PREPARING FOR YOUR COLLEGE EDUCATION. A guide to understanding financial aid and how to pay for college.

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1 PREPARING FOR YOUR COLLEGE EDUCATION A guide to understanding financial aid and how to pay for college.

2 What we re going to cover What conversations have you had about paying for school? How to plan for college/save for college What are my expected expenses as a college student? What is financial aid? FAFSA (Free Application for Federal Student Aid) What happens when I graduate or stop going to school? Who can help if you have questions?

3 Paying for college Where do I start? Have you had a conversation with your parents about your college plans? - How did your parent afford school? - What is the expectation for payment? - Not all schools cost the same amount Misconceptions of paying for college - How much will it really cost me? What can I do now to prepare for college? - Apply for scholarships - Save money

4 COLLEGE EXPENSES TUITION AND FEES ROOM AND BOARD BOOKS AND SUPPLIES TRANSPORTATION MISCELLANEOUS PERSONAL EXPENSES

5 WHAT IS FINANCIAL AID? SCHOLARSHIPS STATE GRANTS FEDERAL WORK STUDY INSTITUTIONAL WORK STUDY FEDERAL STUDENT LOANS ALTERNATIVE LOANS/NON FEDERAL STUDENT LOANS ASSISTANCE PROGRAMS

6 SCHOLARSHIPS! You can start applying for scholarships now! You should apply for scholarships throughout your whole college career! SCHOLARSHIP WEBSITES nddfs.org fastweb.com finaid.org scholarships.com collegenet.com winscholarships.com

7 STATE GRANT PROGRAMS **EACH STATE HAS THEIR OWN GRANT PROGRAMS** SPECIFIC GRANTS FOR ND SCHOLARS PROGRAM INDIAN SCHOLARSHIP ACADEMIC OR CAREER & TECH ED SCHOLARSHIP STATE STUDENT INCENTIVE GRANT

8 FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID Complete annually online at Calculator to determine Expected Family Contribution (EFC) Collects information on student and family

9 What do we need to complete the FAFSA online? Social Security Number Use name as it appears on current social security card OR Alien Registration or Permanent Resident Card BALANCE OF CASH, SAVINGS, AND INVESTMENTS (Does not include 401k, 403B or retirement funds.) 2014 FEDERAL INCOME TAX RETURN 2014 UNTAXED INCOME RECORDS VETERANS NONEDUCATION BENEFITS CHILD SUPPORT RECEIVED WORKER S COMPENSATION

10 FAFSA : THE MORE YOU KNOW The FAFSA is Free. Don t get caught using a FAFSA prep site that costs money! An easy way to report your income tax on the FAFSA is using the IRS Data Retrieval Tool. Complete your FAFSA as soon as possible By April 15 th for best opportunities

11 It s too early to complete my FAFSA, is there another way to prepare? Any aged student can complete the 4caster to estimate their potential financial aid Prepares you to complete the FAFSA when needed

12 APPLY FOR ADMISSION TO SCHOOLS REVIEW STUDENT AID REPORT (SAR) CHOOSE SCHOOL TO ATTEND FEDERAL FUNDS SENT TO SCHOOL COMPLETE FAFSA AND ADD SCHOOL CODES RECEIVE AWARD LETTER SIGN MPN AND COMPLETE ENTRANCE COUNSELING PROCESS OF FINANCIAL AID

13 WORK STUDY WHAT IS WORK STUDY? Work study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. SCHOOLS CAN OFFER BOTH FEDERAL WORK STUDY AND/OR INSTITUTIONAL WORK STUDY HOW DO I LET MY FINANCIAL AID OFFICE KNOW I AM INTERESTED IN WORK STUDY? Say YES on the FAFSA

14 FEDERAL GRANT PROGRAMS PELL GRANT: UP TO $5,730/ACADEMIC YEAR (2014/2015) UP TO $5,830/ ACADEMIC YEAR (2015/2016) SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT: UP TO $4,000/ACADEMIC YEAR TEACH GRANT: UP TO $4,000/ACADEMIC YEAR IRAQ AND AFGHANISTAN SERVICE GRANT: UP TO $5,311/ ACADEMIC YEAR

15 FEDERAL STUDENT LOANS SUBSIDIZED LOAN: GOVERNMENT PAYS INTEREST WHILE STUDENT REMAINS IN SCHOOL AT LEAST HALF TIME UNSUBSIDIZED LOAN: INTEREST ACCRUES ON LOAN AFTER EACH DISBURSEMENT PERKINS LOAN

16 DIRECT STUDENT LOANS LIMITS DEPENDENT STUDENTS: $5,500 FRESHMAN $6,500 SOPHOMORE $7,500 JUNIOR AND ABOVE INDEPENDENT STUDENTS: $9,500 FRESHMAN $10,500 SOPHOMORE $12,500 JUNIOR AND ABOVE $20,500 GRADUATE STUDENTS

17 DIRECT STUDENT LOAN DETAILS STUDENT IS THE BORROWER OF THE LOAN MUST MAINTAIN AT LEAST HALF-TIME ENROLLMENT (6 CREDITS) TO BE ELIGIBLE MUST SIGN THE MASTER PROMISSORY NOTE (MPN) AND COMPLETE ENTRANCE COUNSELING FOR SCHOOL TO ORIGINATE AND DISBURSE AID FIXED INTEREST RATE 4.66% FOR 14/15 ACADEMIC YEAR 1.073% ORIGINATION FEE ON EACH LOAN REPAYMENT BEGINS 6 MONTHS AFTER ENROLLMENT BELOW HALF TIME DEPARTMENT OF EDUCATION HAS 5 DIFFERENT LOAN REPAYMENT PROGRAMS TO HELP YOU PAY YOUR LOANS BACK

18 Federal Parent PLUS Loan PARENT IS THE BORROWER OF THE LOAN REPAYMENT IS THE RESPONSIBILITY OF THE PARENT INTEREST RATE IS 7.21% ORIGINATION FEE OF 4.292% REPAYMENT BEGINS AFTER 60 DAYS, UNLESS OTHER REPAYMENT OPTION IS APPROVED MUST SIGN SEPARATE MASTER PROMISSORY NOTE (MPN)

19 Federal Graduate PLUS Loan ONLY AVAILABLE TO ELIGIBLE GRADUATE STUDENTS STUDENT IS THE BORROWER OF THE LOAN REPAYMENT IS THE RESPONSIBILITY OF THE STUDENT INTEREST RATE IS 7.21% ORIGINATION FEE OF 4.292% REPAYMENT BEGINS 6 MONTHS AFTER AT LEAST HALF TIME ENROLLMENT MUST SIGN SEPARATE MASTER PROMISSORY NOTE (MPN)

20 ALTERNATIVE/NON FEDERAL LOANS STUDENT IS THE BORROWER OF THE LOAN REPAYMENT IS THE RESPONSIBILITY OF THE STUDENT INTEREST RATES VARY BETWEEN LENDERS INTEREST OFTEN BASED ON CREDIT SCORE REPAYMENT OPTIONS VARY BETWEEN LENDERS CHECK YOUR CHOSEN SCHOOL FOR A LIST OF PREFERRED LENDERS FOR AN IDEA OF WHERE MOST STUDENTS AT THAT INSTITUTION APPLY FOR LOANS

21 WHO CAN HELP ME? COLLEGE OR UNIVERSITY FINANCIAL AID OFFICE HIGH SCHOOL GUIDANCE COUNSELOR

22 QUESTIONS?

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