Hello and welcome to “Paying for College 101,” part of the 21st Century Scholar Success Program.
The most important thing we hope you’ll learn today is that while college can be expensive,
there are many resources available to help you pay for it.
Data show that about two-thirds of jobs, especially well-paying jobs, in the US and in the state of Indiana
require education beyond high school.
When it comes to paying for college, proper planning is the first step. And you’ll likely
need help along the way. The 21st Century Scholars Program, its community partners,
your peers and counselors will all be there to support you.
Now let’s learn more about your 21st Century Scholarship!
A requirement of receiving the 21st Century Scholarship is honoring the Scholar Pledge.
The Scholar Pledge includes graduating high school with a Core 40 diploma—the minimum
diploma for Hoosier students who want to attend an Indiana four-year college or university.
Many four-year schools require a Core 40 Academic Honors or Technical Honors diploma for admission.
Among other requirements, the Scholar Pledge also includes achieving a cumulative
Grade Point Average of at least 2.5 on a 4.0 scale;
a pledge not to use illegal drugs or alcohol, or commit a crime or delinquent act;
and applying for college admission and financial aid on-time as a high school senior.
You must also enrolled in college within one year of High school graduation.
As a 21st Century Scholar, you also need to complete three Scholar Success Program activities
each year that will help you prepare for college and career success as shown by the chart here.
21st Century Scholars not only start college, they graduate from college. With commitment,
support and good information along the way, each Scholar can achieve this goal. The Scholar
Success Program is required for Scholars, but recommended for all students.
The 21st Century Scholarship can be used at a variety of colleges, including Public, Private
and for-profit Proprietary schools.
Eligible colleges can also be categorized as either Two-Year or Four-Year.
It’s important to note that the 21st Century Scholarship is only available to students
attending an eligible Indiana College or University. Visit Scholars.IN.gov/eligiblecolleges to see if the school
you would like to attend is included. This is a great place to learn more about Indiana’s choices.
Now let’s talk college costs. The most common cost you may have heard of is tuition,
which is the cost of classes. There are also mandatory fees, which are charged to all students
to pay for things like buildings and technology. There are non-mandatory fees, too.
These are fees that are not charged to all students, like parking and lab fees.
There is also the cost of books and supplies,
as well as housing and meals, which is also known as “room and board.”
The 21st Century Scholarship will pay for up to four years (or eight semesters) of tuition
and mandatory fees…that’s the traditional length of time it takes to earn an undergraduate
bachelor’s degree.
At a public school the scholarship will cover up to 100% of tuition and mandatory fees.
At a private school the scholarship will cover a portion of the tuition and mandatory fees,
equal to the average cost of attending a public college.
Students who choose to attend proprietary, (for-profit) schools will receive the same
amount as if the student were to attend Ivy Tech Community College.
The 21st Century Scholarship does NOT pay for room and board, books or non-mandatory fees.
Students are encouraged to seek out other grants and scholarships to cover costs
not covered by the 21st Century Scholarship.
Scholars must meet income eligibility guidelines at the time of enrollment and at high school
graduation to qualify for the full benefit of a 21st Century Scholarship. However, Scholars
who do not meet income guidelines at high school graduation may be eligible to receive
a one-time award of up to $2500.
And it’s good to know that you will have up to eight (8) years to use your 21st Century
Scholarship once you begin college.
That brings us to the final chapter of this presentation, where we’ll talk about financial
aid options other than the 21st Century Scholarship.
Scholarships are the most well-known type of aid. These are monetary awards that students
are NOT required to pay back to the provider. That’s FREE money for college!
Academic scholarships are generally based on your GPA. There are also athletic and arts scholarships,
scholarships for students involved in community service projects, and scholarships
based on personal traits such as gender, race, or ethnicity. There are also scholarships
available whose eligibility requirements are very unique like – believe it or not –
designing your prom dress or tux out of duct tape!
Most scholarships require an application, essay or letters of recommendation.
Grants are similar to scholarships in that they are money for college that do not have
to be repaid. Grants given out by the government are based on you and/or your family’s
“Expected Family Contribution” or “EFC.” The EFC is a measure of your family’s financial
strength based on the information you provide in your FAFSA application, the Free Application
for Federal Student Aid.
Some colleges and universities may offer you additional money in the form of grants just
for being a 21st Century Scholar!
You may also be eligible for the Federal Work Study program or EARN Indiana, which
offers part-time employment on and off campus for students who show financial need. This is
a great way to earn money and gain valuable work experience.
You can also generate savings and earn additional funds for college by working or interning
part-time at a local business. Work may also lead to meeting new people who you may be
able to use as references for future jobs or scholarships.
Loans may also be an option when paying for college. But remember, loans must be paid
back with interest. If you are going to take out a loan, borrow only what you need.
In fact, you may not need to borrow anything!
When considering loan options for college, please exhaust your federal options before
considering private education loans. Federal student loans offer borrowers benefits not
typically found in private loans.
Since the cost of college can vary for every individual it is always a good idea to compare
the net price of those colleges. The net price is the school’s cost of attendance minus
those handy grants and scholarships!
Now let’s take a look at how to apply for financial aid.
The Free Application for Federal Student Aid or the FAFSA is the most important form when
it comes to Federal and State of Indiana aid. In order to be eligible for financial aid
(including your 21st Century Scholarship), you must complete a FAFSA by April 15th of
your senior year and each year thereafter until you graduate.
It is important to know that institutions have FAFSA filing deadlines for institutional
aid that may be earlier than April 15th, so be sure to check with your college choices
for those deadlines.
More information on the FAFSA, including the FAFSA application itself, can be found at
www.FAFSA.gov.
And finally, we’ll leave you with some helpful tips and resources.
Remember, planning is critical when it comes to being ready for college. Keep your grades
up, make sure you are taking rigorous high school classes, and study and practice for
the SAT and ACT. And If you need help, be sure to ask.
Savings is also an important part of planning for college. There are several types of accounts
that can be used for college savings. You may want to open a regular savings account,
investigate a CollegeChoice 529 College Savings Plan, or explore other options.
As you can see, there are many things to think about when it comes to paying for college,
but don’t worry! There are resources available to help you from start to finish.
And finally, congratulations to you on becoming a 21st Century Scholar! As you work hard to
complete high school and get ready for college,
just remember that great things are in store for you!