College Bound Scholarship WebinarOctober 11, 2011

Please email us so we may send you updates

NameSchool/organizationEmail addressTo: collegebound@hecb.wa.gov

College Bound Scholarship WebinarOctober 11, 2011

• Overview of Program• Financial Aid 101• CB Scholarship payouts• Resources

Beth Ahlstrom, College Bound Scholarship Program Administrator 360-596-4808Vicki Merkel, Associate Director of Student Financial Assistance 360-753-7853Rachelle Sharpe, Director of Student Financial Assistance 360-753-7872

The College Bound Scholarship offers an early promise of financial aid to qualifying 7th and 8th graders in Washington.

• College Bound is essentially an early commitment of an enhanced State Need Grant award.

• This scholarship combines with State Need Grant to cover tuition (at public college rates), plus a small book allowance.

• The program was created in 2007 for the purpose of improving high school graduation and college enrollment rates for students from low-income families.

• There are nearly 16,000 College Bound applicants in their senior year

College Bound Scholarship Completed Applications

10/5/2011

Cohort 1 2 3 4 5

Expected Grad Year 2012 2013 2014 2015 2016Total Sign-Ups

By Academic Year

Eligible Students 28,093 28,600 29,856 30,549 31,923

AY 07-08 8 7

Complete 9,036 6,117 15,153

AY 08-09 9 8 7

Complete 6,931 9,750 10,839 27,520

AY 09-10 8 7

Complete 9,606 12,151 21,757

AY 10-11 8 7 1

Applied 10,872 13,519 24,391

% of Total Eligible 56.8% 55.5% 68.5% 75.4% 42.3%

Total Sign-up By Cohort Year 15,967 15,867 20,445 23,023 13,519 88,821

1. Preliminary Numbers. Includes incomplete applications

College Bound Scholarship Students

The Class of 2012Who are they?

• First College Bound cohort to graduate high school and apply to college.

• Approximately 16,000 (57% of eligible students) in the 2012 cohort.

• These students are from 630 middle schools.

• 56% are students of color.

• 46% male; 54% are female.

American Indian/Native Alaskan

2%

Asian9% African

American8%

Hispanic 32%

White44%

Hawaiian/ Pacific Islander1%

Multiracial4%

Based on 11,675 matched recordsfrom OSPI for the class of 2012

College Bound Students by EthnicityClass of 2012

FINANCIAL AID 101

G IF T A IDG ran ts

S ch o la rsh ip s

L O A NSN eed & N on -N eed

L ow In te res tD e fe rred R ep aym en t

E M PL O YM E NTW ork -S tu d yIn s titu tion a l

O n o r O ff C am p u s

T YPE S O F F INA NC IA L A ID

F E D E R A L S TA TE S C H O O L S P R IV A TE

S O U R C E S O F F IN A N C IA L A ID

Types and Sources of Financial Aid

FAFSAFree Application for Federal Student Aid

• The FAFSA is the primary form for all government aid.

• All colleges require the FAFSA.

• Don’t wait until taxes are filed – estimate and make corrections later.

• Colleges may require additional documents & have other deadlines.

• Re-apply every year.

• Never pay to fill out the FAFSA – it’s free.

• Don’t wait until admitted to college to file the FAFSA.

College Bound Students

• May file as early as January 1.

• Must file by February 1 for priority funding.

• Continued streamlining of the online application.

• Families can have their tax information retrieved from the IRS. They can also submit the FAFSA prior to completion of taxes and revise later.

• IRS Data Retrieval tool is available in English and Spanish.

• Students and parents can begin retrieving 2011 IRS data at the end of January 2012.

• New High School questions: school name, city, and state.

FAFSA News

• Calculated from data submitted on student’s FAFSA using a federal formula.

• Represents the amount a family can reasonably be expected to contribute.

• Stays the same regardless of college.• Two components

– Parent Contribution– Student Contribution

Expected Family Contribution (EFC)

Cost of Attendance (COA)

1. Tuition and fees2. Books and supplies3. Room and board – living expenses4. Transportation5. Personal expenses/miscellaneous

• Includes all educational expenses• Varies from campus to campus

Need Varies Among Schools

2010-11 CommunityCollege

Public4-Year

Private4-Year

Typical COA

$15,800 $20,200 $42,700

EFC $3,100 $3,100 $3,100

Financial Need

$12,700 $17,100 $39,600

COA – EFC = Need

COLLEGE BOUND SCHOLARSHIP PAYOUTS

College Bound ChecklistTo receive the scholarship, students must:

Have a complete application on file at the Higher Education Coordinating Board (HECB).

File the FAFSA by February 1. • May apply as early as January 1.

Graduate high school with a 2.0 or higher (students may take longer than 4 years to graduate).

Be a U.S. citizen or eligible non-citizen. Enroll within one year of high school graduation in one of

the 67 eligible institutions in Washington.

FAFSA for the College Bound• Students must file the FAFSA before February 1st of their

senior year in high school.

• Students must file online in order to meet this deadline.

February

www.fafsa.gov

Student’s FAFSA RecordThe Department of Education will send the FAFSA application data to the colleges listed on the student’s FAFSA and to the HECB.

HECB will match the student’s FAFSA report with the College Bound application and notify the student via email* if we are successful.

HECB will then send a list of College Bound students to the colleges listed on the student’s FAFSA.

If students don’t hear from the HECB within 2 weeks of submitting the FAFSA, they should call us: 1-888-535-0747

*notification will be to the email listed on student’s FAFSA

• State Need Grant (SNG) is the largest financial aid program in WA – currently funded at $266 million for 2011-12.

• Provides the majority of funding for College Bound Scholarship.

The maximum SNG and College Bound awards combine to cover tuition (at public institution rates) and a small book allowance.

It is critical that students meet the February 1st deadline to receive priority consideration for maximum funding.

What is State Need Grant?

AWARD EXAMPLE

Two-Year College Max Award

Public Four Year Max Award$0

$2,000

$4,000

$6,000

$8,000

$10,000

$3,100

$8,500

$500

$500

State Need Grant College Bound Scholarship

Tuition & fees

Tuition & fees

Why Students May Not Receive College Bound Funds

• Family’s income does not meet the income standard (65% Median Family Income - $53,000 for a family of 4 in 2011-12) .

• Students filed for financial aid after the Feb. 1 deadline.

• Student’s total financial aid is greater than their financial “need.”

• For example, students with lower living expenses attending a lower cost college may have smaller awards.

• Initial allocation of $7.4 million in 2007

– Invested in GET and expected to be valued at $12 million in 2012

– Anticipated to cover first two years of payouts• Future appropriations can be made each fiscal year as with

other financial aid programs.

• 2011 Legislature tasked the Caseload Forecast Council with projecting College Bound enrollments for budget purposes.

A Washington Opportunity Pathway

College Bound Funding

Other College Bound Rules• Students have one year from high school graduation to enroll. • College Bound is a four-year scholarship (12 quarters or 8

semesters maximum).• Scholarship must be used within five years of graduation.• Enrollment does not have to be continuous.• Students may enroll part-time.• Students must maintain Satisfactory Academic Progress (SAP).

NEXT STEPS

How We Can Work Together

Support in High Schools• Monitor College Bound students to ensure they meet GPA requirements

and are on track to graduate.– Ask HECB for a list of your College Bound students

• Use resources for seniors posted on HECB web site – Preparing for College-College Bound

Student ResourcesPost links on school’s website

http://www.hecb.wa.gov/PreparingForCollege/CollegeBound/2012Facebook: I am College BoundOur new blog: collegeboundwa.edublogs.org

Search for More Funds

Successful January 2010 launch; more than $40 million offered via theWashBoard.org since its inception.

Nearly 70,000 scholarship seekers and 200 providers are registered.

Lists more than 600 scholarships. In 2010-11, $28 million in scholarships offered. Continues to grow and develop for the benefit of Washington’s

students - version 2.0 in development now.

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You Are Not Alone• College Success Foundation www.collegesuccessfoundation.org • NELA Center for Student Success www.nela.net • Washington College Access Network• Regional partnerships

• Tacoma College Support Network• Seattle College Access Network• North Central Community Foundation, Wenatchee• Community Center for Education Results• Alliance for Education• GEAR UP• Many more…

Ways they can help• Assistance with financial aid nights• FAFSA completion• College Goal Sunday www.collegegoalsundaywa.org

Want to know more?

FAFSA and general financial aid information:www.fafsa.gov

Washington State financial aid programs:www.hecb.wa.gov

Questions & suggestions? Email collegebound@hecb.wa.gov with WEBINAR in the subject line.

College Bound Scholarship WebinarOctober 11, 2011

Please email us so we may send you updates

NameSchool/organizationEmail addressTo: collegebound@hecb.wa.gov