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Scoop What first time college students need to know
FULL-TIME VS HALF-TIME? What’s the difference? Full-time enrollment is twelve (12) or more hours. Most scholarships may require that you keep this enrollment as a requirement to renew scholarships in future semesters. Full-time enrollment would also ensure that you are completing your degree in a timely pace to finish within four years. If you are a participant in UH in 4, fifteen (15) hours would be the full-time requirement for this program.
Value of College (Introduction): Going to college is an investment. Research shows that acquiring a college degree can have many advantages. Over the course of a lifetime, college graduates typically earn more $1.4M more than non-college graduates. College graduates are less likely to be laid off from their job and experience shorter periods of unemployment than their nongraduate counterparts. Beyond wage earnings, college graduates also receive increased employer-provided fringe benefits such as health insurance and retirement plans that result in better health and longer life expectancy.
Half-time enrollment is between 6-8 hours. While there are some scholarships that can be offered at halftime, most do not. You may still receive federal financial aid at half-time enrollment however there may be adjustments to the amount you could receive. Also, remaining at half-time enrollment would prolong the time you’d be attending school. Instead of completing within the four years, it may take 1-2 years more to complete.
Costs for college have steadily increased by an average of 6.4% per year since 2010 while available financial aid has steadily decreased. Tuition and fees can range from $10K (public, four-year institution) to more than $48K (private, non-profit institution with room and board). It is important that students and their parents research the cost of college and strategies for payment before the student enrolls to avoid the risk of not completing the degree or amassing unnecessary debt Affordability One of the primary decisions students and their families will need to decide is if college is affordable. In other words, can the family pay for college expenses while also meeting other financial commitments? Nonprofit or for profit, public or private, two-year or four-year— colleges, come in all shapes and sizes. Tuition and fees cover only a fraction of what an education actually costs. College tuition is the most obvious expense facing college students, but it is far from the only budget item that must be consider when planning for college. Students must also consider books, housing, meals, transportation, insurance, and a variety of personal expenses.
YES, THEY WANT THEIR MONEY BACK!
Any funds you borrow in the form of a loan has to be paid back. While enrolled at least half-time in an eligible institution, you are not required to make any payments on your loans. However, once you have either graduated from school, are enrolled less than half-time (below six hours), or not enrolled; you may enter into your grace period.
LOAN REPAYMENT AND OTHER OPTIONS Loan Consolidation - allows you to
The grace period is for six Standard Repayment Plan (6) months. Once the grace payments are fixed to be paid period has expired, you will off within 10 years need to start repaying your Graduated Repayment Plan loans. There are various options for loan repayment. payments start lower then The loan servicer assigned increase over time and would to monitor your loan will paid off within 10 years. provide you with options Extended Repayment Plan regarding loan repayment fixed or graduated payments and what would work best that would pay off loan within for you. 25 years.
consolidate your federal educational loans in to one loan. This would allow you to make on single payment and allows for additional repayment and forgiveness options. Deferment/Forbearance - would allow you to stop making payments or could reduce your payment amount on a temporary basis Loan forgiveness, cancellation, and/or discharge - you would no longer be required to repay your some or all of your loans. You would typically have to apply or submit documentation to meet eligibility criteria.
LINKS TO ON CAMPUS RESOURCES Campus Life – what your student needs to know Academic Support Emergency Support – talk to somoe who can help Resouces for parents Leadership Oppurtunities – make sure your voice is heard Commuter Groups Commuter Resouces
FINANCIAL AID: HERE’S THE TEA Eligibility for financial aid typically starts with completion of the FAFSA or TASFA application. FAFSA qualifies eligible students for federal, state, and/or institutional aid while TASFA only qualifies eligible students for state aid. Students must complete a FAFSA or TASFA annually to determine eligibility for each academic year.
TYPES OF FINANCIAL AID
Scholarships- Merit based awards that do not have to be repaid. These can be received from the university and outside organizations.
Loans- Monies that are need and non-need based that have to be repaid. These funds can be federal or from private bank Grants- Need based awards lenders. For private bank that do not have to be loans, credit worthiness and repaid. These funds can be having a potential co-signer federal, state, or are some factors used in institutional. They are determining eligibility. subject to fund levels and tend to exhaust quickly.
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Work-Study- A campusbased program that provides funding for jobs for students who demonstrate financial need. These jobs can be on or off campus. Funds are typically limited and could be federal or state.
TRANSPORTATION: HOW TO TRAVEL TO SCHOOL
Employment on campus
Transportation is often an about transportation at this Cougar Pathway overlooked line item in the link: college budget. Students at http://www.uh.edu/oisss/fa 1. Sign in to your AccessUH UH may drive their own car, culty-and-scholars/upon2. Search for keywords you are interested in like business, take public transportation, arrival/houstonpharmacy, or fitness. ride a bike, use Uber or even transportation/index.php. 3. Talk to a career counseler walk to campus if they live nearby. Students must pay a Other costs associated with Only allowed to 20 hours per week to protect students from fee to park a car on campus driving one’s own vehicle being overworked and be able to focus on school each semester but the fees include cost of insurance, vary depending on parking gas, and car repairs. Even if On averge ($9 per hour) students can offset $700 per location. you opt not to have a car on month!!! campus, you should still set Employment Off Campus: Students must commute You may view parking rates aside money to travel to and from the job and there are no rules in place and other important periodically off campus. to protect thier academic and mental well-being Try information searching for jobs on indeed.com
Housing off campus An apartment can cost $900 to $1,200 a month with utilities included. (See Zillow.com) Make sure to consider safety and driving cost when choosing a place.
Meal Plans: How to eat
We are here because your money matters All you have to do is make an appointment with a financial literacy counselor to receive individualized coaching to meet your needs.
Financialliteracy@uh.edu 3