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COLLEGE. The NHHEAF Network Center for College Planning 800-525-2577 x119 We’re here for you!. The Road to College. for Parents of Middle and Junior High School Students. Help Your Children Aspire to Their Potential!. Expand your child’s options for education beyond high school. - PowerPoint PPT Presentation
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for Parents of Middle for Parents of Middle and Junior High and Junior High School StudentsSchool Students
The Road to The Road to CollegeCollege
COLLEGEThe NHHEAF The NHHEAF
NetworkNetworkCenter for Center for
College College PlanningPlanning
800-525-2577 x119800-525-2577 x119We’re here for you!We’re here for you!
Help Your Children Help Your Children Aspire Aspire to Their Potential!to Their Potential!
• Make paying for your child’s future education a top financial goal.
When higher education is an expectation rather than a mere possibility,
students come to understand the importance of challenging themselves.
• Expand your child’s options for education beyond high school.
The Role of The Role of ParentsParentsIn Early College In Early College AwarenessAwareness
• Show your children that you value education.
• Reinforce the importance of going to college in relationship to your child achieving personal, career and life goals.
Studies show that children whose parents take an
active role in their education tend to do
better in school.
Enrichment Enrichment ActivitiesActivities
•Community Service
•Career Exploration
•Summer Programs
•Mentors
Powerful Opportunities for Powerful Opportunities for GrowthGrowth
Career exploration begins with exposure to
different types of jobs
The High School YearsThe High School Years
Encourage your student to go above and beyond high school graduation requirements.
In addition to personal
development, students should work to achieve
specific aptitudes, including writing
ability, math skills, a sense of history,
a grasp of the scientific method, and facility with a foreign language.
Academic Planning for Academic Planning for CollegeCollege
The High School YearsThe High School Years
A student should aim to
take the highest level course
possible while still maintaining a B- or better. Keep in mind that certain
majors require certain
foundation courses.
Academic Planning for Academic Planning for CollegeCollegeConsult with your
child’s guidance counselor before she enters high school to develop a four-year plan that preserves her options after graduation.
What’s the Difference?What’s the Difference?
There are over 3,600 colleges
and universities in the United
States, no two are alike.
The Five College TypesThe Five College Types•Liberal Arts Colleges•Universities•Specialized Schools•Community Colleges•Historically Black
Colleges & Universities
* From the College Board GrO Magazine, 2001 Edition
What Colleges Are Looking What Colleges Are Looking ForFor
• Solid Academic Record– Courses selected– Difficulty of curriculum– Class rank– GPA
• Standardized Test Scores– Scholastic Aptitude Test
SAT I: Reasoning Test SAT II: Subject Tests
– American College Testing (ACT)– Preliminary SAT (PSAT)
The College ApplicationThe College Application
• College Essay– Helps to personalize an
otherwise impersonal process
– Provides insight about the student’s character, personality, creativity, experiences, values and ability to think critically
• Recommendations– Guidance Counselors– Teachers– Other adult mentors
Affording Education Affording Education Beyond High SchoolBeyond High School
College Costs, Saving College Costs, Saving & Financial Aid & Financial Aid
How a college education pays offLevel of education Mean annual earnings
Not a high school graduate $16,121High school graduate $24,572Bachelor’s degree $45,678Master’s degree $55,641Ph.D. $86,833Professional (business, law,medicine)
$100,987
Source: U.S. Census Bureau, March 2000.
College is an College is an InvestmentInvestment
The Cost The Cost of Collegeof College
Cost of Attendance* at New Hampshire Colleges– NH Technical Institute
• $10,800– University of NH
• $16,480– Franklin Pierce
College• $28,755
– Dartmouth College• $38,390
Potential Cost of 4 Years
Your Child’s
Age
Public College
Private College
Newborn $149,540 $325,5273 $125,557 $273,3186 $105,420 $229,4839 $88,512 $192,679
12 $74,317 $161,77715 $62,398 $135,83117 $55,534 $120,880
Tuition PossibleTuition Possible
• How do most families pay for college?– Savings– Current Income– Tuition Payment Plans– Loans– Financial Aid
Don’t Let the Numbers Scare You - Don’t Let the Numbers Scare You - College Can Be Affordable College Can Be Affordable
While Financial Aid can make college more affordable,
parents and students are
expected to take primary
responsibility for paying for post-secondary
education.
What is Financial Aid?What is Financial Aid?
•NEED-Based
•MERIT-Based
•Gift Aid
•Self-Help Aid
Every Applicant is Every Applicant is EligibleEligible
Financial AidFinancial Aid
• 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 federal methodology, that represents your family’s ability to pay for one year of college.
How Financial Aid is AwardedHow Financial Aid is Awarded
Cost of Attendance$20,000Expected Family Contribution (EFC) 6,000Eligibility for Financial Aid 14,000
-=
Financial AidFinancial AidCost of Attendance 20,000Estimated Family. Contribution - 6,000 Eligibility for Financial Aid 14,000
Financial Aid Package- University Grant 5,000- Presidential Scholarship 2,000- Federal Student Loan 2,625- College Work Study 1,500
Total Award 11,125
Determining the Financial Aid Determining the Financial Aid PackagePackage
Eligibility 14,000Financial Aid - 11,125Gap = 2,875
GAP 2,875 +EFC 6,000=Total Family Contribution 8,875
OnlineOnline ScholarshipScholarship DatabasesDatabases
Saving for Saving for CollegeCollege
• Smith Family– Dad is 50, Mom is 48– Two Children– Have a combined
income of $55,000– Saved $50,000 for
college expenses
How Saving Affects Your How Saving Affects Your EFCEFC
• Davis Family– Dad is 50, Mom is 48– Two Children– Have a combined
income of $55,000– Saved $1,000 for
college expenses
EFC = $4,912
EFC = $4,843
Saving for CollegeSaving for CollegeYou Can’t Afford Not To!You Can’t Afford Not To!
• Benefits of Saving– More options for higher
education.– Saving may not affect
financial aid eligibility.– You and your child may
have to borrow less.
• Invest for a goal, not for a child– Know how much you will
need to pay for college.– Target your saving to
that amount.• Calculate your EFC.
Spreading out the cost of college over time will
lessen the impact on your lifestyle during the years
your child attends college.
Saving for CollegeSaving for College
• Savings Bonds– Series EE– Series I
• Education IRA– Coverdell Savings Accounts
• 529 Plans– State-sponsored tuition
savings and tuition payment plans
• UGMA/UTMA– Uniform Gift to Minors
Resources for Research
• MotleyFool.com• FinAid.org• SavingForCollege.com• Savingsbonds.gov• AmericanFunds.com• Upromise.org
Options for FamiliesOptions for Families
Upromise is a great way to supplement your college
savings. You earn college savings contributions as you
spend with some of America’s leading companies.
Saving for CollegeSaving for College• A savings plan that takes
advantage of Tax Code 529, designed to help families meet the cost of higher education.– Earnings grow deferred from
federal income tax.– Qualified withdrawals
(beginning January 2002) are tax-exempt. Withdrawals made before 2002 are taxed at the child’s rate.
– Low initial investment.– High contribution limits.
• Financial Aid Implications– This plan is viewed as
an asset of the account holder, not the child.
– Low weighting in eligibility formulas.
New Hampshire’s 529 Plan is the Unique College
Savings Plan managed by Fidelity: (800) 544-1722 www.fidelity.com/unique
529 Plans529 Plans
The Key MessagesThe Key Messages
• Show your children that you value education.
• Help your children to develop good study habits.
• Encourage your student to go beyond high school graduation requirements.
• Colleges are looking for students with strong academic records and quality involvement in extracurricular activities.
• Financial aid can help to make college costs more affordable
• Make paying for your child’s education a top financial goal.
College is PossibleCollege is Possible