Paying For College Strategies for Ohio
Students
OACAC Articulations, September, 2014
Presented by OASFAA
Agenda
2015-2016 Federal and State Updates Handout Updates are minimal this year
Federal: Reauthorization negotiations have begun
Election this November
State: Ohio is in the midst of the second year of their bi-annual budget
Our Goal today is to update you on how families are actually paying for college in Ohio.
Are Recent Headlines Accurate?
L.A. Times: Student debt holds back many would-be home buyers 4/19/2014
N.Y. Times: It’s Official: The Boomerang Kids Won’t Leave 6/20/2014
U.S. News & World Report: Student Debt Hurts More Than Your Wallet 08/07/2014
Huffington Post: These 9 Charts Show America's Coming Student Loan Apocalypse 08/20/2014
Politico: Poll Education second-biggest issue for likely voters 08/14/2014
What is the Experience of Real Ohio College Students?
We will compare the actual experience of a $0 EFC student as well as several $10,000 EFC students as far as their award letters and how they actually ended up paying for college at each of: An Ohio Community College An Ohio For-Profit School An Ohio Four Year Public University An Ohio Four Year Not-For-Profit Private University
Ohio Community College Award Letter
Ohio Community College Award Letter Budget (COA): $12,459*
EFC: $0
Need: $12,459
Awards Award Total FallSpring
Pell Grant $5,730 $2,865 $2,865
SEOG Grant $ 600 $ 300 $ 300
Direct Sub $3,500 $1,750 $1,750
Direct Unsub $2,000 $1,000 $1,000
TOTAL $11,830
*This includes tuition/fees, books, personal expenses, room/board, and transportation.
Ohio Community College Award Letter
Ohio Community College Award Letter Budget (COA): $15,723*
EFC: $15,605
Need: $118
Awards Award Total FallSpring
Direct Unsub $5,500 $2,750$2,750
TOTAL $5,500
*This includes tuition/fees, books, personal expenses, room/board, and transportation.
Ohio Community College - Options
Reduce Budget (COA)
Books? Personal Expenses? Room & Board? Transportation?
Cash or Credit Cards
Tuition Payment Plan
Independent students have increased Unsubsidized Loan eligibility (an additional $4,000 for first and second year undergraduate students)
Dependent students’ parents can borrow the Parent PLUS Loan
Students of parents that are denied PLUS Loans can also borrow the additional unsub of $4,000 for first and second year undergraduate students)
Private Student Loans
Ohio Proprietary School Award Letter
$0 EFC
Ohio Proprietary School Award Letter
$0 EFC Budget (COA): $14,205*
EFC: $0
Need: $14,205
Awards Award Total Term 1 Term 2 Term 3Term 4
Pell Grant $5,730 $1,432$1,433$1,432$1,433
Direct Sub $3,464 $ 866$ 866$ 866$ 866
Direct Unsub $5,936 $1,484$1,484$1,484$1,484
TOTAL $15,130
*This includes tuition/fees, books, tools, supplies, and uniforms. Student is eligible for additional indirect cost COA such as personal expenses and transportation. Award shown is what they are eligible for.
Ohio Proprietary School – Account$0 EFC
Ohio Four Year Public Award Letter -
$0 EFC
Ohio Four Year Public Award Letter Budget (COA): $25,758*
EFC: $0
Need: $25,758
Awards Award Total FallSpring
Pell Grant $5,730 $2,865 $2,865
SEOG Grant $ 500 $ 250 $ 250
OCOG $1,048 $ 524 $ 524
Institutional Grant $4,000 $2,000 $2,000
Work Study $2,000 $1,000 $1,000
Direct Sub $3,500 $1,750 $1,750
Direct Unsub $2,000 $1,000 $1,000
TOTAL $18,778
*This includes tuition/fees, books, personal expenses, room/board, and transportation.
Ohio Public Four Year University – Statement of Account
*Note fees
*Also note the Charges are $11,227.60 which is $22,455.20 for two terms (down from COA of $25,758). Shows the difference between Direct and Indirect Costs.
*Balance of $2,866.60 represents the balance of direct costs.
Ohio Four Year Public Award Letter$10,000 EFC
Ohio Four Year Public Award Letter$10,000 EFC
Budget (COA): $25,758*
EFC: $10,000
Need: $15,758
Awards Award Total FallSpring
Direct Sub $3,500 $1,750$1,750
Direct Unsub $2,000 $1,000$1,000
TOTAL $5,500
*This includes tuition/fees, books, personal expenses, room/board, and transportation.
Ohio Public Four Year University – Statement of Account - $10,000
EFC
*Balance of $8,505.60 represents the balance of direct costs.
Ohio Private Four Year NFP University –
Award Letter $0 EFC Budget (COA): $38,895*
EFC: $0
Need: $38,895
Awards Award Total Fall Spring
Merit Scholarship $9,500 $4,750 $4,750
Institutional Grant $1,335 $ 667 $ 668
Pell Grant $5,645 $2,823 $2,822
SEOG Grant $4,000 $2,000 $2,000
OCOG $2,080 $1,040 $1,040
Direct Sub $3,500 $1,750 $1,750
Direct Unsub $2,000 $1,000 $1,000
Perkins $2,100 $1,050 $1,050
Work Study $1,400 $ 700 $ 700
Outside Scholarship $3,000 $1,500 $1,500
Institutional Residency $200 $ 100 $ 100
TOTAL $34,760
*(Direct Charges: $36,160)
Ohio Private Four Year NFP University –
Statement of Account $0 EFCFall Semester BillingDate Term Source Charges Payments
7/31/132013/Fall Tutition- Full Time $13,530
7/31/132013/Fall Technology Fee $160
7/31/132013/Fall Comprehensive Deposit $150
8/2/132013/Fall Double- Traditional Hall $2,120
8/9/132013/Fall Unlimited Mean Plan $2,270
8/9/132013/Fall Chem Lab Fee $40
9/30/132013/Fall Parking Fine $25
7/25/132013/Fall Enroll Deposit Credit Card Payment $150
8/23/132013/Fall Ohio College Opportunity Grant $1,040
8/23/132013/Fall Federal Pell Grant $2,823
8/23/132013/Fall Federal SEOG $2,000
8/23/132013/Fall Federal Perkins Loan $1,050
8/24/132013/Fall Institutional Grant $667
8/25/132013/Fall Merit Scholarship $4,750
8/26/132013/Fall Outside Scholarship $500
8/26/132013/Fall Outside Scholarship $1,000
8/26/132013/Fall Subsidized Stafford Loan $1,732
8/26/132013/Fall Unsubsidized Stafford Loan $990
8/26/132013/Fall Institutional State Residency Award $100
8/27/132013/Fall Check Payment $2,128
$18,295 $18,930
Total Charges $18,295
Total Credits $18,930**$635 credit balance carried forward
Ohio Private Four Year NFP University –
Award Letter $10,000 EFC Budget (COA): $38,895*
EFC: $9,974
Need: $28,921
Awards Award Total FallSpring
Merit Scholarship $7,500 $3,750 $3,750
Institutional Grant $5,940 $2,970 $2,970
Institutional Gift Awd $2,000 $1,000 $1,000
Direct Sub $3,500 $1,750 $1,750
Direct Unsub $2,000 $1,000 $1,000
Perkins $ 660 $ 330 $ 330
Work Study $1,400 $ 700 $ 700
Outside Scholarship $1,000 $ 500 $ 500
TOTAL $24,000
*Direct Charges: $36,160
Ohio Private Four Year NFP University –
Statement of Account $10,000 EFC
Fall Semester BillingDate Term Source Charges Payments
7/31/132013/Fall Tutition- Full Time $13,530
7/31/132013/Fall Technology Fee $160
7/31/132013/Fall Comprehensive Deposit $150
8/2/132013/Fall Double- Traditional Hall $2,120
8/9/132013/Fall Unlimited Mean Plan $2,270
7/25/132013/Fall Enroll Deposit Credit Card Payment $150
8/23/132013/Fall Federal Perkins Loan $330
8/24/132013/Fall Institutional Grant $2,970
8/25/132013/Fall Merit Scholarship $3,750
8/26/132013/Fall Institutional Gift Award $1,000
8/26/132013/Fall Subsidized Stafford Loan $1,732
8/26/132013/Fall Unsubsidized Stafford Loan $990
8/27/132013/Fall Credit Card Payment $7,308
10/29/132013/Fall Outside Scholarship $500
$18,230 $18,730
Total Charges $18,230
Total Credits $18,730
**$500 credit balance carried forward
Resources and Our Contact Information
Email: [email protected] Web: http://www.oasfaa.org/ (page for counselors)
Request an OASFAA volunteer High School Financial Aid Night presenter.
Register for December Counselor Workshops (we anticipate registration being live within a week).
Sign up for our email database to be sure you are notified for all events.
Financial Aid 101 Webinar: Registration information coming soon on the OASFAA web site and list serves. November 20, 2014 at 1:30 PM. If you know a newer counselor, please invite them!