Scholarships and Financial Aid

 University of Utah $ 7,835

 Brigham Young University $5,300
 Utah State University $ 6,250
 Weber State University $ 4,611
 Utah Valley University $ 5,200
 Southern Utah University $ 6,138
 Snow College $ 3,388
 Dixie State University $ 4,620
 Estimated yearly expense on books: $800-1,200
 University of Utah $ 25,057
 Brigham Young University $10,600
 Utah State University $ 18,250
 Weber State University $ 13,837
 Southern Utah University $18,200
 Snow College $ 11,600
 Dixie State University $ 13,206
 Estimated yearly expense on books: $800-1,200
 Resident vs. Non-Resident: Varies from university to university but
generally speaking, non-residents pay 3 to 4 times more than
residents.
 We aren’t trying to discourage you from attending college, but help
you prepare for expenses now.
 Having a college degree or technical training will greatly raise their
future earning potential.
 There are lots of costs to consider along with tuition and fees
 Rent
 Transportation
 Books
 Food
 Entertainment

 COA is the actual cost of attending particular school. It is different at

every school.
 Tuition may be higher at private or out-of-state institutions.
 State Residency
 Most public schools charge higher tuition for students from out of state, and
becoming a resident in a new state can take a year or more. Private schools
usually don’t charge more based on residency, but make sure that’s the case if you
are considering a private school in a different state.
 Housing
 You will need a place to live and food to eat no matter what school you choose.
Whether you decide to live in campus housing or off campus can make a big
difference. Transportation costs will be low if you live on campus, but you might
pay more for your dorm room and meals in the cafeteria. Some schools require
that you live on campus, while others do not have campus housing.

 If you don’t use a car to get to campus, you pay less for
transportation.
 What are the potential advantages and disadvantages of attending
college in-state vs. out-of-state?
 What are the potential advantages and disadvantages of living at
home vs. living on campus while attending school locally?
 What are some unexpected costs that you did not consider before
now? How will you pay for them?
 What are the advantages and disadvantages to working a full or part-
time job while attending school full time?
 What is the difference between a private and public school? Why
would individuals choose a private school over a public school and
vice versa?
Scholarships:
Private- These scholarships
are given out by companies,
individuals, and other
organizations. They usually
have additional
requirements which are
unique to their application.
Scholarships:
Merit- Merit scholarships are given to
incoming freshmen students who apply
by the university’s scholarship deadline.
These are generally awarded based on
factors such as ACT score, GPA, and
difficulty of classes taken. Often,
universities will offer merit scholarships
for full, half, or partial tuition. You can
check each university’s index chart to
verify if you qualify for a scholarship.
Scholarships:
 Departmental- These scholarships are
offered by various departments within the
university. For example, a student wanting to
major in physics could possibly apply for a
scholarship within the department. This
scholarship would be in addition to any
private or merit based scholarship they are
receiving. Universities also offer
scholarships for students seeking to be
ambassadors or who demonstrate a high
level of ethical conduct.
 Clearfield High School is privileged to have a scholarship advisor,
Mrs. Yamashita. She maintains a scholarship board in the white
computer lab hallway. This board is constantly updated with
scholarship material and applications. Juniors and seniors can sign
up for appointments on her door, which is located in the counseling
center, to learn more about applying for scholarships.
 Only apply for a scholarship if you are qualified, but apply
to as many as possible.
 The more scholarships you apply for, the greater chance
you have of receiving one.
 Don’t just focus on the big ones, either.
 Often the easiest scholarships to get are small local ones. If
you win a few, they really add up.
Each scholarship’s application process is
different. Follow deadlines and instructions
closely. Make sure the information about the
scholarship is up-to-date before you apply by
contacting the scholarship committee or
organization.
 It’s never too early to start working towards winning a
scholarship. If you’re working towards an athletic
scholarship, you need to be at the top of your game during
your senior year. If you are interested in an academic
scholarship, you need to earn excellent grades.
Universities and colleges look at your cumulative GPA (9th-
12th grades). If you are going to apply for a scholarship with
a particular organization, stay involved! The hard work you
put in now will pay off when it comes time to apply.
•Official transcripts
•ACT scores (Take at least 3 times)
•Financial aid forms, such as the FAFSA
•Financial information, including tax returns
•One or more essays
•Letters of recommendation
•Proof of eligibility (such as membership credentials)
 Grants are essentially scholarships
based only on your financial need.
 The federal government, state
governments, and schools offer
grants to students from families who
can’t pay for higher education on
their own.
 You don’t have to pay back grants as
long as you complete the academic
term they help pay for.
 If you think your family makes too
much money to be eligible for
grants, think again!
 Your financial need will vary by
the school you choose to attend. If
the school you want to go to is
more expensive, chances are you
will receive some aid as grants.
That means fewer loans and less
money you will have to pay back
in the future.
 Free Application for Federal Student Aid
(FAFSA).
 Life
can be hectic, but it’s important to stay on top of your college
applications and deadlines each year you plan to attend. You will only have
to complete one application for federal student aid each year.
 Most scholarships, on the other hand, will each require a separate
application.
 Staying on schedule is very important when you apply for financial aid. One
missed deadline and you may miss out on a lot of money for school.
 Use the Paying for School Checklist to stay on track. It includes all of the
important steps you need to take. You will need to keep track of exact dates
and times. Apply as early as possible, and don’t procrastinate!
 You must complete the Free Application for Federal Student
Aid each year to be considered for federal student aid.
Because the U.S. government administers federal aid, the
eligibility requirements and application process are the same
no matter what school you go to.
 Federal student aid requirements include:
 Demonstrate financial need (except for certain
loans)
 Have a high school diploma or an equivalent
approved by the U.S. Department of Education
 Be working toward a degree or certificate in an
eligible program
 Be a U.S. citizen or eligible non-citizen
 Have a valid Social Security Number
 Register with the Selective Service if required at
sss.gov
 Certify that you are not in default on a federal student
loan and do not owe money on a federal student grant
 Maintain satisfactory academic progress once in school
 Certify that you will use federal student aid only for
educational purposes
 The FAFSA can be completed online or by mail. It is much easier to complete
online. You will only have to answer questions that apply to you, and there are
interactive instructions and live help. Even better, your application is submitted
instantly.
 The earliest you can submit your FAFSA application is January 1st of your senior
year. The final deadline is usually in June, but if you wait that long you will miss out
on some financial aid. Many schools and states have earlier deadlines, so it’s a
good idea to submit the FAFSA as soon as possible.
 There are companies that offer to fill out the FAFSA for you — and charge a steep
fee. Don’t pay anyone to help you fill out the FAFSA! You will have to provide all of
the same information, and will fill out very similar forms. There is even a chance
that you will miss out on aid if the company is missing information from you or
makes mistakes.
 To apply, visit the FAFSA website at www.fafsa.ed.gov
Education loans are different from
scholarships and grants.
Loans are borrowed money that you have to
pay back with interest.
 Interest is a fee you pay for borrowing the
money. Interest can cost more than the amount
of the loan by the time you pay it back!
There are many different education loans, so
it’s important to know as much as you can
about each. Some loans let you wait until you
are done with school to start paying them
back. Others require payments soon after you
receive the loan.
Most student loans make you pay more for
your education in the long run. So why even
take out loans? Many students, and you might
be one of them, can’t pay for school without
borrowing money. The value of your education
will last a lifetime, long after your loans are
repaid in full.
 A tax-advantaged investment vehicle in the United States
designed to encourage saving for the future higher education
expenses of a designated beneficiary.

 An education savings plan operated by state or educational

institution designed to help families set aside funds for future
college costs.

 Named after section 529 of the Internal Revenue Code 26

U.S.C 529
 Tax advantages
 Matching Grant & Scholarship
opportunities
 Protection from creditors
 Exemption from state financial aid
calculations for investors
Allow one to purchase tuition credits at
today’s rates to be used in the future.
Performance is based on tuition inflation.
Prepaid plans may be administered by states
or higher education institutions.
 Different in that all growth is based upon market
performance of the underlying investments, which
typically consist of mutual funds.
 Most 529 savings plans offer a variety of age-based
asset allocation options where the underlying
investments become more conservative as the
beneficiary gets closer to the college age.
 Administered by states only.
529 plans have the ability to transfer
unused amounts to other qualified
members of the beneficiary’s family
without incurring any tax penalty.
There are more ways to pay
for school than any one
person could ever use. Some
ways may work for you and
others may not, but it’s worth
checking them all out before
you decide how you will pay
for school.
 Savings
 Money that you earn or your parents have invested and set aside for your education.

 Community Service
 Make a difference while earning money for college or repaying federal student
loans.
 Military Service
 The armed forces offer several ways to pay for school before, during, and after your
service.
 Tax Credits & Deductions
 Money credited back to you or your family on your federal taxes.

 Work
 Pay for school as you go, and take advantage of employer tuition assistance
programs.