PAYING FOR COLLEGE. Poor Choices Cost You Time & Money

Transcription

1 2/23/17 PAYING FOR COLLEGE What do you need to know now? Poor Choices Cost You Time & Money 1

2 Questions Will Arise WE LL HELP YOU UNDERSTAND Ø Value and Cost of Postsecondary Education Ø Choosing the Right Career & College for You Ø Financial Aid Sources & Types Ø Planning Ahead Ø Impact of Social Media Ø We ll Help 2

3 Value and Cost of Postsecondary Education The Value of Higher Education Source: Current Population Survey, U.S. Department of Labor, U.S. Bureau of Labor Statistics 3

4 Higher Education Debt Ø 70% of college graduates have college-related debt Ø Averages: ª Student loan debt $37,000 ª Monthly payment $350 Ø 50% are surprised by how much they owe Ø Student loan debt is larger than credit card debt Choosing the Right Career & College for You 4

5 Choosing Your Career Ø Investigate career options using free online tools Ø Find out if a career is right for you ª Job Shadowing ª Volunteering Choosing Your School Ø College Navigator ª Variety of search criteria ª Wealth of information ª Find options to fit you For help and link visit: / ChoosingCollege 5

6 Financial Aid Sources & Types Sources of Funds Ø Federal Government Ø State Government Ø College/University Ø Private Donors Ø Family Resources 6

7 Types of Financial Aid Ø Gift Aid ª Scholarships ª Grants Ø Self-Help ª Employment (Work Study) ª Loans ª Savings Scholarships Ø Colleges & Universities ª Need Based vs. Merit Based Ø Local & Community ª Private Businesses ª Community Foundation ª Civic Organizations ª Church Groups ª School Counselor ª Place of Employment Ø FREE National Search Sites 7

8 Scholarship Tips Ø Get Organized ª Scholarship folder ª Create Brag sheet ª Sample essays ª Identify deadlines ª Balance time Ø Beware of scams Spend :me each week searching for scholarships Planning Ahead 8

9 Saving for College College Planning Toolbox Ø Free resource to help you: ª Find the Right College Fit ª Save for College ª Plan your Financial Aid Future /CollegePlanningToolbox 9

10 College Planning Toolbox Ø Walks through key college planning steps based on grade level Ø Cost, savings & aid projections based on specific colleges or general categories Ø Review college information snapshots and save for use in financial center Ø Search for possible scholarships Ø Set reminders for key tasks you need to complete (test dates, scholarship deadlines, etc.) Ø Links to various resources to help through the college planning & funding process Ø Add key elements to each student s record (GPA, test scores, etc.) Saving on & for College Ø Different ways to save on college costs ª Advance Placement (AP) or Dual Credit ª Online vs. Classroom ª Commuting vs. Living on Campus Ø 529 Direct Savings Plan ª 20% tax credit up to $1,000 ª Low Fees and contribution requirements ª Account owner can change beneficiary 10

11 Impact of Social Media Professional Online Presence Ø Appropriate address: Ø Review social media accounts removing ª Inappropriate material ª Anything that may be misinterpreted Ø Be engaging and personal 11

12 Professional Online Presence Ø Do social media decisions make a difference? Evaluation of Scholarship Applicants Ø Scholarship providers indicated the following about reviewing an applicant s online presence: ª To determine whether the applicant demonstrates good judgment (58%) ª To get to know the applicant better (42%) Ø Scholarship providers review of online content ª 25% of scholarship providers selected an applicant ª 33% denied an applicant a scholarship Survey of 300 National Scholarship Providers Association (NSPA) members who provide more than $1 Billion in scholarships 12

13 Evaluation of Scholarship Applicants We ll Help! 13

14 INvestEd on Social Media Ø Facebook ª Facebook.com/INvestEdIndiana Ø Twitter Ø Others ª Instagram Instagram.com/INvestEdIndiana ª Pinterest Pinterest.com/INvestEdIndiana 14

15 Connect with us anytime! Robert Sommers