1. Financial Aid for College

2. Financial Aid Think about your costs and the affordability
You can’t graduate from a college you can’t afford to stay long enough to earn your degree
Before borrowing, consider what you can afford to repay after graduation (research salaries)
Avoid money mistakes – make a budget

3. Understand the Costs College prices vary, do your research
Many pay less than published rates
Cost of attendance includes both
Direct – Tuition, fees, room & board (billed by school)
Indirect – Books, supplies, transportation, misc

4. Step 1: Know Your Options
Grants – do not need to be repaid
Federal and state governments
Colleges
Financial need
Scholarships – do not need to be repaid
Merit – talents, abilities, affiliation with special groups
Work Study – employment
On campus, higher paying than minimum wage, work around student’s schedules
Loans – must be repaid, last resort, principal + interest

5. Step 2: Search for Scholarships
Begin researching your junior year to see what you’ll be eligible for
Beef up your resume for activities scholarship committees look for
Academics – GPA, ACT/SAT test scores
Activities – school and community
Volunteerism
More on this in November

6. Step 3: Apply for Financial Aid
FAFSA required for any type of federal financial aid and many types of state and college aid.
– it’s FREE!
Student/Parent meeting September 14, 6:30PM, OHS Auditorium
Complete after October 1 for the following fall start date. Seniors you should fill out October 1.
Workshop dates at OHS on October 5 5-8PM, November AM, 5-7PM, February PM

7. Step 4: Review SAR (Student Aid Report)
Receive after you file your FAFSA
Generate by the US Department of Education
Check for accuracy and mistakes
Verification of information may be requested, random

8. Step 5: Compare Award Letters
You’ll receive award letters from each college you’ve been admitted to and that has received your FAFSA
Read carefully, award letters are subject to change
Know the difference between what has to be repaid and what does not

11. Step 6: Make an Informed Decision
Even with financial aid you may not be able to cover costs, consider:
Budget
Change your lifestyle – “wants vs needs”
Payment plan with Financial Aid Office
Part-time job
Rethink your plan
Consider different school
Begin at community college
Live with relatives, free
Shorten your college time by starting early or taking heavy loads

12. Step 7: Borrow Wisely, Only What you Need
Know if you’ll be able to pay off your loans after you graduate
Will interest accrue while you’re in school
Will payments be deferred until after graduation
You shouldn’t borrow more than the starting salary for the career you intend to pursue after college

13. Loan Comparisons Loan amount $20,000 Payback 10 years (120 months)
Interest
4.29%
Monthly Payment
$205.26
+100
+300
Total Payment
$24,630.98
$22,828
$21,603
Interest paid
$4,630.38
$2,828
$1,603
Repayment shorted by
3 years
9 months
6 years
5 months

14. Step 8: Finalizing Your Financial Aid
Notify each institution
Discuss payment plan if needed
Complete student loan documents, if required