College Financial Planning Workshop II: Borrowing Money Glow Foundation 2010
Page 2 Introductions
Page 3 What We Will Discuss Today Senior Year Calendar Timeline Student Loans Financial Aid Review FAFSA Breakout / AB 540 / Scholarship Search
Page 4 Important Dates Handout: Senior year Calendar Timeline
Page 5 Financial Aid 101-Loans What’s a loan? When would I need a loan? Things to pay attention to How much to borrow Interest rate & fees Repayment terms Subsidized vs. Unsubsidized Loans
Page 6 Financial Aid 101-Loans Federal Perkins Loan (subsidized) Up to $5,500/year Repayment starts after 9 months 5% fixed interest rate Federal Stafford Loans Subsidized or Unsubsidized 4.5% fixed interest rate for subsidized loans 6.8% fixed interest rate for unsubsidized loans 10-year repayment term Enrolled at least half-time
Page 7 Financial Aid 101-Loans Parent PLUS Loans (unsubsidized) Your parents are the borrowers Can borrow up to the cost of attendance 8.5% fixed interest rate Repayment starts either 60 days after loan disbursement or 6 months after graduation No FAFSA required
Page 8 Financial Aid 101-Loans Federal student loans: lower interest and better repayment plans How do I apply? THE FAFSA Private Loans: higher interest, less favorable terms, and good credit
Page 9 Financial Aid 101-Loans Tips: Loan amount may depend on enrollment status Choose federal before private While in your repayment period, always pay at least the minimum balance Make payments on early or on time DON’T BE INTIMIDATED!
Page 10 Financial Aid 101-Loans Loan Terminology Activity
Page 11 Financial Aid 101-Loans Evaluating Different Loan Options
Page 12 Financial Aid 101 Financial Aid Review
Page 13 Scholarship Search Guide
Page 14 fafsa.ed.gov
Page 15 Fill Out Your FAFSA
Page 16 Login
Page 17 Introduction Page
Page 18 Student Demographics Information
Page 19 Student Eligibility
Page 20 School Selection
Page 21 School Selection
Page 22 Dependency Determination
Page 23 Parent Demographics and Financial Information Materials Needed: Your parents’ income tax forms Your income tax forms
Page 24 Sign & Submit
Page 25 FAFSA Overview FAFSA Tips: Always click “save” before moving on Fill in all answer boxes before you move on Keep track of questions you’re not sure about Use the “Help and Hints” box
Page 26 FAFSA Overview FAFSA Breakout / Scholarship Search
Page 27 Recap: Student Loans Financial Aid (Review) FAFSA Scholarship Search
Page 28 Homework: Finish the FAFSA and print out a copy of your FAFSA or SAR
Page 29 Questions? (Type presenter name) ( )