HOW DO I PAY FOR COLLEGE? IDEAS, HINTS, DO’S AND DON’TS

THE DIFFERENT WAYS TO PAY FOR COLLEGE Scholarships Grants Loans Job Work Study Savings

SCHOLARSHIPS – DON’T HAVE TO PAY BACK Have to make sure you continue to qualify! Think back to Mrs. Floyd’s presentation from last time.

GRANTS – DON’T HAVE TO PAY BACK MOST COMMON GRANTS FAFSA Learn More About FAFSA What to Do after the FAFSA Pay attention to the deadlines Pell Grant COMMONLY NEEDED ITEMS Social Security Card Parent’s Social Security Card Most Recent Tax Return Most Recent Untaxed Income Record Most Recent W-2 Forms for you and your parents Bank account balances for you and your parents Current business/investment/mortgage information (student and parents) Driver License

LOANS – HAVE TO PAY BACK Direct Subsidized Loans Are for eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. The loan won’t accrue interest as long as you’re enrolled at least half-time. Direct Unsubsidized Loans Are eligible for undergraduate, graduate and professional students, but in this case, the student doesn’t have to demonstrate financial need to be eligible for the loan. This loan begins accruing interest as soon as you receive them, and you’re responsible for paying that interest. Direct PLUS Loans Are for parents to help their dependent students pay for college or for a graduate or professional degree seeking student.

LOAN TIPS Exhaust all other financial aid options before considering student loans. Fill out the FAFSA and look far and wide for scholarships, grants and work-study options. Borrow only 8-10% of your expected income upon college graduation. Find beginning salary averages for many occupations at UtahFutures.org and loan payment calculators. Borrow federal direct student loans first. Borrow private loans only when necessary. Research all terms and conditions before borrowing any type of loan. While you are in college, keep track of your loan amount(s) and consider what you will have to repay once you graduate. Use nslds.gov to track federal loans. Know all the important details about any loan(s) you borrow: interest rates, repayment terms (such as how many years you have to pay back the loan, what the monthly payment amounts will be, etc.), and borrower rights and responsibilities. If you have an unsubsidized loan, pay your loan interest before you graduate college.

WORK STUDY Work-study allows eligible students to earn money through a part-time job. Work- study jobs are usually on campus, have flexible hours, come with financial aid benefits, and may give you work experience related to your major in college (such as working in a chemistry lab or campus business office). Check with the financial aid office at your college to find out more.

SAVINGS Hopefully you have been saving. Save during the summers!! And as much as you can during the school year.

JOB(S) Do your best to pick classes that are close in time. This way you can give your employer large blocks of time that you are available to work. Don’t overwork yourself. Realize that you are at school and paying to be at school. This should be your first job and highest priority. Keep in mind whether you will have a car or not. If you are relying on public transportation make sure it is a job you can quickly access with public transportation. Most employers – especially if they are near the university are willing to work with college schedules. If you want a job in college start looking sooner than later.

BIG EXPENSES IN COLLEGE Housing Textbooks Food Be a SMART spender!

HOUSING: THINGS TO CONSIDER ON CAMPUS HOUSING Everything is included RA (residence assistant) Can help with starting college Plans activities to participate in Meal Plan or No Meal Plan Will Talk About More OFF CAMPUS HOUSING Cost per month/Cost per semester Single Room or Shared Room Number of people in apartment 2, 4, 6, 8, … Are the Following Included? Utilities TV Internet Distance to Campus

EXAMPLE OF THE COST OF TEXTBOOKS FOR 1 SEMESTER BRAND NEW BOOKS English 1010 $6.95 $26.95 Biology 1010 $ (Textbook & Access Code) Math 1050 $ $64.95 Business $ USU 1010 – A General $13.00 USED BOOKS – BOOK STORE English 1010 $6.95 $14.95 $18.95 Biology 1010 $ (Textbook & Access Code) Math 1050 $89.95 $44.95 Business $ USU 1010 – A General $10.00 Total: $ Total: $475.68Total $ USED BOOKS – BEST PRICES English 1010 $6.95 $14.95 $18.95 Biology 1010 $ (Textbook & Access Code) Math 1050 $89.95 $44.95 Business $12.89 USU 1010 – A General $9.42

ANOTHER OPTIONS You can Rent Textbooks Used Books Order early so that all the used books aren’t gone. Make some money on your books – Sell them back to the campus bookstore or sell them on Amazon. You don’t get all your money back – but it may help pay for the next semester of books. Make sure you won’t need the textbook back again.

FOOD MEAL PLAN (SEMESTER) 7 Meals Per Week - $ Meals Per Week - $1, Meals Per Week - $1, Meals Per Week - $1, Block Meal Plan 25 Meals - $ Meals - $ PREPARING YOUR OWN FOOD (ALL 3 MEALS) - SEMESTER 16 weeks $30 a week - $480 $40 a week - $640 $50 a week - $800 $60 a week - $960

SUGGESTIONS FOR KEEPING FOR FOOD BILL DOWN Avoid eating out – this can be expensive and not very healthy Don’t buy everything from the freezer section of the grocery store Find cheap recipes online Blogs, web-sites, etc. Plan ~3 main dinners for the week – and make enough for leftovers

BE A SMART SPENDER - STICK TO A BUDGET! Cash Envelopes Websites Online Banking Often has Budget help Mint.com

5 WAYS TO SAVE MONEY Textbooks Cars Credit Cards Gadgets Stop Having So Much Fun

RESOURCES Shmoop Step Up Utah Utah State University