Affording CollegeRebecca Joseph, PhD

getmetocollege@gmail.comGetmetocollege.org

Higher Earnings. High Education

What Is College Education Worth?

• Careers• Healthy Life• Savings• Take Care of Families• Brains on Fire

First things first.How much is college going to cost?

There are two components to this:Direct Costs & Indirect Costs.

TuitionFees

Room & Board+Direct Costs

(if applicable)

Direct Costs are those that arebilled directly by the University.

BooksTransportationEtc.+

Indirect Costs

Indirect Costs are the other miscellaneousexpenses involved with attending college.

Direct CostsIndirect Costs+Cost of Attendance

Together, these two components makeup the total Cost of Attendance.

(COA)

Next, you need to determine howmuch you can contribute toward

Cost of Attendance.

How Do Colleges Determine How Much We Can Pay?

• FAFSA (fafsa.ed.gov)• CSS Profile (https://

student.collegeboard.org/css-financial-aid-profile)

• CA Dream Act (https://dream.csac.ca.gov)

• Cal Grants (http://www.calgrants.org)

Parent ContributionStudent Contribution+

Estimated Family Contribution

The data you provide on the FAFSA is used tocalculate the amount you are expected to

contribute.

(EFC)

Cost of AttendanceEstimated Family Contribution-Financial Need

The gap that’s left between what you are expected to contribute and the total cost is

called “Financial Need.”

There are 3 types of Financial Aid:

$ Need-based Merit-based Non-need-

based

Financial Aid is what helps you fill that gap.

Need-based Grants Federal Work

Study Loans

(Federal, State, and College Grants)

(Stafford Subsidized Loan, Perkins Loan)

The first type of aid is determinedsolely by Financial Need.

Scholarships(College and Outside Scholarships)

Merit-based

The second type of aid is determined by a student’s

academic accomplishments, not Financial Need.

Internal Merit Scholarships

College Greenlight

External Merit Scholarships

https://roybal-allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf

Loans(Stafford Unsubsidized Loan, PLUS Loan, Alternative Loans)

Non-need-based

The final type of aid is available to all students, regardless of Financial Need or academic

accomplishments.

The Financial Aid Packageconsists of all or any of these.

Need-based Merit-based

Non-need-based

COA Across Campuses

Financial Aid Recommendations• If parents make less than $60,000 per year, students and families most likely

won’t have to take out many loans.• There are more than 50 colleges that meet all need with no loans. http://

www.usnews.com/education/best-colleges/paying-for-college/articles/2014/09/15/colleges-and-universities-that-claim-to-meet-full-financial-need

• Educational loans are low interest. Students have ten years to pay them back and can deduct interest from taxes. They are best investment possible in your child.

• Students should never borrow on credit cards. • Students can visit colleges for free at the beginning and end of senior year.

http://getmetocollege.org/hs/what-colleges-look-for/fall-2014-free-diversity-college-visits

What Can We Do Now?• Save. Every dollars counts.• Prepare FAFSA-Now PRIOR, PRIOR• Explain your family finances to your children.• Build children’s resume.• Apply for scholarships.

– MALDEF- http://www.maldef.org/assets/pdf/1415_MALDEF_Scholarship.pdf

– Congresswoman Roybal-Allard- http://roybal-allard.house.gov/uploadedfiles/student_resource_guide_2014-2015.pdf

Affording CollegeRebecca Joseph, PhD

getmetocollege@gmail.comGetmetocollege.org