Funding Your Education Wisely...Beware of Scams Don’t pay for searches Be careful providing...

Funding Your Education WiselyPlanningAheadMaySaveYouTime&Money

PoorChoicesCostYouTime&Money

We’llHelpYouUnderstand…➤ Value&CostofPostsecondaryEducation➤ ChoosingtheRightCareer&MajorforYou➤ TypesofFinancialAid➤ TheFAFSA➤ UnderstandingCollegeCosts➤ ImpactofSocialMedia➤ We’llHelp

Value and Cost of Postsecondary Education

The Value of Higher Education

Whatdoyouthinktheunemploymentrateisfor25‐to‐34year‐oldswhograduatedfromafour

yearcollege?

INvestEdIndiana.org 5

Hint:ForthosewithONLYahighschooldiploma

7.4%

http://www.nytimes.com/interactive/2016/06/03/upshot/up-college-unemployment-quiz.html


TheOneQuestionMostAmerican’sGetWrongAboutCollegeGraduates


http://www.nytimes.com/interactive/2016/06/03/upshot/up-college-unemployment-quiz.html


Source: Current Population Survey, U.S. Department of Labor, U.S. Bureau of Labor Statistics

LessthenHighSchool

HighSchool

SomeCollege

Associates

Bachelors

Masters

Professional

Doctoral $1,743

$1,836

$1,401

$1,173

$836

$774

$712

$520

MedianWeeklyEarnings$

1.5%

1.5%

2.2%

2.5%

3.4%

4.0%

4.6%

6.5%

UnemploymentRate(%)


Higher Education Debt

➤ 70%ofcollegegraduateshavecollege‐relateddebt

➤ Averages:✦ Studentloandebt$37,000

✦ Monthlypayment$350


➤ 50%aresurprisedathowmuchtheyowe

➤ Studentloandebtishigherthancreditcarddebt

Choosing the Right Career & College for You

MyNextMove.Org


Explore Career Paths

GainExperienceBy:

➤ Jobshadowing

➤ Volunteering

➤ Internships


Get started with great resources at:

INvestEdIndiana.org

Choosing Your School

CollegeNavigator

➤ Varietyofsearchcriteria

➤ Wealthofinformation

➤ Findoptionstofityou


The Right Choice

ThekeyisfindingaschoolthatofferstherightmajorANDisagoodfit!

➤ Academically

➤ Socially

➤ Financially

Changingmajorsorschoolsmayadd

➤ Extratimetocompletedegree

➤ Increasedcost&studentdebt


Staying on Track

Taking15credithours(5classes)eachsemesterhelpsyou

➤ MaximizeIndianagrants

➤ Minimizestudentdebt

➤ Graduateontime


30 credits

2 years

4 years

60 credits

120 credits

Typical Graduation Requirements

Types of Financial Aid

Types of Financial Aid

GiftAid

➤ Scholarships

➤ Grants

Self‐HelpAid

➤ StudentEmployment

➤ Savings

➤ LoansINvestEdIndiana.org 17

Scholarships

Colleges&Universities➤ Needbasedvs.Meritbased

Local&Community➤ SchoolCounselor➤ CommunityFoundation➤ PrivateBusinesses➤ CivicOrganizations➤ ChurchGroups➤ PlaceofEmployment

FREENationalSearchSitesINvestEdIndiana.org 18

GetOrganized➤ Scholarshipfolder

➤ Create“Brag”sheet

➤ Sampleessays

➤ Identifydeadlines

➤ Balancetime

BewareofScams➤ Don’tpayforsearches

➤ Becarefulprovidingpersonalfinancialinfo.

➤ Avoid“You’vealreadyWon!”traps.

Scholarship Tips


Spend time each week searching for scholarships

Scholarships – Get Creative!

There’ssomethingforeveryone

HavefunsearchingyourfavoritethingsINvestEdIndiana.org 20

INvestEdIndiana.org

Five$1,000scholarshipswillbegiven➤ Mustbe16oroldertoenter

Grants

Federal➤ PellGrant(Max:$6,095)➤ SupplementalEducationalOpportunityGrant(SEOG)($100to$4,000)

➤ TEACHGrant($4,000)

State➤ 21st CenturyScholars➤ FrankO’BannonGrant

CollegeorUniversity


Student Employment

Benefits➤ Earnmoneytopayforcollege&minimizestudentloans

➤ Job&interviewexperience➤ Buildtimemanagementskills

Options➤ Workingpart‐time➤ Federalworkstudy➤ Internships


College Savings

Savingoncostofcollege➤ AdvancePlacement(AP)orDualCredit

➤ Commutingvs.LivingonCampus

➤ Onlinevs.Classroom

529DirectSavingsPlan➤ 20%taxcreditupto$1,000

➤ Lowfeesandcontributionrequirements

➤ Accountownercanchangebeneficiary


Education Loans

FederalDirectLoan(5.05%Rate&1.066Fee)

➤ Student’sloan➤ SubsidizedorUnsubsidized➤ Annuallimits

FederalDirectPLUSLoan(7.6%Rate&4.264Fee)

➤ Parent’sloan➤ Eligibilityimpactedbyadversecredit

PrivateLoan(Ratesvary&Typicallynofee)➤ Studentandcosigner’sloan➤ Eligibilitybasedoncreditscore&income


Remember: All Loans MUST Be Repaid!(Interest Rate for loans disbursed on or after 7/1/18, Loan Fees for loans disbursed between 10/1/17 – 9/30/18)

Importance of the FAFSA

FreeApplicationforFederalStudentAid➤ Annualapplicationformostformsoffinancialaid

➤ Basisfordeterminingeligibilityfor✦ FederalFunds

❖ Grants❖ Work Study❖ Loans

✦ StateofIndianaGrants✦ PotentiallyInstitutionalFunds

➤ DeterminesEFC


What is EFC?

EFC=ExpectedFamilyContribution


OR

Parent(s) Income & Assets

Student Income & Assets

Amount family can reasonably be expected to

contribute

$0$5K

$378

$7.5K$10K

$816

$85K

FAFSA.govAvailablestartingOctober1st

Usecompletedtaxdata

Knowdeadlines➤ StateofIndiana– April15th

➤ Colleges– Askthem


HS Graduation

Year

FAFSAYear

Academic Year (Attending College Between:)

FAFSAOpen Date

Tax Year Data

2018 2018-2019 July 1, 2018 - June 30, 2019 October 1, 2017 2016



Comparing College Costs

Net Price Calculators

Estimateyourfinancialaidandcostsatacollege

Foralinktoanycollege’snetpricecalculatororINvestEd’sComparisonWorksheetvisit:

INvestEdIndiana.orgINvestEdIndiana.org 31

Cost of Attendance- Gift Aid

= Net Price *

✽ What you have to pay through:

Outside Scholarships Student Employment Savings Loans

Indiana Public Institution Example

Studentdemographics

➤ Middle/lowincome

➤ AboveaverageGPA&testscores

Results:➤ Cost=$24,778

➤ NetPrice=$14,123

➤ RemainingCost=$5,623


Impact of Social Media

Professional Online Presence

Appropriateemailaddress

➤ [email protected]

Reviewsocialmediaaccountsremoving

➤ Inappropriatematerial

➤ Anythingthatmaybemisinterpreted

Beengaging&personal


Professional Online Presence

DosocialMediadecisionsmakeadifference?


Evaluation of Applicants

Scholarshipprovidersindicatedthefollowingaboutreviewinganapplicant’sonlinepresence

➤ Todeterminewhethertheapplicantdemonstratesgoodjudgment(58%)

➤ Togettoknowtheapplicantbetter(42%)

Scholarshipprovidersreviewofonlinecontent

➤ 25%ofscholarshipprovidersselectedanapplicant

➤ 33%deniedanapplicantascholarshipINvestEdIndiana.org 36

Twitter Examples


We’ll Help!

INvestEdIndiana.org

Stay Connected With Us!

@INvestEdIndiana


Connectwithusanytime!

Alex [email protected]

317‐771‐6179

Funding Your Education Wisely...Beware of Scams Don’t pay for searches Be careful providing...

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