Strategies for Saving on College Costs 2.11.2020

After You Submit• Will find out preliminary Estimated • Info sent to colleges you list on FAFSA/ • • • Merit scholarship notification may come first, with acceptance Source: Federal Stud

• Financial aid application parallel to but not

intertwined with college application process

Fall 2023? Use 2021 taxes

Side Note: FAFSA Parent

Not necessarily who claims the student on taxes

Definition of an Eligible Non-Citizen

US permanent resident card (Green card) OR Conditional permanent resident (I-551C), I-94 with designation “Refugee”, “assylum granted”,

“indefinite parole”, “Humanitarian parole”,

“Cuban-Haitian Entrant” OR a citizen of the republic of Palau, Marshall Islands or Federated states of Micronesia.

Source: https://fafsa.ed.gov/help/fotw15a.htm

Students with a parent who is a US permanent resident (green card holder) and not a citizen will use the parent’s ARN instead of social security number, but they will not be able to get a PIN to electronically sign They will also print the signature page.

Complete the WASFA

Do I have at least one

parent who is a US Citizen

or eligible non citizen?

YES

Complete the FAFSA

YES

Note: If the student’s PARENT is

undocumented, do the following:

1 Use all zero’s for parent’s social

security number

2 Hit “submit” button twice (first time it

will fail, stay with it)

3 Parent will not be able to sign

electronically, so click “print signature

page” to sign on paper and mail to

Department of Ed

• Based on income and assets; requires more parent

• Fill out every year in college

After You Submit

• Will find out preliminary Estimated

• Info sent to colleges you list on FAFSA/

•

•

• Merit scholarship notification may come

first, with acceptance

Source: Federal Student Aid

College Sticker Prices

Source: The College Board

It’s not actually this simple!

Look at Net Price

Let’s br eak this down

Source: St Edwards University

Two Kinds of Aid

Many colleges do not offer

Merit Aid

• About 30 Ivy League &

other very selective

• These schools are very

generous with need based

Merit Awards

Source: Lake Forest College

• Often based on GPA & test

scores; sometimes on

• Usually renewable w/

minimum GPA (pay attention

• Private colleges and some

public colleges, including

honors colleges at public

• A possible reason to take

ACT/ SAT again to reach

another award tier

Aid aka Discounting

Basically, colleges discount up to 52% of the cost

Source: NACUBO Tuition Discounting Study

Another look at the merit award practice:

it amounts to “everyone gets a discount”

Need Based Aid

In a financial aid package, could be multiple sources within categories

Gift Aid

Self Help Aid

Grants

Scholarships Loans

Work Study

What Can You Do?

Forecast your Cost

• Start by calculating your

• Use EFC Calculator on

CollegeBoard.org or

• Will tell you what colleges

• Note that many people think

their EFC is unrealistic

EFC Rough Estimate:

Side Note:

Financial Fit

Steps on

College Fit Page

All info from this

presentation + more detail

www.shorelineschools.org/swcollegeandcareer

Net Price Calculators

(NPC)

• Input income, student stats,

• More questions asked =

• Search college name net

price calculator

• Or use College Board/ Big

Future NPC for 100s of colleges—and save searches

Aggregated NPC

•

• Six basic questions

Look Up Aid by College

• Search college name +

merit / need-based aid

or

• Look on Financial Aid

pages of college site

• Look on

CollegeData.com

Source: CollegeData.com, Pacific Lutheran University

Search for Colleges

by Type of Aid

•

• Use a tool like DIY College

Rankings’ College Search

• Use Big Future for % of

need met + other factors

Source: DIY College Rankings Comprehensive College Search Spreadsheet

Know Where to Look

• Not all colleges offer the

• Look up Need Coverage /

• Look beyond brand names

Source: Forbes

Private Colleges Might be

Less Expensive For You

Source: Council of Independent Colleges

• restrictions & requirements vary

Source: Cal Poly Pomona

Consider Military

Academies

for high achievers

Air Force Academy, Colorado Springs

Look at Graduation Rate

•

factors that won’t apply to all

higher than the national average

Data from CollegeCompletion.Chronicle.com

4 year grad rate

6 year grad rate

Look at Average

Indebtedness

• Look up on

CollegeScorecard.ed.gov

• National average student

loan debt: $29,200 class

• Washington average:

$23,524; 48% of

students w/ debt

Source: Forbes

*College Insight & Project on Student Debt are by

the Institute for College Access & Success

Side Note:

Loan

Remix

• Loan Repayment Assistance Programs if you make under

• Income Share Agreements operate like a loan but you start

paying back only after you make a certain salary Payment

• Review all details & conditions carefully

• Relatively new programs reduce

risk to student borrowers

What About Scholarships?

5%

6%

22%

67%

State government grants scholarships

Data from Big Future

Sources of Student Aid

• Outside scholarships

• Possible but very rare to

• Best tools? Naviance

Scholarship List,

WashBoard.org,

BigFuture, others on SW

• True that we have very

few applicants for great

local scholarships

What About the College

Bound Scholarship?

Source: WA State College Bound

• Signed up for WA State program in

•

• Three in-state private colleges have

excellent supplemental scholarships: Pacific Lutheran,

• See College Bound Scholarship

page on www.shorelineschools.org/swcollegeandcareer

What about Running Start & AP?

• These could help with

college costs by reducing

• Surest way: Running Start

credits for an in-state

school; must be courses for

which the university has

• College policies vary greatly:

check them out

What If a Relative

Wants to Help?

Source: Forbes, Wall Street Journal

• Don’t give student $$ while in

high school; cash gift could

• Can gift $ to parents to pay

• Can pay school directly or

from a 529; best during 3 rd &

4 th

• 529: Method depends on