NY GEAR UP Saving for College CUNY Collaborative
NY GEAR UP Saving 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 Quiz 1. 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_Saving. For. College. 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
NY State College Costs 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 $986 $1, 020 $1, 150 Personal Expenses $3, 954 $1, 450 $1, 900 Total Cost of Attendance $24, 120 $23, 342 $54, 095 Transportation
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 • Fast. Web Scholarship Search: fastweb. com • Federal Student Aid: studentaid. ed. gov • College Navigator: nces. ed. gov
QUESTIONS? • Please complete workshop evaluation
- Slides: 16