With the economy in a recession, some parents and students might think college is out of reach. However, if students stay in the Mahoning Valley for college, they may be able to attend classes for free—or almost free.
When students complete the Free Application for Federal Student Aid--or FASFA, as it is better known--they learn of their expected family contribution (EFC). The EFC is determined by responses on the FAFSA (available on-line at http://www.fafsa.ed.gov/.) An EFC can range from $0 to $99,999, with those students on the low end qualifying for the most need-based, financial aid.
Dr. Joe Rottenborn, executive director of the Mahoning Valley College Access Program (MVCAP), says students with an EFC of zero may be able to attend some area schools--like the regional campuses of Kent State University--for free and Youngstown State at a greatly-reduced cost.
“Students can go to Kent Salem, KSU East Liverpool, or Kent Trumbull and avoid loan debt--if their EFC is zero,” Rottenborn says. “And that’s just based on the full federal Pell grant of $5,350 this year--which doesn’t even take into account the Ohio College Opportunity Grant (OCOG) for a student with a O EFC.”
Rottenborn explained the full Federal Pell grant of $5,350 annually is split between the fall and spring semesters, for $2,675 in financial aid per term.
“Since tuition at KSU regional campuses for freshmen and sophomores is $2,469 per semester, students could not only get their entire tuition paid but also get money back they can use to buy books.” Rottenborn says.
“Furthermore,” he explained, students who commute to Youngstown State University could also have much of their tuition and fees paid if their EFC were zero by the full Pell grant and the full OCOG of $1,008.”
“Best of all,” says Rottenborn, “this is ‘gift aid,’ which does not have to be repaid.”
Rottenborn explained that students who have an EFC of zero are eligible for both the full Federal Pell Grant and the Ohio College Opportunity Grant, or OCOG.
“We’re not talking about all students, to be sure,” he notes. “But the ones who do qualify can go to college locally for free or at little cost and, thereby, avoid loan debt.”
Rottenborn also says he feels students don’t understand how much loan debt they incur by going away to school.
“Paying to ‘go away to college’ at a state institution – with tuition, fees, and roughly $7,000 yearly for room and board –can be as expensive as buying or leasing a new car,” he explains.
Dr. Rottenborn says that, often, by the time a parent realizes how much college is going to cost, their child may be left with few choices. “Education rations opportunity,” Rottenborn says. “These particular students have viable financial options for college—if they choose to stay local.”
The Mahoning Valley College Access Program seeks to increase the number of students in the Mahoning Valley who pursue education after high school graduation. For more information, please contact/consult:
Dr. Joe Rottenborn
Executive Director
Mahoning Valley College Access Program (MVCAP)
Offices:
KSU Salem: 330-337-4214
YSU: 330-941-7477
KSU Trum: 330-675-7602
Facebook: MVCAP Financial-Aid Friends http://www.facebook.com/home.php?#/group.php?gid=126580419181&ref=nf
Twitter: twitter.com/rottenbornj
YouTube: www.youtube.com/THEMVCAP
Blogspot: http://mvcap.blogspot.com/
Sunday, November 29, 2009
20. KnowHow2GOOhio
1. Per the U.S. Census Bureau, a college graduate will earn nearly $1 million more over a lifetime than a high school grad: http://knowhow2goohio.org/
2. College doesn't just happen! "But college is so far off," you may think. But think again! Planning for college takes time--so start now!
3. Now is when you need to think about what you want to do after high school graduation: choices you make today likely influence your future.
4. The U.S. Census Bureau indicates college graduates tend to earn more money than people who stop their education at the high school level.
5. A college degree is becoming essential in a world where 90% of the fastest-growing jobs require a postsecondary education: pursue college!
6. Education after high school is more vital for students today than it was for their parents since good jobs now require more than a diploma.
7. Per a 1997 U.S. Dept. of Ed. study, the more math courses students take in high school, the more likely they are to graduate from college.
8. College is the first step in pursuing a successful and fulfilling career; it's where you explore different options & also learn job skills.
9. Education beyond high school offers many opportunities for meeting new people, exploring new interests, and experiencing success--go for it!
10. Prepare for college now, since going to college doesn't just happen; 4 steps you need to make college a reality are at http://knowhow2goohio.org
11. Step 1 of 4 Steps: Be a pain--in a good way. Tell everyone you know you want to go to college--and need their help; see http://knowhow2goohio.org
12. Step 1 of 4 Steps: Be a pain--in a good way. Tell your parents, teachers, counselors, coaches, and clergy members; see http://knowhow2goohio.org
13. Step 1 of 4 Steps to go to college: Be a pain--in a good way. Don't stop until you find an adult who will help you; see http://knowhow2goohio.org
14. Step 1 of 4 Steps to college: Be a pain--in a good way. Step 1 is essential; the next 3 Steps are easier with a supportive adult--get yours!
15. Step 1 of 4 Steps to college: Be a pain--in a good way. Ask your family members, friends, teachers, and coaches how they went to college.
16. Step 2 of 4 Steps to go to college: Push yourself and don't stop; see http://knowhow2goohio.org
17. Step 2 of 4 Steps to college: Push yourself and don't stop. Working a little harder today will make getting into college easier--so do it!
18. Step 2 of 4 Steps to college: Push yourself and don't stop. Take the right courses--hard ones--to be well-prepared for college admissions.
19. Step 2 of 4 Steps to college: Push yourself and don't stop. Study hard, turn in all assignments, & earn good grades to get set for college.
20. Step 2 of 4 Steps to college: Push yourself and don't stop. Read, read, read to be well-prepared for college work. See http://knowhow2goohio.org
21. Step 3 of 4 Steps: Find the right fit. Find out what kind of school is the best match for you and your career goals. See http://knowhow2goohio.org
22. Step 3 of 4 Steps: Find the right fit. There are more than 4,000 two- and four-year schools in the U.S.; discover one that's right for you.
23. Step 3 of 4 Steps: Find the right fit. Find out what kind of school is the best match for you and your career goals. See http://knowhow2goohio.org
24. Step 3 of 4 Steps: Find the right fit. Large or small, near or far, public or private--what school suits you best? See http://knowhow2goohio.org
25. Step 3 of 4 Steps to college: Find the right fit. Every school has its personality; find one compatible with yours. See http://knowhow2goohio.org
26. Step 3 of 4 Steps to college: Find the right fit. Your goal is not to just find a school where you will survive--but where you will thrive!
27. Step 4 of 4 Steps to college: Put your hands on some cash. If you think you can't afford college, think again--there is financial aid.
28. Step 4 of 4 Steps to college: Put your hands on some cash. There are 2 kinds of financial aid: merit and need-based; see http://knowhow2goohio.org
29. Step 4 of 4 Steps: Put your hands on some cash. Merit aid (a "scholarship") is often awarded because of a student's GPA, class rank, & ACT.
30. Step 4 of 4 Steps: Put your hands on some cash. Need-based aid is drawn from a student's expected family contribution (EFC) from the FAFSA.
31. Step 4 of 4 Steps: Put your hands on some cash. Often, a college financial-aid package may include grants, scholarships, work-study, & loans.
33. KnowHow2GO is also on YouTube; check out the funny videos on taking the tough classes colleges require at www.youtube.com/knowhow2go
34. During this month and next, check out the KnowHow2GO-U virtual campus tour at http://www.knowhow2go.org/campustour/
35. For a humorous, informative, first-hand student view of college, access the new KnowHow2GOOhio blog at http://knowhow2goohio.wordp/...
36. To see why to take tough classes like foreign languages, algebra II, and biology, see the commercials at http://www.knowhow2go.org/gettough/
Saturday, November 28, 2009
19. ACT Tips
1. Now is the time to register for the next ACT; you can do this online (http://www.act.org/)--if you have a valid credit card.
2. If you qualify for free- or reduced-price lunch at your school, you might get a fee-waiver to register for the ACT free; ask your counselor!
3. ACT score (0-36) is important--not just for admission to college but also to be awarded merit financial aid: the higher a score, the better!
4. The ACT is challenging because it's a power test--that is, one with time-limits for each section: students who don't finish may lose points.
5. 5 weeks before the ACT: To do well, prepare--by knowing the test format (i.e., "test-wiseness") as well as the four content areas.
6. According to ACT, answer the easy questions first, skipping harder ones; then, return to the more difficult questions--if you have time.
7. Per the ACT, "your score on the test will be based only on the number of questions you answer correctly"--therefore, answer every question.
8. ACT strategy: familiarize yourself with content of the 4 tests; refresh your knowledge and skills in each area; and know what you haven't had--so you can learn it.
9. A key to doing well on the ACT is practice: do the 4 practice tests in the free booklet Preparing for the ACT--and use a timer on each one!
10. 4 weeks before the ACT: begin your practice by taking the Reading test (p. 34 of Preparing for the ACT); use a timer/watch.
11. On the ACT Reading test, there are 40 questions to finish in 35 minutes, which means you have less than 60 seconds per answer--so work fast!
12. The ACT Reading test asks what is explicitly stated in several texts as well as implicit meanings; hence, refer back to the passages often.
13. The ACT Reading test is based on four types of reading selections: social studies, natural sciences, prose fiction, and the humanities.
14. There will be four passages in the ACT Reading test; scan the questions for each selection before reading so you'll know what's being asked.
15. 3 weeks before the ACT: continue your practice by taking the English test (p. 14 of Preparing for the ACT); use a timer/watch.
16. On the ACT English test, there are 75 questions to finish in 45 minutes--which means, on average, 36 seconds per answer, so read/work fast!
17. The ACT English tests on punctuation, grammar/usage, sentence structure, strategy, organization, & style--but not on spelling & vocabulary.
18. The ACT English has five essays to read, followed by multiple choice questions--about an underlined portion, section, or the entire passage.
19. On ACT English, before you answer a question on an underlined portion, read what is underlined; if it is the best answer, mark "NO CHANGE."
20. 2 weeks before the ACT: continue your practice by taking the Math test (p. 26 of Preparing for the ACT); use a timer/watch.
21. On the ACT Math test, there are 60 questions to finish in 60 minutes--which means, on average, 1 minute per answer, so read and work fast!
22. ACT Math tests on pre-algebra, elementary algebra, intermediate algebra, coordinate geometry, plane geometry, and trigonometry--so review!
23. All the ACT Math problems can be solved without using a calculator--in fact, some are best done without one; hence, choose when to use it!
24. On ACT Math, solve the problem, locate your solution among the answer choices, make sure your answer is reasonable--then, check your work!
25. 5 days before the ACT: continue practicing by taking the Science test (p. 42 of Preparing for the ACT); use a timer/watch.
26. 4 days before the ACT: the Science test is 40 questions in 35 minutes--which means less than 1 minute per answer: work fast!
27. 3 days before the ACT: the ACT Science tests on biology, chemistry, physics, and the Earth/space sciences--so get set!
28. 2 days before the ACT: the ACT Science test emphasizes scientific reasoning skills over recall of scientific content.
29. 1 day before the ACT: remember to bring your admission ticket, acceptable ID, #2 pencils w/ erasers, watch, and basic calculator.
30. If you took the ACT, exhale; if you didn't, make certain you register by the next regular deadline.
2. If you qualify for free- or reduced-price lunch at your school, you might get a fee-waiver to register for the ACT free; ask your counselor!
3. ACT score (0-36) is important--not just for admission to college but also to be awarded merit financial aid: the higher a score, the better!
4. The ACT is challenging because it's a power test--that is, one with time-limits for each section: students who don't finish may lose points.
5. 5 weeks before the ACT: To do well, prepare--by knowing the test format (i.e., "test-wiseness") as well as the four content areas.
6. According to ACT, answer the easy questions first, skipping harder ones; then, return to the more difficult questions--if you have time.
7. Per the ACT, "your score on the test will be based only on the number of questions you answer correctly"--therefore, answer every question.
8. ACT strategy: familiarize yourself with content of the 4 tests; refresh your knowledge and skills in each area; and know what you haven't had--so you can learn it.
9. A key to doing well on the ACT is practice: do the 4 practice tests in the free booklet Preparing for the ACT--and use a timer on each one!
10. 4 weeks before the ACT: begin your practice by taking the Reading test (p. 34 of Preparing for the ACT); use a timer/watch.
11. On the ACT Reading test, there are 40 questions to finish in 35 minutes, which means you have less than 60 seconds per answer--so work fast!
12. The ACT Reading test asks what is explicitly stated in several texts as well as implicit meanings; hence, refer back to the passages often.
13. The ACT Reading test is based on four types of reading selections: social studies, natural sciences, prose fiction, and the humanities.
14. There will be four passages in the ACT Reading test; scan the questions for each selection before reading so you'll know what's being asked.
15. 3 weeks before the ACT: continue your practice by taking the English test (p. 14 of Preparing for the ACT); use a timer/watch.
16. On the ACT English test, there are 75 questions to finish in 45 minutes--which means, on average, 36 seconds per answer, so read/work fast!
17. The ACT English tests on punctuation, grammar/usage, sentence structure, strategy, organization, & style--but not on spelling & vocabulary.
18. The ACT English has five essays to read, followed by multiple choice questions--about an underlined portion, section, or the entire passage.
19. On ACT English, before you answer a question on an underlined portion, read what is underlined; if it is the best answer, mark "NO CHANGE."
20. 2 weeks before the ACT: continue your practice by taking the Math test (p. 26 of Preparing for the ACT); use a timer/watch.
21. On the ACT Math test, there are 60 questions to finish in 60 minutes--which means, on average, 1 minute per answer, so read and work fast!
22. ACT Math tests on pre-algebra, elementary algebra, intermediate algebra, coordinate geometry, plane geometry, and trigonometry--so review!
23. All the ACT Math problems can be solved without using a calculator--in fact, some are best done without one; hence, choose when to use it!
24. On ACT Math, solve the problem, locate your solution among the answer choices, make sure your answer is reasonable--then, check your work!
25. 5 days before the ACT: continue practicing by taking the Science test (p. 42 of Preparing for the ACT); use a timer/watch.
26. 4 days before the ACT: the Science test is 40 questions in 35 minutes--which means less than 1 minute per answer: work fast!
27. 3 days before the ACT: the ACT Science tests on biology, chemistry, physics, and the Earth/space sciences--so get set!
28. 2 days before the ACT: the ACT Science test emphasizes scientific reasoning skills over recall of scientific content.
29. 1 day before the ACT: remember to bring your admission ticket, acceptable ID, #2 pencils w/ erasers, watch, and basic calculator.
30. If you took the ACT, exhale; if you didn't, make certain you register by the next regular deadline.
Friday, November 27, 2009
18. MVCAP Contact Information
To learn more about the MVCAP, contact/consult the following:
Dr. Joe Rottenborn
Executive Director
Mahoning Valley College Access Program (MVCAP)
Offices:
KSU Salem: 330-337-4214
YSU: 330-941-7477
KSU Trum: 330-675-7602 jrottenb@kent.edu
Facebook: MVCAP Financial-Aid Friends http://www.facebook.com/home.php?#/group.php?gid=126580419181
Dr. Joe Rottenborn
Executive Director
Mahoning Valley College Access Program (MVCAP)
Offices:
KSU Salem: 330-337-4214
YSU: 330-941-7477
KSU Trum: 330-675-7602 jrottenb@kent.edu
Facebook: MVCAP Financial-Aid Friends http://www.facebook.com/home.php?#/group.php?gid=126580419181
Twitter: http://twitter.com/rottenbornj
YouTube: http://www.youtube.com/user/THEMVCAP
Blogspot: http://mvcap.blogspot.com/
YouTube: http://www.youtube.com/user/THEMVCAP
Blogspot: http://mvcap.blogspot.com/
17. MVCAP Board of Directors
Members of the Board of Directors for the Mahoning Valley College Access Program (MVCAP) are the following:
Paul Dutton, President
John Taylor, Vice-President
Charles Jarvis, Treasurer
Lynn Gibson, Secretary
Karen Abrams
Patty Brozik
Mike Craig
Dennis Mangan
David Sabine
Stephanie Shaw
Clarence Smith, Dave Heilman, Diane Sauer, Don Cagigas, Bill Bresnahan, and Al Brant are Honorary Founding Trustees.
Paul Dutton, President
John Taylor, Vice-President
Charles Jarvis, Treasurer
Lynn Gibson, Secretary
Karen Abrams
Patty Brozik
Mike Craig
Dennis Mangan
David Sabine
Stephanie Shaw
Clarence Smith, Dave Heilman, Diane Sauer, Don Cagigas, Bill Bresnahan, and Al Brant are Honorary Founding Trustees.
16. How Much Will College Cost Me?
Remember the airplane-flight analogy: on average, 60 different fares per flight!
Each college or university sets its “sticker price.”
Like buying a new car, you may or may not have to pay the “sticker price.”
Determining your Cost at a particular College or University
1. Total Cost of Attendance (C of A)—Which may include the following:
· Tuition and fees—rising by 3-10%/yr.
· Books/Supplies—average $100 per course/yr. (5 courses in Sem. I + 5 courses in Sem. II = 10 courses x $100 = $1,000/yr.)
· Transportation—driving/flying to and from campus; gasoline; parking fees; fares
· Room and Board—vary by college; estimate an additional $7,000/yr.
· Student Health Insurance
· Other Expenses— food & drink; entertainment (games, movies, concerts, cable TV, music downloads, etc.); laundry/dry cleaning; toiletries; internet access; credit-card interest; cell phone (estimate $50/mo. = $600/yr.); decorating dorm room (average $1,200/yr.)
2. Minus Expected Family Contribution (EFC)— Based on FAFSA responses
· What was your adjusted gross income for 200_?
· As of today, what is your total current balance of cash, savings, and checking accounts?
· As of today, what is the net worth of your investments, including real estate (not your home)?
· As of today, what is the net worth of your current businesses and/or investment farms? Do not include a farm that you live on and operate.
3. Equals Financial Need (= Aid Eligibility)
4. Minus Federal Pell Grant— to qualify, your EFC must be < $4,000 ($5,350/yr. max)
5. Minus Academic Competitiveness Grant— $750/$1,300/yr.
6. Minus Ohio College Opportunity Grant—up to $1,008/$2,256; to qualify, your EFC must be < $2,200
7. Minus Federal Work Study—generally, up to $2,500/yr. for working up to 20 hrs/wk
8. Minus Merit Aid—any institutional scholarships or discounts
9. Minus Federal Stafford Loan—subsidized/unsubsidized ($5,500/$6,500/$7,500/yr.)
10. Plus Expected Family Contribution (EFC)—Based on FAFSA responses
11. Equals “Out-of-Pocket” Amount—The check you must write--often indicating a “financial-need gap,” which may have to be met by a Federal PLUS loan or private loans
12. Calculate “Loan-Debt”—For student and parent(s) Student (Stafford @ fixed 5.6%/yr.; max: $5,500+$6,500+$7,500+$7,500=$27,000; Perkins @ fixed 5%/yr.) Parent (PLUS @ fixed 7.9%/yr.; max: C of A – other aid)
Each college or university sets its “sticker price.”
Like buying a new car, you may or may not have to pay the “sticker price.”
Determining your Cost at a particular College or University
1. Total Cost of Attendance (C of A)—Which may include the following:
· Tuition and fees—rising by 3-10%/yr.
· Books/Supplies—average $100 per course/yr. (5 courses in Sem. I + 5 courses in Sem. II = 10 courses x $100 = $1,000/yr.)
· Transportation—driving/flying to and from campus; gasoline; parking fees; fares
· Room and Board—vary by college; estimate an additional $7,000/yr.
· Student Health Insurance
· Other Expenses— food & drink; entertainment (games, movies, concerts, cable TV, music downloads, etc.); laundry/dry cleaning; toiletries; internet access; credit-card interest; cell phone (estimate $50/mo. = $600/yr.); decorating dorm room (average $1,200/yr.)
2. Minus Expected Family Contribution (EFC)— Based on FAFSA responses
· What was your adjusted gross income for 200_?
· As of today, what is your total current balance of cash, savings, and checking accounts?
· As of today, what is the net worth of your investments, including real estate (not your home)?
· As of today, what is the net worth of your current businesses and/or investment farms? Do not include a farm that you live on and operate.
3. Equals Financial Need (= Aid Eligibility)
4. Minus Federal Pell Grant— to qualify, your EFC must be < $4,000 ($5,350/yr. max)
5. Minus Academic Competitiveness Grant— $750/$1,300/yr.
6. Minus Ohio College Opportunity Grant—up to $1,008/$2,256; to qualify, your EFC must be < $2,200
7. Minus Federal Work Study—generally, up to $2,500/yr. for working up to 20 hrs/wk
8. Minus Merit Aid—any institutional scholarships or discounts
9. Minus Federal Stafford Loan—subsidized/unsubsidized ($5,500/$6,500/$7,500/yr.)
10. Plus Expected Family Contribution (EFC)—Based on FAFSA responses
11. Equals “Out-of-Pocket” Amount—The check you must write--often indicating a “financial-need gap,” which may have to be met by a Federal PLUS loan or private loans
12. Calculate “Loan-Debt”—For student and parent(s) Student (Stafford @ fixed 5.6%/yr.; max: $5,500+$6,500+$7,500+$7,500=$27,000; Perkins @ fixed 5%/yr.) Parent (PLUS @ fixed 7.9%/yr.; max: C of A – other aid)
15. Need-Based Aid
Determined by responses on the Free Application for Federal Student Aid (FAFSA), which should be filed online by February 1 and must be filed again each year.
Expected Family Contribution (EFC)—How much the Federal formula calculates a student and parent(s) can pay for college
Types of Financial Aid
1. Grants—do not have to be repaid (“gift aid”); Pell increased by The College Cost Reduction and Access Act (CCRAA), recently passed by Congress and signed by President Bush.
Federal Pell Grant—If EFC is $0, (maximum) Pell Grant amount is $5,350/yr.—but, if EFC is $4,000 or higher, Pell Grant amount is $0/yr.
Academic Competitiveness Grant (ACG)—A student who completes a rigorous high school curriculum (defined as 4 yrs. English, 3 yrs. math, 3 yrs. science, 3 yrs. social studies, and 1 yr. of a foreign language) can receive an additional Pell grant amount.
Ohio College Opportunity Grant (OCOG)—If EFC is $0 (with a family income level of $75,000/yr.), OCOG is
$1,008/yr. at a public college or university
$2,256/yr. at a private, non-profit college or university
$0/yr. at a private, for profit (proprietary) institution
But, if EFC is $2,191, OCOG is $0.
Therefore, if EFC is 0, $5,350 Pell Grant + $1,008 OCOG = $6,358/yr.
2. Federal Work Study—In exchange for work in a campus job, a student gets paid, up to approximately $2,500/yr.
3. Federal Loans
Federal Stafford Loan—subsidized (current fixed interest rate is 5.6%, cut by CCRAA on 7/1/08 and, eventually, to 3.4% in July 2011) or unsubsidized (6.8%)
Federal Perkins Loan (current fixed interest rate is 5.0%)
Federal PLUS Loan (Parent Loans for Undergraduate Students)—Parents who qualify can borrow up to the total annual cost minus other aid received, with 10 yrs. to repay; current fixed interest rate is 7.9% (+ fee of up to 4% of loan)
Private Loans—at a higher (9.0+%), often variable, rate of interest
Expected Family Contribution (EFC)—How much the Federal formula calculates a student and parent(s) can pay for college
Types of Financial Aid
1. Grants—do not have to be repaid (“gift aid”); Pell increased by The College Cost Reduction and Access Act (CCRAA), recently passed by Congress and signed by President Bush.
Federal Pell Grant—If EFC is $0, (maximum) Pell Grant amount is $5,350/yr.—but, if EFC is $4,000 or higher, Pell Grant amount is $0/yr.
Academic Competitiveness Grant (ACG)—A student who completes a rigorous high school curriculum (defined as 4 yrs. English, 3 yrs. math, 3 yrs. science, 3 yrs. social studies, and 1 yr. of a foreign language) can receive an additional Pell grant amount.
Ohio College Opportunity Grant (OCOG)—If EFC is $0 (with a family income level of $75,000/yr.), OCOG is
$1,008/yr. at a public college or university
$2,256/yr. at a private, non-profit college or university
$0/yr. at a private, for profit (proprietary) institution
But, if EFC is $2,191, OCOG is $0.
Therefore, if EFC is 0, $5,350 Pell Grant + $1,008 OCOG = $6,358/yr.
2. Federal Work Study—In exchange for work in a campus job, a student gets paid, up to approximately $2,500/yr.
3. Federal Loans
Federal Stafford Loan—subsidized (current fixed interest rate is 5.6%, cut by CCRAA on 7/1/08 and, eventually, to 3.4% in July 2011) or unsubsidized (6.8%)
Federal Perkins Loan (current fixed interest rate is 5.0%)
Federal PLUS Loan (Parent Loans for Undergraduate Students)—Parents who qualify can borrow up to the total annual cost minus other aid received, with 10 yrs. to repay; current fixed interest rate is 7.9% (+ fee of up to 4% of loan)
Private Loans—at a higher (9.0+%), often variable, rate of interest
14. Merit Aid
Decided by each college or university, based on its own applicant pool
Usually called a “scholarship”—though, often, a discount on the price to be paid
Common Criteria for Merit Aid
1. Grade-Point Average (GPA)—“The higher, the better!”
The rigor of courses on a student’s high school transcript is determined by:
The more Advanced Placement (AP) courses taken, the more rigorous the curriculum is regarded.
The more higher-level courses in math and lab science taken, the more rigorous the curriculum is regarded.
2. Class Rank— “The higher, the better!”
The larger a senior class, the more impressive a high class rank is.
The higher-achieving a school is, the more impressive a high class rank is.
3. ACT Composite Score— “The higher, the better!”
ACT scores range from 0 to 36; the national average is approximately 21.
A student’s score is compared to the state and national averages.
A score in the 30s put a student’s score in the highest 5% of test-takers.
4. Distinctions
Academic
Arts
Leadership in extracurriculars
5. Under-representation
6. Division I recruited athlete—particularly, in a major revenue-producing sport
1% of all U.S. athletes will receive a Division I “full ride” grant-in-aid.
Usually called a “scholarship”—though, often, a discount on the price to be paid
Common Criteria for Merit Aid
1. Grade-Point Average (GPA)—“The higher, the better!”
The rigor of courses on a student’s high school transcript is determined by:
The more Advanced Placement (AP) courses taken, the more rigorous the curriculum is regarded.
The more higher-level courses in math and lab science taken, the more rigorous the curriculum is regarded.
2. Class Rank— “The higher, the better!”
The larger a senior class, the more impressive a high class rank is.
The higher-achieving a school is, the more impressive a high class rank is.
3. ACT Composite Score— “The higher, the better!”
ACT scores range from 0 to 36; the national average is approximately 21.
A student’s score is compared to the state and national averages.
A score in the 30s put a student’s score in the highest 5% of test-takers.
4. Distinctions
Academic
Arts
Leadership in extracurriculars
5. Under-representation
6. Division I recruited athlete—particularly, in a major revenue-producing sport
1% of all U.S. athletes will receive a Division I “full ride” grant-in-aid.
13. MVCAP Implements Online Advising
A $20,000 Invest in Success grant, awarded by the Ohio College Access Network, has enabled the Mahoning Valley College Access Program (MVCAP) to begin advising students—and their parents—online during 2009-2010.
Specifically, each school day, the MVCAP posts messages via three online devices:
a. First, a 140-character message—relating to college admissions or financial aid--is posted on the website Twitter.com; students, parents, and guidance counselors can read these “tweets” if they just search for rottenbornj and become followers;
b. Next, that same message is sent to all MVCAP student advisees currently registered, through an individual advising session, via e-mail using the website PrepHQ.com; and
c. Finally, that message is posted on Facebook.com at the group MVCAP Financial-Aid Friends. That site also contains a discussion board (with links to pertinent news articles on college admissions and financial aid), photos, and virtual events. Any student, parent, or guidance counselor with a Facebook account is invited to become a member of this group.
Currently, daily messages are being sent to over 700 seniors in the MVCAP’s PrepHQ database and approximately 150 sophomores. In the second semester of the 2009-10 school year, juniors and freshmen will also begin receiving daily messages.
Specifically, each school day, the MVCAP posts messages via three online devices:
a. First, a 140-character message—relating to college admissions or financial aid--is posted on the website Twitter.com; students, parents, and guidance counselors can read these “tweets” if they just search for rottenbornj and become followers;
b. Next, that same message is sent to all MVCAP student advisees currently registered, through an individual advising session, via e-mail using the website PrepHQ.com; and
c. Finally, that message is posted on Facebook.com at the group MVCAP Financial-Aid Friends. That site also contains a discussion board (with links to pertinent news articles on college admissions and financial aid), photos, and virtual events. Any student, parent, or guidance counselor with a Facebook account is invited to become a member of this group.
Currently, daily messages are being sent to over 700 seniors in the MVCAP’s PrepHQ database and approximately 150 sophomores. In the second semester of the 2009-10 school year, juniors and freshmen will also begin receiving daily messages.
12. MVCAP Activities in 2009-2010
Financial-aid advisors from the Mahoning Valley College Access Program (MVCAP) are providing information on college admissions and financial-aid to high school students at Warren G. Harding, Youngstown Chaney, Youngstown East, Youngstown Early College, Salem High, and the Columbiana County Career & Technical Center. More than 900 students and parents/guardians will be assisted in filing admission applications and the Free Application for Federal Student Aid (FAFSA).
To promote early awareness of college, books entitled I Know I Can are provided to Youngstown City Schools’ elementary pupils; contributions from the Frank and Pearl Gelbman Charitable Foundation and the Great Lakes Educational Loan Guaranty Corporation finance these books.
MVCAP offices—in Trumbull County at Kent State Trumbull, in Mahoning County at Youngstown State, and in Columbiana County at KSU Salem—are provided gratis by the Valley’s public universities.
To promote early awareness of college, books entitled I Know I Can are provided to Youngstown City Schools’ elementary pupils; contributions from the Frank and Pearl Gelbman Charitable Foundation and the Great Lakes Educational Loan Guaranty Corporation finance these books.
MVCAP offices—in Trumbull County at Kent State Trumbull, in Mahoning County at Youngstown State, and in Columbiana County at KSU Salem—are provided gratis by the Valley’s public universities.
11. MVCAP Enters 8th Year of Service
Started up on January 1, 2002, the Mahoning Valley College Access Program promotes early college awareness through KnowHow2GOOhio.org and provides financial-aid advisors in Valley high schools to guide students and their parents through the maze of applications and forms—like the FAFSA.
The MVCAP is one of 36 local college access programs affiliated with the Ohio College Access Network (OCAN), whose goal it is to help high school graduates in our state pursue a postsecondary education. The Mahoning Valley College Access Program provides services at no cost to schools, students, or parents in Trumbull, Columbiana, and Mahoning Counties from its offices at the KSU Trumbull and Salem campuses as well as at Youngstown State University.
The MVCAP is a nonprofit, tax-exempt organization under Section 501 (c) (3) of the Internal Revenue Code. If you wish to support the Mahoning Valley College Access Program through a tax-exempt, charitable contribution, please contact the MVCAP for details.
The MVCAP is one of 36 local college access programs affiliated with the Ohio College Access Network (OCAN), whose goal it is to help high school graduates in our state pursue a postsecondary education. The Mahoning Valley College Access Program provides services at no cost to schools, students, or parents in Trumbull, Columbiana, and Mahoning Counties from its offices at the KSU Trumbull and Salem campuses as well as at Youngstown State University.
The MVCAP is a nonprofit, tax-exempt organization under Section 501 (c) (3) of the Internal Revenue Code. If you wish to support the Mahoning Valley College Access Program through a tax-exempt, charitable contribution, please contact the MVCAP for details.
10. MVCAP 2009 Last-Dollar Scholarships
The MVCAP awarded 14 Last-Dollar Scholarships of $1,000 on August 7, 2009, to help graduating seniors cut their unmet need to attend the college of their choice. Awardees were the following:
Andrew Kamer Warren G. Harding H.S. U. of Akron
Greg S. Snead Warren G. Harding H.S. U. of Cincinnati
Jahmarra L. Warfield Warren G. Harding H.S. Ohio State
Tyler R. Williams Warren G. Harding H.S. Youngstown State
Chris A. Williams Warren G. Harding H.S. Slippery Rock
Mariah N. Bailey Warren G. Harding H.S. Youngstown State
Lisette E. Encarnacion Chaney H.S. U. of Akron
Curtis D. Woods East H.S. Youngstown State
Kyonia’ M. Johnson East H.S. Kent State
Christopher M. Hughes Boardman H.S. Indiana U. of PA
Caitlin M. Potts Boardman H.S. Kent State
Vikki-Marie Seigler Boardman H.S. Kent State
Kaitlyn C. Stephens Boardman H.S. Ohio State
Alexis L. Wallace Boardman H.S. Walsh U.
A video of MVCAP Last-Dollar Scholarship recipients’ speeches can be seen at this website:http://www.youtube.com/user/THEMVCAP
Andrew Kamer Warren G. Harding H.S. U. of Akron
Greg S. Snead Warren G. Harding H.S. U. of Cincinnati
Jahmarra L. Warfield Warren G. Harding H.S. Ohio State
Tyler R. Williams Warren G. Harding H.S. Youngstown State
Chris A. Williams Warren G. Harding H.S. Slippery Rock
Mariah N. Bailey Warren G. Harding H.S. Youngstown State
Lisette E. Encarnacion Chaney H.S. U. of Akron
Curtis D. Woods East H.S. Youngstown State
Kyonia’ M. Johnson East H.S. Kent State
Christopher M. Hughes Boardman H.S. Indiana U. of PA
Caitlin M. Potts Boardman H.S. Kent State
Vikki-Marie Seigler Boardman H.S. Kent State
Kaitlyn C. Stephens Boardman H.S. Ohio State
Alexis L. Wallace Boardman H.S. Walsh U.
A video of MVCAP Last-Dollar Scholarship recipients’ speeches can be seen at this website:http://www.youtube.com/user/THEMVCAP
9. Results from the Class of 2004
A frequent query made of nonprofit organizations, particularly by foundations and other prospective funders, remains “How effective is your program?” As it relates to college access programs in Ohio, results can be expressed in a number of ways--most simply, perhaps, as the percentage of advisees which matriculates to post-secondary education and the percentage that graduates (with either a 2- or 4-year degree.)
To determine the impact of advising by our Mahoning Valley College Access Program (MVCAP), we submitted names from our electronic database (in the software Prep HQ) of former advisees in the Class of 2004—the first we had loaded online—to the Ohio College Access Network (OCAN) to check matriculation and graduation rates with the National College Clearinghouse data. OCAN Vice-President Mayme Patthoff and Dan Valerian, computer consultant for OCAN, facilitated this analysis.
Of the 568 advisees in that class, 389 (68.49%) matriculated. (This figure is consistent with the approximately 70% of students which indicated a desire to pursue higher education in the self-reported Senior Survey on Prep HQ we have collected from advisees in graduating classes over the last three years.)
From the total number of advisees, 78 (13.73%) had already graduated college in 4 years: 73 had earned 4-year degrees, while 5 completed two-year degrees. Furthermore, of the 17 students who received an MVCAP Last-Dollar Scholarship of $1,000 on August 11, 2004, 7 (41.17%) had graduated four years later. The largest number of our advisees had graduated from Youngstown State University (20), with 14 others receiving degrees from The Ohio State University and 8 from Kent State.
Other colleges from which more than one Class of 2004 MVCAP advisee had graduated included the following:
Miami University (4);
Bowling Green State University (3);
Hiram College (3);
the University of Toledo (3); Mount Union College (2);
Walsh University (2); Westminster College (2); and
the University of Northwest Ohio (2).
In addition, one former MVCAP advisee graduated from each of these colleges:
Davis and Elkins;
Elgin Community College; Howard University;
ITT;
John Carroll University; Morehouse College;
Ohio Dominican University;
Ohio University;
Point Park University;
Stark State College of Technology;
the University of Akron;
the University of Kentucky; and the University of Phoenix.
Importantly, many of the other matriculants continue working toward their degree. Indeed, another 190 MVCAP advisees from the Class of 2004 were enrolled during the most recent, completed calendar year of 2008. (Eighty-one advisees were still enrolled at Youngstown State, 29 were students at Kent State, and 13 were yet in residence at Ohio State.) Therefore, the sum of 2004 advisees who had already received degrees (78) plus those still enrolled in 2008 (190) was 268--47.18% of the total number of 568 advisees. Therefore, the likelihood that MVCAP advisees from the high school graduating class of 2004 would have graduated or still be in college four years later approached 1 in 2.
Other statistical analyses examined certain high school data (including grade-point average and ACT composite score) for both the college graduates and the non-degreed former MVCAP advisees from the Class of 2004 who were still enrolled in college during 2008.
For those 78 students who had already earned their two- or four-year degree in 2008, the average GPA was 3.58; the average ACT composite score was 23.47. (Indeed, for these graduates, only 5 had GPAs lower than 3.0 and but 9 had ACT composites lower than 20.) For those students who had not yet earned their two- or four year degree in 2008, but who were still enrolled in college, the average GPA was 3.08; the average ACT composite score was 20.68.
These findings seem to suggest what might be viewed as a “common-sense” hypothesis: those high school graduates who matriculate and continue in pursuit of their degree will have been “good students” in high school; those who graduate from college in four years will have been even stronger students in high school.
To determine the impact of advising by our Mahoning Valley College Access Program (MVCAP), we submitted names from our electronic database (in the software Prep HQ) of former advisees in the Class of 2004—the first we had loaded online—to the Ohio College Access Network (OCAN) to check matriculation and graduation rates with the National College Clearinghouse data. OCAN Vice-President Mayme Patthoff and Dan Valerian, computer consultant for OCAN, facilitated this analysis.
Of the 568 advisees in that class, 389 (68.49%) matriculated. (This figure is consistent with the approximately 70% of students which indicated a desire to pursue higher education in the self-reported Senior Survey on Prep HQ we have collected from advisees in graduating classes over the last three years.)
From the total number of advisees, 78 (13.73%) had already graduated college in 4 years: 73 had earned 4-year degrees, while 5 completed two-year degrees. Furthermore, of the 17 students who received an MVCAP Last-Dollar Scholarship of $1,000 on August 11, 2004, 7 (41.17%) had graduated four years later. The largest number of our advisees had graduated from Youngstown State University (20), with 14 others receiving degrees from The Ohio State University and 8 from Kent State.
Other colleges from which more than one Class of 2004 MVCAP advisee had graduated included the following:
Miami University (4);
Bowling Green State University (3);
Hiram College (3);
the University of Toledo (3); Mount Union College (2);
Walsh University (2); Westminster College (2); and
the University of Northwest Ohio (2).
In addition, one former MVCAP advisee graduated from each of these colleges:
Davis and Elkins;
Elgin Community College; Howard University;
ITT;
John Carroll University; Morehouse College;
Ohio Dominican University;
Ohio University;
Point Park University;
Stark State College of Technology;
the University of Akron;
the University of Kentucky; and the University of Phoenix.
Importantly, many of the other matriculants continue working toward their degree. Indeed, another 190 MVCAP advisees from the Class of 2004 were enrolled during the most recent, completed calendar year of 2008. (Eighty-one advisees were still enrolled at Youngstown State, 29 were students at Kent State, and 13 were yet in residence at Ohio State.) Therefore, the sum of 2004 advisees who had already received degrees (78) plus those still enrolled in 2008 (190) was 268--47.18% of the total number of 568 advisees. Therefore, the likelihood that MVCAP advisees from the high school graduating class of 2004 would have graduated or still be in college four years later approached 1 in 2.
Other statistical analyses examined certain high school data (including grade-point average and ACT composite score) for both the college graduates and the non-degreed former MVCAP advisees from the Class of 2004 who were still enrolled in college during 2008.
For those 78 students who had already earned their two- or four-year degree in 2008, the average GPA was 3.58; the average ACT composite score was 23.47. (Indeed, for these graduates, only 5 had GPAs lower than 3.0 and but 9 had ACT composites lower than 20.) For those students who had not yet earned their two- or four year degree in 2008, but who were still enrolled in college, the average GPA was 3.08; the average ACT composite score was 20.68.
These findings seem to suggest what might be viewed as a “common-sense” hypothesis: those high school graduates who matriculate and continue in pursuit of their degree will have been “good students” in high school; those who graduate from college in four years will have been even stronger students in high school.
8. Self-Help
This is the "other" kind of financial aid--because a student or parent has to pay it back! We may not like it but colleges expect both students and parents to "help themselves" pay for their higher education--hence, the term "self-help." The most common variety consists of a loan--the four-letter word in college financial aid! Loans, of course, must be repaid (with interest), which results in students' loan-debt.
Another kind of self-help is federal work-study--a job (usually, on campus) offered a student in their financial-aid package for which they are paid (often, minimum wage); students can use this money they earn to pay for some of their college expenses.
The good news about self-help is it may enable a student to attend college now--even though they or their parents don't have enough money today to pay for it. And make no mistake: the price of a college education may be high--and getting higher each year. Thus, self-help is the type of financial aid we love to hate--but, oftentimes, couldn't afford to finance a university degree without.
Another kind of self-help is federal work-study--a job (usually, on campus) offered a student in their financial-aid package for which they are paid (often, minimum wage); students can use this money they earn to pay for some of their college expenses.
The good news about self-help is it may enable a student to attend college now--even though they or their parents don't have enough money today to pay for it. And make no mistake: the price of a college education may be high--and getting higher each year. Thus, self-help is the type of financial aid we love to hate--but, oftentimes, couldn't afford to finance a university degree without.
7. Gift-Aid
This is the best kind of financial aid--because a student doesn't have to pay it back! This aid is a gift that reduces the cost of attending a particular college or university. Unfortunately, there never seems to be enough of gift-aid. Nonetheless, there are three types of gift-aid we'll discuss: a) discounts; b) grants; and c) scholarships.
a) Discounts--Until relatively recently, discounts weren't discussed much publicly by colleges. However, discounts were discussed in articles and presentations intended for college admissions and financial-aid personnel. Simply put, a discount is a reduction in the costs--usually, tuition and fees--a student will be charged by a college or university. Consider an automobile analogy: the old adage was "Never pay the sticker price for a new car." Well, with many schools, particularly small, private colleges, the same holds true today. The college will often reduce its costs to enroll your student--depending on how desirable a prospective student the school considers them.
a) Discounts--Until relatively recently, discounts weren't discussed much publicly by colleges. However, discounts were discussed in articles and presentations intended for college admissions and financial-aid personnel. Simply put, a discount is a reduction in the costs--usually, tuition and fees--a student will be charged by a college or university. Consider an automobile analogy: the old adage was "Never pay the sticker price for a new car." Well, with many schools, particularly small, private colleges, the same holds true today. The college will often reduce its costs to enroll your student--depending on how desirable a prospective student the school considers them.
To read Kim Clark's article "Private Colleges Adopt Car Lot Strategy," posted online at U.S. News & World Report on 9/15/10, click this link:
Why is this done? So colleges can enroll the most able students it can. Of course, the most selective universities don't have to discount their tuition and fees because they have more highly-qualified applicants than they can admit already--many of whom are willing to pay "full fare." But less-selective and less well-endowed schools, in competition with other colleges like themselves, use discounting to enroll the students they covet most.
Each college has its own "look-fors" when considering applicants, but most want those with high GPAs in a rigorous high school curriculum as well as high ACT or SAT scores. Some seek high school valedictorians or National Merit Scholars. And for these top students, colleges may be willing to discount their costs significantly.
Why don't schools just reduce tuition "up front," by simply cutting their "sticker price"? Because then applicants who lack high GPAs and test scores but who desire to enroll--and can pay "full fare"--may be admitted to enhance revenue. Sound like a business? Maybe that's why many colleges now call their "Office of Admissions" by the more modern--and, perhaps, more accurate--label of "Enrollment Management."
b) Grants--Grants are reductions in college costs based on the financial need of an applicant--as indicated by their Expected Family Contribution (EFC), derived from their parents' responses on the FAFSA. The best grants are the Federal Pell and state grants based on an applicant's EFC. The lower a student's EFC, the higher their grant can be. In 2009, the maximum Pell Grant awarded was $5,350 per year to a student whose EFC was less than $100. To use the Ohio College Opportunity Grant (OCOG) as an example of a state grant, its maximum in 2009 was approximately $1,008 per year. When you add these two grants together (= $6,358), a student could finance much of his or her tuition and fees at some states' public institutions--if they commuted and did not have to pay the $7,000-$8,000 per year for room and board. The problem with the Pell Grant is it doesn't now cover room and board charges at most public universities and doesn't even come close to paying for tuition and fees--let alone room and board--at nearly all private schools.
c) Scholarships--Scholarships are cuts in college costs based on merit--usually defined as high GPA and ACT or SAT scores. But, you say, that sounds like a discount, which we've already discussed. Ah, you're getting the idea. Many of those "scholarships" students receive from colleges and universities are, in fact, discounts--that is, reductions in costs rather than money going from the school to the student. (Notice here that we're not talking about the scholarships awarded by local organizations or community groups, which are money going to the students--and then to the college.) Many colleges have established a whole hierarchy of scholarships: President's, Deans', and department awards are common examples. Some scholarships are actually funded by interest from contributions to the college's endowment (i.e., investment principal) made by the people whose name they commemorate. But many university scholarships--particularly those to, say, "cheerleaders," "class presidents," etc.--are simply cuts in college costs--not "money" the student will receive.
Well, that's "gift aid" in a nutshell. If it sounds "nutty," I can't help it: college financial aid today sometimes does seem crazy!
6. Financial-Aid Package
This is what you've been waiting for. The financial-aid package is what the college offers to help a student finance his or her college expenses. As we've said before, the Expected Family Contribution (EFC), listed on the U.S. Department of Education Student Aid Report (SAR) you receive after filing the Free Application for Federal Student Aid (FAFSA), goes a long way toward determining how large your "package" is and what it will contain. At the very least, the EFC makes you eligible for a Federal Pell Grant in your financial-aid package; at the most, the EFC will help establish what your out-of-pocket expenses will be for the year and whether you'll have to borrow money--and the size of such loans to the student or parent.
At many universities, other factors also influence the size and composition of the financial-aid package; among these are a student's grade-point average (GPA), scores on the ACT or SAT, and "special characteristics. Here's a brief comment on each factor--since a more complete discussion will follow:
a. GPA--Generally speaking, the higher the GPA (relative to other students who apply and are admitted to a particular college or university), the better--that is bigger and more free--the financial-aid package will be.
b. ACT or SAT scores--Some colleges will award scholarships (i.e., discount their costs) based on these scores. Typically, ACT scores of at least 30-32 (of 36) and SAT scores of at least 1300-1400 (of 1600) will pay off as students will be awarded more money in grants as opposed to loans.
c. "Special Characteristics"--Included here would be athletic prowess, the ethnicity of an applicant, and particular academic/musical/artistic abilities. Indeed, some colleges and universities use different criteria for admission and financial aid if a student is a recruited athlete or an under-represented minority.
Some colleges use a graph with GPA and ACT/SAT scores on the vertical and horizontal axis, respectively. The point at which a student's GPA and test scores intersect determines the amount of their discount or scholarship. Under-represented groups at a particular school may be sought to enhance diversity, so financial-aid packages can be made very attractive. Regarding students having particular abilities, the rarer ones (for example, a virtuoso violinist--who can play in the university's orchestra, which just graduated its first-chair violinist--or someone who has had a book published at age 18) can pay off handsomely in admittance and financial aid.
Next, we'll break down a student's financial-aid package into two types of award: gift-aid and self-help.
At many universities, other factors also influence the size and composition of the financial-aid package; among these are a student's grade-point average (GPA), scores on the ACT or SAT, and "special characteristics. Here's a brief comment on each factor--since a more complete discussion will follow:
a. GPA--Generally speaking, the higher the GPA (relative to other students who apply and are admitted to a particular college or university), the better--that is bigger and more free--the financial-aid package will be.
b. ACT or SAT scores--Some colleges will award scholarships (i.e., discount their costs) based on these scores. Typically, ACT scores of at least 30-32 (of 36) and SAT scores of at least 1300-1400 (of 1600) will pay off as students will be awarded more money in grants as opposed to loans.
c. "Special Characteristics"--Included here would be athletic prowess, the ethnicity of an applicant, and particular academic/musical/artistic abilities. Indeed, some colleges and universities use different criteria for admission and financial aid if a student is a recruited athlete or an under-represented minority.
Some colleges use a graph with GPA and ACT/SAT scores on the vertical and horizontal axis, respectively. The point at which a student's GPA and test scores intersect determines the amount of their discount or scholarship. Under-represented groups at a particular school may be sought to enhance diversity, so financial-aid packages can be made very attractive. Regarding students having particular abilities, the rarer ones (for example, a virtuoso violinist--who can play in the university's orchestra, which just graduated its first-chair violinist--or someone who has had a book published at age 18) can pay off handsomely in admittance and financial aid.
Next, we'll break down a student's financial-aid package into two types of award: gift-aid and self-help.
5. EFC
Now we get to the heart of financial need. Once you've filled out and filed the Free Application for Federal Student Aid (FAFSA) and received back from the U.S. Department of Education the Student Aid Report (SAR), you'll know what the federal government's formula computes your family can contribute for one year to send a student to college. That dollar amount is called your Expected Family Contribution (EFC). We've already discussed where to find your EFC on the SAR; if you forget, you can access the previous blog on the SAR. In a nutshell, however, the EFC on an online SAR will be on the screen headed "STUDENT ACCESS on the Web SAR Transactions," which you can access via http://www.fafsa.ed.gov/. On the printed copy of the SAR, which you received after filing the FAFSA online, your EFC will be printed on the front side about 4 inches to the right of where the student's name is printed. On the back side, it will be on the bottom 1/3, under Procesing Results, at the top of the middle column.
As I've indicated, the EFC is used to determine the financial need and eligibility of a student for financial aid. Here is an explanation of the EFC, according to the U.S. Department of Education's pamphlet, The Student Guide: Financial Aid: "The formula used to calculate your EFC is established by law and is used to measure your family's financial strength on the basis of your family's income and assets." Know that it has nothing to do with what you think your family can afford per year--only what the "federal methodology," as it's called, calculates your ability to pay.
As the federal government's pamphlet also states, "If your EFC is below a certain amount, you'll be eligible for a Federal Pell Grant. . . ." Furthermore, as the pamphlet explains, ". . .Your EFC is used in the following equation to determine your financial need:
Cost of Attendance
- Expected Family Contribution (EFC)
= Financial Need."
Put most succinctly, the pamphlet summarizes: "Your financial aid administrator calculates your cost of attendance and subtracts the EFC. If there's anything left over, you're considered to have financial need."
Thus, the EFC is probably the single most important number colleges use to determine your financial need and whether you'll qualify for financial aid. Your EFC will be used by a college to come up with your student's Financial-Aid Package, which we'll discuss next.
As I've indicated, the EFC is used to determine the financial need and eligibility of a student for financial aid. Here is an explanation of the EFC, according to the U.S. Department of Education's pamphlet, The Student Guide: Financial Aid: "The formula used to calculate your EFC is established by law and is used to measure your family's financial strength on the basis of your family's income and assets." Know that it has nothing to do with what you think your family can afford per year--only what the "federal methodology," as it's called, calculates your ability to pay.
As the federal government's pamphlet also states, "If your EFC is below a certain amount, you'll be eligible for a Federal Pell Grant. . . ." Furthermore, as the pamphlet explains, ". . .Your EFC is used in the following equation to determine your financial need:
Cost of Attendance
- Expected Family Contribution (EFC)
= Financial Need."
Put most succinctly, the pamphlet summarizes: "Your financial aid administrator calculates your cost of attendance and subtracts the EFC. If there's anything left over, you're considered to have financial need."
Thus, the EFC is probably the single most important number colleges use to determine your financial need and whether you'll qualify for financial aid. Your EFC will be used by a college to come up with your student's Financial-Aid Package, which we'll discuss next.
Wednesday, November 25, 2009
4. SAR
Once you've filled out and filed the Free Application for Federal Student Aid (FAFSA), you will receive from the U.S. federal government's Department of Education the 2010-2011 Student Aid Report (SAR) Federal Student Aid Programs. The good news about getting the SAR, as it's always called, is there's nothing to fill out and it's not too long a document to read. It displays the printed responses you entered for each of the 100+ blanks on the FAFSA. It also tells you if you qualify for a Federal Pell Grant. Finally, it lists what are called Processing Results.
When you file the FAFSA online (at http://www.fafsa.ed.gov/), you can print your own SAR immediately after submitting your information. If you forget to then, you can access and print your SAR later--as long as you remember your personal information number (PIN) and Social Security Number. (To get a PIN, hit http://www.pin.ed.gov/; to get a Social Security Number, click on http://www.sss.gov/ ). Here's the step-by-step way to go online to print your SAR:
1. Click on http://www.fafsa.ed.gov/
2. On the screen headed "FAFSA on the Web YOUR FREE APPLICATION FOR FEDERAL STUDENT AID," look at the third column of choices, entitled FAFSA Follow-Up. Select the arrow choice Print Student Aid Report.
3. On the screen headed "FAFSA on the Web Print Student Aid Report (SAR)," click on the school year you want the SAR for--probably the 2010-2011 School Year. Click Next.
4. On the screen headed "FAFSA on the Web Print Student Aid Report (SAR)," click Next.
5. On the screen headed "FAFSA on the Web Print Student Aid Report (SAR) Supported Browsers," click Next.
6. On the screen headed "PIN REQUEST & INFORMATION Confirming Your Identity," enter the answer to each of these four questions about your student:
What is your social security number?
What are the first two (2) letters of your last name?
What is your date of birth?
What is your PIN?
Be sure to use the format given in the examples. Now click SUBMIT REQUEST.
7. On the screen headed "STUDENT ACCESS on the Web SAR Transactions," you'll find your Expected Family Contribution (EFC): Bingo!
If you complete and file your FAFSA, you'll usually receive your SAR in less than one month. It will have information on both the front and back sides. On the front side, your EFC will be printed about 4 inches to the right of where the student's name is printed. The last paragraph on the front side will say whether the student is eligible for a Federal Pell Grant. On the back side, your FAFSA responses will be printed on the top 2/3 of the page. On the bottom 1/3, under Procesing Results, your EFC will be printed at the top of the middle column.
The bad news about the SAR provided by the U.S. Department of Education to help colleges determine how much a student (and his/her family) can afford to pay per year is that most students and parents can't make any sense of it! Most important, they don't know where to look for the most important item it gives: the Expected Family Contribution (EFC). That's too bad, because the EFC is used to determine the financial need and eligibility of a student for financial aid. We'll talk about the EFC next.
Suffice it to say now, the SAR is an important document sent directly to the colleges you specified on your FAFSA. They'll use it to determine your financial need and whether you'll qualify for financial aid.
When you file the FAFSA online (at http://www.fafsa.ed.gov/), you can print your own SAR immediately after submitting your information. If you forget to then, you can access and print your SAR later--as long as you remember your personal information number (PIN) and Social Security Number. (To get a PIN, hit http://www.pin.ed.gov/; to get a Social Security Number, click on http://www.sss.gov/ ). Here's the step-by-step way to go online to print your SAR:
1. Click on http://www.fafsa.ed.gov/
2. On the screen headed "FAFSA on the Web YOUR FREE APPLICATION FOR FEDERAL STUDENT AID," look at the third column of choices, entitled FAFSA Follow-Up. Select the arrow choice Print Student Aid Report.
3. On the screen headed "FAFSA on the Web Print Student Aid Report (SAR)," click on the school year you want the SAR for--probably the 2010-2011 School Year. Click Next.
4. On the screen headed "FAFSA on the Web Print Student Aid Report (SAR)," click Next.
5. On the screen headed "FAFSA on the Web Print Student Aid Report (SAR) Supported Browsers," click Next.
6. On the screen headed "PIN REQUEST & INFORMATION Confirming Your Identity," enter the answer to each of these four questions about your student:
What is your social security number?
What are the first two (2) letters of your last name?
What is your date of birth?
What is your PIN?
Be sure to use the format given in the examples. Now click SUBMIT REQUEST.
7. On the screen headed "STUDENT ACCESS on the Web SAR Transactions," you'll find your Expected Family Contribution (EFC): Bingo!
If you complete and file your FAFSA, you'll usually receive your SAR in less than one month. It will have information on both the front and back sides. On the front side, your EFC will be printed about 4 inches to the right of where the student's name is printed. The last paragraph on the front side will say whether the student is eligible for a Federal Pell Grant. On the back side, your FAFSA responses will be printed on the top 2/3 of the page. On the bottom 1/3, under Procesing Results, your EFC will be printed at the top of the middle column.
The bad news about the SAR provided by the U.S. Department of Education to help colleges determine how much a student (and his/her family) can afford to pay per year is that most students and parents can't make any sense of it! Most important, they don't know where to look for the most important item it gives: the Expected Family Contribution (EFC). That's too bad, because the EFC is used to determine the financial need and eligibility of a student for financial aid. We'll talk about the EFC next.
Suffice it to say now, the SAR is an important document sent directly to the colleges you specified on your FAFSA. They'll use it to determine your financial need and whether you'll qualify for financial aid.
3. FAFSA
Perhaps the most important single determiner of your Financial Need for college financial aid is the Free Application for Federal Student Aid, which is always referred to as the FAFSA. The good news about the FAFSA is that it's free; it is also available at http://www.fafsa.ed.gov/, and you file online. That's about all the good news about the FAFSA!
The other news is the FAFSA consists of a form provided by the U.S. federal government's Department of Education to help colleges determine how much a student (and his/her family) can afford to pay per year. A federal formula is used to crunch the numbers you enter. Figures are based on your federal income-tax return for the preceding year.
Section 483 of the Higher Education Act of 1965, as amended, requires the U.S. Secretary of Education to "produce, distribute and process free of charge a common financial form to be used to determine the need and elibibility of a student." The FAFSA is that form.
To fill out the FAFSA, the student and parent will need all of the following:
a. Student Social Security card (Contact http://www.sss.gov/ to get one.);
b. Mother's Social Security card (Contact http://www.sss.gov/ to get one.);
c. Father's Social Security card (Contact http://www.sss.gov/ to get one.);
d. Student Driver's License Number;
e. Student and parents' 2009 Federal Income Tax Return (IRS Form 1040, 1040 EZ, or 1040 A); and
f. Student and parents' records of untaxed income received in 2009, such as social security benefits, welfare, AFDC benefits, worker's compensation benefits, etc.
The FAFSA contains questions divided into four sections:
SECTION 1--STUDENT INFORMATION: Areas include Student Citizenship Status, Marital Status, Selective Service Registration, Student Aid Eligibility Drug Convictions, Highest school your father completed, and Highest school your mother completed. When a student is online, they can add up to 10 colleges on their FAFSA; these colleges will receive the information from their processed FAFSA. A student is generally able to fill out these items.
The other news is the FAFSA consists of a form provided by the U.S. federal government's Department of Education to help colleges determine how much a student (and his/her family) can afford to pay per year. A federal formula is used to crunch the numbers you enter. Figures are based on your federal income-tax return for the preceding year.
Section 483 of the Higher Education Act of 1965, as amended, requires the U.S. Secretary of Education to "produce, distribute and process free of charge a common financial form to be used to determine the need and elibibility of a student." The FAFSA is that form.
To fill out the FAFSA, the student and parent will need all of the following:
a. Student Social Security card (Contact http://www.sss.gov/ to get one.);
b. Mother's Social Security card (Contact http://www.sss.gov/ to get one.);
c. Father's Social Security card (Contact http://www.sss.gov/ to get one.);
d. Student Driver's License Number;
e. Student and parents' 2009 Federal Income Tax Return (IRS Form 1040, 1040 EZ, or 1040 A); and
f. Student and parents' records of untaxed income received in 2009, such as social security benefits, welfare, AFDC benefits, worker's compensation benefits, etc.
The FAFSA contains questions divided into four sections:
SECTION 1--STUDENT INFORMATION: Areas include Student Citizenship Status, Marital Status, Selective Service Registration, Student Aid Eligibility Drug Convictions, Highest school your father completed, and Highest school your mother completed. When a student is online, they can add up to 10 colleges on their FAFSA; these colleges will receive the information from their processed FAFSA. A student is generally able to fill out these items.
SECTION 2--STUDENT DEPENDENCY STATUS: 13 questions are asked; if a student checks (i.e., answers "yes" to) any box (question), he/she will not have to provide parental information: they will be considered "independent" by the FAFSA. If a students checks none of the boxes, they will need to provide parental information in the next section--because they are considered "dependent" by the FAFSA. Note: most students are regarded as "dependent."
SECTION 3--PARENT INFORMATION: (Relates to the parents' income and assets.) Areas include parents' 2009 income tax return, adjusted gross income, other income, additional financial information, and untaxed income.
SECTION 4--STUDENT INFORMATION: (Relates to the student's income and assets.) Areas include student's 2009 income tax return, adjusted gross income, other income, additional financial information, and untaxed income.
Among the most important questions dealing with a student's (and, if married, their spouse's) ability to pay for college are the following:
· In addition to grants, are you interested in student loans (which you must pay back)? Answer "Yes," since you can always decline them later.
· In addition to grants, are you interested in "work-study" (which you earn through work)? Again, answer "Yes," since you can always decline to work later.
· What was your (and spouse's) adjusted gross income for 2009?
· Enter the total amount of your (and spouse's) income tax for 2009.
· How much did you (and spouse) earn from working (wages, salaries, tips, etc.) in 2009?
Among the most important questions asked regarding the student's parents' financial ability to pay are the following:
· What was your parents' adjusted gross income for 2009?
· Enter the total amount of your parents' income tax for 2009.
· How much did your parents earn from working (wages, salaries, tips, etc.) in 2009?
The form requires a student to certify that they understand that "the Secretary of Education has the authority to verify information reported on this application with the Internal Revenue Service and other federal agencies." It also states the penalty for not telling the truth: "If you purposely give false or misleading information, you may be fined $20,000, sent to prison, or both." And you just wanted college financial aid!
The FAFSA is made available after January 1 each year; you should try to submit it by February 1 for priority consideration for financial aid. But to do that, you need to have your income-tax return completed for the previous 12-month period. Thus, you are very busy with the FAFSA during the month of January!
As if filling out and filing the FAFSA isn't taxing enough, some colleges and universities also require students to complete a PROFILE, the financial aid application of the College Board, for non-federal aid. Like the FAFSA, you can complete the PROFILE online (http://profileonline.collegeboard.com/index.jsp).
2. Financial Need
To start, we'll look at the most important factor related to college financial aid: financial need. Suffice it to say that your conception of your own financial need may have little to do with what a college or university regards as your financial need. And therein lies the confusion, misunderstanding, and frustration experienced by many students and parents: you wonder how the college came up with that!
To understand how colleges will view your financial need, we'll address the following six topics:
1. FAFSA (Free Application for Federal Student Aid)
2. SAR (Student Aid Report)
3. EFC (Expected Family Contribution)
4. Financial-Aid Package (put together by the college)
5. Gift- or Merit-Aid (Discounts, Grants, and Scholarships)
6. Self-Help (Loans and Work-Study).
Have a good flight!
To understand how colleges will view your financial need, we'll address the following six topics:
1. FAFSA (Free Application for Federal Student Aid)
2. SAR (Student Aid Report)
3. EFC (Expected Family Contribution)
4. Financial-Aid Package (put together by the college)
5. Gift- or Merit-Aid (Discounts, Grants, and Scholarships)
6. Self-Help (Loans and Work-Study).
Have a good flight!
1. Confused about college financial aid?
Let's start with an airplane analogy. Imagine you are flying from, say, Pittsburgh to San Diego. If your flight has 100 passengers, not everyone pays the same fare. Those who purchased tickets 30 days early likely got a discount; those who bought their tickets online probably saved money; and those who waited until the day of the flight to purchase paid the highest price for their seat on the plane. Plus, those who had enough frequent-flier miles flew for free!
It's a similar situation for college costs. The price each student (or his/her family) pays per year is often different. Generally, however, three factors largely determine how much you'll pay to attend (i.e., to ride on the college airplane!)
These three factors are the "a-b-c" of college financial aid:
a. Financial Need;
b. Grade-Point Average (GPA); and
c. ACT or SAT score(s).
As you’ll soon see, understanding college financial aid is as easy as a-b-c!
It's a similar situation for college costs. The price each student (or his/her family) pays per year is often different. Generally, however, three factors largely determine how much you'll pay to attend (i.e., to ride on the college airplane!)
These three factors are the "a-b-c" of college financial aid:
a. Financial Need;
b. Grade-Point Average (GPA); and
c. ACT or SAT score(s).
As you’ll soon see, understanding college financial aid is as easy as a-b-c!
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