College Costs

1
College Costs Funding
NH Jumptart Financial Fitness Fair
Tara Payne, VP Marketing Communications Center
for College Planning at the NHHEAF Network
Organizations
2
Center for College Planning at the NHHEAF Network
Organizations

• Personalized college and financial aid counseling
  appointments
• Annual College Planning Conference, Destination
  College
• College Planning Library
• College Essay Reviews
  collegeplanning_at_nhheaf.org
• Monthly e-newsletters

3
College Costs Trends
4
College Costs Trends

• In the past five years, tuition and fees at
  public universities have risen by 57
• Total yearly charges for resident students,
  including room and board, average nearly 39,000
  at New Englands private four-year institutions
  and 17,000 at the regions public institutions
  far above national rates
• UNH students who took out federal loans graduated
  owing an average of 22,851 last year, 60 percent
  more than in 1995
• New Hampshire reported the highest statewide
  average debt in the nation for four-year college
  graduates in 2005 at 22,793

5
College Costs Trends
Costs of Attendance NH Technical Institute
11,570 Plymouth State University 17,410 Univers
ity of NH 18,785 Southern NH University 30,500
Elon University, NC 27,291 Stonehill College,
MA 38,120 Dartmouth College 43,341
6
Total Student Aid by Type (04-05)
www.collegeboard.com
7
If You Think Education is Expensive
8
Knowledge-based Economy

• High School Dropout - 850,000
  
  
• High School Graduate - 1.2 million
  
  
• Associate Degree Earnings - 1.5 million
  
  
• Bachelors Degree Earnings - More than 1.95
  million
• Masters Degree Earnings - More than 2.3 million
  
• Professional Degree Earnings - More than 2.85
  million
• Higher levels of education substantially boost
  lifetime earnings.

The job market will continue to place a premium
on education and skills, as more positions are
created in technical, professional and
management occupations.
9
Where Do I Begin?
10
Making College Affordable

• Merit-Based
• Athletic
• Artistic
• Academic Talent
• Need-Based
• Financial need as determined by the financial aid
  applications

• What Colleges Are Looking for?
• Solid Academic Record
• Standardized Test Scores
• Personal attributes revealed through the college
  essay, extracurricular activities and letters of
  recommendation

Gift Aid grants and
scholarships Self-Help Aid must be earned or
borrowed
11
Applying for Need-Based Financial Aid
Institutional Paperwork
12
www.fafsa.ed.gov
13
Applying for the e-signature
www.pin.ed.gov
14
CSS PROFILE
http//profileonline.collegeboard.com
15
Financial AidHow Financial Aid is Awarded

• Cost of Attendance
• The amount budgeted for a student to pay tuition,
  room and board, books, fees, supplies and any
  related expenses.

• Expected Family
• Contribution (EFC)
• The amount, as determined by FAFSA that
  represents your familys ability to pay for one
  year of college.

COA 26,000 EFC 10,000 Eligibility 16,000
It is important to note that while a student
may be eligible for this amount, there is rarely
a guarantee that the student will receive this
amount.
16
Determining the Financial Aid Package

Cost of Attendance 26,000 Estimated
Family. Contribution - 10,000 Eligibility
for Financial Aid 16,000 Financial
Aid Package - University Grant 2,000 -
Presidential Scholarship 5,000 - Federal Student
Loan 2,625 - College Work Study 1,500 Total
Award 11,125
Eligibility 16,000 Financial Aid
- 11,125 Gap 4,875
GAP 4,875 EFC
10,000 Total Family Contribution 14,875
17
Families Managing the Bottom Line
18
Calculate Your Expected Family Contribution.
www.finaid.com
19
www.irs.gov
20
Beyond Financial AidHow do families pay for
college?

• Savings
• Tuition Payment Plans
• Federal PLUS Loan
• Borrow from Retirement Plans
• Home Equity Loans and Lines of
  Credit
• Private Student Loans

While Financial Aid can make college
more affordable, parents and students are
expected to take primary responsibility for
paying for
post-secondary education.
21
What are the benefits of saving for college?
You may have to borrow less.
Know that spreading the cost of college
over time will lessen the impact on your
lifestyle during the years your
child attends college.
Saving may not impact financial aid eligibility.
Students will have more options for higher
education.
22
Savings Options for College

• Savings Bonds Series EE and I
• UGMA/UTMA
• Coverdell ESA
• 529 Plans
• Prepaid and Independent
• Savings

23
www.savingforcollege.com
24
www.savingsbonds.gov
25
Searching for Scholarships?
Look for money is all the right places.
26
Searching for Scholarships?

• Take the time to research
• Guidance Office
• Parent/Student Employer
• Public Library
• City/Town Offices
• Online

www.nh93.com
Avoid Scholarship Scams!
27
Affinity Programs
28
www.upromise.com
29
The Key Message
College Can be Affordable

• Go beyond high school graduation requirements.
  Colleges are looking for students with strong
  academic records and quality involvement in
  extracurricular activities.
• Dont assume merit aid is offered at every
  institution.
• Inquire about the colleges policy on the
  treatment of outside scholarships.
• Meeting financial aid deadlines is critical.
• While financial aid can make college more
  affordable, make paying for your education a top
  savings goal.

30
QUESTIONS?

• Tara Payne
• The NHHEAF Network Organizations
• www.nhheaf.org
• collegeplanning_at_nhheaf.org