Paying for College

For grades 11-12, Fall Semester 2024

Overview

• Sticker Price vs. Net Price
• Public Schools vs. Private Schools
• FAFSA
• CSS Profile
• Scholarships
• WUE
• Federal Student Loans
• Questions

​

Sticker Price v. Net Price

• Sticker Price is the published annual tuition and room & board rate for the school
• Net Price is the sticker price minus financial aid, grants, scholarships, etc
• Net Price is unique to you and your individual circumstances
• Most schools publish an average Net Price
• Look at all the costs beyond tuition
• Dorm and required dining fees
• Books, Travel, activities

Public School vs. Private School

• Public schools are state-run colleges and universities that have a lower tuition for in-state residents
• Sticker price is usually lower but they are limited on the amount of grants and scholarships they can award
• Private schools are usually private non-profit organizations that have a higher sticker price but much more flexibility on awarding grants and scholarships
• Sometimes the private school net price can be lower than in-state tuition!
• You never know what the costs will be until the financial letter arrives so don’t be intimidated by the sticker price

Early Decision & Early Action

• Early Decision means you are obligated to attend that school if you are accepted
• Generally, don’t apply Early Decision if you have high financial need

​

• Early Action means you are very interested in that school but are not obligated to attend if accepted
• Some scholarships are only available if you apply early action

​

Financial Aid Awards Letter

• Along with acceptance, colleges will send you a Financial Aid Award Letter that will summarize any of the following::
• Cost of Attendance
• Student Aid Index (Formerly known as EFC)
• Student Contribution
• Financial Aid
• Merit-Based vs. Need-Based
• Scholarships
• Only school-based in this letter
• National and Local awarded separately
• Grants
• Pell Grant
• School-based grants
• Federal Student Loans
• Subsidized and unsubsidized

Save the letter in an easy to find place!

FAFSA

The FAFSA is the federal system that calculates the Student Aid Index (Formerly EFC) for each individual who applies for financial aid. www.studentaid.gov

​

• Your SAI is calculated usually based on parent income
• Many scholarship applications will ask for your SAI as part of the application

​

• Pell Grants are also awarded through the FAFSA application for students of exceptional need

FAFSA and Individual School Practices

• Check the Financial Aid page for each school you are applying to and verify any deadlines or pertinent timing.
• Usually, the earlier your FAFSA is submitted, the better
• Plan on filling out the FAFSA by the end of October
• Some schools require additional forms

FAFSA Application Information

• It only takes about 20 minutes to complete and is easiest if done with parent and student together
• Usually can connect directly to your last tax return in the application
• Very simple to enter in manually as well

​

• Both you and your student register for a FSA ID which allows you to sign electronically
• One FSA ID per SSN
• Can also print out a paper to sign and mail in but they will need a FSA ID eventually
• Application opens Oct 1 - apply early for best results

​

• Schools are not obligated to meet the EFC - more or less is possible

​

​

CSS Profile

• The CSS Profile is an online application that awards non-federal institutional aid

​

• A list of participating schools is available on the website
• Mostly selective private schools require it

​

• Opens Oct 1 and deadline is set by the school

​

• Looks the individual’s assets and liabilities more fully than FAFSA

Scholarships

Scholarships take tons of time to research and apply. But usually the components of the application are similar

• Personal Statement, Recommendations, Transcripts, EFC, Interview

​

LOCAL

• SJICF - Friday Harbor
• Art, Music, Photography - specialist

​

NATIONAL

• Search on www.goingmerry.com
• Look for school-specific scholarships as well - some require Early Action application

WUE

• WESTERN UNDERGRADUATE EXCHANGE (WUE)
• A group of western state schools collaborate to reduce out-of-state tuition for residents of western states
• Usually is applied by the school automatically but may require Early Action application
• Roughly reduces tuition to about two-thirds of out-of-state tuition
• Find the list of schools here

Federal Student Loans

• FINANCIAL FIT FOR YOUR MAJOR
• Student Loans - student is responsible to pay back
• These loans have to be paid back usually starting 6 months after graduation
• Student loan repayment plans are usually driven by the student’s income
• Subsidized loans - no interest accrues while they are in school
• Parent Plus Loan - parent is responsible to pay back
• Parent Plus loans are based on your credit rating and loan amount is set on cost of attendance
• Very strict repayment terms - even bankruptcy won’t eliminate this debt
• Borrow only what you truly need as you might qualify for more than you need

Two Household Families

• FAFSA vs. CSS
• CSS will require both parents to report and FAFSA can require the one who houses the student the most

Questions? Please ask!

Laura Sandstrom: lsandstrom@springstreet.org

​

​