4. No, but excessive borrowing is!
How much will your payment be?
◦ Loan Balance of $10,000
◦ 6.8% interest rate
◦ Standard 10 year Repayment Plan
A. $105
B. $115
C. $125
D. $135
For every $10,000 in loan balance, you will pay $115 per
month for 10 years. $3,810 in interest
5. Don’t borrow more than your first year salary
What do teenagers think their salary will be? (Charles
Schwab - Teens & Money Survey 2011)
◦ $ 73,000 average expected starting salary
◦ $150,000 average expected salary once established in a
career
◦ $ 50,000 median household income in 2009 (US Census
Bureau)
6. Welcome to the Financial Aid, I need the
following information:
◦ Salary
◦ Investments
◦ Cash, Savings, Checking balance
◦ Home Value
◦ Taxes Paid
◦ Tax Transcript from the IRS
7. Colleges have varying deadlines
◦ Priority deadlines
◦ Ask what it means?
Financial Aid Applications
Scholarship Applications
Terms
◦ Start developing a glossary
◦ www.collegeincolorado.org (Financial Aid Planning)
8. Determines eligibility for
merit based aid
◦ Evaluate GPA
◦ ACT and/or SAT Scores
◦ Extracurricular Activities
◦ Leadership
◦ Community Service
◦ Teacher Recommendations
9. Establishes the cost of attendance (Sticker Price)
Evaluates family’s ability to pay by determining an expected
family contribution (EFC)
Offers financial aid based on the cost of attendance and the
expected family contribution
Distributes resources in an equitable manner
Counsels families on financial issues
10. Cost of Attendance
◦ Direct Costs
Tuition and Fees
Room & Board
◦ Indirect Costs
Books & Supplies
Transportation
Personal Expenses
11. Financial Need
Cost of Attendance
- Expected Family Contribution
Financial Need
◦ Need varies based on cost
◦ Most colleges are unable to meet 100% of
financial need with scholarship and grant aid
12. FAFSA – Free Application for
Federal Student Aid
◦ Required to determine
eligibility for many
federal, state and institutional
aid programs which can
include
scholarships, grants, work
study and student loans
◦ www.fafsa.ed.gov
13. CSS PROFILE – College Board
◦ Many private universities and scholarship
providers require the CSS PROFILE application to
determine financial eligibility for institutional
aid programs
◦ University of Denver, Daniels Fund, Colorado
College
◦ profileonline.collegeboard.com
◦ $25 Application Fee
14. Tips for Completing Applications
◦ Meet Deadlines
◦ You can estimate information on both the FAFSA
and CSS PROFILE applications
◦ Reapply every year
◦ Ensure Social Security Number is correct
◦ Send applications to the correct institutions
◦ Ask questions if you are unsure
15. Financial Aid Office & Website
◦ Webinars / Chats / Videos / FAQs
Application Completion Events
◦ High School
◦ College Goal Sunday
◦ Financial Aid Office
Department of Education
◦ @FAFSA
◦ http://studentaid.ed.gov
16. Scholarships & Grants
◦ Need-based, merit-based, or a combination
Federal & State Grants
◦ For lower income students & families
Student Employment
◦ Students work on campus 10-20 hours a week
◦ Paid hourly wages
◦ Great way to gain valuable work experience
Loans
◦ Direct Stafford, Parent PLUS, and private
17. Civic Groups/Organizations (Rotary, Lions, etc…)
Religious Organizations
Corporations (Target, Coca Cola, Ford, etc….)
www.fastweb.com or www.scholarships.com
Facebook App: My College Dollars
High School Counselor
College or University Financial Aid Office Website
18. Search and apply to scholarships as soon as
possible
Answer all optional questions on scholarship
search sites
Apply to every scholarship for which you are
eligible
◦ Scholarships for less than $1,000 often have
fewer applicants
Persistence pays, skill and luck are involved
Meet deadlines
Mark Kantrowitz: www.finaid.org
19. Tailor your application to sponsor’s goals
Clean up your online profile
◦ Perform a Google search on your name
◦ Review public profile on
Facebook, LinkedIn, Twitter, & YouTube
Print, read and speak your essay to correct
spelling and grammar mistakes
Use multiple FREE scholarship search sites
If you have to pay to get money, it’s
probably a scam
Mark Kantrowitz: www.finaid.org
20. Comparing Financial Aid Offers
◦ Grants and Scholarships
◦ Self-help Aid
Work Study
Direct Stafford Loans
◦ Additional Loan Resources
Parent PLUS or Private Loans
21. Make financial aid part of your college visits
Do a bit of detective work!
◦ How does the college treat private scholarships?
◦ On average how much need does a college meet?
Have Family Discussions
Utilize Net Price Calculators
◦ Multi-year investment and costs
◦ Factor in tuition increases
Inform colleges about special circumstances
Investigate and apply for private scholarships
22. Chris George
Asst. Vice Chancellor for Enrollment &
Director of Financial Aid
@CGeorge_DU
303-871-4020
finaid@du.edu
A copy of the presentation is
available at:
http://duadmission.typepad.com/blog/
