College Financial Planning Workshop II: Borrowing Money Glow Foundation 2010.

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Presentation transcript:

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) ( )