 How to Responsibly Finance Your College Education  Video Video

 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.  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.

 Tuition and fees  Books and supplies  Room and board  Transportation  Personal expenses  Net Price Calculator - U of Akron Net Price Calculator - U of Akron

 Hearing/thinking about college funding can be overwhelming, so how in the world will I afford it?

 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 1 st. (So start working on it in December!) The deadline is May 1 st.  Wait for your student aid report (SAR) this shows your estimated family contribution (EFC). Check to make sure it is correct.

 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 FAFSA Website

 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).  Evaluate your offers and ask yourself: how much of each aid package is gift aid ( doesn’t need repaid) how much is a loan?

 Sign the award letter and complete the forms. Let the other schools know of your decision.  If you’re not happy with your award, ask the financial aid office to review your application again.

SourceFallSpringTotal PMC Resident Student Grant$6,250 $12,500 Federal Pell Grant$2,775 $5,500 Matching Grant$250 $500 State Grant$950 $1,900 Federal Work-Study Eligibility$900 $1,800 Federal Direct Subsidized Loan$1,750 $3,500 Federal Direct Unsubsidized Loan$1,000 $2,000 Academic Promise Grant$1,000 $2,000 Total Awards$14,875 $29,750 Dear Student: Congratulations on your acceptance to Pine Manor College! We are pleased to offer you the following financial assistance for the academic year based on your status as a full-time student living On Campus.

 Do I have to accept all the aid that has been given to me?  How do you know what loans/aids to choose from?

 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.  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.

 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

 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.  Unsubsidized Stafford Loans <--- Stay away!  Available to students regardless of family income. Borrower will accrue interest while in school and during any deferments.

 Parent Plus Loans  Given by individual schools to parents who fit the need-based requirements. This is a loan the PARENT takes on.  Federal Work Study  Provides on campus and off campus jobs to qualified students. Individual colleges provide these programs.  ROTC Scholarships  Joining Reserve Officer Training and receive full tuition in return for military service after graduation.  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.

 Unsubsidized Loans  Interest begins to accrue DURING college. ▪ Accrue: the ability for something to accumulate/grow over time.  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

 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.  Americorps  Federal program allowing students to work in exchange for college funds  Cooperative Educational Program (Co-Ops)  Students alternate full time work with full time study

 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.

 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

 Be a smart consumer: make sure the education your paying for will get you the job you want.  Go to collegeboard.org to research more information on how to “Pay for College”collegeboard.org