Making Cents of College: Financial Aid and Cost Breakdown at Truman State University
Explore essential information about financial aid, costs, and payment options for college education at Truman State University. Learn about scholarships, FAFSA, grants, and loans to navigate the expenses efficiently. Get insights into in-state and out-of-state costs, as well as indirect expenses. Discover the vocabulary related to financial aid and sources to fund your education. Start your college journey with a clear understanding of how to manage your finances effectively.
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Presentation Transcript
Mark Clynes Regional Admission Coordinator FINANCIAL AID 101: MAKING CENTS OF COLLEGE Truman State University
OVERVIEW Where to Start? College/Universities Federal Aid (FAFSA) Private Scholarships Work Study/Employment Timeline, Tips, and Tricks Questions?
WHERE TO START: THE COSTS Direct Costs Direct Costs Tuition Room and Board Fees (Application, Housing, Orientation, etc.) Additional Course Fees Indirect Costs Indirect Costs Books/Supplies Travel expenses Parking Food and/or Entertainment
BREAKING TRUMAN DOWN: IN-STATE COSTS TUITION & FEES = $8,099 ROOM & BOARD = $8,780 DIRECT COSTS = $16,879 OUT OF STATE COSTS TUITION & FEES = $14,951 ROOM & BOARD = $8,780 DIRECT COSTS = $23,731 INDIRECT COSTS INDIRECT COSTS BOOKS & SUPPLIES = $1,000 PERSONAL = $2,500 TRANSPORTATION = $1,300 LOAN FEES = $68 INDIRECT COSTS INDIRECT COSTS BOOKS & SUPPLIES = $1,000 PERSONAL = $2,500 TRANSPORTATION = $1,300 LOAN FEES = $68 TOTAL COSTS = TOTAL COSTS = $21,747 $21,747 TOTAL COSTS = TOTAL COSTS = $28,599 $28,599
How do we pay for it? How do we pay for it?
WHERE TO START: THE VOCABULARY Scholarships Free earned money from the university and/or outside sources you do not not pay back. FAFSA Free Application for Federal Student Aid Prior-Prior Year (PPY) Able to submit as early as October with 2015 tax information EFC Expected Family Contribution Grants Gift aid awarded by the university and/or the federal/state government, based on your FAFSA you do not Loans Borrowed financial aid; can be federal or private you are required to payback. (Subsidized, Unsubsidized, PLUS) not pay back.
WHERE TO START: THE SOURCES Colleges/Universities Federal Aid (FAFSA) Private Scholarships Work Study/Employment
COLLEGES/UNIVERSITIES Research the scholarship process at each university Many universities have separate applications for scholarships At some universities (i.e. Truman) (i.e. Truman), the application for admission also serves as the application for scholarships Reach out to your college admissions counselor to determine what the process looks like What opportunities are available? Extra steps for more competitive scholarships? Are scholarships renewable?
TYPES OF SCHOLARSHIPS Merit Merit- -based Scholarships based Scholarships Scholarships that are based on your ACT/SAT and GPA Automatic Scholarships Automatic Scholarships Non-resident tuition Military veteran and/or active Legacy scholarships A+ recognition Missouri Scholars Academy Competitive Scholarships Competitive Scholarships Based on a number of different factors (EX: leadership, service, foreign language, music, speech, ROTC, Boy s/Girl s State, etc.) Athletic Scholarships Athletic Scholarships
TRUMAN SCHOLARSHIPS Application for admission serves as the application for scholarships! The more that you share with us, the better. Letters of recommendation Service transcripts Resumes/activity lists Art/music/theatre portfolios Priority Deadline for Competitive Scholarships December 1 December 1 Merit-Based Scholarship Chart
ARE TRUMAN SCHOLARSHIPS RENEWABLE? Scholarships may be renewed for a total of 8 semesters excluding Foundation Scholarships. Requirements for 100% renewal Requirements for 100% renewal 3.25 Truman GPA 24 credit hours (12 per semester) from Truman 60 scholarship hours per semester beginning Sophomore year Scholarship renewal service is required of students receiving more than $1,250 per semester in Truman scholarships. Students opting not to perform scholarship renewal service may renew one half of their scholarship amounts.
FEDERAL AID (FAFSA) Regardless of situation, it is highly recommended to submit the FAFSA as early as October Truman FAFSA Code = 002495 002495 FAFSA calculates EFC (Expected Family Contribution) EFC is used to determine eligibility for grants, need- based aid (both on the university, state, and federal level), and federal loans Cost of attendance (COA) (Varies by Institution) Expected Family Contribution (EFC) (Constant) --------------------------------------------------------------- = Unmet Financial Need (Varies by Institution)
TYPES OF FEDERAL AID Grants Grants Pell Grant (EFC > $5,000) Access Missouri Grant (EFC > $12,000) FAFSA Deadline Feb. 1, 2019 SEOG/ACG Various College Grants Federal Loans Federal Loans Subsidized Loans no interest builds while enrolled in college Stafford Subsidized Loan 4.45% interest rate Unsubsidized Loans interest builds while enrolled in college Stafford Unsubsidized Loan Parent PLUS Loan 4.45% interest rate Must begin repayment 6 months 6 months after graduation, unless deferred
PRIVATE SCHOLARSHIPS Always consider applying for outside scholarships amounts may be smaller but can make a big difference. Fast Web (www.fastweb.com) Raise.Me (www.raise.me) Petersons (www.petersons.com) The College Board (www.collegeboard.com) The Scholarship Foundation of STL (www.sfstl.org) Make sure to double-check that your university will accept outside scholarships Truman will accept outside scholarships! outside scholarships! Truman will accept most most
WORK STUDY/EMPLOYMENT Federal and State Work Study Federal and State Work Study Based on FAFSA results and EFC Employment on or off campus Work less than 18 hours per week Minimum wage Institutional Positions Institutional Positions Payment from the university for employment on or off campus Positions depend on the university
THE TRUMAN TIMELINE Award type Award type Notification Notification Automatic/Merit Scholarships Automatic/Merit Scholarships Upon admission FAFSA/Need FAFSA/Need- -Based Aid Based Aid February 1, 2019 Competitive Scholarships Competitive Scholarships End of February 97% of incoming Truman students will receive some type of financial aid Student taking out loans have some of the lowest default rates in the country Truman Average = 2.8% National Average = 11.5% Over 50% of Truman graduates graduate debt-free
TIPS AND TRICKS Submit your FAFSA early, but take your time with the information Ask your admissions counselor about the various steps that you need to take Understand all the costs Application fees? Housing fees? Down payments? Determine flexible payment plans with the university More information here: http://www.truman.edu/wp- content/uploads/2014/06/Flexible_Payment_Plan.pdf
ANY QUESTIONS? Mark Clynes Mark Clynes Truman State University Regional Admission Coordinator Greater St. Louis Area mclynes@truman.edu 660-341-1565
