Welcome to College Costs &

Financial Aid For Junior Parents.

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Mahalo!

Junior year-to-date October Junior College Night

November Juniors took PSAT

November Christian College & College & Career Fair

Course registration for Senior year

Fall college representative visits – 180+

Junior Guidance: Tour of Counseling Center, College Knowledge, PSAT & How Colleges Select Students, MyCollegeQuickStart, You & the Internet

On the Horizon… April 12-National College Fair

Convention Center: 5-8 p.m.

Spring College Representative Visits (Check KS website)!

Take SAT and/or ACT May or June of Junior Year

Guidance classes continue on Healthy Relationships & Planning for Senior Year

WHY is it important to learn about Financial Aid NOW??

So your ‘ohana doesn’t get fixated on the cost alone as your child begins to look into & research colleges

So your ‘ohana can have informed conversations and make informed decisions

So you can help calm one another down!

What is Financial Aid?

Gift AidGrantsScholarships

Self-Help AidLoansFederal Work Study

The major responsibility for paying for a child’s education belongs to the parent and child.

Parents’ ability to pay, not willingness to pay, is what’s measured by needs analysis.

A family’s college contribution (EFC) is typically the second largest expense after their mortgage…

An honest look at Federal Aid

The (qualified) good news

There ARE monies available for families with demonstrated financial need…

Who are willing to share their financial information with the federal government and

colleges…

AND provide their financial information on standardized FORMS…

By the DEADLINE!

“Of course we’re saving for college. So far we can afford to send him for 23 days, 12

hours and 32 minutes.”

Sources of Financial AidFederal GovernmentState GovernmentInstitution or SchoolPrivate sourcesCivic organizations and churches

Employers

$Free

Application for

Federal

Student

Aid

$ CSS Profile (www.collegeboard.com)

Forms Required to Apply for Need Based Financial

Aid

AF

FSA

FAFSA on the Web

Web site: www.fafsa.ed.gov

2012 – 2013 FAFSA

Parent’s Income & AssetsStudent’s Income & AssetsSize of HouseholdNumber in College (NOT including parents)Special Circumstances

= Expected Family Contribution (EFC)

What determines my Eligibility for Need Based

Financial Aid?

FAFSA on the Web

Built-in edits prevent costly errors Skip-logic allows student and/or parent to skip

(& never see) unnecessary questions IRS Data Retrieval More timely submission of original application

and any necessary corrections More detailed instructions and “help” for

common questions Ability to check application status on-line Simplified renewal application process Easy access to SAR (Student Aid Report)

Reasons to file electronically:

FAFSA SAR EFC, as determined by Federal Methodology, on SAR EFC ranges from 0000-$99,999 EFC divides by number of students in college FAFSA results available to student and the college(s)

YOU listed. SAR requested by some scholarship programs College reviews the results & may request additional

documentation (such as a federal tax abstract). College notifies student of aid eligibility. Student & family accepts OR declines funding. Aid is disbursed to school and student.

1. Tuition & Fees

2. Room & Board

3. Books & Supplies

4. Transportation

5. Personal/Miscellaneous

= Cost of Attendance

(COA)

What else determines how much money I can get?

COA-EFC

= Need

COA: Cost of AttendanceEFC: Expected Family Contribution

How is the Amount of my Need Based Aid Determined?

Mainland Mainland Local Private Public Public

Total Cost $60,000 $30,000 $20,000- EFC 15,000 15,000 15,000= NEED 45,000 15,000 5,000

Financial Aid PackageGrant 40,000 0 0Loan 2,500 5,000 5,000Work 2,500 2,000 0 0 Total 45,000 7,000 5,000

Comparing Financial Aid Awards

EFC Calculator

Use FAFSA4caster to estimate just your Expected Family Contribution (EFC).

www.fafsa4caster.ed.gov/

Net Price Calculator

The Goal: To help you better understand and compare college costs.

How: You provide information about your family's finances on college websites.

You Get: An estimate of the need-based financial aid you may qualify for, AND an estimate of what your family would have to contribute toward college costs.

Keep In Mind: Many calculators give you estimates only of need-based aid.

Most calculators don't fully reflect a college's financial-aid policies.

Calculators are not a replacement for required financial-aid application forms.

A net-price calculator is only as accurate as the information you provide.

EARNINGS – use current money from paycheck

SAVINGS – draw on savings built over time in an interest-bearing account

BORROWING – low-interest, government backed PLUS loans are available for credit worthy parents. Some colleges have private loans available. Some families use a home equity line of credit.

PAYMENT PLANS – many campuses offer deferred payment plans that spread the cost over several months and options to pay by credit card (and earn miles!)

TAX BENEFITS – After-the-fact support comes in the form of federal tax breaks that benefit parents who pay tuition and fees. Talk to a tax expert about eligibility or visit the IRS website at www.irs.gov

Ways To Cover The Parent Contribution

Used by: Kamehameha Schools Post-High Scholarship program and some private, selective colleges on the mainland

Available ONLY online at www.CollegeBoard.com

Costs a nominal fee to process, but based on family financial information, you may automatically receive a fee waiver if you are eligible

CSS ProfileCollege Scholarship Service Profile

Most parents find they need to use a combination of sources to provide their expected family contribution

A common combination is one third each from current income, savings and loans.

Middle and Upper-Middle income families may find it challenging to meet the contribution set by the federal formula if they try to use earnings alone

What Should Parents Do To Finance Their Contribution?

FAFSA Earliest – January 1 of Senior Year Deadlines are typically January 15-March 1

CSS Profile Earliest – October of Senior Year Deadlines are typically January 1-February 1

Ho’oulu Data Center (Juniors K-3) If unsure double check NOW!!

Note: Forms are completed yearly Awards are based on calendar year earnings previous to attendance

When can I apply for Need Based Financial Aid?

Deadlines…DEADLINES…DEAD/Lines

Estimate if needed to meet College & Scholarship Deadlines

A Student’s Academic Record Can Increase Gift Aid

Some colleges have more money than others

Many colleges offer substantial “no-need” merit based scholarships

Colleges treat “outside” scholarships (like KS) differently

Remember

NEED Based Financial Aid

MERIT Based Financial Aid

Two Main Types of Financial Aid

Athletic Scholarship………Football, Volleyball etc. Academic Performance…..Valedictorian Award Music………………………...Band, Orchestra etc. Art/Drama…………………..Theatre, Dance etc. College Major………………Engineering Society ROTC Scholarships ………Army, Navy, Air Force Community Organizations.Rotary, Lions, Elks etc. Ethnic Background ………Hawaiian Civic Club

etc.

Types & Examples of MERIT based Aid

Places of EmploymentCorporationsPlaces of WorshipClubsCivic OrganizationsNational ContestsLocal ContestsComputer

Other sources of Merit Aid

Ke Ali’i Pauahi FoundationHawai’i Community Foundation

The InternetFastweb (www.fastweb.com)

Local NewspapersHaleakala Counseling Center

http://kapalama.ksbe.edu/high/counselingColleges!

Western Undergraduate Exchange (WUE)

Where can I find more information on Merit based

Aid?

Over 80 public colleges in 15 participating states

Student pays “in-state tuition” + 50%

Criteria , Application & Awarding process Varies: WUE awards may be limited by number awarded, GPA and/or major

Start Searching at: www.wiche.edu/wue

WESTERN UNDERGRADUATE EXCHANGE (WUE)

Huali Māmaka Kaiao’s ListFinancial Aid Safety Schools

University of Hawai’i at Manoa (Public In-State School)

University of Arizona (Out-of-State Public w/learning communities)

Portland State Univ (Out-of-state Public w/WUE & Merit)

Colleges with Merit Money

Whitman College (WA) $8,000 renewable diversity

Univ. of Miami (FL) $10,000 renewable academic

Occidental College (CA) $15,000 renewable leadership

Most Selective with NO Merit Money Stanford University If admitted, only need would be met

Consider out-of-state options like WUE

Don’t overlook in-state options

Have an admission & a financial aid “safety school”

See where merit money could work for you

Be prepared, loans could be offered to your child & possibly you. Have a frank discussion about borrowing

College advice that could pay off…

Face it Pua, our kids aren’t rocks…but they aren’t rocket scientists either.They’re smart enough to get into college, but not smart enough for academic

scholarships.

• Encourage your child to finish the year strong academically

• Help them to spend their time wisely this summer

• Start a conversation with your child about their future & your expectations

• Have your child start an account with Fastweb.com

• Do the “FAFSA4Caster”

• Attend the National College Fair on April 12th

• Explore Net Price Calculators

What Can We do NOW??

1. Organize, Organize, Organize! Remember 2012 earnings will impact your Financial Aid. Keep track of forms & key contact people.

2. Hang out at Borders & read financial aid books for free. (Find one you like & buy it).

3. Research other sources of funding. Find out if your employer, club, union, church, offer scholarships. What kind of low interest educational loans are available from your bank, credit union… or even Grandpa?

Top 10 Financial Aid Tips for Parents to Make Your Life Easier!

4. Be prepared to be forthcoming with college financial aid administrators about special circumstances (natural disasters, bankruptcy, divorce, unusual medical expenses, etc.).

5. STRONGLY encourage your child to apply to a financial aid “safety” school (at least one college you can afford even if you receive little or no financial aid)

6. Ask yourself the tough questions: Are you willing and/or able to take out loans? Is your child? Are you willing or able to make lifestyle changes if necessary?

7. Don’t rule a college out because of cost alone. Have a cross section of options, including schools with merit based aid.

8. Keep communication lines open with your child! Are you on the same page about their post high plans? Let them know where you stand on financing their college education.

9. Keep your options open

10. KEEP THINGS IN PERSPECTIVE!

Keeping it all in Perspective(From The Parent Soup Financial Aid and College Guide)

♡Parents should contribute their love,support, insight, and when necessary,

some financial parameters for thesearch.

♡Students should retain the right todetermine their fate to the largest

degree possible.

“After LOVE the most valuable thing you can

give your child is an EDUCATION”

~Alan Page(former NFL player & MN Supreme Court Justice)

Questions?Mrs. Kathryn KekaulikeJuniors: A-KPh: 808-842-8900Email: kakekaul@ksbe.edu

Mr. Steve MoralesJuniors: L-ZPh: 808-842-8254Email: stmorale@ksbe.edu

Mahalo for joining us!

Please Drive Safely!

A Hui Hou!