Transcript Welcome to Intro to Financial Aid for Juniors

Junior year-to-date

October Junior College Night

November Juniors took PSAT

November Christian College & College & Career Fair

Course registration for Senior year

Fall college representative visits – 180+

Junior Guidance: Tour of Counseling Center, College
Knowledge, PSAT & How Colleges Select Students,
MyCollegeQuickStart, You & the Internet
On the Horizon…




April 12-National College Fair
Convention Center: 5-8 p.m.
Spring College Representative Visits
(Check KS website)!
Take SAT and/or ACT
May or June of Junior Year
Guidance classes continue on Healthy
Relationships & Planning for Senior Year
WHY is it important to learn about
Financial Aid NOW??



So your ‘ohana doesn’t get fixated on the cost
alone as your child begins to look into & research
colleges
So your ‘ohana can have informed conversations
and make informed decisions
So you can help calm one another down!
Gift Aid
 Grants
 Scholarships
Self-Help Aid
 Loans
 Federal Work Study
 The
major responsibility for paying for a child’s
education belongs to the parent and child.
 Parents’
ability to pay, not willingness to pay,
is what’s measured by needs analysis.
A
family’s college contribution (EFC) is typically the
second largest expense after their mortgage…

There ARE monies available for families with
demonstrated financial need…
Who are willing to share their financial
information with the federal government and
colleges…


AND provide their financial information on
standardized FORMS…

By the DEADLINE!
“Of course we’re saving for college. So far we can
afford to send him for 23 days, 12 hours and 32
minutes.”
 Federal
Government
 State Government
 Institution or School
 Private sources
 Civic organizations and
churches
 Employers
$FFree
Application for
Federal
Student
Aid
$ CSS Profile (www.collegeboard.com)

Web site: www.fafsa.ed.gov
 Parent’s
Income & Assets
 Student’s
 Size
Income & Assets
of Household
 Number
 Special
in College (NOT including parents)
Circumstances
= Expected Family Contribution (EFC)
FAFSA on the Web
Reasons to file electronically:








Built-in edits prevent costly errors
Skip-logic allows student and/or parent to skip
(& never see) unnecessary questions
IRS Data Retrieval
More timely submission of original application
and any necessary corrections
More detailed instructions and “help” for
common questions
Ability to check application status on-line
Simplified renewal application process
Easy access to SAR (Student Aid Report)









EFC, as determined by Federal Methodology, on SAR
EFC ranges from 0000-$99,999
EFC divides by number of students in college
FAFSA results available to student and the college(s)
YOU listed.
SAR requested by some scholarship programs
College reviews the results & may request additional
documentation (such as a federal tax abstract).
College notifies student of aid eligibility.
Student & family accepts OR declines funding.
Aid is disbursed to school and student.
1.
Tuition & Fees
2.
Room & Board
3.
Books & Supplies
4.
Transportation
5.
Personal/Miscellaneous
= Cost of Attendance (COA)
COA
-EFC
= Need
COA: Cost of Attendance
EFC: Expected Family Contribution
Total Cost
- EFC
= NEED
Mainland Mainland
Local
Private
Public
Public
$60,000
$30,000
$20,000
15,000
15,000
15,000
45,000
15,000
5,000
Financial Aid Package
Grant
40,000
Loan
2,500
Work
2,500
Total
45,000
0
5,000
2,000
7,000
0
5,000
0 0
5,000
EFC Calculator

Use FAFSA4caster to estimate just your
Expected Family Contribution (EFC).
www.fafsa4caster.ed.gov/
Net Price Calculator
The Goal: To help you better understand and compare college costs.
How: You provide information about your family's finances on college websites.
You Get: An estimate of the need-based financial aid you may qualify for, AND
an estimate of what your family would have to contribute toward college costs.
Keep In Mind: Many calculators give you estimates only of need-based aid.
Most calculators don't fully reflect a college's financial-aid policies.
Calculators are not a replacement for required financial-aid application forms.
A net-price calculator is only as accurate as the information you provide.





EARNINGS – use current money from paycheck
SAVINGS – draw on savings built over time in an interestbearing account
BORROWING – low-interest, government backed PLUS loans are
available for credit worthy parents. Some colleges have private
loans available. Some families use a home equity line of credit.
PAYMENT PLANS – many campuses offer deferred payment
plans that spread the cost over several months and options to
pay by credit card (and earn miles!)
TAX BENEFITS – After-the-fact support comes in the form of
federal tax breaks that benefit parents who pay tuition and
fees. Talk to a tax expert about eligibility or visit the IRS
website at www.irs.gov



Used by: Kamehameha Schools Post-High
Scholarship program and some private, selective
colleges on the mainland
Available ONLY online at www.CollegeBoard.com
Costs a nominal fee to process, but based on
family financial information, you may automatically
receive a fee waiver if you are eligible



Most parents find they need to use a
combination of sources to provide their expected
family contribution
A common combination is one third each from
current income, savings and loans.
Middle and Upper-Middle income families may
find it challenging to meet the contribution set
by the federal formula if they try to use earnings
alone
FAFSA


Earliest – January 1 of Senior Year
Deadlines are typically January 15-March 1
CSS Profile


Earliest – October of Senior Year
Deadlines are typically January 1-February 1
Ho’oulu Data Center

(Juniors K-3)
If unsure double check NOW!!
 Note: Forms are completed yearly
 Awards are based on calendar year earnings previous to attendance
Deadlines…DEADLINES…DEAD/Lines
Estimate if needed to meet College & Scholarship Deadlines

A Student’s Academic Record Can Increase Gift Aid

Some colleges have more money than others


Many colleges offer substantial “no-need” merit
based scholarships
Colleges treat “outside” scholarships (like KS)
differently
 NEED
Based Financial Aid
 MERIT
Based Financial Aid

Athletic Scholarship………Football, Volleyball etc.

Academic Performance…..Valedictorian Award

Music………………………...Band, Orchestra etc.

Art/Drama…………………..Theatre, Dance etc.

College Major………………Engineering Society

ROTC Scholarships ………Army, Navy, Air Force

Community Organizations.Rotary, Lions, Elks etc.

Ethnic Background ………Hawaiian Civic Club etc.
 Places
of Employment
 Corporations
 Places of Worship
 Clubs
 Civic Organizations
 National Contests
 Local Contests
 Computer
Ke Ali’i Pauahi Foundation
Hawai’i Community Foundation
The Internet
Fastweb (www.fastweb.com)
Local Newspapers
Haleakala Counseling Center
http://kapalama.ksbe.edu/high/counseling
Colleges!
Western Undergraduate Exchange (WUE)
Over 80 public colleges in 15
participating states
Student pays “in-state tuition” + 50%
Criteria , Application & Awarding process Varies:
WUE awards may be limited by number
awarded, GPA and/or major
Start Searching at: www.wiche.edu/wue
Financial Aid Safety Schools

University of Hawai’i at Manoa
(Public In-State School)

University of Arizona
(Out-of-State Public w/learning communities)

Portland State Univ
(Out-of-state Public w/WUE & Merit)
Colleges with Merit Money

Whitman College (WA)
$8,000 renewable diversity

Univ. of Miami (FL)
$10,000 renewable academic

Occidental College (CA)
$15,000 renewable leadership
Most Selective with NO Merit Money
 Stanford University
If admitted, only need would be met

Consider out-of-state options like WUE

Don’t overlook in-state options



Have an admission & a financial aid “safety
school”
See where merit money could work for you
Be prepared, loans could be offered to your child
& possibly you. Have a frank discussion about
borrowing
Face it Pua, our kids aren’t rocks…but they aren’t rocket scientists either.
They’re smart enough to get into college, but not smart enough for academic scholarships.
•
Encourage your child to finish the year strong
academically
•
Help them to spend their time wisely this summer
•
Start a conversation with your child about their future &
your expectations
•
Have your child start an account with Fastweb.com
•
Do the “FAFSA4Caster”
•
Attend the National College Fair on April 12th
•
Explore Net Price Calculators
1.
Organize, Organize, Organize!
Remember 2012 earnings will impact your
Financial Aid. Keep track of forms & key
contact people.
2.
Hang out at Borders & read financial aid
books for free. (Find one you like & buy it).
3.
Research other sources of funding.
Find out if your employer, club, union,
church, offer scholarships. What kind of low
interest educational loans are available from
your bank, credit union… or even Grandpa?
4.
Be prepared to be forthcoming with
college financial aid administrators about
special circumstances (natural disasters,
bankruptcy, divorce, unusual medical
expenses, etc.).
5.
STRONGLY encourage your child to apply
to a financial aid “safety” school (at
least one college you can afford even if you
receive little or no financial aid)
6.
Ask yourself the tough questions:
Are you willing and/or able to take out
loans? Is your child?
Are you willing or able to make lifestyle
changes if necessary?
7.
Don’t rule a college out because of cost
alone. Have a cross section of options,
including schools with merit based aid.
8.
Keep communication lines open with
your child! Are you on the same page
about their post high plans? Let them
know where you stand on financing their
college education.
9.
Keep your options open
10.
KEEP THINGS IN PERSPECTIVE!
Keeping it all in Perspective
(From The Parent Soup Financial Aid and College Guide)
♡Parents
should contribute their love,
support, insight, and when necessary,
some financial parameters for the
search.
♡Students
should retain the right to
determine their fate to the largest
degree possible.
Mrs. Kathryn Kekaulike
Juniors: A-K
Ph: 808-842-8900
Email: [email protected]
Mr. Steve Morales
Juniors: L-Z
Ph: 808-842-8254
Email: [email protected]