ROLLINS COLLEGE: FOUR KEYS TO PAYING FOR COLLEGE Knowing how you are going to pay for college is essential to getting off to a successful start. By following the four keys to paying for college in this guide, you will have a head start in better understanding your college costs and various options to assist you in paying for them. • Complete the FAFSA • Understand and Estimate College Costs • Seek Scholarships • Determine Funding Options COMPLETE THE FAFSA All students who are US citizens or permanent residents should complete the Free Application for Federal Student Aid (FAFSA) to apply for Federal and State financial aid. The FAFSA is also commonly used to determine a student’s level of financial need for institutional or internal scholarships and grants (financial assistance provided by your college or university) and external scholarships and grants (financial asssistance provided by third-party agencies and organizations). The FAFSA is free. Never pay for sites offering assistance with the FAFSA – free assistance is available through the FAFSA website. The FAFSA calculates an Estimated Family Contribution (EFC) - the amount the family can contribute toward the cost of the student’s education. The EFC is typically considered the measure of demonstrated financial need that determines both how much and which types of aid a student is eligible to receive. The Student Aid Report (SAR) is a paper or electronic document that gives you some basic information about your eligibility for federal student aid and lists your answers to the questions on your FAFSA. Great resources for students engaged in the FAFSA process and various forms of Federal and State Aid are Top 10 FAFSA Myths and Financial Aid 101: Getting Started, published by the Central Florida College Access Network. Rollins College Financial Aid Office also provides online assistance in filing and/or correcting your FAFSA. UNDERSTAND AND ESTIMATE COLLEGE COSTS Cost of your college education will depend in large part upon the college you choose to attend and whether you opt to live in campus housing. Room and board (housing and meal plans provided by the institution) will increase costs. Most students pay less than the published cost for their college education so focus on the net cost (college’s tuition and fees minus any grants, scholarships, or education tax benefits) vs. the published price when considering if an institution is affordable. Tuition is what colleges charge for the teaching or instruction they provide. It is usually assessed by semester or quarter, depending upon how the academic year is divided. Other fees and costs are institutional fees for enrollment applications, parking, among other student service costs. The Cost of Attendance (COA) is the total of tuition, room and board (or off-campus housing and living expenses), books, fees, supplies, and all other transporation and personal living expenses. Some of these expenses are billed to the student by the institution (direct expenses) but others are incurred by the student (indirect expenses). Direct and indirect expenses comprise the total annual COA. Students should anticipate a slight tuition increase each year. In accordance with the Higher Education Opportunity Act of 2008 (HEOA), each postsecondary institution in the United States is required to provide a net price calculator. The calculator uses information you provide to estimate how much money in grants and scholarships that the student may be eligible to receive. It subtracts the estimated grants and scholarships number from your cost of attendance to estimate how much the college will cost you (net cost). The estimated cost of attendance at the Hamilton Holt School is posted on the Rollins Evening Financial Aid Web page: http://www.rollins.edu/financial-aid/holt-financial-aid/cost-of-attendance.html SEEK SCHOLARSHIPS A Scholarship is money for college that does not have to be repaid. Businesses, organizations, and individuals donate funds that are used for scholarships. Awards vary and can be based on a variety of criteria including: financial need, academic merit, achievements, skills, ethnicity, or interests. There are numerous places to search for scholarships, grants, and tuition assistance including: employers, charitable organizations, banks and financial institutions, professional organizations and associations, religious organizations, clubs and interest groups, and military programs. Preparation, persistence, and patience will be required. Beware: There are many scams associated with the college scholarship search process and students should never pay for scholarship searches. Be wary of “free” seminars, sites, or services claiming to teach you how to get scholarship money. Some may be real but others are intended to sell you services or collect information. Do not respond to letters or messages regarding awards from a place you never applied. This is a tactic often used to acquire your personal information. If you believe you have encountered a fraudulent scholarship, go to www.ftc.gov/bcp/edu/pubs/consumer/alerts/ alt009. pdf Institutional (Internal) Scholarships are a great place for students to begin researching scholarship opportunities at their college or university - visit the Financial Aid Office and speak with others at the college (advisors, faculty, administrators, and fellow students). Scholarships may be offered through academic departments or campus organizations and programs. In fact, each year Rollins Evening awards over $600,000 to deserving students enrolled at the Holt School (see http://www.rollins. edu/evening/tuition-and-financial- aid/scholarships.html). Be sure to carefully note application deadlines and plan in advance. External Scholarships are third-party awards from agencies, foundations, businesses, clubs, and organizations external to the educational institution. Email [email protected] for access to the Holt Scholarship Opportunity Guide. Organize the search by devoting both time and attention to the scholarship search and application processes. Successful scholarship recipients apply for numerous awards (regardless of the award amount) over long periods of time and develop time-saving strategies to become more familiar with common application processes and expectations. Some common information will be required on all scholarship applications, but students should carefully read the expectations and eligibility requirements for each opportunity. Awards are competitive, and incomplete or inaccurate applications are often rejected without consideration. It is not uncommon for students to become frustrated with the process at some point, but persistence increases opportunities for success. You need to identify systems to store and track your application materials, awards of interest, dates and deadlines, and application submissions and outcomes. Develop a personal resume that highlights your personal, professional and academic skills and accomplishments. Include all of your civic and service activities as many foundations and organizations offering scholarships are inclined to fund students who can reflect a giving attitude. Rollins Office of Career & Life Planning offers online resume/curriculum vitae instructions and samples including cover letter suggestions and recommendations. Valuable scholarship opportunities with essay requirements are often avoided by students. Scholarships are competitive, and the essay provides an opportunity for students to separate themselves from the crowd. There is no one-size-fits-all scholarship essay. Develop a concise, effective, and well-written essay that conveys your unique qualifications for the scholarship award. Make your essay personal by illustrating each point with details from your own experiences. Research the scholarship provider’s mission and values by closely examining the application and prompts. The provider’s website may feature profiles about past recipients which may help to identify the unique criteria that the provider is seeking. For example, some inquire about overcoming adversity, demonstrating leadership qualities, or academic performance. It is possible to compose an essay template that can be used as a foundation for many essay questions, but advanced research and attention provides the best opportunity for you to tweak your essay and match your experience to the intentions of the donor. Always solicit assistance in proof reading and feedback on your essay from a colleague, peer, mentor or the Rollins College Writing Center. Some additional online guides to essay writing: Fastweb; Harvard College Writing Center; Rollins TJ’s Tutoring and Writing Center (see Writing Support). Obtain any supporting documentation that may be required: official transcripts from high schools, colleges or universities, financial statements, medical or disability documentation, proof of a membership, religious affiliation, or residency. “Official” transcript copies are original documents issued by the institution that typically include a unique seal or signature that confirms the authenticity of the document. Some providers permit the electronic transfer of official transcripts, but most require the transcripts be sent directly from the issuing institution. There is often a fee associated and students need to allow sufficient time for processing a transcript request (processing times may require weeks). Letters of Recommendation may be required showing support from faculty, administrators, professional or personal references. You may be able