The College Process: Information for Juniors and their Parents

1
The College Process Information for Juniors and
their Parents

• Presented by
• Andrea R. Tracy
• LEAF
• Kristy Gardner
• John Carroll University

2
Timeline Junior Year

• Review your course selections with your Guidance
  Counselor
• Continue researching schools
• Attend college fairs and school visits
• Take SAT and ACT in the spring
• Visit College Campuses in the spring and summer
  before senior year
• Talk to an Admissions Counselor and tour campus
  or attend an Open House event
• Pay close attention to admission and scholarship
  criteria
• Keep grades up!
• Document all honors and activities
• Begin to investigate outside scholarship
  opportunities
• Think of people who can write letters of
  recommendation.

3
Timeline Senior Year The Busiest Year of Them
All!

• Visit College Campuses (and return visits)
• Talk to an Admissions Counselor and tour campus
• Overnight visits, meetings with faculty and
  coaches, class visits
• Eat on campus!!!
• Retake the SAT/ACT if necessary
• Review admission criteria for the
  schools/programs you are interested in pursuing
  to ensure you meet all requirements
• Apply to colleges in the Fall of your senior year
• Applications should be in before Christmas Break
  (preferably before Thanksgiving)!
• Be aware of priority deadline dates, scholarship
  dates
• Myth I cannot attend a Private institution
  because it is too expensive.
• Fact Private institutions traditionally have
  more institutional aid to award.

4
Timeline Senior Year

• Look and apply for scholarships all year
• Peak scholarship season is October until
  Mid-March
• Most scholarships will only allow Seniors to
  apply
• File a Free Application for Federal Student Aid
  beginning January 1st
• Meet all DEADLINES!!!
• Wait until you receive your Financial Aid Award
  Letter to decided which institution you will
  attend.
• See your LEAF Advisor

5
Things to do Get Organized!

• Create a College application organizer.
• Create an e-mail address just for correspondences
  from institutions.
• Keep copies of any applications you complete,
  including financial aid and scholarship. (Copy
  your tax forms, too)

6
Financial Aid Process
7
Scholarship Season

• Institutional Scholarships
• Academic/Merit Based
• Admissions Office
• Need Based/Endowed
• Financial Aid Office
• Outside Scholarships (November-May of senior
  year)
• Local Organizations
• Work Place
• Clubs/Boosters

8
The Free Application for Federal Student Aid
(FAFSA)

• Most Federal, State, and Institutional Aid
  requires that you complete a FAFSA.
• The processed FAFSA yields an Expected Family
  Contribution (EFC).
• Students starting Fall 2010 will fill out their
  2010-2011 FAFSA no earlier than January 1, 2010.
• You can file the FAFSA for free at
  www.fafsa.ed.gov.
• BEWARE of agencies that charge to file the FAFSA!

9
Loans, Work-Study, and Federal Aid Oh my!

• A FAFSA must be completed to be eligible for
  Federal Aid.
• Work-Study
• Federal Work-Study
• Campus Work-Study
• Loans
• Stafford Loans
• Perkins Loans
• PLUS Loans
• Grants
• Pell Grant
• FSEOG Grant
• TEACH Grant
• ACG
• National Smart Grant

10
Addition Funding Options..Alternative Loans

• Are becoming a more popular way to cover unmet
  need of college students.
• They have taken the place of the Federal Parent
  PLUS Loan Program.
• These are dressed up consumer loans and are
  based on credit-worthiness of the student and a
  co-signer

11
Comparing PLUS vs Alternative - What is the BEST
Option

• Federal Parent Loans
• Fixed interest rate
• Accrued interest capitalizes once at final
  repayment
• Credit check on parents based upon federal
  standards-(no debt to income ratios

• Alternative Loans
• X Variable interest rate set monthly or quarterly
• X Interest rate usually will not exceed 21
• X Accrued interest may capitalize monthly,
  quarterly or at final repayment
• X Student and co-signer must pass a comprehensive
  credit check

12
Comparing PLUS vs Alternative - What is the BEST
Option

• Federal PLUS Loans
• Federally insured against death and disability
  for both the parent and student
• Ability to easily consolidate PLUS Loans under
  the Federal Consolidation Loan Program
• PLUS Loans will be reported only on the parents
  credit report

• Alternative Loans
• X Not federally insured against death and
  disability of both student or co-signer
• X Can not consolidation under the Federal
  Consolidation Loan Program
• X Alternative Loans will be reported on both the
  students and the co-signers credit report

13
Tax Credits and Deductions

• Tax Credits Subtracted from the tax a family
  owes.
• Hope Tax Credit
• Used only the first two years
• Amount based on AGI
• Up to 1,800 for each eligible dependent
• Lifetime Learning Tax Credit
• Can be used an unlimited number of years
• Amount based on AGI
• Can claim up to 2,000

14
Tax Credits and Deductions

• Tax Deductions Reduce the taxable income.
• Tuition and Fees Deduction
• Cannot claim if using Hope or Lifetime Learning
  Credit
• Deduction must be renewed by the IRS
• Up to 4,000
• Educational Loan Interest Deduction
• Up to 2,500
• Can use with Hope and Lifetime Learning Credit
• Amount based on AGI

15
Tax Credits and Deductions

• 529 Savings Plan (www.collegeadvantage.com)
• Only a state tax deduction
• Anyone contributing to a plan can take it.
• Up to 2,000

16
Resources

• College Advantage (529 Plans)
• www.collegeadvantage.com
• EFC Calculator
• www.collegegold.com
• Loan Payment Calculator
• www.collegegold.com
• Financial Aid Information
• www.finaid.org
• www.federalstudentaid.ed.gov
• www.regents.ohio.gov
• Scholarship Search
• www.fastweb.com (national)
• www.leaf-ohio.org (local)
• www.regents.ohio.gov

17
Questions???

• Andrea Tracy
• Program Director
• atracy_at_leaf-ohio.org
• www.leaf-ohio.org
• 440-358-8045

Kristy Gardner Assistant Director of Admissions
and Financial Aid kgardner_at_jcu.edu www.jcu.edu 216
-397-4294