Transcript Financing your Education

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How to Responsibly Finance Your College
Education
 Video
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Financial Aide available:
 The government has financial aide programs, each
state has their own financial aid, colleges offer aid
packages, private organizations offer money as well
through scholarships.
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Helpful Tip:
 Limit your debt to TWO-THIRDS of the annual salary
you expect to make in your first year of work. If it’s
getting to high consider a work study (library, rec,
etc.) or an outside job. Ex. $26,000 debt for a job that
pays $40,000 a year.
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Tuition and fees
Books and supplies
Room and board
Transportation
Personal expenses
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Net Price Calculator - U of Akron
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Hearing/thinking about college funding can
be overwhelming, so how in the world will I
afford it?
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The FAFSA can be filled out online or in paper form.
Some schools may want you to also fill out the
financial aid profile. This provides more information
than FAFSA.
Keep copies of your records
Take your time when filling it out.
Submit the FAFSA after January 1st. (So start working
on it in December!) The deadline is May 1st.
Wait for your student aid report (SAR) this shows
your estimated family contribution (EFC). Check to
make sure it is correct.
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Remember you must fill out a new FAFSA
every year.
Call the financial aid department of your
prospective school for expert advice.
Mr. Endress and Mr. Rotunda will be hosting a
FAFSA information session night.
 Financial Aid Night – January 21 – 7:00 PM in Rm.
256
 FAFSA Website
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Each college that accepts you will send a
letter telling you how much aid and what type
of aid you’ve been offered (usually in March).
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Evaluate your offers and ask yourself: how
much of each aid package is gift aid ( doesn’t
need repaid) how much is a loan?
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Sign the award letter and complete the
forms. Let the other schools know of your
decision.
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If you’re not happy with your award, ask the
financial aid office to review your application
again.
Dear Student:
Congratulations on your acceptance to Pine Manor College! We are pleased to offer you the following financial
assistance for the 2010-2011 academic year based on your status as a full-time student living On Campus.
Source
Fall
Spring
Total
PMC Resident Student Grant
$6,250
$6,250
$12,500
Federal Pell Grant
$2,775
$2,775
$5,500
Matching Grant
$250
$250
$500
State Grant
$950
$950
$1,900
Federal Work-Study Eligibility
$900
$900
$1,800
Federal Direct Subsidized Loan
$1,750
$1,750
$3,500
Federal Direct Unsubsidized Loan
$1,000
$1,000
$2,000
Academic Promise Grant
$1,000
$1,000
$2,000
$14,875
$14,875
$29,750
Total Awards
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Do I have to accept all the aid that has been
given to me?
How do you know what loans/aids to choose
from?
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Pell Grant
 These grants, which do not have to be repaid, help
eligible undergrad students. There has to be a
high need to receive this grant.
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Federal Supplemental Educational
Opportunity Grant (FSEOG)
 Need based grants administered by individual
schools. Awards vary from year to year. Students
should apply as early as possible.
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Stafford Loans
 Low interest loans for undergraduates and
graduate students. Students in approved
vocational, technical and trade schools are also
eligible.
 Two Types
1. Subsidized
2. Unsubsidized
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Subsidized Stafford Loans
 Need based loans. The borrower doesn’t pay
interest on the loan while in school. He or she
usually begins paying on the loan 6 months after
finishing college.
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Unsubsidized Stafford Loans <--- Stay away!
 Available to students regardless of family income.
Borrower will accrue interest while in school and
during any deferments.
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Parent Plus Loans
 Given by individual schools to parents who fit the need-based
requirements. This is a loan the PARENT takes on.
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Federal Work Study
 Provides on campus and off campus jobs to qualified students.
Individual colleges provide these programs.
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ROTC Scholarships
 Joining Reserve Officer Training and receive full tuition in return
for military service after graduation.
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The Montgomery G.I. Bill
 The government contributes to the educational fund of military
service members. Contributions can be as much as 10,000
dollars.
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Unsubsidized Loans
 Interest begins to accrue DURING college.
▪ Accrue: the ability for something to accumulate/grow
over time.
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Private Loans (Banks)
 Often have VERY high interest rates.
 These loans are also hard to consolidate once you
begin repaying them.
You must:
 Have financial need
 Have a high school diploma or GED
 Be enrolled at least half-time in an eligible
program
 Be a U.S. citizen or eligible noncitizen
 Have a valid Social Security number
 Progress satisfactorily in your studies
 Not have defaulted on a federal loan
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Some schools offer several payment plans or
installment plans. This allows you and your
family to spread college costs over a longer
period. These also allow families to purchase
future tuition at a discounted price.
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Americorps
 Federal program allowing students to work in
exchange for college funds
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Cooperative Educational Program (Co-Ops)
 Students alternate full time work with full time study
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If you accept the loans be sure you understand:
 Loan application procedure
 Interest rate and total amount you will owe
 Any additional fees you must pay
 When you must begin repaying
 Deferment or grace period stipulations/terms
*Some colleges will hold loan exit interviews, either
individually or in a large group, to go over this
information with you before you graduate.
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The last loan you ever want to default on is a
school loan.
 One of the only types of loans the
government/courts WILL NOT forgive!
Watch your credit card and any other debt.
 Working while in school is a great way to
lower any college or other debt
 Continue to look for outside scholarships:
STVM guidance website
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Be a smart consumer: make sure the
education your paying for will get you the job
you want.
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Go to collegeboard.org to research more
information on how to “Pay for College”