Welcome to the scary world of debt! FAFSA/ Financial Aid Welcome to the scary world of debt!

No Debt the Same Most, if not all, loans will be different (some might even be free) Loans must be paid back and come with terms and conditions Some loans may need parental/guardian sponsorship/co-signing You may be required to take out more (WAY MORE) than you need

Say “Yes” to Freedom! Always, no matter what, take first aid/funds/money you DON'T have to pay back Look at your total options and choose the loan that fits your budget/plan Try not to accept more than necessary, but not accepting enough can leave you in a bad situation (example anecdote)

Loans are not life Student Loans are meant to be helpful, not harmful; do NOT make it the main source of stress and do NOT let it discourage you from your chosen career/school/path Students loans will enable you to live the collegiate/academic experience you deserve/dream of! Use the funds to enhance and enjoy your collegiate experience (study abroad, etc...)

The Different Types! Scholarships and grants: often come with conditions (certain GPA, extra curriculars, etc...) Work-Study: you work for your tuition! You don't have to pay it back, but you do have to put in the hours (students who work while in school have been shown to manage their time more appropriately than those who don't

Cont. Federal Student Loans (like mine!): you will be required to repay with interest. There are two types: Unsubsidized and Subsidized Sub loans don't start accruing interest until your graduation. Unsub loans start accruing interest immediately. No matter the loan time, all federal loans are subject to various loan forgiveness or deferment programs!

Loans from the public These can be loans that the state gives you (like the State of Florida) They can also come from the college itself (still with interest!) Private loans are loans that are given to you by companies. Many will be mailed to you, but be wary! Sometimes these loans come with strict rules and expensive costs if not used/payed back appropriately

Other sources of money Like scholarships, often the State or the University will give you awards for test scores, academic achievements, and need. If you are an outstanding student, they will work harder to get you to attend their school This is why SAT/ACT, FSA and other exam scores are so important for you to consider I had this experience going to NAU!

Always accept the loans that are most favorable If you have questions about your loans/awards, contact the loaner/award-er immediately. Waiting or taking loans out that are confusing may follow you forever Only borrow what you believe you need. Borrowing more can be a slippery slope; borrowing less can lead to dire times

There are many parties involved in college.... … loans, and here they are! Financial Aid Office: everyone school has one and they will help with all of your needs Lender: the organization that makes the loan – can be a bank, the school itself, a credit union, or the US department of Education (like mine) You: confused and afraid! Even your parents (sometimes!)

Credit/APR Credit Credit score APR Cash Advance (big no-no)