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Paying for Post-High School Education:

The Playbook

5 Essential Rules

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5 Essential Rules

Make Informed and Smart Choices

Start the Conversation Early
Do the Research
Calculate: What Can We Afford?
Special Populations
Make Decisions and Finish Strong

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Kay:

Planning and understanding how to get to college and pay for any post high school option is crucial. The rules we talk about today can lead will help students move on in life and be successful. If the wrong choices are made it can lead to short-term and lifelong consequences for students, families and the broader economy.
When students choose a college they can’t afford it affects their day to day life on campus, trouble completing their program and makes them rely more on student loans. People with more loan debt are less likely to become home owners and can’t save enough for retirement.
The biggest thing I used to work on with High School age students was cost vs amount of aid actually offered and what you can afford. We had a lot of students with great dreams and huge aspirations that when it came time for choosing a college were crushed to find out what they would actually have to pay. This was the biggest deterrent to them continuing...and how they could come up with that amount.
A lot of this comes down to one item you said: Lack of funds after doing all the "right things"? We want to talk today about how to work with students and families to make sure they have the tools and resources to help them achieve their goals.

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The Cost of a College Education

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“Regardless of the cost, college degrees are still the best path to high-paying jobs. Bachelor’s degree holders earn about 68% more..than those

with only a high school diploma.”

Bureau of Labor Statistics

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Start the Conversation Early

What and Who?

What is my plan after HS?
Who is going to pay for what?
What do you expect your student to contribute?
What will you contribute to their education?

How and When?

Is or has anyone saved any money?
Logistically, how will things get paid for?
Will your student get an allowance, money in an account, a credit card?
When will we make decisions?

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Strategies

AR Finance AR Future Wellness Initiative

Courses Include:

Borrowing smart and preparing for higher education
Choosing a school and understanding cost
Saving for a child’s education
Staying on track with student loans while in school

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Encourage real conversations, start in elementary, keep talking
Be specific and come up with direct answers to questions
Discuss the realities of student debt (student loans)

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Strategies

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2. Do the Research

What do I want to do?

What specific work do I

want to do?

What classes do I need

to complete?

What degree do I need?
What training do I need?
How much will I make?

What have I done to prepare?

AR Student success Plan
College Preparatory Curriculum
AP Courses
Concurrent Classes
Internships
ACT or SAT

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Arkansas Act 930 of 2017 requires that Arkansas school districts will develop student success plans for students by the end

of 8th grade, beginning in the 2018-2019 school year. This plan is a personalized education plan intended to assist students

with achieving readiness for college, career, and community engagement. The student success plan shall guide the student

along the pathway to graduation , address accelerated learning opportunities, address academic deficits and interventions ,

and include college and career planning components.

Gay

Do the Research - The next step after asking questions is to get more specific. What do I want to do for a career/work and how will this benefit me in the future?
They are deciding what career will allow them to be an independent human being. They are not making decisions about what college or where you want to go to school yet

Students make the connection between planning and reality of making their plans happen

how much training, classes and education will I need?
where can i get this training?
exactly how much money will I make in this career?
how much exactly will my education cost?

How have I prepared myself to do this work?

Concurrent?
ICAP?
ACT?

How has their preparation positioned them to make a decision?

test scores may get them more scholarships
internships solidify their decision about what they want to do for work
concurrent classes help defer costs up front and help prepare students make better decisions about college choices
Decisive ICAP completion can help decision making easier

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Strategies

Student Success Plan
Discover Arkansas

Higher Education Guide
Hot 40 Demand Occupations
Projected Employment Opportunities List

Career/College Exploration & Research

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College Scorecard
Arkansas Division of Higher Education -

Explore Careers
Research Institutions
Scholarships

THE ARKANSAS CONCURRENT CHALLENGE SCHOLARSHIP

The Arkansas Concurrent Challenge Award provides financial incentives to eligible Arkansas high school students who want to get an early start on college courses. The scholarship pays $125 per credit for up to two concurrent credit courses per semester.

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Strategies

Student Success Plan

Guides the student along pathways to graduation
Address accelerated learning opportunities
Address academic deficits and interventions
Include college and career planning components

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CollegeScorecard.ed.gov

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https://www.discover.arkansas.gov/index

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Doctoral or professional degree (D) - Requires at least three years of full-time academic study beyond a bachelor’s degree.

Master’s degree (M) - Requires one or two years of full-time academic study beyond a bachelor’s degree.

Bachelor’s degree (B) - Requires four or five years of full-time academic study.

Associate degree (A) - Requires at least two years of full-time academic study.

Postsecondary non-degree award (PS) - Programs last a few weeks to more than a year; leads to a certificate or

other award.

Some college, no degree (SC) - Requires the completion of a high school diploma or equivalent plus the completion of one

or more post secondary courses that did not result in a degree or award.

High School diploma or equivalent (HS) - Requires the completion of high school or equivalent program resulting in the

award of a high school diploma or an equivalent, such as a GED.

No Formal Education (NFE) - Signifies that a formal credential issued by an educational institution, such as a high school

diploma or postsecondary certificate, is not typically needed for entry into the occupation.

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CollegeScorecard.ed.gov

Projected Employment Opportunities List

Avg. Weekly Wages

Career Resources

Education & Training Programs

Arkansas Scholarship Information

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Arkansas Division of Higher Education

https://sams.adhe.edu/career

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3. Calculate: What Can I Afford?

“In choosing a college, new financial advice suggests that students first consider

what they can afford, instead of starting with their dream school or first choice.”

The Real Cost of College

Document real costs of a specific college & other associated costs
Compare to funds available

Family
Savings
Financial Aid
Earnings
Loans

“College Money Matters”

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3. Calculate: What Can I Afford?

Don’t just think about it, write it down!

Return on Investment (ROI)

How much will I make my first year of work?
In general, don’t borrow more money than you will make your first year of work.
Does it make sense over your lifetime?
Affordability issues? Find a workable strategy

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It’s a Family Decision

Decisions should consider family well-being

Choices should not cause financial strain

Opting for affordability is not a compromise it is being very smart
Students get a great education, social experience
Families emerge in solid financial shape

Scaling back
Halt in contributing to retirement
Large parent loans required
Students should borrow if possible

due to better federal loan rates

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Choosing a college is one of the most consequential decisions your family will make. Yes, I said, your family. The decision of which school to attend must be a decision that considers the well-being of the entire family.

As much as I wish we lived in a world where your child could simply choose the school they are most eager to attend, here in the real world, the cost of attending a given college must be part of the conversation. There is simply no excuse or acceptable rationalization for parents to say yes to a school choice that will be a financial strain.

There are plenty of warning signals for what constitutes a strain. If you intend to scale back or stop contributing to your retirement savings accounts, so you can pay for school, that’s a huge flashing red light warning. If the aid package you are offered relies on the parent taking on big PLUS loans, that’s another troubling sign. Repayment of PLUS loans typically starts immediately. The rate for PLUS loans this year is 8.05%, and there is an origination fee of 4.3%. Again, if taking on loans would mean slowing down on your retirement saving, I give that a hard no.

Besides, your kid should always borrow before you. The current interest rate for a federal undergrad loan is 5.5% this year. That’s a lot better than 8.05%. Granted, there is a dollar limit on what students can borrow each year. For freshman the limit is $5,500, and it rises to $7,500 by senior year. That might sound like a small amount. But that’s great! It prevents your kid from overborrowing. As long as he or she earns a degree, chances are good they will make enough in their early career to be able to handle the repayment.

If all of this means not choosing the “dream” school, and instead opting for the school that is more affordable, I say, “good.” That is not compromising. It is being so very smart. Your kid will still get a great education and social experience. And you all will emerge from the college years in solid financial shape.

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Strategies/Calculators

What can I afford?

myFICO - This tool helps you to budget for living expenses for one year of college.
Bankrate - Calculate your student budget and more
FREOPP.org - Estimated earning and ROI for bachelor’s degrees
Consumer Financial Protection Bureau - Financial Path to Graduation
College Cost Calculator | ASLA College Planning Services
OKCollegestart.org College Cost Worksheet - Paper version to estimate college expenses

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Strategies

How much should I budget for college living expenses?

This tool helps you to budget for living expenses for one year of college.

myFICO

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Bankrate

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What is the Financial Value of my degree?

FREOPP.ORG

Official website of The Foundation for Research on Equal Opportunity (@FREOPP), a non-profit think tank focused on expanding economic opportunity to those who least have it.

Foundation for Research on Equal Opportunity.

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This tool can help you:

Understand your financial aid offer
Plan to cover the remaining costs
Estimate how much you’ll owe and if you can afford that debt
Compare offers from different schools
Decide what to do next

Consumer Financial Protection Bureau

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To start, you will need:

Your financial aid offer(s)
An idea of how much money you and your family can put towards school
A private loan offer (if you have one)
The phone number or email address of someone in the financial aid office – it’s their job to answer your questions!

You may want to use this tool with someone you trust who can help you weigh your options.

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The Bottom Line

To make the ROI Return on Investment worth it, students must manage money wisely, make strong career choices, and back up their diplomas with hard work and decisions after college.

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4. Special Populations

Arkansas Department of Higher Education “How to Pay for College” booklet has information and resources for populations that may be eligible for additional aid.

Military Veterans and Their Dependents

National Guard

Students with Disabilities

Law Enforcement Dependents

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Military Veterans & Dependents

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National Association of State Treasures Military Resources

Gay -

Children of Veterans should make sure their school of choice knows since benefits may differ by school. FAFSA?
Oklahoma Heroes Promise, College Scholarship for Children of Deceased Service Members: Oklahoma’s Heroes Promise college scholarship will help pay tuition at an Oklahoma public college or university for the Children of resident Service members who were killed in the line of duty while serving in the U.S. Armed Forces. It will also cover a portion of tuition at an accredited Oklahoma private college or university or for courses at public technology centers.
Oklahoma Technology School Tuition Waiver for Veterans and Children of Certain Service Members: Oklahoma resident Veterans, or the Child of a Service member who is declared missing in action or a prisoner of war can receive a tuition waiver at any state-supported technology center school (not available at Oklahoma State University Institute of Technology-Okmulgee).
The Oklahoma National Guard Educational Assistance Program a revolving fund administered by the Oklahoma State Regents of Higher Education pays for Oklahoma National Guard members' tuition as well as mandatory and academic fees at Oklahoma's public colleges and universities.
The Montgomery GI Bill Selected Reserve program for those who sign up for a six year term provides education and training benefits to eligible members of the Selected Reserve, including the Army, Navy, Air Force, Marine Corps, Coast Guard Reserve, Army National Guard or Air National Guard.
If you’re a dependent or surviving spouse of a Veteran, you may be eligible for VA education benefits.

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Foster Care

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Free Application for Federal Student Aid (FAFSA) Dependency Question:

At any time since you turned age 13, were you an orphan, were you in foster care or were you a dependent or ward of the court?

If you answered YES to one or more of these questions, you are considered an INDEPENDENT STUDENT on the FAFSA.

Arkansas Department of Human Services Transitional Services
Arkansas Colleges - ex: UA Fostering Success Scholarship

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Homeless & Unaccompanied Youth

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School House Connection Homeless Youth Determination Flowchart

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Homeless & Unaccompanied Youth

What happens after I fill out the FAFSA?

The financial aid office at the college(s) you've listed on the FAFSA will receive your information. Be sure to watch for communication from the financial aid office with details of the information you need to submit.

What documentation do I need to provide the Financial Aid Office?

Required documentation may vary from one campus to the next. The financial aid office will communicate with you, outlining what they need.

Additional Resources

Many campuses provide additional support for students including student food pantries, clothing closets, and emergency financial assistance in some cases. Please reach out to student support services at the college or university you're planning to attend .

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Athletes

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Athletes considering participation in collegiate athletics should review college recruiting rules and grade point average and testing requirements. Make sure you talk to your counselor or athletic director to ensure your coursework and necessary paperwork are in order.

Sometimes colleges offer student athletes additional scholarships to help pay educational expenses.

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Athletes

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Students with Disabilities

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Rehabilitation Services – AR Division of Workforce Services (arkansas.gov) - ARS provides a variety of training and career preparation programs where individuals can receive assistance including possible college and training assistance

ADHE Scholarship Application Management System - Scholarship - GHETS - Open to students who have already been accepted into a transitional program accredited by The Institute for Community Inclusion as Comprehensive Training Programs.

Gay

Students with disabilities wishing to attend college must meet academic qualifications to apply
Services for students with disabilities are required by law
Students should work with the financial aid office if they require special equipment to live on campus and with the disabilities office on campus to plan support services for classes such as note taking, tutoring etc.
Student Support Services office can also be a great resource for students to receive writing assistance, tutoring or mentoring

Students with disabilities who meet the academic qualifications for a college should apply for admission and, if needed, for financial aid. By law, a qualified student cannot be excluded from college solely because of a disability.

All public colleges and universities and many independent institutions provide services to students with disabilities. Benefits may include counseling, tutoring, readers, interpreters, note takers, special parking zones and loan of special equipment. You may also request that a class be relocated to a more accessible place on campus.

Your student budget, as calculated by the college, should include all educational expenses necessary to accommodate your disability. Be sure to work with your financial aid office if you apply, so they understand your particular circumstances.

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Students with Disabilities

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University of central arkansas OARS program-students and service members with disabilities receive full access to UCA classrooms, programs, and events
College bound Arkansas transition services and camp
University of Arkansas EMPOWER Program EMPOWER offers a four-year, non-degree college experience program for students with cognitive disabilities that incorporates functional academics, independent living, employment, social/leisure skills, and health/wellness skills in a public university setting with the goal of producing self-sufficient young adults.
University of the Ozarks-The Jones Learning Center (JLC) is designed to serve students with documented learning disabilities, Attention Deficit/Hyperactivity Disorder (AD/HD), or Autism Spectrum Disorder (ASD) with average or above average intellectual abilities.

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Work While Your Learn

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79 Companies that Help Pay for College

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5. Make Decisions and Finish Strong

Use research, calculations, and data, to make an informed decision and take action.

What schools can I afford for the degree or skill I want?
Research requirements & options: four-year, two-year, tech college, work for a year, career tech, trade school
College or school visits
Available scholarships
Shop around

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Finish Strong

Complete the Free Application for Federal Student Aid (FAFSA)
College Applications
Recommendation letters
Contact college financial aid office
Continue applying for scholarships
Apply for summer jobs
Keep saving
College & Career Fairs

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Strategies

FAFSA Free Application for Federal Student Aid
College Visits
Arkansas Division of Higher Education (ADHE)

Meet with Counselor

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Arkansas Future (ArFuture) is the newest state grant program. The purpose of this grant is to increase the education and skills of Arkansas’s workforce in an affordable manner. The grant applies to students enrolled in Science, Technology, Engineering, and Math (STEM) or regional high-demand areas of study. The grant will cover tuition and fees for qualifying certificate and Associate degree programs at Arkansas’ public institutions for eligible students. The grant is available on a first-come, first-serve basis.

Arkansas Division of Higher Education has a search for programs that qualify for the Arkansas Future (ArFuture) Grant and

Arkansas Workforce Challenge Scholarship

Arkansas Workforce Challenge | AWC

The purpose of the scholarship is for workforce training in high-demand areas of healthcare, information technology, and industry. Classes are not limited to credit-bearing programs. Non-credit, workforce-training classes that fit into the three above categories may also qualify.

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Scholarships

Scholarship Application Management System SAM’s

Fund My Future

Discover AR Money for College

Fast Web

Unigo

Are You Looking for Money guide at UCanGo2.org

Check institutional scholarships

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Gay - closing

We know that planning and understanding how to get to college or any post high school option and pay for it is crucial. The things we talk about today can lead to short-term and lifelong consequences for students, families and the broader economy. Students who choose a college they can’t afford can affect their day to day life on campus, trouble completing their program, relying on student loans and people with more loan debt are less likely to become homeowners and can’t save enough for retirement. The biggest thing I used to work on with High School age students was cost vs amount of aid actually offered and what you can afford. We had a lot of students with great dreams and huge aspirations that when it came time for choosing a college were crushed to find out what they would actually have to pay. This was the biggest deterrent to them continuing...and how they could come up with that amount.

A lot of this comes down to one item you said: Lack of funds after doing all the "right things"? We want to talk today about how to work with students and families to make sure they have the tools and resources to help them achieve their goals.

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5 Essential Rules

Make Informed and Smart Choices

Start the Conversation Early
Do the Research
Calculate: What Can I Afford?
Special Populations
Make Decisions & Finish Strong

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Gay - closing

We know that planning and understanding how to get to college or any post high school option and pay for it is crucial. The things we talk about today can lead to short-term and lifelong consequences for students, families and the broader economy. Students who choose a college they can’t afford can affect their day to day life on campus, trouble completing their program, relying on student loans and people with more loan debt are less likely to become homeowners and can’t save enough for retirement. The biggest thing I used to work on with High School age students was cost vs amount of aid actually offered and what you can afford. We had a lot of students with great dreams and huge aspirations that when it came time for choosing a college were crushed to find out what they would actually have to pay. This was the biggest deterrent to them continuing...and how they could come up with that amount.

A lot of this comes down to one item you said: Lack of funds after doing all the "right things"? We want to talk today about how to work with students and families to make sure they have the tools and resources to help them achieve their goals.

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Resources & Links

Parent University

FAFSA Free Application for Federal Student

Arkansas Department of Higher Education “How to Pay for College”

College Savings Estimator

Scholarship Application Management System SAM’s

Fund My Future

Fast Web

Unigo

ASLA College Planning Services

College Bound Arkansas Program

University of the Ozarks-Jones Learning Center

Discover AR: Money for College

myFICO

Bankrate

FREOPP

Consumer Financial Protection Bureau

Unaccompanied Homeless Youth Determination Chart

College Cost Calculator | ASLA College Planning Services

ADHE Scholarship Application Management System Scholarship -

GHETS

Arkansas Wage and Statistics

NCAA

NAIA

NJCAA

ASLA Materials Request

AR.gov Get Money for College

OKCollegestart.org College Cost Worksheet

Are You Looking for Money Guide

The College & Resources for Indigenous Students Guide

Unaccompanied Homeless Youth Determination Chart

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THANK YOU!