[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.13,0:00:01.48,Default,,0000,0000,0000,,- [Voiceover] We are\Nhere with Karen Cooper,
Dialogue: 0,0:00:01.48,0:00:03.92,Default,,0000,0000,0000,,the Director of Financial Aid\Nhere at Stanford University.
Dialogue: 0,0:00:03.92,0:00:05.61,Default,,0000,0000,0000,,Karen, thanks so much\Nfor being with us today.
Dialogue: 0,0:00:05.61,0:00:06.96,Default,,0000,0000,0000,,- [Karen] Oh, you're very welcome.
Dialogue: 0,0:00:06.96,0:00:09.69,Default,,0000,0000,0000,,- [Voiceover] Karen, one\Nof the big things that
Dialogue: 0,0:00:09.69,0:00:12.12,Default,,0000,0000,0000,,students often struggle with\Nin the financial aid process
Dialogue: 0,0:00:12.12,0:00:15.49,Default,,0000,0000,0000,,is they receive offer letters\Nfrom several different schools
Dialogue: 0,0:00:15.49,0:00:17.62,Default,,0000,0000,0000,,and they come in several\Ndifferent formats.
Dialogue: 0,0:00:17.62,0:00:19.08,Default,,0000,0000,0000,,They all look different.
Dialogue: 0,0:00:19.08,0:00:21.85,Default,,0000,0000,0000,,So, as a student, what should I be doing
Dialogue: 0,0:00:21.85,0:00:23.86,Default,,0000,0000,0000,,to make sense of this information,
Dialogue: 0,0:00:23.86,0:00:25.09,Default,,0000,0000,0000,,organize it for myself so I can actually
Dialogue: 0,0:00:25.09,0:00:27.58,Default,,0000,0000,0000,,compare them across each other.
Dialogue: 0,0:00:27.58,0:00:28.87,Default,,0000,0000,0000,,- [Karen] That's a really good question.
Dialogue: 0,0:00:28.87,0:00:31.12,Default,,0000,0000,0000,,So, I think the important thing to do is
Dialogue: 0,0:00:31.12,0:00:32.52,Default,,0000,0000,0000,,pull out the information
Dialogue: 0,0:00:32.52,0:00:33.90,Default,,0000,0000,0000,,that you're gonna compare from each one
Dialogue: 0,0:00:33.90,0:00:36.02,Default,,0000,0000,0000,,and you might have to\Nsearch around for it.
Dialogue: 0,0:00:36.02,0:00:37.92,Default,,0000,0000,0000,,But, what I would start with is
Dialogue: 0,0:00:37.92,0:00:40.12,Default,,0000,0000,0000,,the estimated cost of attendance.
Dialogue: 0,0:00:40.12,0:00:42.85,Default,,0000,0000,0000,,So, almost every school is going to have
Dialogue: 0,0:00:42.85,0:00:45.16,Default,,0000,0000,0000,,a full estimated cost of\Nattendance right there
Dialogue: 0,0:00:45.16,0:00:47.60,Default,,0000,0000,0000,,on their award letter for you.
Dialogue: 0,0:00:47.60,0:00:51.83,Default,,0000,0000,0000,,That includes these components\Nlike tuition, room and board
Dialogue: 0,0:00:51.83,0:00:55.85,Default,,0000,0000,0000,,the things that we are\Nbilling students for.
Dialogue: 0,0:00:55.85,0:00:58.92,Default,,0000,0000,0000,,As well as allowances for books,
Dialogue: 0,0:00:58.92,0:01:02.24,Default,,0000,0000,0000,,personal expenses, transportation.
Dialogue: 0,0:01:02.24,0:01:05.85,Default,,0000,0000,0000,,So I want you to think about\Neach one of those items
Dialogue: 0,0:01:05.85,0:01:08.12,Default,,0000,0000,0000,,and think about whether that's a realistic
Dialogue: 0,0:01:08.12,0:01:12.48,Default,,0000,0000,0000,,estimate of the cost at\Nthat institution for you.
Dialogue: 0,0:01:12.48,0:01:14.29,Default,,0000,0000,0000,,- [Voiceover] Great, so when I receive
Dialogue: 0,0:01:14.29,0:01:16.62,Default,,0000,0000,0000,,a financial aid award\Nletter, they may give me
Dialogue: 0,0:01:16.62,0:01:19.18,Default,,0000,0000,0000,,the estimated cost of attendance,\Nwill they always include
Dialogue: 0,0:01:19.18,0:01:21.32,Default,,0000,0000,0000,,all of these items in\Ntheir estimated cost?
Dialogue: 0,0:01:21.32,0:01:25.18,Default,,0000,0000,0000,,- [Karen] They may not break\Ndown all of the details for you
Dialogue: 0,0:01:25.18,0:01:29.92,Default,,0000,0000,0000,,and some schools might include\Njust the direct cost, the
Dialogue: 0,0:01:29.92,0:01:34.00,Default,,0000,0000,0000,,tuition and housing expenses\Nthat they're billing you for,
Dialogue: 0,0:01:34.00,0:01:36.57,Default,,0000,0000,0000,,so you might have to go look for what's a
Dialogue: 0,0:01:36.57,0:01:39.56,Default,,0000,0000,0000,,good book allowance at that institution.
Dialogue: 0,0:01:39.56,0:01:41.90,Default,,0000,0000,0000,,But if it's not directly\Nthere on their award letter,
Dialogue: 0,0:01:41.90,0:01:44.60,Default,,0000,0000,0000,,it should be on the\Nschool's website somewhere.
Dialogue: 0,0:01:44.60,0:01:45.92,Default,,0000,0000,0000,,- [Voiceover] Okay, so\Nthe first thing I do
Dialogue: 0,0:01:45.92,0:01:48.05,Default,,0000,0000,0000,,is I really figure out\Nwhat is the full cost
Dialogue: 0,0:01:48.05,0:01:51.58,Default,,0000,0000,0000,,to attend this university,\Ntuition, room/board, books,
Dialogue: 0,0:01:51.58,0:01:53.95,Default,,0000,0000,0000,,transportation, other\Ncost, add that altogether,
Dialogue: 0,0:01:53.95,0:01:55.29,Default,,0000,0000,0000,,I've got my estimated cost.
Dialogue: 0,0:01:55.29,0:01:55.85,Default,,0000,0000,0000,,- [Karen] That's right.
Dialogue: 0,0:01:55.85,0:01:57.14,Default,,0000,0000,0000,,- [Voiceover] Where do I go from there?
Dialogue: 0,0:01:57.14,0:01:58.81,Default,,0000,0000,0000,,- [Karen] Well, I think\Nthe next thing to look at
Dialogue: 0,0:01:58.81,0:02:00.94,Default,,0000,0000,0000,,is the free money.
Dialogue: 0,0:02:00.94,0:02:03.11,Default,,0000,0000,0000,,Where's the good money\Nthat they're giving you,
Dialogue: 0,0:02:03.11,0:02:04.54,Default,,0000,0000,0000,,that they've offered to you?
Dialogue: 0,0:02:04.54,0:02:07.55,Default,,0000,0000,0000,,So, you're gonna wanna look\Nfor any grants and scholarships
Dialogue: 0,0:02:07.55,0:02:10.08,Default,,0000,0000,0000,,and usually, those are\Nvery clearly identified
Dialogue: 0,0:02:10.08,0:02:11.30,Default,,0000,0000,0000,,on an award letter.
Dialogue: 0,0:02:11.30,0:02:15.07,Default,,0000,0000,0000,,So the total amount of\Nscholarships from the school,
Dialogue: 0,0:02:15.07,0:02:18.01,Default,,0000,0000,0000,,if there are any federal\Ngrants being offered
Dialogue: 0,0:02:18.01,0:02:23.01,Default,,0000,0000,0000,,or state grants or any outside\Nsources of scholarship funds.
Dialogue: 0,0:02:23.86,0:02:24.25,Default,,0000,0000,0000,,- [Voiceover] Great.
Dialogue: 0,0:02:24.25,0:02:26.57,Default,,0000,0000,0000,,And so once I have my\Nestimated cost of attendance
Dialogue: 0,0:02:26.57,0:02:28.85,Default,,0000,0000,0000,,and I have my grants and scholarships,
Dialogue: 0,0:02:28.85,0:02:29.88,Default,,0000,0000,0000,,what do I do next?
Dialogue: 0,0:02:29.88,0:02:32.37,Default,,0000,0000,0000,,- [Karen] The difference\Nbetween those two figures,
Dialogue: 0,0:02:32.37,0:02:35.42,Default,,0000,0000,0000,,I think is a really\Nimportant thing to look at
Dialogue: 0,0:02:35.42,0:02:37.77,Default,,0000,0000,0000,,as you're comparing from school to school
Dialogue: 0,0:02:37.77,0:02:41.00,Default,,0000,0000,0000,,because whatever that\Ncost of attendance is,
Dialogue: 0,0:02:41.00,0:02:44.13,Default,,0000,0000,0000,,less all of the scholarships\Nand grants you've been offered,
Dialogue: 0,0:02:44.13,0:02:46.83,Default,,0000,0000,0000,,that is the amount that's\Ngonna come out of your pocket
Dialogue: 0,0:02:46.83,0:02:48.43,Default,,0000,0000,0000,,one way or another.
Dialogue: 0,0:02:48.43,0:02:52.44,Default,,0000,0000,0000,,Net cost is another thing\Nthat that's often labeled.
Dialogue: 0,0:02:52.44,0:02:56.48,Default,,0000,0000,0000,,Now, you may be offered\Nloans or work-study
Dialogue: 0,0:02:56.48,0:02:58.57,Default,,0000,0000,0000,,to help meet those net cost,
Dialogue: 0,0:02:58.57,0:03:00.52,Default,,0000,0000,0000,,but anything else that's not covered
Dialogue: 0,0:03:00.52,0:03:02.13,Default,,0000,0000,0000,,by grants and scholarships,
Dialogue: 0,0:03:02.13,0:03:04.79,Default,,0000,0000,0000,,you're gonna be responsible\Nfor it one way or another.
Dialogue: 0,0:03:04.79,0:03:08.44,Default,,0000,0000,0000,,- [Voiceover] Okay, so after\Nwe get that net cost number,
Dialogue: 0,0:03:08.44,0:03:11.00,Default,,0000,0000,0000,,before we talk about\Nmy family contributing,
Dialogue: 0,0:03:11.00,0:03:14.08,Default,,0000,0000,0000,,which is one of probably\Nthe toughest thing to do,
Dialogue: 0,0:03:14.08,0:03:15.42,Default,,0000,0000,0000,,what are some of the different options
Dialogue: 0,0:03:15.42,0:03:16.48,Default,,0000,0000,0000,,that the school will give me?
Dialogue: 0,0:03:16.48,0:03:18.81,Default,,0000,0000,0000,,- [Karen] I think the next\Nthing to think about is
Dialogue: 0,0:03:18.81,0:03:21.96,Default,,0000,0000,0000,,have you been offered\Nwork-study eligibility?
Dialogue: 0,0:03:21.96,0:03:24.67,Default,,0000,0000,0000,,An opportunity to work\Nduring the year on campus
Dialogue: 0,0:03:24.67,0:03:27.48,Default,,0000,0000,0000,,that allows you, as the student perhaps,
Dialogue: 0,0:03:27.48,0:03:30.16,Default,,0000,0000,0000,,to cover some of those personal expenses
Dialogue: 0,0:03:30.16,0:03:32.63,Default,,0000,0000,0000,,that are listed in the cost of attendance.
Dialogue: 0,0:03:32.63,0:03:33.96,Default,,0000,0000,0000,,- [Voiceover] And during work-study,
Dialogue: 0,0:03:33.96,0:03:35.11,Default,,0000,0000,0000,,I'm still a full time student.
Dialogue: 0,0:03:35.11,0:03:36.57,Default,,0000,0000,0000,,- [Karen] That's right.
Dialogue: 0,0:03:36.57,0:03:39.86,Default,,0000,0000,0000,,Typically, work-study\Njobs, students are working
Dialogue: 0,0:03:39.86,0:03:43.58,Default,,0000,0000,0000,,seven to ten hours a week, so\Na reasonable amount of work
Dialogue: 0,0:03:43.58,0:03:46.85,Default,,0000,0000,0000,,that allows you to stay\Nengaged with your studies.
Dialogue: 0,0:03:46.85,0:03:48.69,Default,,0000,0000,0000,,- [Voiceover] So, in\Naddition to work-study,
Dialogue: 0,0:03:48.69,0:03:51.97,Default,,0000,0000,0000,,I know that oftentimes on\Nfinancial aid packages,
Dialogue: 0,0:03:51.97,0:03:54.85,Default,,0000,0000,0000,,there's a Stafford Loan\Nor a Perkins Loan listed,
Dialogue: 0,0:03:54.85,0:03:57.09,Default,,0000,0000,0000,,what exactly are those loans?
Dialogue: 0,0:03:57.09,0:03:59.92,Default,,0000,0000,0000,,- [Karen] Those are loans\Nthat the school is suggesting
Dialogue: 0,0:03:59.92,0:04:03.62,Default,,0000,0000,0000,,that you will need to\Nhelp cover that net cost.
Dialogue: 0,0:04:03.62,0:04:06.77,Default,,0000,0000,0000,,They've determined that amount based on
Dialogue: 0,0:04:06.77,0:04:08.40,Default,,0000,0000,0000,,the information that you've provided
Dialogue: 0,0:04:08.40,0:04:10.96,Default,,0000,0000,0000,,on your financial aid applications.
Dialogue: 0,0:04:10.96,0:04:13.09,Default,,0000,0000,0000,,So, it's the amount\Nthat they're suggesting.
Dialogue: 0,0:04:13.09,0:04:16.60,Default,,0000,0000,0000,,It doesn't necessarily mean\Nthat that's all that's available
Dialogue: 0,0:04:16.60,0:04:18.71,Default,,0000,0000,0000,,so you might, if you are thinking about
Dialogue: 0,0:04:18.71,0:04:21.71,Default,,0000,0000,0000,,maybe borrowing more or working less,
Dialogue: 0,0:04:21.71,0:04:25.00,Default,,0000,0000,0000,,those kinds of options that\Nyou have available to you,
Dialogue: 0,0:04:25.00,0:04:27.41,Default,,0000,0000,0000,,you can talk to the financial\Naid office about that.
Dialogue: 0,0:04:27.41,0:04:28.00,Default,,0000,0000,0000,,- [Voiceover] Great.
Dialogue: 0,0:04:28.00,0:04:30.46,Default,,0000,0000,0000,,So now that we understand work-study and
Dialogue: 0,0:04:30.46,0:04:32.18,Default,,0000,0000,0000,,the Stafford and Perkins\Nloans that might be out there,
Dialogue: 0,0:04:32.18,0:04:35.32,Default,,0000,0000,0000,,how do we actually get from net cost to
Dialogue: 0,0:04:35.32,0:04:37.08,Default,,0000,0000,0000,,what my family's actually\Ngoing to have to pay
Dialogue: 0,0:04:37.08,0:04:38.25,Default,,0000,0000,0000,,on a yearly basis?
Dialogue: 0,0:04:38.25,0:04:38.99,Default,,0000,0000,0000,,- [Karen] Right.
Dialogue: 0,0:04:38.99,0:04:42.73,Default,,0000,0000,0000,,So, your net cost is just\Nthe overall picture of what
Dialogue: 0,0:04:42.73,0:04:44.93,Default,,0000,0000,0000,,you and your family are\Ngonna be responsible for,
Dialogue: 0,0:04:44.93,0:04:46.79,Default,,0000,0000,0000,,but you, the student,\Nmay be able to pick up
Dialogue: 0,0:04:46.79,0:04:50.41,Default,,0000,0000,0000,,some of that net cost with\Nthe work-study and loans.
Dialogue: 0,0:04:50.41,0:04:54.85,Default,,0000,0000,0000,,You'll wanna subtract those\Namounts from the net cost
Dialogue: 0,0:04:54.85,0:04:58.08,Default,,0000,0000,0000,,and that remaining amount\Nis what you need to sit down
Dialogue: 0,0:04:58.08,0:05:01.16,Default,,0000,0000,0000,,with your parents and\Nhave a conversation about
Dialogue: 0,0:05:01.16,0:05:04.70,Default,,0000,0000,0000,,how are we, as a family,\Ngoing to cover these costs?
Dialogue: 0,0:05:04.70,0:05:07.18,Default,,0000,0000,0000,,Generally, the school\Nis expecting that that
Dialogue: 0,0:05:07.18,0:05:10.82,Default,,0000,0000,0000,,remaining amount would be\Npicked up by your parents.