Hey, I'm CC Allen from Now This.
We're about to give you a crash course
on everything you need to know about starting college.
I seriously wish I had this playlist when I was a freshman.
Those first few months would have been a lot less stressful.
If you're worried about how you're going to pay for college,
you're not alone. I've been in your shoes.
Barack and Michelle Obama have been in your shoes.
And so have the 44-plus million people
who are dealing with student debt in the United States.
So whether it's grants, loans, scholarships, work study,
it's all very confusing, but it is doable.
This is like the biggest big boy and girl thing you will be doing
is paying for-- this is gonna be the biggest expense
you've made in your life to date.
It is worth it, but it is a huge responsibility,
and I wish somebody had told me that.
Which is why I'm telling you.
CC:
Let's tackle the big question,
how the heck do we pay for college,
and how do we get access to as much aid as possible?
To answer that question and more,
let's hear from Emmanuel Moses,
Assistant Director of College Guidance and Transition
at the Opportunity Network.
So you are the members of the class of 2023 Stony Brook.
I need you to find out what your bill is for the fall.
There's money out there.
There's money out there for almost anything.
A lot of students don't know that if you fill out the FAFSA,
you fill out the CSS Profile, all these scary forms,
if you go to an institution, there is money to be able to go there.
Financial aid is any type of money that you are eligible for
or given to pay for college.
So loans are a type of financial aid.
Work study is a type of financial aid.
Work study is money allotted to the side
that actually schools receive from the federal government
to allow you to earn for it.
It's not all grants. It's not all free money.
FAFSA is the Free Application for Federal Student Aid.
First things first, free. Don't pay to do that.
It is something that you fill out every single year
to document how much money your family, your household has
that will allow institutions and the federal government
to see whether or not you qualify for financial aid
based off of your financial need rather than merit scholarships.
This is the first form that you have to fill out
to be able to be eligible for any type of financial aid.
What's the free money that you get nothing-- that you--
what's it-- okay, what-- what are they?
- Scholarships. - Scholarships.
- Grants. - Grants.
Gift aid. What's not free money?
- Loans. - What else?
- Work study. - Cool. Okay.
What forms to fill out to make you eligible?
For the federal level, that is the FAFSA.
In each state, the government has their own state-funded one.
So for New York, where I work with students,
that's the Tuition Assistance Program.
There are some that are regional for California, North Carolina.
And then for those institutional funds that a lot of students
apply to the schools that have more money to give,
that would be more than likely the CSS Profile,
which is run for college board.
That asks for a lot more information from your family,
and that offers up a lot more money
than just the standard $6,195 grant that you can get
from filling out the FAFSA. It's a lot of questions,
but it's the hoops and the forms you have to fill out
to be able to even get that money.
Good loans would be from the federal government.
Bad loans would be from a bank,
which has a little bit more structure regarding
how often they can ask for the money and also their interest rates.
So what's the tuition and fees at Stony Brook for the year?
- Let's go with a year. - 9,912.
9,912. What's room and board?
- 14,196. - 14,196.
So, that's what you pay to the school.
What's this actual total bill for the year?
- 24,000. - 24,000...eight?
- 100. - 108, right?
- How are we paying for that? - Grants and scholarships.
Oh, okay. Grants and scholarships.
- How much? - ( indistinct chatter )
16,890.
So it's actually $7,218 if you take out no loans.
How many of you have $7,000 laying around?
( indistinct chatter )
So, you can scrape it together, but if you don't,
you're still short.
If you took out both loans,
your bill for the fall would actually be $859.
First and foremost, you have to understand what it is you want,
and then decide what is financially feasible for you and your family.
Many students will get accepted into schools that are asking them and their families
to take out $20,000 in extra loans,
but their parents don't necessarily have the assets
or the credit scores to be able to take that out. Celebrate that you got in.
Celebrate that you are worthy of this institution and they're actually worthy of you.
But then you have to take a step back and have an honest conversation
as whether or not this will be a financial burden to you and your family.
There's nothing worse than being in class
and worrying about getting an A
because your parents took out a second mortgage.
Regardless of where you go, your experience will hopefully
lead you to that career, not just job,
that will sooner or later allow you to sort of have
that financial stability that is necessary.
Having that sense of what the financial responsibility is now
will allow that to match your passions with the salaries
that will come later down the road.
Congrats. Y'all are awesome.
Nowadays there are scholarships, like, just for being black
or just for, like, having a single parent.
And $500, like, you may look at a scholarship like,
"Oh, it's only $500." But if you apply for a lot of them
and eventually get them, that adds up.
So just apply for scholarships.
Do those one page papers that, you know, will take you no time
because if you think about it, you're like, "No, I'm not gonna do it."
But think about how many students are saying, "No, I'm not gonna do it."
And then you could be the one who does do it and get the scholarship.
When you get on campus, make sure you go to the enrollment
and the financial aid office because they're going--
they're specifically there to help you learn about those things
and teach you about those things so that you are a little bit more financially literate.
Anyone who's helping you, make sure you always show things to them.
If you're doing it alone, or you're taking a loan
or your parents are helping you, or there's people in your corner,
just always show thanks to them because they don't have to do it at the end of the day.
Often times, people will leave money on the table.
About $8 billion every year is left on the table,
and this is money that students qualify for.
But they're just not getting
because they're not filling out the paperwork on time or properly.
Make sure you're getting all the money
that your financial situation merits.
Because I think that was something for me that I--
that I missed out on in many cases that I really wish I didn't.
You should be friends with your financial aid officers.
Go into the financial aid office, introduce yourself,
talk to those people so that number one,
they know who you are, and if something happens,
if you need more money, your money runs out,
there's a problem around renewing a scholarship or a grant,
they can help you through that process.
It's not just critical that you fill out your FAFSA,
but the earlier you fill it out, the more likely you are
to get not just the federal money, but the state aid,
which is sometimes limited in time.
The first people who apply are oftentimes the first people who get the money,
and if they run out, there's not as much state aid.
You'll still get the federal dollars,
but it's important that you get as much money as possible.
And especially when it's a grant,
which means you don't have to pay it back, that's huge.
If you have a loan,
what is that payment gonna look like
when you get out of school?
Because you'll be required to pay your loans off
in a monthly note just like any kind of payment.
And that's one of the things that I didn't realize.
So I know that these financial forms require a lot of your time.
I've seen them. But keep with it.
It's worth it and there's money out there for you.
So let's recap. One, deal with FAFSA first and foremost.
Two, check out what free money you're eligible for in your state.
Three, explore scholarships because there's lots of money left on the table.
Four, consider work study or federal loans
to fill in the gaps of any additional money you may need.
And five, even if school has started, don't freak out.
There's plenty of deadlines that exceed through the year.
Thanks for watching "A Student's Guide to Your First Year of College."