Your Financial Aid Journey. Investing in Your Future 5 Steps to Prepare for College College Financing Options Financial Aid Terms

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1 Your Financial Aid Journey Investing in Your Future 5 Steps to Prepare for College College Financing Options Financial Aid Terms

2 Investing in your future Higher earnings College graduates earn more money and have better job security. People with a bachelor s degree earn $415 more per week than those with a high school diploma. Job Security The unemployment rate also drops to 4.9% if you have a bachelor s degree versus a rate of 9.4% for those with a high school diploma.

3 Be a sensible borrower While college is still a good investment, you want to be smart about it. If you re taking out student loans, plan to keep your borrowing in proportion to your future earning potential. Get started by visiting the Bureau of Labor Statistics at bls.gov/bls/blswage.htm to find the estimated starting salary for various careers after graduation.

4 Understanding College Costs Tuition is the cost for taking classes. The amount varies depending upon your academic program, number of credit hours, and whether you are in-state or out-of-state. Room and board includes the cost of campus housing and possibly your meal plan. If you decide to live offcampus, you ll want to look into average rental costs near campus and estimate a weekly grocery bill.

5 Understanding College Costs Books and supplies are materials needed for your courses that you ll need to budget for each semester. The average annual cost for these materials at a four-year public college is about $1,168. Look for ways to lower these costs by buying used books, or renting them. Personal expenses include things you normally spend money on like laundry or cell phone bills.

6 Understanding College Costs Compare Costs between public and private schools Average annual cost for an in-state resident Public Institution Private Institution Tuition $8,240 $28,500 Room and board $8,887 $10,089 Books and supplies $1,168 $1,213 Personal expenses $2,066 $1,496 TOTAL COST $20,381 $41,298 Source: trends.colleboard/org/college_pricing/report_findings/indicator/883

7 5 Steps to Prepare for College 1. The FAFSA is for everyone Regardless of your income, all families should complete the FAFSA (Free Application for Federal Student Aid) annually. 2. Use your college s Net Price Calculator Estimate your college s costs by visiting their website and using their Net Price Calculator. Play with the variables and see how your total cost might change. For example, investigate how living on-campus, offcampus, or living at home might affect costs. 3. Do you have additional expenses? Do grants, scholarships, institutional awards, Federal Work-Study, Federal Perkins Loans, and/or Federal Direct Stafford Loans cover all your college related expenses?

8 5 Steps to Prepare for College 4. Explore your additional financing options If the financing options provided by the Net Price Calculator fail to cover all your costs, you may consider: Tuition payment plan, Federal Direct PLUS loan for parents, Private (or alternative) student loans. Tip: Student loan payments should be 10% or less of a student s net monthly income after graduation. Important Note: Be aware that all types of student loans will need to be repaid in the future. As you make your plans, you should give serious consideration to the loan amounts needed throughout your entire education. You should make sure you can comfortably manage your student loan indebtedness.

9 5 Steps to Prepare for College 5. Know your deadlines and compare your options The charts on the following slides provide an overview of the different types of resources families often use to cover education costs. Pay special attention to the application deadlines to make sure that you can take full advantage of these opportunities.

10 College Financing Options Funding Options Description How to Apply Free Aid Scholarship Scholarships are awarded on various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid. Free Aid Pell Grant The Federal Pell Grant Program provides needbased grants to low-income students to promote access to college. Grant money is not required to be repaid. Research online FAFSA

11 College Financing Options Funding Options Description How to Apply Free Aid State Aid Most of the state programs are available only to students who attend a college within their state of residence. To be considered for state-based aid, you should consider attending an in-state college. FAFSA Free Aid Institutional Aid Many college and universities, both public and private, provide grants or scholarships to students to help them pay for all or part of the tuition and fees charges by the institution. This is granted by the specific college the student is attending. FAFSA

12 College Financing Options Funding Options Description How to Apply Self-help Federal Work-Study Program Students can earn money towards their college education by working part-time FAFSA Self-help Tuition payment plan Tuition installment plans can be a reasonable alternative to education loans if you can afford to pay tuition, just not in a lump sum at the start of the semester. Check with college

13 College Financing Options Funding Options Description How to Apply First choice student loans Federal Perkins Loan A need-based federal student loan for undergraduate and graduate students with an exceptional financial need. FAFSA First choice student loans Federal Direct Stafford Loan Federal student loans available to students who are attending college at least half-time. There are two types of this loan: Subsidized and Unsubsidized. FAFSA

14 College Financing Options Funding Options Description How to Apply Student loans to cover remaining college costs Federal Direct PLUS Loan for parents A credit-based federal loan for parents of dependent students. The PLUS loan allows the parent to borrow money on the student s behalf. FAFSA Student loans to cover remaining college costs Federal Direct PLUS Loan for students A credit-based federal loan option for students seeking a degree. FAFSA Student loans to cover remaining college costs Private or alternative loans Private student loan programs are a credit-based college financing option. Banks or other lenders.

15 Financial Aid TERMS you should know Disbursement A process of issuing (transferring) funds from a lender to a borrower, often through your school. Disclosure statement A lender s legal statement sent to you immediately after a loan is approved or disbursed, identifying the amount borrowed, interest rate, finance charges, other terms, and your repayment rights and responsibilities. Grace period A period of time when you are not required to make payments on your loan, typically between the time you leave school (e.g. graduate) or drop below halftime enrollment and when you enter repayment.

16 Financial Aid TERMS you should know Annual Percentage Rate (APR) The yearly cost of a loan, calculated on a percentage basis, that reflects all finance charges including loan interest and fees. Cosigner / Co-borrower Most private student loan applicants are required to have a cosigner, especially undergraduate students who don t have a steady income or credit history. The cosigner is required to sign the loan document, but the student is the primary borrower. Credit Score A number that represents your credit-worthiness, the likelihood of you repaying a debt and the degree of risk for the lender. The score may impact your eligibility and interest rate you receive.

17 Financial Aid TERMS you should know Interest Rate The specific fixed or variable rate that a lender charges, expressed as a percentage per year of the amount borrowed. A fixed interest rate is locked in and will not change during the life of your loan, whereas a variable interest rate can change over time with the market (i.e. monthly, quarterly, semi-annually, or annually) over the life of the loan. Origination fee A processing fee based on a percentage of the principal borrowed and deducted from the loan at each disbursement. Considered part of the annual percentage rate.

18 Financial Aid TERMS you should know Repayment term The period of time over which you will repay your loan; terms usually range from years. School certification The process where your school confirms and authorizes to the lender that you are enrolled and have met other eligibility requirements.

19 Resources provided by Wells Fargo Planning for College guide walks students through the college planning process and provides a place where students can keep track of important information. CollegeSTEPS magazine provides students and parents with articles, tips, and resources for planning and paying for college. Your Financial Aid Journey in 5 Steps is an easy to follow guide that navigates parents and students through the financial aid process in five simple steps starting with completing the FAFSA.

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