Resources
College Affordability Toolkit - the result of listening to our students over the years and putting together an exercise to help you make smart, informed decisions about your future. This tool should not be used exclusively in your decisions making, nor does it provide any financial advice. The Toolkit is designed to provide a snapshot of your financial situation and the potential impact of your choices on college and career. It allows you to test a variety of scenarios and "estimate" the impact. We recommend you save various scenarios to compare. Please note: best displayed on laptop or desktop computer. This workbook is currently available as an Excel document. Numbers and Google Sheets versions are in development.
NEW! Career Strategy Guide (CSG) - the result of listening to our alumni and putting together a guide to help launch your career and life of learning. CSG demonstrates how values are a vital part of successful careers. We measure effective careers by value and reaching individual potential, not wealth. Effective careers enable effective adults who, in turn, become our values-based leaders. The CSG is available to all for download.
Terms to Know
Net Price Calculator (NPC): Determines the amount you pay to attend an institution in a single academic year after subtracting contributions, scholarships and grants. It is a good estimation of need-based financial aid.
Net Price: The amount you pay to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives.
Cost of Attendance (COA): Average expenses for one academic year of attendance. You can generally find this on the tuition page of the school's website.
Expected Family Contribution (EFC): EFC is the family contribution amount determined by the federal government through FAFSA.
Free Application for Federal Student Aid (FAFSA): Completion of the FAFSA determines a family's EFC. Based on the EFC, the government then determines a student's eligibility for federal student aid. The EFC formula is calculated based on financial information provided on your FAFSA application.
Institution's EFC: Each college or university has an algorithm to determine a student's EFC. This is generally derived from information on the student's application, FAFSA, CSS profile (if required). Every college has its own system to calculate.
Financial Awards: There are a number of public and private financial awards available to qualified students.
Scholarships: Scholarships are financial awards that do not have to be repaid. Many are renewable during your full college attendance as long as you meet academic requirements and do not have a material change in financial status. At some institutions, you are automatically eligible for school scholarships once you apply. Check with your particular school.
Loans: Loans differ from grants in that they must be repaid and with interest. Loan rates may change annually as determined by congress.
Subsidized: Loans from the federal government. 2018-19 with a 5.05% interest rate. These loans are "subsidized" by the U.S. government because you do not start to accrue interest on your loan until after you graduate. You must income qualify in order to receive a subsidized loan. Your FAFSA will determine eligibility.
Unsubsidized: Federal loan with a 2018-19 interest rate of 5.05%. The interest begins to accrue as soon as you access your loan monies.
Private: There are many private student loan organizations and options. Beware, most of these options are at a significantly higher interest than federal subsidized/unsubsidized loans and with various fee schedules and penalty structures.
College Award Letter: As part of its acceptance letter, your college will send you an award package indicating your financial assistance eligibility. This letter generally includes detailed Cost of Attendance, the school's Expected Family Contribution (EFC) for both student and parent, and financial package (federal, state and school funded awards).
GradSense - a helpful website for student financial education tips
Salt: Money Knowledge for College and Beyond - a great resource for free financial planning tools
Student Loan Planning and Management
Is College Worth It? - College generally leads to more pay and steadier employment. Just be sure to limit student debt and graduate. - Anna Helhoski & Teddy Nykiel, Nerd Wallet, Sept. 25, 2018
Appealing to College for More Financial Aid - Ron Lieber, NY Times, 2014
Student Loan Repayment Calculator - Nerd Wallet's Student Loan Calculator
College Placement Services
ZF consults with Gary Canter, a certified high school guidance counselor and owner of College Placement Services, to help us better understand the college process and better serve our students. Since 1996, Gary has worked with high school students and their families to assist with all aspects of the college search, selection, application and financial aid process. You can reach Gary at gcanter1@maine.rr.com or 207-318-7289.
Post-Graduation
10 Student Loan Forgiveness, Cancellation and Discharge Programs - Teddy Nykiel, Nerd Wallet, Feb 2018
100+ Ways to Get Rid of Student Loans - ebook, $ALT
7 Financial Steps Every Young Professional Should Take - Julia Millay Walsh, mydomaine.com, 2015
Financial Planning
Millenial Retirement - Jack Dickey, Time Magazine, 2014
10 Stupidest Money Mistakes - Jeff Reeves, USA Today, 2014
NEW! Career Strategy Guide (CSG) - the result of listening to our alumni and putting together a guide to help launch your career and life of learning. CSG demonstrates how values are a vital part of successful careers. We measure effective careers by value and reaching individual potential, not wealth. Effective careers enable effective adults who, in turn, become our values-based leaders. The CSG is available to all for download.
Terms to Know
Net Price Calculator (NPC): Determines the amount you pay to attend an institution in a single academic year after subtracting contributions, scholarships and grants. It is a good estimation of need-based financial aid.
Net Price: The amount you pay to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives.
Cost of Attendance (COA): Average expenses for one academic year of attendance. You can generally find this on the tuition page of the school's website.
Expected Family Contribution (EFC): EFC is the family contribution amount determined by the federal government through FAFSA.
Free Application for Federal Student Aid (FAFSA): Completion of the FAFSA determines a family's EFC. Based on the EFC, the government then determines a student's eligibility for federal student aid. The EFC formula is calculated based on financial information provided on your FAFSA application.
Institution's EFC: Each college or university has an algorithm to determine a student's EFC. This is generally derived from information on the student's application, FAFSA, CSS profile (if required). Every college has its own system to calculate.
Financial Awards: There are a number of public and private financial awards available to qualified students.
Scholarships: Scholarships are financial awards that do not have to be repaid. Many are renewable during your full college attendance as long as you meet academic requirements and do not have a material change in financial status. At some institutions, you are automatically eligible for school scholarships once you apply. Check with your particular school.
Loans: Loans differ from grants in that they must be repaid and with interest. Loan rates may change annually as determined by congress.
Subsidized: Loans from the federal government. 2018-19 with a 5.05% interest rate. These loans are "subsidized" by the U.S. government because you do not start to accrue interest on your loan until after you graduate. You must income qualify in order to receive a subsidized loan. Your FAFSA will determine eligibility.
Unsubsidized: Federal loan with a 2018-19 interest rate of 5.05%. The interest begins to accrue as soon as you access your loan monies.
Private: There are many private student loan organizations and options. Beware, most of these options are at a significantly higher interest than federal subsidized/unsubsidized loans and with various fee schedules and penalty structures.
College Award Letter: As part of its acceptance letter, your college will send you an award package indicating your financial assistance eligibility. This letter generally includes detailed Cost of Attendance, the school's Expected Family Contribution (EFC) for both student and parent, and financial package (federal, state and school funded awards).
GradSense - a helpful website for student financial education tips
Salt: Money Knowledge for College and Beyond - a great resource for free financial planning tools
Student Loan Planning and Management
Is College Worth It? - College generally leads to more pay and steadier employment. Just be sure to limit student debt and graduate. - Anna Helhoski & Teddy Nykiel, Nerd Wallet, Sept. 25, 2018
Appealing to College for More Financial Aid - Ron Lieber, NY Times, 2014
Student Loan Repayment Calculator - Nerd Wallet's Student Loan Calculator
College Placement Services
ZF consults with Gary Canter, a certified high school guidance counselor and owner of College Placement Services, to help us better understand the college process and better serve our students. Since 1996, Gary has worked with high school students and their families to assist with all aspects of the college search, selection, application and financial aid process. You can reach Gary at gcanter1@maine.rr.com or 207-318-7289.
Post-Graduation
10 Student Loan Forgiveness, Cancellation and Discharge Programs - Teddy Nykiel, Nerd Wallet, Feb 2018
100+ Ways to Get Rid of Student Loans - ebook, $ALT
7 Financial Steps Every Young Professional Should Take - Julia Millay Walsh, mydomaine.com, 2015
Financial Planning
Millenial Retirement - Jack Dickey, Time Magazine, 2014
10 Stupidest Money Mistakes - Jeff Reeves, USA Today, 2014