PAYING FOR COLLEGE GRASP Presentation Chesterfield County Public Library Kathy Davis, GRASP advisor.
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Transcript of PAYING FOR COLLEGE GRASP Presentation Chesterfield County Public Library Kathy Davis, GRASP advisor.
PAYING FOR COLLEGE
GRASP PresentationChesterfield County Public
LibraryKathy Davis, GRASP advisor
What is GRASP?
GRASP is a non-profit organization that helps students and their families find the financial resources needed for the student to continue his or her education after high school.
GRASP financial aid advisors are available in every high school in the Richmond metro area and their services are provided free of charge.
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Get Ready!
You are now starting a race on two parallel tracks One is the Admissions Track One is the Financial Track
The two will intersect when your student is accepted
Each have their own deadlines, their own forms, their own language
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Where Do I Start?
Target in Mind Reality Check Family Philosophy Available Resources Protection Plan
It’s Like Buying a Car...
Sticker Price = $20,000 Savings = $10,000 Gap = $10,000
When is the last time you paid sticker price for your car?
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The Sticker Price:
Private Schools
(Ferrari)*
State Schools (Mercedes
Benz)**
Community College (Smart Car)***
Tuition and Fees
$44,210 $6,700 - $13,132
$3,620
Room and Board
$9,760 $7,927 - $8,772 NA
Books, supplies, etc.
$2,100 $4,124 - $2,950 $800
Total per year $56,070 $18,751 - $24,854
$4,420
Total for degree $224,280 $75,004 - $99,416
$8,840
Source: College Board*Private school numbers are for University of Richmond, Fall 2012**State school range includes Norfolk State University, Fall 2011 (low end) and William and Mary, Fall 2011 (high end)***Community College numbers are for John Tyler Community College, Fall 2011
The Impact of Financial Aid
VCU University of Richmond
Percent of freshmen receiving financial aid 75% 68%
Average financial aid package $10, 823 $39,389
Scholarships/loans 43%/57% 84%/16%
Sticker price $22,201 $56,070
Avg. price paid by students receiving financial aid
$11, 378 $16,681
2010 grads with debt 61% 42%
Average debt $25,151 $23,070
Sources: College Board, USNews
Schools are Big Business
Over 90% of the money students receive comes through the schools
They compete for the students they want
They compete for resources from the states and other funding sources
Federal government decisions impact them
Ways to Pay the Bill
Free Money – grants and scholarships Need vs. Merit Programs
Special Programs – Work study; Tuition Adjustments
Loans Stafford Loans Plus Loans
Your Own Money (OOP)k to add text
FAFSA-Gateway to Financial Aid
Free Application for Federal Student Aid Must file each year (as close to Jan. 1 as
possible) Required for almost every type of aid, including
merit Family structure – who reports what Numbers In; Numbers Out Appeals & Special Circumstances CSS Profile spreading to state schoolsadd text
Definition of Financial Need
College’s Cost of Attendance (COA)
MinusFAFSA Expected Family Contribution (EFC)
________________________________ = Your Financial Need to
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What you should know about the EFC
Income counts more than assets Number of children in college is a factor Parent age has an impact Pulling money from retirement to pay college
costs could cause your EFC to rise in the following year
A change in circumstances can impact the aid decision
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What I Can Do Today
Set expectations with your student Decide how much you want to cover Take an inventory of current resources Run the FAFSA Forecaster Review your plan of protection Educate yourself
Resources
www.grasp4virginia.com Your high school GRASP advisor University financial aid offices and websites Other websites
www.fafsa.ed.gov www.fafsa4caster.ed.gov www.collegeboard.com http://www.usnews.com/education/best-colleges/paying-for-
college