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23

Fund Your Future

Go to

StudentLoans.gov

:

• Find out about Direct Loans

• Receive loan entrance counseling

• Manage your federal loan

PRIVATE LOANS

If you still need money and have exhausted options for

grants and scholarships, you may want to look into private

loans. These loans often carry a higher interest rate and

fees. Compare lenders to make the best choice for you.

FINANCIAL LITERACY

READ THE FINE PRINT BEFORE YOU SIGN

WHAT DOES IT COST TO ATTEND

COLLEGE? (COA)

Each college has its own cost of attendance, or COA,

which includes tuition, fees, books, supplies, housing, food,

transportation, and personal expenses for the school year.

Your COA will vary depending on your college and where

you live (with your parents, or on or off campus). If you have

children or other dependents who require care while you go

to class, your COA may also include these expenses. If you

have a disability, let your college know about any related

expenses that aren’t already covered.

YOUR EXPECTED FAMILY

CONTRIBUTION (EFC)

Your expected family contribution, or EFC, is the amount

of money the government calculates you and your family

could reasonably contribute toward your education for the

year, based on your and your parents’ FAFSA or CADAA

responses. Your EFC determines the types and amounts of

federal and state aid you qualify to receive.

COMPARING FINANCIAL AID OFFERS

If you receive offers of financial aid from more than one

college, you need to find out what your “net cost” is at

each school. The net cost is the cost the student must pay

after subtracting all the financial aid he or she will receive

from the cost of attendance at the school. Each school will

have a special calculator on its website to assist students in

comparing the net cost with other schools.

You can compare your offers online by using this calculator:

https://bigfuture.collegeboard.org/pay-for-college/

financialaaid-awards/compare-aid-calculator

WAYS TO REDUCE COLLEGE

COSTS

APPLY FOR SCHOLARSHIPS

NATIONAL MERIT SCHOLARSHIPS

More than 9,000 scholarships are available each year. Take

the Preliminary SSAT/National Merit Scholarship Qualifying

Test in the fall of your junior year in high school. Learn more

at

www.nationalmerit.org .

PRIVATE SCHOLARSHIP

Discuss with your counselor ways to find scholarships

through community organizations, foundations, religious

organizations, neighborhood banks, and business and

professional and trade organizations.

MIDDLE CLASS SCHOLARSHIP

State funded program that offers assistance to students not

receiving Cal Grants or Pell Grant assistance who file the

FAFSA or CADAA and attend a CSU or UC campus.

COMMUNITY SERVICE BE A VOLUNTEER

AmeriCorps

By becoming a volunteer with one of the AmeriCorps

programs, you may earn up to $5,550 a year for college.

Learn more at

www.americorps.gov .

Teach for America

An AmeriCorps program

( www.teachforamerica.org ) th

at

pays recent college graduates to teach for two years at

disadvantaged schools.

Peace Corps

Incorporate your Peace Corps service into a master’s degree

program and you may receive financial assistance. Benefits

are offered for loan deferment payments or loan debt

forgiveness. Get information at

www.peacecorps.gov , or

contact your college.

THE MILITARY

The U.S. Armed Forces offer education benefits to enlistees

for college assistance and tuitions. Scholarships are

available through the Reserve Officers’ Training Corps,

too. Consider one of the five U.S. service academies. For

detailed information, go to

www.todaysmilitary.com .

CREDIT FOR EXPERIENCE

Perhaps you are a nontraditional student and you may have

received academic credit for your job, volunteer or travel

experience through the College-Level Examination Program?

See

www.collegeboard.org/clep fo

r more information.