crash_course

Document Sample
crash_course Powered By Docstoc
					Paying for College
 Financial Aid Overview




           North Dakota Association
    of Student Financial Aid Administrators
          College Expenses
              It’s not free

•   Tuition & Fees
•   Room & Board
•   Books & Supplies
•   Transportation
•   Miscellaneous Personal Expenses
             Plan & Save
           It’s never too late!

• RUReady.com
  – Choices Explorer
  – Choices Planner
  – testGEAR for ACT
• College SAVE
  – State tax deduction
  – Matching grant program
  – Upromise Rewards program
        What is Financial Aid

•   Scholarships
•   Assistance Programs
•   State Grants
•   Federal Grants
•   Federal Work Study
•   Student Loans
       Where to Find Scholarships
•   Local businesses & organizations
•   Library
•   Colleges/Universities
•   Call NDCAN
•   Religious Organizations
•   Fraternal Organizations
•   Employers
•   Tribal Agencies
•   State Agencies
•   Large Corporations
•   Internet
          Internet Addresses
•   www.nd-can.com
•   www.fastweb.com
•   www.finaid.org
•   www.scholarships.com
•   www.collegenet.com
•   www.srnexpress.com
•   www.cashe.com
•   www.winscholarships.com
         Assistance Programs

•   ND Job Corps
•   Vocational Rehabilitation
•   Employee Assistance
•   Military Tuition Benefits
•   Individual Development Accounts
             State Grants
• Scholars Program
• Indian Scholarship: $800
• Academic or Career/Tech Ed Scholarship:
  $1,500
• State Student Incentive Grant: $1,200
  – Complete FAFSA by March 15

              www.ndus.edu
        Amounts are subject to change!
                   FAFSA
Free Application for Federal Student Aid

•   Basic application for federal student aid
•   Collects student and family information
•   School determines financial aid eligibility
•   Completed online
    – fafsa.gov
         FAFSA4caster.ed.gov

•   Federal aid estimator
•   Any student of any age may use it
•   Reminder to fill out the FAFSA
•   Won’t have to retype
   Frequent FAFSA Questions

• Who is a parent?
• Who is included in household size?
• What assets to report?
                FAFSA Tips
• Complete as soon as possible after January 1
  –By March 1 for best results.

• Gather documents you need
  –Complete a FAFSA on the Web Worksheet

• Follow up with the financial aid office

• Must submit a FAFSA each year
          Get FAFSA Help
• February 13, 2011
• Receive hands-on assistance
• Eleven North Dakota locations:
  – Belcourt, Bismarck, Dickinson, Fargo,
    Fort Yates, Fort Totten, Grafton, Grand
    Forks, Minot, New Town & Williston
• Chance to win prizes
• www.collegegoalnd.org
       Financial Aid Process

              Receive Award
                  Letter          Sign
Apply to
              • Choose School     MPN
Schools




                  Review        Money sent
Complete
                   SAR           to school
 FAFSA
         Federal Work Study

• Say “yes” on FAFSA
• Employment may be on or off campus
• Eligible employers:
  – School
  – Federal, state, or local public agencies
  – Private nonprofit and for-profit organizations
             Federal Grants

• Pell Grant:
  – Up to $5,550
• FSEOG:
  – Up to $4,000
• TEACH Grant:
  – $4,000
      Federal Student Loans

• Federal Perkins
• Federal Stafford
• Federal PLUS
       Federal Stafford Loans
• Subsidized: Government pays interest for
  student while in-school, grace or deferment
  status
• Unsubsidized: Government does not pay
  interest for student; the interest is billed
  quarterly
         Federal Stafford Loans
•   Student is the borrower
•   Must be enrolled at least half-time
•   School determines loan eligibility
•   Must sign Master Promissory Note (MPN)
•   Fixed interest rate (2010-11)
    – 4.5% subsidized loans
   – 6.8% unsubsidized loans
• 1% loan fee
  Federal Stafford Loan Limits
Dependent Students        Independent Students
• $5,500 – Year 1         •    $ 9,500 – Year 1
• $6,500 – Year 2         •    $10,500 – Year 2
• $7,500 – Years 3-5      •    $12,500 – Years 3-5
                          •    $20,500 – Graduates
Aggregate Sub & Unsub Limits
• $31,000 ($23,000 Sub) – Dependent Undergraduate
• $57,500 ($23,000 Sub) – Independent Undergraduate
• $138,000 ($65,500 Sub) – Graduate/Professional

Repayment
• Begins 6 months after student graduates, withdraws
  or drops below half-time enrollment
         Federal PLUS Loans
• Loan in parent’s name
• Parent responsible for repaying loan
• Credit application required
• Fixed rate = 7.9%
• 4% loan fees
• Maximum loan amount is cost of education
  less other financial aid
• Repayment begins 60 days after final
  disbursement
• Must sign Master Promissory Note (MPN)
           State DEAL Loan

• Dakota Education Alternative Loan
• FAFSA required
• Low interest rate
  • Fixed or variable
  • No tiers
• Cosigner if under 24
• Deferment options
            Alternative Loans

•   Variable interest rates
•   Tiers based on credit
•   Cosigner may be required
•   Terms vary among private lenders
    • Wells Fargo
    • US Bank
    • Citi Bank
         Reduce Student Loans
•   Graduate in 4 years
•   Take advantage of free credits
•   Work & save
•   Buy your own books
•   Trim expenses
•   Avoid credit cards
•   Pay interest as it accrues
•   Don’t borrow the max
                Who Can Help
•   High School Counselor
•   College Financial Aid Office
•   College Goal Sunday
•   North Dakota College Access Network (NDCAN)
    – www.nd-can.com
    – 1-800-554-2717
WWW.ND-CAN.COM
1-800-554-2717

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:11
posted:1/21/2011
language:English
pages:27