College Financial Aid and Payment Options
Explore various payment options, grants, scholarships, loans, and employment opportunities to fund your college education. Learn about financial aid applications, cost of attendance, and sample award scenarios to better understand your financial needs.
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Presentation Transcript
Paying For College Paying For College Lew DeLuca Director, Financial Literacy & Advising DeLucaL2@southernct.edu https://inside.southernct.edu/financial-advising
Payment Options Payment Options Grants & Scholarships (FREE $) Loans (Student & Parent: Repaid with interest) Payment/Installment Plans (10 month) Investments (529, IRA, 401k, Coverdell & Custodial Accounts, U. S. Savings Bonds, Mutual Funds, Stocks, Bonds, Variable Life Insurance, Annuities, etc.) Employment (Earnings, Tuition Waiver or Reimbursement) Credit Card (2.95% Convenience Fee) Home Equity Loan/Line of Credit
Applications Applications 1. FAFSA (FREE application for federal student aid) https://studentaid.gov/h/apply-for-aid/fafsa Submit October 1 annually 2. CSS Profile (FEE application for non federal aid) https://cssprofile.collegeboard.org/ Submit October 1 annually Student Aid Index (SAI) formerly EFC (Estimated Family Contribution)
Cost of Attendance/COA 1. Direct/billable costs Tuition & Fees ($5,000, $13-18,000, $50,000) Room & Board ($15-20,000) 2. Indirect/non-billable costs Room & Board (live home/off campus) Books & Supplies ($1,400) Personal & Transportation ($1,400-$4,000)
Sample Awards Sample Awards Private 4 Year College Public CT 4 Yr. College Public CT 2 Year College Cost of Attendance/COA $85,000 $40,000 $20,000 - SAI 0 0 0 = Financial Need $85,000 $40,000 $20,000 Federal Pell Grant $7,395 $7,395 $7,395 Scholarship/Grant $20,000 $3,500 $1,000 Direct Subsidized Loan $3,500 $3,500 $3,500 Direct Unsubsidized Loan $2,000 $2,000 $2,000 GAP $52,105 $23,605 $6,105
Sample Awards Sample Awards Private 4 Year College Public CT 4 Yr. College Public CT 2 Yr. College Cost of Attendance/COA $85,000 $40,000 $20,000 - SAI 40,000 40,000 40,000 = Financial Need $45,000 0 0 Federal Pell Grant 0 0 0 Scholarship/Grant $20,000 $2,000 0 Direct Subsidized Loan $3,500 0 0 Direct Unsubsidized Loan $2,000 $5,500 $5,500 GAP $59,500 $32,500 0
Next Steps Next Steps Federal Student Aid Estimator & Net Price Calculator Submit FAFSA & CSS Profile 10/1 annually Apply for private scholarships monthly Work & save money each summer Commute if campus costs prohibit attendance Special Circumstances? Appeal Financial Aid award Questions?
