Cost of CollegeAdvisory Lesson

• Take out a piece of paper

• Write across the top of the paper• Your Name

• Cost of College Advisory Lesson

• Today’s Date

• Spend the next two minutes writing down as many different costs as you can

• Teacher after the two minutes:

Have the class share the costs they came up with

What are the major costs associated with college?

Let’s see how you did!

As we go through the next few slides write down any costs that you do not have written down

“Tuition and fees are the price you pay for taking classes at your college. This amount can change based on your academic program, the number of credit hours you take and whether you're an in-state or out-of-state student.”

Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/quick-guide-college-costs

• Tuition can increase every year you are in college and is simply the cost you must pay to take a class and is typically charged per credit.

• Fees can also increase every year and are a costs that are also paid per credit and help pay for special programs and new buildings.

• Example University of New Mexico Spring 2014 Rates:• Tuition per credit $235.25• Fees per credit $50.00

Source: http://bursar.unm.edu/docs/2014SpringUndergraduateTuitionandFees.pdf

Note: To be a full time student you must take a minimum of 12 credits

Tuition and Fees

• Room = Housing• Board = Food

“Colleges usually offer a variety of dorm-room options and meal plans to students who live on campus. The charges vary

depending on what plan you choose. If you decide to live at home or off-campus, you'll have your own rent and meal costs

to consider in your college costs.” Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/quick-guide-college-costs

• Example University of New Mexico Living On-Campus:• Room: $4890 - $6290 per year (2014-15)

Source: http://housing.unm.edu/zz-documents/rates-past-year2.pdf

• Board: $1600 - $1800 per year (2013-14)Source: http://lobocard.unm.edu/resident-meal-plans/2013-2014-resident-meal-plans.html

Room and Board

“Whether you commute to campus or take the occasional trip home, you'll have transportation costs. Of course, these will vary depending on how you travel and how often. You may be able to find student discounts on travel costs. Don't forget to factor in the cost of gas if you own a car.”

Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/quick-guide-college-costs

• Example University of New Mexico:• Transportation: $1766 per year (2013-14)

• Source: http://admissions.unm.edu/cost-residency/

• A portion of the transportation budget is parking• Parking at UNM’s Main campus costs between $235 and $499

Source: http://admissions.unm.edu/cost-residency/

• Keep in mind that if you attend an out-of-state university, flying or driving home over breaks may cost more than driving home from an in-state university. Also, keep in mind that if you take a car to campus you will have to pay for parking in addition to the cost of the car (gas, insurance, etc.). If you take a bike or walk there is no additional cost. Also, free city bus passes may be available to students.

Parking and Transportation

“You'll need books and other course materials. The yearly books-and-supplies estimate for the average student at a four-year public college is about $1,200. You may be able to lower these costs by buying used textbooks or renting them.”

Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/quick-guide-college-costs

• Example University of New Mexico 2013-14 :• Books and Supplies Budget: $1310/year

Source: http://admissions.unm.edu/cost-residency/

• Renting textbooks is becoming more and more popular and is one way to reduce the cost of college. This is a great option for classes that you will not be needing to keep the book. The example to the right lists the different options for one of the required books for UNM’s HIST 162Source: http://unm.verbacompare.com/comparison?id=110543

Books and Supplies

“These include laundry, cell phone bills, eating out and anything else you normally spend money on. Figure out what you spend and add that amount to your budget.”

• Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/quick-guide-college-costs

• Imagine having to pay for everything that you use daily: Shampoo, conditioner, toothpaste, clothes…everything! This category is there to try to capture some of those costs.

• Example University of New Mexico:• Miscellaneous Budget: $1980 per year

• Source: http://admissions.unm.edu/cost-residency/

Personal/Miscellaneous Expenses

College Tuition & Fees

Room & Board

Parking and Transportatio

n

Books and Supplies

Personal/Misc Total

UNM $6,446 $8,454 $1,766 $1,310 $1,980 $19,956

CNM $1,388 No on campus housing $1,292 $720 Not Listed $3,400

NMSU $6,220 $7,292 $1,038 Not Listed $3,988 $18,538

ENMU $2,279 $3,134 Not Listed $500 Not Listed $5,913

Texas Tech $10,142 $8,464 $2,300 $1,200 $2,120 $24,226

Colorado State University $25,120 $10,504 $1,374 $1,126 $1,314 $39,438

Harvard $42,292 $14,115 $5,200 Not listed $3,543 $65,150

College Cost Comparison

Sources:UNM - http://admissions.unm.edu/cost-residency/CNM - https://bigfuture.collegeboard.org/college-university-search/central-new-mexico-main-campus?searchType=bf_site&q=&bf_cat=bf_NMSU - https://bigfuture.collegeboard.org/college-university-search/new-mexico-state-university?searchType=bf_site&q=&bf_cat=bf_ ENMU - http://www.enmu.edu/future-students/tuition/index.shtml TTU - https://bigfuture.collegeboard.org/college-university-search/new-mexico-state-university?searchType=bf_site&q=&bf_cat=bf_CSU - http://sfs.colostate.edu/cost-of-attendance Harvard - https://college.harvard.edu/financial-aid/how-aid-works/cost-attendance

Below are the current costs for some sample colleges:

DID YOU KNOW?                                                            

• More than $185 billion in financial aid is available.

• Financial aid comes from many sources: • Federal government grants, loans and other aid: 73%• College grants/scholarships: 18%• State government grants/scholarships: 5%• Private and employer grants/scholarships: 4%

• Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/quick-guide-college-costs

So how do you pay for everything?

Students pay for college using a variety of sources:

1. Financial Aid: awarded based on financial aid application (FAFSA) available at www.fafsa.gov

Types of aide available through financial aid include:

Grants free money you don’t have to pay back

Work-Study money set aside that you earn through working part-time, typically on-campus

Loans money loaned to you or your parents to help pay for you to go to school. Student loans,

typically don’t require repayment until you are done with school.

So how do you pay for everything?

2. Scholarships: Free money you don’t have to pay back

A. State-based scholarships:Example: New Mexico Legislative Lottery Scholarship (Lottery Scholarship)

• As it currently stands, the Lottery Scholarship covers tuition only for up to eight semesters.

To qualify you must:• Graduate from a New Mexico High School• Attend a public college/university in New Mexico the first semester after you

graduate high school (excluding summer semester)• Complete 12 semester hours (credits) with a 2.5 GPA in your first semester of

college• If you do this, the lottery scholarship will begin paying your tuition for your

second semester. • You must continue to successfully complete 12 credits each semester and

maintain a 2.5 GPA• The Lottery Scholarship in it’s current state is running low on funds. The NM

State Legislation should be making some changes soon. Once a decision has been made on changes, Mrs. Chandler will email you the information.

So how do you pay for everything?(continued)

2. Scholarships (continued)

B. School-based scholarships:

Academic/Merit based on GPA, Test Scores and or high school rank

Athletic available for NCAA Division I and II schools on a limited basis

General awarded by the school based on a variety of criteria (ex: major)

School-based scholarships can be renewable if you meet the requirements

C. Private scholarships:

Available from individuals and organizations that are not associated with a specific school. Money can be used at any post-secondary organization

You can apply for and receive private scholarships every year that you are in college.

So how do you pay for everything?(continued)

3. Savings/Earnings:

Finally, you can pay for college expenses by using savings or financial contributions from your parents or other family members.

You can also save money for college by working a part-time job during school or working part-time or full-time during the summer.

So how do you pay for everything?(continued)

Scholarships: Real or Fake?

On the next few slides you will see scholarship criteria. Say out loud whether you think it is Real or Fake.

• Scholarship that requires applicants to develop a video encouraging other teens to develop and embrace safe driving habits, specifically – don’t text and drive.

Scholarships: Real or FakeIs this a real or fake scholarship?

Real? Fake?

• Real!• Title: Project Yellow Light/Hunter Garner Scholarship Project Yellow Light is a scholarship competition designed to

bring about change. The first-place winner will receive a scholarship in the amount of $2,000. The second-place winner will receive $500 and the third-place winner will receive $200. In addition to a scholarship, the winning video will be turned into an Ad Council PSA and will be distributed nationally to 1,600 TV stations. Deadline April 1. http://www.projectyellowlight.com/apply

• Scholarship for natural redhead’s who plan to attend an accredited 2 or 4 year college

Scholarships: Real or FakeIs this a real or fake scholarship?

Real? Fake?

• Real!• Title: ScholarshipRed, The Scholarship for Redheads:• Must be a Natural Redhead, applying to an accredited 2 or 4 year college, reside in the United States,

be a junior or senior in High School and have a GPA above a 2.5• http://scholarshipred.com/how-to-apply/

• A student with a cumulative Grade Point Average (GPA) of no greater than 2.4 and a desire to further their formal education after graduating from high school, e.g., University, Community College, Vocational School, Technical School, etc.

Scholarships: Real or FakeIs this a real or fake scholarship?

Real? Fake?

• Real!

• Title: C & D Scholarship worth $1500.00 scholarship and if the recipient complies with the guidelines of the scholarship in successive years, an additional $1000.00 will be awarded each of the next three years.

• Yes, they were all real.

• Moral: There is a scholarship out there for everyone!

• So how do you find scholarships?• There are a lot of search sites out there.

• Our College and Career Readiness Counselor recommends:

https://bigfuture.collegeboard.org/scholarship-search

• UNM has a list of sites where all students (even those not planning to attend UNM) can search for scholarships:

http://scholarship.unm.edu/Resources/scholarship-websites.html

The vast majority of scholarships are for current seniors in high school and current college students. Our College and Career Readiness Counselor sends out emails once a month to seniors with upcoming scholarship opportunities. Make sure you keep your email address updated in JupiterGrades to receive these lists!

On your piece of paper, write down five things you can do to help increase your chances of receiving a scholarship.

Once you are done, place this piece a paper in your Advisory folder. This will be something that you share with your parents/guardians and Advisory teacher during your Student-Led Conference in March.