IIEC EC GUIDE GUIDE BY Sherri Graf TO TSCHOLARSHIPS O SCHOLARSHIPS RELATIONAL TRAINING FOR SUCCESS MATCHED SCHOLARSHIPS FOR EVERY STUDENT SIMPLIFIED PLANNING ORGANIZED ACCESS
Total federal student loan borrowers: 43.4 million. Total outstanding federal student loan debt: $1 61 trillion With outstanding student loan debt hitting upwards of $1.6 trillion in 2022 it’s no wonder that repaying this debt feels like an impossible feat Who has this debt? 43 Million Americans, 1 out of every 8 people has student debt. Those ages 25 to 34 are the most likely to carry student loan debt, but the majority is owed by those ages 35 to 49 more than $600 billion, federal data shows. Most student loans about 92%, are owned by the U S Department of Education THE PICTURE OF STUDENT TDEBT HE PICTURE OF STUDENT DEBT Total outstanding private student loan debt: $136 31 billion Total private student loan debt Private student loans make up 7.89% of the total outstanding U.S. student loans, according to MeasureOne As an IEC, it's important to know the facts in order to help our students avoid as much debt as possible.
The students who are advocates for themselves in college are the ones who make the connections needed to learn about sometimes "hidden" scholarships at their university
The first step in solving the student debt issue is to stop incurring it. There are other options available for school funding Before applying for college
During college
Make sure students know the financial impact and investment they are making with their academic decisions
Encourage students to fill out the FAFSA regardless of their financial picture. Many schools won't consider a student for other scholarships without a FAFSA on file
Have students start applying for scholarships early Make sure students understand the benefit of dual credit / AP classes
What to do about all of this debt....
Encourage students to explore scholarships, work study programs, and grants. If your practice is using Imagine Scholarships for your financial resource, you have the opportunity to upload local scholarships as well as scholarships that you'd like for your students to have access to Make sure students understand the opportunities for additional scholarships once they are in college. Departmental scholarships
Parents can help search, locate and save scholarships in Imagine Scholarships that they think will be a good fit for their student 529 plans, or “qualified tuition plans,” are designed to encourage saving for future education costs. 529 plans have certain tax benefits, depending on the state, the amount contributed, and the amount withdrawn Federal PLUS loans can be used by undergraduate and graduate students, as well as parents of dependent students, to help pay for college. It’s important to note that if a PLUS loan is assigned to a parent, that parent cannot pass the responsibility for loan repayment onto his or her student
Have the conversations! Though not always fun, it's important for parents and student to talk though the options earlier rather than later in the process Build a budget together Often students understand on a logical level that college is expensive, but breaking it down line item by line item helps them understand more clearly the investment being made.
Whether or not parents choose to help their children pay for school, there a few things they can do to ensure their children are set up for success by the time they enter a postsecondary program.
Parents who are looking to support their children financially through college may consider having a 529 plan in place and/or applying for a PLUS loan We have a downloadable budgeting sheet for students as well as a budgeting guide for students here.
HOW PARENTS CAN HHELP.... OW PARENTS CAN HELP....
How Parents Can Help Students Manage Educational Financing:
College financial aid offices help students determine how they will pay for school Because schools expect students to need financial help to pay for college, most schools offer free financial counseling services for current and prospective students that can be very helpful
"I was in the percentage of students who didn't have parental or family contributions available for school. That is why I'm so passionate about helping students find money for school." - Sherri
Students who attend nonprofit private schools receive the most federal and state government aid Parental support accounts for the greatest financial contribution to most students’ educations. Not all students have access to this resource. Parental income and savings, parental borrowing, and college savings accounts cover over half of students’ educational expenses.
Excluding college savings plans, $11,900 is roughly how much parents pay for one academic year of education
Long term, high yield savings accounts and property mortgages are common strategies parents use to pay for college education.
Scholarships and grants cover $7,500 of annual academic costs per student. For federal and state government aid, the average award per student is $13,100
How to Pay for College
How do people pay for college?
84% of students receive some form of financial aid
Federal grants include the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG), the Teacher Education Assistance for College and Higher Education (TEACH) Grant, and the Iraq and Afghanistan Service Grant.
Some states offer student loans that are 0% interest
Imagine Scholarships offers quality vetted scholarship in an organized and efficient database
Many small, specialty grants are available to students, such textbook grants of $500 $1,000 per year
Grants from the Office of Federal Student Aid (OFSA) at the U S Department of Education (ED) are generally need based.
Scholarships are available from other federal institutions, such as those within the Department of Health and Human Services (DHHS) and the U S Department of Labor
Federal grants also require receiving students to maintain eligibility
Students who fail to maintain eligibility may be required to pay back the grant money in full or in part
Pell Grants offer the maximum possible payment at $6,345 per academic year
Private non profit schools also offer the most in institutional grants and scholarships to offset the expenses
Grants and scholarships offer free money to pay for college Innumerable entities offer grants and/or scholarships, including federal and state governments, schools, community organizations, private organizations, businesses, and nonprofits. Some institutions are founded for the sole purpose of providing one or more scholarships
GRANTS GAND RANTS AND SCHOLARSHIPS SCHOLARSHIPS
Federal grants are awarded on a year to year basis, so filing the FAFSA is an annual requirement to receive this type of student aid.
Current and would be students apply for federal grants using the FAFSA
"An IEC is the one who helps students see their future of success and empowers them to get there!"
THE ROLE SCHOLARSHIPS TPLAY HE ROLE SCHOLARSHIPS PLAY "I'm fortunate to have a front row seat to the "positive" side of scholarships. Scholarships helped my own children to pay for their education as well as hundreds of students I've worked with." HERE ARE SCHOLARSHIP WINS THAT I GET TO SEE ON A REGULAR BASIS: Multiple students who've gotten over $250K in scholarships Student's from strong financial backgrounds receive over $40K in scholarships A student with Dyslexia get all education paid for A student who was willing to work hard, earn $100K in scholarships Students on average earn $21K in scholarships when applying to 3 5 per week
THE INSTITUTIONS GUIDELINES AND PROCESSES TOWARDS SCHOLARSHIPS WHERE THE SCHOLARSHIP FUNDS ARE BEING DISPERSED, TO THE SCHOOL OR DIRECTLY TO THE STUDENT STUDENTS WHO ARE NOT ON FINANCIAL AID OR WHO ARE AWARDED MERIT BASED AID ARE EXEMPT FROM THIS WHAT IS SCHOLARSHIP AND FINANCIAL AID DISPLACEMENT?
THE ANSWER TO THIS QUESTION IS COMPLICATED AT BEST. IT DEPENDS ON SEVERAL FACTORS: 1 2. 3. THIS SYSTEM THAT SEVERAL UNIVERSITIES HAVE DISCOURAGES STUDENTS FROM DISCLOSING ALL OUTSIDE SCHOLARSHIPS AND DOLLARS FOR SCHOOL. EACH SCHOOL WILL HANDLE THIS DIFFERENTLY AND STUDENTS SHOULD ALWAYS BE ENCOURAGED TO APPEAL THEIR FINANCIAL AID PACKAGES IF DESIRED "CATCH 22" TWITH HE "CATCH 22" WITH SCHOLARSHIPS SCHOLARSHIPS
ONE OF THE QUESTIONS I GET MOST OFTEN IS ABOUT FINANCIAL AID DISPLACEMENT. THE QUESTION SOUNDS SOMETHING LIKE IF I GET OUTSIDE SCHOLARSHIPS, WILL THAT REDUCE THE AMOUNT OF FINANCIAL AID AT MY UNIVERSITY????
THE
THE LONG TERM TEFFECTS HE LONG TERM EFFECTS OF STUDENT ODEBT F STUDENT DEBT We've created a short video that helps students understand the long term effects of student debt and the power of compound interest. Click on the computer above to see it.
"Scholarships providerelief fromthelong term restraintsof studentdebt."
Partner with Imagine Scholarship to help students find "quality, vetted scholarships." Empower students with financial literacy resources such as our video on compound interest. Offer budgeting tools to help students organize their finances Encourage students to consider the cost of education before choosing a school. Empower students with confidence to "own" their financial picture in college. As an IEC, you're on the front lines. You have the opportunity to not only help students secure their future plans, but teach financial literacy along the way. 1. 2. 3. 4. 5. THE ROLE IECS PLAY IN TSOLVING HE ROLE IECS PLAY IN SOLVING THE TPROBLEM HE PROBLEM
HOW IMAGINE CAN HELP GROW Keep track of progress with your students' scholarship searches Add local and unique scholarships for your group only Give students access to informative videos and budgeting tools Offer Access to over $9 Billion Dollars in Scholarships Showcase Hundreds of Internship Opportunities At Imagine Scholarships, we've done the work for you. Using Imagine Scholarships with your students will allow you to : IS IMAGINE SCHOLARSHIPS A GOOD FIT FOR YOUR STUDENTS? Contact us today and let's discuss! jennifer@imaginescholarships.com sherri@imaginescholarships.com
SEE WHAT STUDENTS GET WITH A SUBSCRIPTION TO IMAGINE SCHOLARSHIPS IEC pricing is 65% off contact us for more information imaginescholarships.com
IIMAGINE MAGINE WHERE YOUR STUDENTS CAN WGO HERE YOUR STUDENTS CAN GO WITH A SCHOLARSHIP AND A WDREAM! ITH A SCHOLARSHIP AND A DREAM!
