MVCAP Mahoning Valley College Access Program
Paying for College 9/27/2010
Paying for College
1
MVCAP Mahoning Valley College Access Program
Dr. Joe Rottenborn Executive Director 9/27/2010
Paying for College
2
MVCAP Mahoning Valley College Access Program
3 Mahoning Valley Locations: • Columbiana County: KSU Salem Campus • Mahoning County: Youngstown State University • Trumbull County: KSU Trumbull Campus
9/27/2010
Paying for College
3
MVCAP Mahoning Valley College Access Program
The MVCAP is a nonprofit, charitable organization, started-up in 2002.
9/27/2010
Paying for College
4
MVCAP Mahoning Valley College Access Program
We are one of 35 programs in our state affiliated with the Ohio College Access Network (OCAN).
9/27/2010
Paying for College
5
MVCAP Mahoning Valley College Access Program
All of our services are free.
9/27/2010
Paying for College
6
MVCAP Mahoning Valley College Access Program
Since 2002, the MVCAP has assisted over 9,000 students and parents in the Mahoning Valley and awarded over 160 Last-Dollar Scholarships—most, for $1,000.
9/27/2010
Paying for College
7
MVCAP Mahoning Valley College Access Program
Our Mission • The Mahoning Valley College Access Program believes an educated population creates a more prosperous and sociallyresponsible community. MVCAP advises, encourages, and assists students and families to prepare for and finance a post secondary education.
9/27/2010
Paying for College
8
MVCAP Mahoning Valley College Access Program
How we help students: • Career exploration
9/27/2010
Paying for College
9
MVCAP Mahoning Valley College Access Program
How we help students: • Career exploration • College search
9/27/2010
Paying for College
10
MVCAP Mahoning Valley College Access Program
How we help students: • Career exploration • College search • ACT preparation
9/27/2010
Paying for College
11
MVCAP Mahoning Valley College Access Program
How we help students: • • • •
Career exploration College search ACT preparation Admissions information
9/27/2010
Paying for College
12
MVCAP Mahoning Valley College Access Program
How we help students: • • • • •
Career exploration College search ACT preparation Admissions information Financial-aid advising
9/27/2010
Paying for College
13
MVCAP Mahoning Valley College Access Program
How we help students: • • • • • •
Career exploration College search ACT preparation Admissions information Financial-aid advising Last-Dollar Scholarships
9/27/2010
Paying for College
14
MVCAP Mahoning Valley College Access Program
College can be expensive.
9/27/2010
Paying for College
15
MVCAP Mahoning Valley College Access Program
Did you know? Individual students may pay different amounts to attend the same college--even if they choose the same major and take all the same courses. 9/27/2010
Paying for College
16
MVCAP Mahoning Valley College Access Program
Why? 9/27/2010
Paying for College
17
MVCAP Mahoning Valley College Access Program
Because of financial aid.
9/27/2010
Paying for College
18
MVCAP Mahoning Valley College Access Program
• Here’s how financial aid is calculated: Cost of attendance -Your family’s contribution (EFC from the FAFSA) = Financial need 9/27/2010
Paying for College
19
MVCAP Mahoning Valley College Access Program
If you have been accepted and file your Free Application for Federal Student Aid (FAFSA), you will be sent a “financialaid award offer letter� by the college. 9/27/2010
Paying for College
20
MVCAP Mahoning Valley College Access Program
Some types of financial aid you may be awarded:
• Scholarships (often based on GPA, class rank, ACT composite) • Grants (federal Pell, state OCOG) • Federal work study • Loans (federal Stafford, PLUS) 9/27/2010
Paying for College
21
MVCAP Mahoning Valley College Access Program
However, many students will still have an “unmet-need gap.�
9/27/2010
Paying for College
22
MVCAP Mahoning Valley College Access Program
Some ideas to help you pay for college:
9/27/2010
Paying for College
23
MVCAP Mahoning Valley College Access Program
Some ideas to help you pay for college: • Get the highest GPA, class rank, and ACT score you can—to receive “merit aid.”
9/27/2010
Paying for College
24
MVCAP Mahoning Valley College Access Program
Some ideas to help you pay for college: • Get the highest GPA, class rank, and ACT score you can—to receive “merit aid.” • Save for college in parents’ names.
9/27/2010
Paying for College
25
MVCAP Mahoning Valley College Access Program
Some ideas to help you pay for college: • Get the highest GPA, class rank, and ACT score you can—to receive “merit aid.” • Save for college in parents’ names. • Contribute to retirement accounts (IRAs).
9/27/2010
Paying for College
26
MVCAP Mahoning Valley College Access Program
Some ideas to help you pay for college: • Get the highest GPA, class rank, and ACT score you can—to receive “merit aid.” • Save for college in parents’ names. • Contribute to retirement accounts (IRAs). • Apply to several colleges. 9/27/2010
Paying for College
27
MVCAP Mahoning Valley College Access Program
Some ideas to help you pay for college: • Get the highest GPA, class rank, and ACT score you can—to receive “merit aid.” • Save for college in parents’ names. • Contribute to retirement accounts (IRAs). • Apply to several colleges. • Consider commuting to a regional campus—to save money. 9/27/2010
Paying for College
28
MVCAP Mahoning Valley College Access Program
You can go to college.
9/27/2010
Paying for College
29
MVCAP Mahoning Valley College Access Program
The MVCAP can help you!
9/27/2010
Paying for College
30
MVCAP Mahoning Valley College Access Program
You can go to college--and graduate! Dr. Joe Rottenborn Executive Director Mahoning Valley College Access Program (MVCAP) Offices: KSU Salem: 330-337-4214 jrottenb@kent.edu YSU: 330-941-7477 jfrottenborn@ysu.edu KSU Trum: 330-675-7602 jrottenb@kent.edu Facebook: MVCAP Financial-Aid Friends http://www.facebook.com/home.php?#/group.php?gid=126580419181&ref=nf Twitter: http://twitter.com/rottenbornj YouTube: http://www.youtube.com/user/THEMVCAP
9/27/2010
Paying for College
31
MVCAP Mahoning Valley College Access Program
9/27/2010
Paying for College
32
MVCAP Mahoning Valley College Access Program
• • • • • • • • • • • • • • • • • • • • • •
MERIT AID Decided by each college or university, based on its own applicant pool Usually called a “scholarship”—though, often, a discount on the price to be paid Common Criteria for Merit Aid 1. Grade-Point Average (GPA)—“The higher, the better!” The rigor of courses on a student’s high school transcript is determined: The more Advanced Placement (AP) courses taken, the more rigorous the curriculum is regarded. The more higher-level courses in math and lab science taken, the more rigorous the curriculum is regarded. 2. Class Rank— “The higher, the better!” The larger a senior class, the more impressive a high class rank is. The higher-achieving a school is, the more impressive a high class rank is. 3. ACT Composite Score— “The higher, the better!” ACT scores range from 0 to 36; the national average is approximately 21. A student’s score is compared to the state and national averages. A score in the 30s put a student’s score in the highest 5% of test-takers. 4. Distinctions Academic Arts Leadership in extracurriculars 5. Under-representation 6. Division I recruited athlete— particularly, in a major revenue-producing sport 1% of all U.S. athletes will receive a Division I “full ride” grant-in-aid.
9/27/2010
Paying for College
33
MVCAP Mahoning Valley College Access Program
• • • • • • • • • • • • • • • • • • •
NEED-BASED AID Determined by responses on Free Application for Federal Student Aid (FAFSA), which should be filed online by February 1 and must be filed again each year Expected Family Contribution (EFC)—How much the Federal formula calculates a student and parent(s) can pay for college Types of Financial Aid 1. Grants—do not have to be repaid (“gift aid”) Federal Pell Grant—If EFC is $0, (maximum) Pell Grant amount is $5,350/yr. But, if EFC is $4,000, Pell Grant amount is $0/yr. Ohio College Opportunity Grant (OCOG)—If EFC is $0, OCOG is $1,008/yr. at a public college or university $2,256/yr. at a private, non-profit college or university $0/yr. at a private, for profit institution But, if EFC is $2,191, OCOG is $0. Therefore, if EFC is 0, $5,350 Pell Grant + $1,008 OCOG = $6,358/yr. 2. Federal Work Study—In exchange for work in a campus job, a student gets paid. 3. Federal Loans Federal Stafford Loan—subsidized or unsubsidized Federal Perkins Loan Federal PLUS Loan (Parent Loans for Undergraduate Students)—Parents who qualify can borrow up to the total annual cost minus other aid received, with 10 yrs. to repay Private Loans—at a higher rate of interest
9/27/2010
Paying for College
34
MVCAP Mahoning Valley College Access Program
• • • • • • • • • • • • • • • • • • •
• • • • • • • •
HOW MUCH WILL A COLLEGE COST ME? Remember the airplane-flight analogy: on average, 60 different fares per flight! Each college or university sets its “sticker price.” Like buying a new car, you may or may not have to pay the “sticker price.” Determining your Cost at a particular College or University 1. Total Cost of Attendance (C of A)—Which may include the following: Tuition and fees—rising by 3-10%/yr. Books/Supplies—average $100 per course/yr. (5 courses in Sem. I + 5 courses in Sem. II = 10 courses x $100 = $1,000/yr.) Transportation—driving/flying to and from campus; gasoline; parking fees; fares Room and Board—vary by college; estimate an additional $7,000/yr. Student Health Insurance Other Expenses— food & drink; entertainment (games, movies, concerts, cable TV, music downloads, etc.); laundry/dry cleaning; toiletries; internet access; credit-card interest; cell phone (estimate $50/mo. = $600/yr.); decorating dorm room (average $1,200/yr.) 2. Minus Expected Family Contribution (EFC)— Based on FAFSA responses What was your adjusted gross income for 200_? As of today, what is your total current balance of cash, savings, and checking accounts? As of today, what is the net worth of your investments, including real estate (not your home)? As of today, what is the net worth of your current businesses and/or investment farms? Do not include a farm that you live on and operate. 3. Equals Financial Need (= Aid Eligibility) 4. Minus Federal Pell Grant— to qualify, your EFC must be < $4,000 ($5,350/yr. max) 5. Minus Ohio College Opportunity Grant—to qualify, your EFC must be < $2,200 6. Minus Federal Work Study—generally, about $2,500/yr. for working up to 20 hrs/wk 7. Minus Merit Aid—any institutional scholarships or discounts 8. Minus Federal Stafford Loan—subsidized/unsubsidized ($5,500/$6,500/$7,500/yr.) 9. Equals “Out-of-Pocket” Amount—The check you must write--often indicating a “financial-need gap,” which may have to be met by a Federal PLUS loan or private loans 10. Calculate “Loan-Debt”—For student and parent(s)
9/27/2010
Paying for College
35