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Pay for College

Everything you ever wanted to know about financial aid.
by

Tasha Thompson

on 25 November 2013

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Transcript of Pay for College

avg. net price
sticker price (coa)
vs.
Income bracket: $45,001 - $75,000
Pay for College

Cost
is personal, not universal.
Government Aid
Start low.
How much are we talking?
How can I cut costs?
FASFA? FAFSA? FASFSA?
Which money should I take?
click the circles to learn more.
Let's talk money.
Indirect Cost
Direct Cost
Tuition
Fees
Books & Supplies
-the cost of classes.
-library access, parking, student government, rec center, registration, activities, labs...
(sort of)
-textbooks, office supplies, computer accessories
Avg. cost (2012-13)
Private: $29,056
In-state public: $8,655
Out-of-state public: $21,706
Avg. cost
$1,200
Room & Board
Discretionary Spending
on-campus
off-campus
residence halls
greek life
apartments
living learning communities
w/parents or family
average cost:
apartments
condo
house
average cost:
varies
average cost:
$2,500 - $3,200
Cost of Attendance
institutional + living expenses
used to determine your financial need
I can't afford that...
Brigham Young University Idaho
University of Alaska Anchorage
Willamette University
$17,917
(in-state, on-campus)
$13,473
$50, 402
$24,097
$13,641
$10,712
You might not have to.
curious about your college cost?
check out http://collegecost.ed.gov
$7,500 - $9,000
Community college transfer.
National student exchange.
WUE Program
Scholarships
a.k.a. WUE (woo-EE):
a unique opportunity for you to attend colleges outside AK for less.
W
estern
U
ndergraduate
E
xchange
16 states
Over 150 institutions
How does it work?
If you meet requirements, you only pay
150% of in-state tuition
.
For example, at Washington State, that adds to about
$7,400 per year
.
Great! What's the catch?
There probably isn't one, but there are a few possibilities...
Academic Requirements
Some schools implement a minimum GPA and/or test score requirement.
Major Restrictions
Some schools do not allow certain high-demand majors to receive WUE funding, such as nursing.
Limited Funding
Some schools have caps on the number of students they will award with WUE funding each year, so apply early.
Check with your school to see which restrictions might apply to you.
Check out their website for WUE profiles of every school.
wiche.edu/wue
Alaska Performance Scholarship
Take the right classes.
Get good grades.
Test well.

Get rewarded.
CTE
Collegiate
A
pplication
for
F
ederal
S
tudent
A
id
FAFSA
F
ree
Apply online.
"But I don't qualify for FAFSA."
Whether or not you qualify for need-based aid, the FAFSA is also required for loans, APS, and some institutional scholarships.
EVERYONE
should file a FAFSA.
fafsa.gov
what do I need to apply
FAFSA PINs
tax info (w-2, 1040)
social security numbers
to bring:
Need student & legal guardian info
Remember to do this EVERY year!
How to fill out the FAFSA
then what?
State Government
Award Letter
Federal government
They will send you your
Student Aid Report (SAR)
.
This tells you what type of aid you are eligible for, based on your
Estimated Family Contribution (EFC).
The SAR is NOT an offer of aid.
They use it to see if you are eligible for state funding, such as grants, loans, and the APS.
You don't have to do anything at this step, but you can check your eligibility in the
Alaska Student Aid Portal.
Institution
The school may require you to go through
verification
.
It doesn't mean you did anything wrong, and can be avoided by using the
IRS Data Retrieval Tool
.
Respond
quickly
to their requests for paperwork.
Once your FAFSA is finalized, the school will send you an
award letter
.
This letter will include scholarships, loans and need-based aid, based on your
demonstrated financial need
.
Demonstrated financial need = CoA - EFC
Your award offer is negotiable, and you don't have to accept any of it.
Know what you're getting.
Do it early!
(opens January 1)
Loans
Grants
state
federal
need-based
non-need-based
federal
Pell
Federal Student Educational Opportunity (FSEOG)
free money
borrowed money
AlaskAdvantage Education Grant
subsidized direct loan
Perkins loan
federal
state
un
subsidized direct loan
Alaska Supplemental Education Loan
Direct PLUS loan
Family Education Loan
career specific
TEACH Grant
Incomplete service:
unsubsidized loan
Pell Grant
FSEOG
AlaskAdvantage Grant
Perkins Loan
Subsidized Direct Loan
Work Study
TEACH Grant
Teacher Education Loan
Federal PLUS Loan
Family Education Loan
Direct Unsubsidized Loan
ASEL
APS
My Options
EFC = $5,081
Ability to Pay= CoA
(ability to pay means free money + EFC)
what's normal?
About $6,800 per year
There is other help available, too.
Tax Benefits
Repayment
American Opportunity Credit
Lifetime Learning Credit
Credits
Tuition & Fees - up to $4,000
Student Loan Interest
Student Loan
Qualified Education Expenses
Deductions
Public Service Forgiveness
Income-based
Pay as you Earn
Income-contingent
Loan Consolidation
Perkins Loan Cancellation
how do I get paid?
award offered
accept/decline/negotiate
entrance loan counseling
master promissory note
go to college!
For more info, check out IRS Pub 970
Need help?
Talk to your counseling office!

Other scholarships:
Check out OneStop
KPBSD > Students/Parents > OneStop
http://onestop.kpbsd.k12.ak.us/scholarships/default.aspx
Teacher Education Loan
Winn-Brindle Memorial Education Loan
(fisheries-related)
federal
state
Full transcript