes! There
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College and Me: How can I prepare to pay for college? Shauna La Beau Finance Program Coordinator, M.S. Kirstin Kvam Finance Program Assistant What are Your Goals? Cost Comparison as of 10/1/15 Yes! There is Help Available Pay on your own Scholarships Grants Part-time Work Work Study Individual Development Accounts Loans Pay on Your Own Work and Save Savings Accounts or Certificates of Deposit Part Time Employment See if your bank or credit union pays for good grades. Monthly payment plans through school (TIPS). Work/Tuition Reimbursement Pay on Your Own Live like a college student now So you can live like a professional later. Pay on Your Own 529 Savings Plans Tax advantaged savings. If funds are used for school the funds grow tax free. 14 investment choices available. Funds can be used for tuition and fees, books, supplies, equipment, room and board for students enrolled halftime. Age-Based Investment Options Static Investment Options Customized Investment Options More About 529s 529 Plans Plan Global- Aggressive Aggressive Domestic Interest Earned 9.93% 5.04% Moderate 8.79% Conservative 7.35% FDIC-savings.64% Telephone: You can open an account for $1.00. Friends and family can also contribute to the account. Individual Development Accounts Matched Savings: You save $1,500 and receive $4,500 Education, Start a Business, Buy a House, Assistive Technology Website: Phone: Grants Grants Based on financial need, cost of school, full or part time student, plans for the academic year. Free money you don t have to pay back. If you are under 24 you must use your parents income even if they don t help you pay for school. Apply early and often. NEVER pay to apply for a grant. The most you can receive is $5,775 Scholarships Scholarships Scholarships & Grants Scholarships Based on interests, programs of study, grades, talents (cooking, sports, music, art, speaking). Schools, departments, and groups offer scholarships. Private groups fund them. Cultural organizations and groups also fund them. Sometimes you just need to fill out a form. Free money you don t have to pay back. Apply early and often. NEVER pay to apply for a grant or scholarship. When can you apply for scholarships? As young as Kindergarten Jif Peanut Butter Creative Peanut Butter Recipe Scholarships are available for middle school, high school, and college students. Scholarships Fastweb: Date Number of Scholarships Amount of Scholarships 3/4/ $115,225 3/3/ $114,475 3/1/ $90,950 2/12/ $114,450 What Can I do to Find Better Scholarships? Offer service in the community Take a personal inventory of your skills, talents, and interests. This website helps you find places to volunteer: https://heritage.utah.gov/userveutah Practice Writing Essays. Have someone review what you wrote before you turn it in. Examples of Scholarships All I Need Scholarship Slam Deadline: 15 April 2016 Amount: $1,000 Details: If you were stranded on a deserted island, what s the one thing you would take with you? You might be quick to answer, but this scholarships strives to take this challenge a step further. What is the one thing you can t live without? Is it a person, an object, or even an idea that you hold close to your heat? Tell them a poem about the importance of the one thing you feel you absolutely need and why, for your chance to win $1,000 for college. You Deserve it Scholarship Deadline: 29 April 2016 Amount: $1,000 Details: No essay required! Register online at https://scholarshipowl.com/ in order to apply and to receive more information about other scholarship opportunities. Play a Choose-Your-Own- Adventure on Your Phone Deadline: 30 April 2016 Amount: $2,000 Details: You could win a $2,000 scholarship just by playing a choose-your-own-adventure on your phone and sharing it with friends! You ll walk in the shoes of a civil rights pioneer and learn about desegregation of American schools, all by text message. To enter, just enter your phone number and three friends phone numbers at Unlimited entries are allowed. Complete the experience and share with three friends to count as an entry for the scholarship. Examples of Scholarships E-waste Scholarship Deadline: 30 April 2016 Amount: $1,000 Details: The E-waste scholarship is available to high school, undergraduate, or graduate students. You must be a U.S. citizen or legal resident to qualify for this award. Protect Elephants with One Simple Click Scholarship Deadline: 30 April 2016 Amount: $2,000 Details: 96 African elephants are killed by poachers every single day which means they could be extinct by You could win this scholarship just by clicking a button to flag ivory products on Craigslist. No minimum GPA or essays required and you must be years old to apply. Visit for more information. Experience Civil Rights Scholarship Deadline: 30 April 2016 Amount: $2,000 Details: In America during the 1950s, the color of your skin decided where you could sit in a park, which restaurants you could go to, and which water fountain you could drink from. Visit to experience the story on your phone and share it with friends. You ll enter to win an easy scholarship and walk in the shoes of a young Civil Rights pioneer over text message. Entries are unlimited but you must complete the experience and share with three friends to count as a lottery entry for the scholarship. Examples of Scholarships Shawn Carter Foundation Scholarship Deadline: 30 April 2016 Amount: Varies Details: Available to high school seniors, students who have received a GED, current undergraduate students and students attending a vocational or trade school. To be considered for this award you must demonstrate a desire to pursue a higher education in the face of personal or socioeconomic setbacks. You must also be a U.S. citizen, under the age of 25 and have a minimum GPA of 2.0 to qualify for this award. Easy School Grant: Make Your School Safer! Deadline: 30 April 2016 Amount: $1,000 Details: Use the step-by-step guide found at to get your school president to sign an official letter against allowing guns on your campus. You ll automatically enter to win a $1,000 school grant. No minimum GPA or essays required. Must be 13 to 25 years old to apply. Examples of Scholarships Delete Cyberbullying Deadline: 30 June 2016 Amount: $1,250 Details: The Delete Cyberbullying Scholarship is available to high school, undergraduate, and graduate students. To be considered, you must submit a maximum 500-word essay on one of the following topics: Why is it important to work to delete cyberbullying? or How has cyberbullying personally affected you? Selection is based on the written essay and focus on commitment to the cause of deleting cyberbullying. Visit to apply. From Failure to Promise Deadline: 31 July 2016 Amount: $10,000 Details: The From Failure to Promise: Essay Contests is open to high school seniors, undergraduates, and graduate students who hold as least a 2.5 GPA. To be considered, you must submit an essay or at least 1500 words that addresses the following three topics: Which tracks of the book From Failure to Promise 360 Degrees presented or reiterated the more important life lessons for you and why, which factor was the most vital to the author s evolution in going from flunk-out to professor, and how does the Seven Spheres of Influence and Integration Model affect your worldview as related to civic responsibility. Visit to apply Scholarship and Grant Websites https://fafsa.ed.gov/ https://bigfuture.collegeboard.org/ https://www.cappex.com/ FAFSA What is it? Free Application for Federal Student Aid It is the starting point for getting federal student aid Grants, loans and work study require certain information to determine eligibility The application is processed and sent to the post-secondary institution you designate. The financial aid office of the school reviews it and determines what type and amount of financial award you can receive What Should I do Now? Fill out FAFSA even if you don t think you ll qualify. Many scholarships require this. https://fafsa.gov/ https://fafsa.ed.gov/fotw1516/pdf/pdffafsa15-16.pdf Complete the FAFSA application between January and March for the upcoming school year. Call for help Check the status of your FAFSA application. Follow up on the Student Aid Report (SAR) to make sure there are no mistakes. Read the Directions Carefully! Pay attention to the details. Always review your applications after you fill them out. Small mistakes can cost big $$$. What Assets Does FAFSA Look At? Investments NOT Included in FAFSA: Work Study Employment on campus that you qualify for based on the info on your FAFSA. You have to file taxes on the income you earn, but the money doesn t count against you for FAFSA the following year. Select yes on the work study question (usually around #31) Loans Federal Stafford Loans: Subsidized or Unsubsidized Direct Plus Loans: Credit based for parents only ONLY BORROW WHAT YOU NEED FOR TUITION! DO NOT SUPPORT A LIFE STYLE Loans (continued) Federal Direct Perkins Loans: School is the lender. Based on financial need. Consolidated Loan: Combines Perkins, PLUS, and Stafford loans. Read all the fine print. Loans If You Haven t Enrolled Yet Some schools don t require you to take the ACT and if you have graduated from high school a few years ago, you may not need to take the test. Take a college entrance exam. ACT ($39.50) or SAT ($54.50) https://sat.collegeboard.org/ What Should I do Now? Take college level classes or concurrent enrollment classes while you are in high school. If you are interested in medical, mechanical, or food industry take classes at the technology colleges for FREE while you are in high school. Additional Websites Student Aid: https://studentaid.ed.gov/sa/ Remember You will never have to pay to apply for legitimate scholarships. $45.5 million dollars is lost each year in Utah because people do not apply for FAFSA. Dedicate time to find and apply for scholarships. It is free money. Apply early to the universities and they will review your information for scholarships. Test Your Knowledge Review #1 What is the website to apply for Federal Financial Aid? a. b. c. The answer is A. Make sure you always use to correct website. Review #2 When can you start applying for scholarships? a. When you are 20 b. When you are going to school c. When you are in kindergarten The correct answer is C. However, B could also work. Apply early and often! Review #3 What is the student loan called that accrues interest as you are going to school? a. Personal Loan b. Subsidized Loan c. Unsubsidized Loan The correct answer is C. The interest on unsubsidized loans accumulates while you are in school. Review #4 List all the options you have to help you pay for school costs. (Write the answer on the board) Potential Answers include: Work, Help from Employers, Family, 529 plans, Work Study, Grants, Scholarships, Individuals Development Account, Loans. Review #5 True or False I should not apply for FAFSA because I probably won t qualify FALSE! ALWAYS APPLY FOR FAFSA YOU MAY BE ABLE TO QUALIFY. Many scholarships require an answer from FAFSA.
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