How to pay for College:

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1 How to pay for College:

2 What are some ways in which we can pay for college??

3 What are some ways in which we can pay for college?? 1. Grants/Scholarships

4 What are some ways in which we can pay for college?? 1. Grants/Scholarships 2. Loans

5 What are some ways in which we can pay for college?? 1. Grants/Scholarships 2. Loans 3. Work Study Jobs

6 Let s talk about Grants/Scholarships

7 Let s talk about Grants/Scholarships -Called gift aid because they are free money financial aid that doesn t have to be repaid.

8 Let s talk about Grants/Scholarships -Called gift aid because they are free money financial aid that doesn t have to be repaid. -Grants are need-based, while scholarships are merit based.

9 Let s talk about Grants/Scholarships -Called gift aid because they are free money financial aid that doesn t have to be repaid. -Grants are need-based, while scholarships are merit based. Most common grant-- FEDERAL PELL GRANT

10 Federal Pell Grant

11 Federal Pell Grant -is awarded to only undergraduate students who have not earned a bachelors.

12 Federal Pell Grant -is awarded to only undergraduate students who have not earned a bachelors. -Max award: $5,730. Which will depend on:

13 Federal Pell Grant -is awarded to only undergraduate students who have not earned a bachelors. -Max award: $5,730. Which will depend on: -financial need -cost of attendance -status as full time or part time students -plans to attend school for a full academic year.

14 How do I get a Federal Grant?

15 How do I get a Federal Grant? -Almost all grants are awarded to students with financial need.

16 How do I get a Federal Grant? -Almost all grants are awarded to students with financial need. 1. You must submit a Free Application for Federal Student Aid (FAFSA)

17 How do I get a Federal Grant? -Almost all grants are awarded to students with financial need. 1. You must submit a Free Application for Federal Student Aid (FAFSA) 2. You will work with your college or career school to find out how much you can get and when you will get it. (this is usually mailed or ed)

18 - Let s talk about LOANS:

19 Let s talk about Loans: -It is money you borrow and must pay back with interest.

20 Let s talk about Loans: -It is money you borrow and must pay back with interest. -Interest: Money they charge the borrower (you) for borrowing money from the lender (bank). This is calculated in percentages.

21 - What are the types of Student Loans?

22 What are the types of Student Loans? William D. Ford Federal Direct Loan Program

23 What are the types of Student Loans? William D. Ford Federal Direct Loan Program (U.S Department of Education is your lender)

24 What are the types of Student Loans? William D. Ford Federal Direct Loan Program (U.S Department of Education is your lender) 1. Direct Subsidized Loans

25 What are the types of Student Loans? William D. Ford Federal Direct Loan Program (U.S Department of Education is your lender) 1. Direct Subsidized Loans 2. Direct Unsubsidized Loans

26 What are the types of Student Loans? William D. Ford Federal Direct Loan Program (U.S Department of Education is your lender) 1. Direct Subsidized Loans 2. Direct Unsubsidized Loans Federal Perkins Loan Program

27 What are the types of Student Loans? William D. Ford Federal Direct Loan Program (U.S Department of Education is your lender) 1. Direct Subsidized Loans 2. Direct Unsubsidized Loans Federal Perkins Loan Program (School based loan program for undergraduates. The school is your lender)

28 Subsidized Loan

29 Subsidized Loan *Federal government will pay interest on your loan while you are in school and during your grace period and deferment periods.

30 Subsidized Loan *Federal government will pay interest on your loan while you are in school and during your grace period and deferment periods. -grace period:

31 Subsidized Loan *Federal government will pay interest on your loan while you are in school and during your grace period and deferment periods. -grace period: The 6 months after you graduate, stop attending school or drop below a half-time student status.

32 Subsidized Loan *Federal government will pay interest on your loan while you are in school and during your grace period and deferment periods. -grace period: The 6 months after you graduate, stop attending school or drop below a half-time student status. -deferment period:

33 Subsidized Loan *Federal government will pay interest on your loan while you are in school and during your grace period and deferment periods. -grace period: The 6 months after you graduate, stop attending school or drop below a half-time student status. -deferment period: A contract option in which you apply for more time before you begin paying back your loan.

34 Subsidized Loan *Federal government will pay interest on your loan while you are in school and during your grace period and deferment periods. -grace period: The 6 months after you graduate, stop attending school or drop below a half-time student status. -deferment period: A contract option in which you apply for more time before you begin paying back your loan. TIP: This is the loan you want to take out first!!!!!

35 Unsubsidized Loan

36 Unsubsidized Loan *You are responsible for ALL interest that accumulates on your loan from the time you receive your money through your repayment of loan.

37 Unsubsidized Loan *You are responsible for ALL interest that accumulates on your loan from the time you receive your money through your repayment of loan. -You have the option to pay the interest while you are in school, during your grace period, or your deferment period. or

38 Unsubsidized Loan *You are responsible for ALL interest that accumulates on your loan from the time you receive your money through your repayment of loan. -You have the option to pay the interest while you are in school, during your grace period, or your deferment period. or -You can let your interest accumulate and be added to the principal (total amount) of your loan.

39 Unsubsidized Loan *You are responsible for ALL interest that accumulates on your loan from the time you receive your money through your repayment of loan. -You have the option to pay the interest while you are in school, during your grace period, or your deferment period. or -You can let your interest accumulate and be added to the principal (total amount) of your loan. (Warning: this option makes how much you pay back higher!) *** LAST OPTION***

40 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans.

41 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans. --Your interest rate is 6.8%.

42 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans. --Your interest rate is 6.8%. --Your payment will be about $115 each month (120 payments made over 10 years)

43 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans. --Your interest rate is 6.8%. --Your payment will be about $115 each month (120 payments made over 10 years) Over 10 years, you ll repay approximately

44 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans. --Your interest rate is 6.8%. --Your payment will be about $115 each month (120 payments made over 10 years) Over 10 years, you ll repay approximately $13,763:

45 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans. --Your interest rate is 6.8%. --Your payment will be about $115 each month (120 payments made over 10 years) Over 10 years, you ll repay approximately $13,763: $10,000 of original principal $3,763 in interest

46 Unsubsidized Loan EX: You have a principal balance (Full balance) of $10,000 in unsubsidized loans. --Your interest rate is 6.8%. --Your payment will be about $115 each month (120 payments made over 10 years) Over 10 years, you ll repay approximately $13,763: $10,000 of original principal $3,763 in interest

47 * Federal Perkins Loans

48 Federal Perkins Loans * A low interest loan that is made with government funds to help you pay for undergraduate school.

49 Federal Perkins Loans * A low interest loan that is made with government funds to help you pay for undergraduate school. -Only awarded to students who show extraordinary financial need.

50 Federal Perkins Loans * A low interest loan that is made with government funds to help you pay for undergraduate school. -Only awarded to students who show extraordinary financial need. -This loan has a fixed government interest rate of 5% and you have up to 10 years to repay it.

51 How will I receive my loan?

52 How will I receive my loan? * The school will apply your loan funds to your school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your school will issue you a check or will deposit your fund in your bank account.

53 How much can you borrow in Federal Student Loans?

54 How much can you borrow in Federal Student Loans? Undergraduates can borrow:

55 How much can you borrow in Federal Student Loans? Undergraduates can borrow: -$5,500 per year in Perkins Loans

56 How much can you borrow in Federal Student Loans? Undergraduates can borrow: -$5,500 per year in Perkins Loans -$5,500 to $12,500 per year in Direct Subsidized and Unsubsidized Loans.

57 What should I consider before taking out federal student loans?

58 What should I consider before taking out federal student loans? 1. Keep track of how much your are borrowing. Your student loans should only be a small percentage of your salary after you graduate.

59 What should I consider before taking out federal student loans? 1. Keep track of how much your are borrowing. Your student loans should only be a small percentage of your salary after you graduate. 2. Research starting salaries in your field. You do not want to get caught not being able to pay your student loan.

60 What should I consider before taking out federal student loans? 1. Keep track of how much your are borrowing. Your student loans should only be a small percentage of your salary after you graduate. 2. Research starting salaries in your field. You do not want to get caught not being able to pay your student loan. 3. Understand your loan terms and agreements. When you sign the promissory note

61 What should I consider before taking out federal student loans? 1. Keep track of how much your are borrowing. Your student loans should only be a small percentage of your salary after you graduate. 2. Research starting salaries in your field. You do not want to get caught not being able to pay your student loan. 3. Understand your loan terms and agreements. When you sign the promissory note (the binding legal document you sign when getting your loans)

62 What should I consider before taking out federal student loans? 1. Keep track of how much your are borrowing. Your student loans should only be a small percentage of your salary after you graduate. 2. Research starting salaries in your field. You do not want to get caught not being able to pay your student loan. 3. Understand your loan terms and agreements. When you sign the promissory note, you are agreeing to legally repay the loans at all cost. Whether you have a job or not!

63 How do I get a Federal Student loan?

64 How do I get a Federal Student loan? 1. Fill out your Free Application for Federal Student Aid (FAFSA) 2. Complete the entrance counseling, located in the website 3. Sign your Master Promissory Note (MPN)

65 Federal Work Study Jobs

66 Federal Work Study Jobs -This provides part time jobs for undergraduate students with financial need. It allows them to earn money to help pay for education expenses.

67 Federal Work Study Jobs -This provides part time jobs for undergraduate students with financial need. It allows them to earn money to help pay for education expenses. 1. Provides part-time employment while you are enrolled in school.

68 Federal Work Study Jobs -This provides part time jobs for undergraduate students with financial need. It allows them to earn money to help pay for education expenses. 1. Provides part-time employment while you are enrolled in school. 2. Available to full-time or part-time students.

69 Federal Work Study Jobs -This provides part time jobs for undergraduate students with financial need. It allows them to earn money to help pay for education expenses. 1. Provides part-time employment while you are enrolled in school. 2. Available to full-time or part-time students. 3. Offered by schools that participate in the Federal Work-Study Program. Check your specific school s website or financial aid office.

70 What kind of jobs are there?

71 What kind of jobs are there? -Mostly civic education and work related to your course of study.

72 Are jobs on campus or off campus?

73 Are jobs on campus or off campus? -Both. If you work on campus, you will usually work for your school. Off campus is through a private non profit organization or public agency. Usually work performed must be in public interest.

74 How much will I earn?

75 How much will I earn? -At least current federal minimum wage. You can earn more depending on the type of work you do and the skills required for the position.

76 How much will I earn? -At least current federal minimum wage. You can earn more depending on the type of work you do and the skills required for the position. Work study award depends on:

77 How much will I earn? -At least current federal minimum wage. You can earn more depending on the type of work you do and the skills required for the position. Work study award depends on: --When you apply --your level of financial need --your school s funding level

78 Student Banking Basics

79 Student Checking Account

80 Student Checking Account An account you deposit money into knowing you will be using the money for purchases, withdrawals, and or online payments.

81 Student Checking Account An account you deposit money into knowing you will be using the money for purchases, withdrawals, and or online payments. -Students checking accounts are usually free, but what does that mean?

82 Always read the fine print.

83 Always read the fine print. 1. Monthly Service fees 2. Debit cards 3. ATM charges 4. Free checks 5. Minimum balances 6. Check limits 7. Overdraft protection

84 Always read the fine print. 1. Monthly Service fees-how much will your bank charge for this acct? 2. Debit cards 3. ATM charges 4. Free checks 5. Minimum balances 6. Check limits 7. Overdraft protection

85 Always read the fine print. 1. Monthly Service fees 2. Debit cards-will your acct come with a free debit card? 3. ATM charges 4. Free checks 5. Minimum balances 6. Check limits 7. Overdraft protection

86 Always read the fine print. 1. Monthly Service fees 2. Debit cards 3. ATM charges-will they charge me money to withdraw from my acct? 4. Free checks 5. Minimum balances 6. Check limits 7. Overdraft protection

87 Always read the fine print. 1. Monthly Service fees 2. Debit cards 3. ATM charges 4. Free checks-will they charge me for checks? 5. Minimum balances 6. Check limits 7. Overdraft protection

88 Always read the fine print. 1. Monthly Service fees 2. Debit cards 3. ATM charges 4. Free checks 5. Minimum balances-will they charge me if my balance drops below the minimum? 6. Check limits 7. Overdraft protection

89 Always read the fine print. 1. Monthly Service fees 2. Debit cards 3. ATM charges 4. Free checks 5. Minimum balances 6. Check limits-is there a limit of checks I can write in a month? 7. Overdraft protection

90 Always read the fine print. 1. Monthly Service fees 2. Debit cards 3. ATM charges 4. Free checks 5. Minimum balances 6. Check limits 7. Overdraft protection-will the bank charge me if I don t have enough money in the bank?

91 Always read the fine print. All these vary from bank to bank so you want to make sure you understand which type of account you are opening.

92 Types of Cards

93 Types of Cards Debit Card:

94 Types of Cards Debit Card: a card that takes money directly from your checking account, just like when you write a check

95 Types of Cards Debit Card: a card that takes money directly from your checking account, just like when you write a check -They look like Credit Cards and will have the Visa or Mastercard logo

96 Types of Cards Debit Card: a card that takes money directly from your checking account, just like when you write a check -They look like Credit Cards and will have the Visa or Mastercard logo -Use Debit cards when making purchases without accumulating interest

97 Types of Cards Debit Card: a card that takes money directly from your checking account, just like when you write a check -They look like Credit Cards and will have the Visa or Mastercard logo -Use Debit cards when making purchases without accumulating interest -Debit cards can take the place of writing checks, paying with cash or using a credit card.

98 Types of Cards Credit Cards:

99 Types of Cards Credit Cards: Cards that can be used to pay for just about anything, anywhere.

100 Types of Cards Credit Cards: Cards that can be used to pay for just about anything, anywhere. 1. Not taken out of your bank account

101 Types of Cards Credit Cards: Cards that can be used to pay for just about anything, anywhere. 1. Not taken out of your bank account 2. There is a limit to how much you spend

102 Types of Cards Credit Cards: Cards that can be used to pay for just about anything, anywhere. 1. Not taken out of your bank account 2. There is a limit to how much you spend 3. You are billed at the end of the month and you have the option to pay only a portion of your full balance.

103 Types of Cards Credit Cards: Cards that can be used to pay for just about anything, anywhere. 1. Not taken out of your bank account 2. There is a limit to how much you spend 3. You are billed at the end of the month and you have the option to pay only a portion of your full balance. 4. You will be charged interest if you keep a balance on your card.

104 Let s look up some bank accounts!

105 Let s look up some bank accounts! 1. Wells Fargo 2. Bank of America 3. Chase

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