NY GEAR UPSaving for College

CUNY Collaborative Programs: A NYGEAR UP Partner

Agenda

• What is the cost of college and is it worth it?• Ways for students and families to pay• Sticker Shock and the True Cost of College• Tools to help you determine how much you will pay

• Ways to start saving now• Questions

Financial Aid Quiz1. College is not worth the debt involved. It’s better to go directly to work.

 

2. Only “A” students can go to college and get financial aid.

 

3. Applying for financial aid is very difficult and complicated.

 

4. College can be expensive, but two-thirds of all undergraduate students receive financial aid to help cover college costs.

 

5. To make it in today’s world, you must have a four-year degree.

 

6. Over the course of a lifetime, a high school graduate can earn as much as a college graduate.

 

7. The average annual income of a person with a college degree is over $55,000.

 

8. Colleges give full athletic scholarships to athletes.

 

9. Private colleges are too expensive and you shouldn’t apply if you don’t have the money.

 

10. Some employers will help you pay for college.

Is College Worth the Cost?

• College grads fare better in workforce• BA degrees earn $1 million more over a lifetime than HS

diploma (84% more over a lifetime)• Build skills needed for workplace• Independence, new experiences, success and failure• College degrees have lower unemployment rate (2013 –

4% for BA; 5.4% for AA)

http://www.merrilledge.com/Publish/Content/application/pdf/GWMOL/ME_SavingForCollege.pdf

What is Cost of Attending College? • Direct costs

• Tuition, Fees, Room Board

• Indirect costs

• Books and Supplies

• Personal Expenses

• Laundry, cell phone

• Transportation

Money for College:Ways for Students and Families to Pay

• Scholarships (do not have to be paid back)

• Grants (do not have to be paid back)

• Loans (must be paid back)

• Work study (must be earned)

• Savings (must be earned)

The True Cost of College

Don’t be Afraid of Sticker Shock

Living Away from Home (NY State Resident)

CUNY SUNY Private College

Tuition and Fees $6,030 $7,582 $36,000

Housing $8,820 $12,020 $14,000

Books and supplies $1,248 $1,270 $1,045

Meals $3,082 included included

Transportation $986 $1,020 $1,150

Personal Expenses $3,954 $1,450 $1,900

Total Cost of Attendance $24,120 $23,342 $54,095

NY State College Costs

How to Start Saving Now

• Set a Savings Goal: fixed amount per paycheck • Look at different types of savings and investment accounts/options

• Open a College Savings Fund• Begin a scholarship search• Register your child for dual-enrollment courses

Loans: Rules of Thumb for Borrowing

• Borrow only what you must and as little as possible

• Exhaust all federal loan options before private loans

• Know repayment options before signing papers

Resources • NY Higher Education services Corporation: Hesc.ny.gov• USDOE: ed.gov/fund• College Board: collegeboard.org• NACAC: nacacnet.org• FastWeb Scholarship Search: fastweb.com• Federal Student Aid: studentaid.ed.gov• College Navigator: nces.ed.gov

QUESTIONS?• Please complete workshop evaluation