The "Cost" of Post-Secondary Education

The "Cost" of Post-Secondary Education

And some benefits too

Multiple Select

Which of the following do you think is true about college. Check all that apply.

• College is an investment.

• Everyone who goes to college is guaranteed a career upon graduation

• All people are eligible for a full pell grant for college

• People with post-secondary educations have higher lifetime earning potential than people without

• If you cannot pay back student loans, you can always file bankruptcy.

1. College IS an INVESTMENT

Whether you take out loans, work two jobs to cover the cost, or have a full ride scholarship........College is an investment for your future quality of life.

Everyone IS NOT eligible for a full pell grant

This federal grant is awarded through a formula that is based off of your parents income. The higher the income, the lower the grant amount. HOWEVER, with the right qualifications scholarships are also available but are highly competitive.

Everyone who obtains post-secondary education or training IS NOT guaranteed a career.......

This depends on the job outlook for their specific field of interest, as well as their personality traits, their skills, and their ability to network and go out there and get the position they feel passionately about

People with post-secondary educations do have higher lifetime earning potential.

According to the Social Security Administration...Men with bachelor's degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor's degrees earn $630,000 more

If you are unable to pay back your federal students loans, filing bankruptcy WILL NOT ERASE THAT DEBT

Unfortunately, federal student loans cannot be filed on bankruptcies.

Net price

vs

Sticker Price

The most heavily awarded federal grant is the Pell grant. This amount is determined through your FAFSA.

FAFSA

• Free Application for Federal Student Aid

• Each year the new application opens on October 1st at 1:00 a.m.

• The FAFSA makes you eligible for grants, scholarships, work-study programs, and federal student loans

Scholarships vs Grants

Both DO NOT have to be paid back

Scholarships are merit-based (student performance)

Grants are need based (low-income families)

The FAFSA also determines your EFC

This is your Expected Family Contribution

Multiple Choice

I am going to save the FAFSA details for a couple of days while we focus on the cost of attendance. With that said, I will close with a common sense FAFSA question.

Which of the following is TRUE about how you get your financial aid?

• All financial aid is paid directly to you in one payment

• All financial aid is paid to you in installments

• Aid is 1st applied to your account; you get the rest

• The school receives all of your financial aid