1. Paying for College Financial Aid Overview

2. College Expenses Tuition & Fees Room & Board Books & Supplies Transportation Miscellaneous Personal Expenses

3. What is Financial Aid Scholarships Assistance Programs State Grants Federal Grants Federal Work Study Student Loans

4. Where to Find Scholarships Local businesses & organizations Library Colleges/Universities Religious Organizations Fraternal Organizations Employers Tribal Agencies State Agencies Large Corporations Internet

5. Internet Addresses nddfs.org fastweb.com finaid.org scholarships.com collegenet.com cashe.com winscholarships.com

6. Assistance Programs ND Job Corps Vocational Rehabilitation Employee Assistance Military Tuition Benefits Tribal Higher Education Individual Development Accounts −ND Community Action Partnership −Call 701-232-2452 or visit www.capnd.org

7. State Grants Scholars Program Indian Scholarship: $1,200 Academic or Career/Tech Ed Scholarship: $1,500 State Student Incentive Grant: $1,500

8. How much federal financial aid will be awarded this year? A.$156 million B.$156 billion C.$156 trillion

9. FAFSA Free Application for Federal Student Aid Basic application for student aid Collects student and family info School determines financial aid Completed online – fafsa.gov

12. FAFSA Tips Complete as soon as possible – By April 15 for best results Complete taxes 1 month prior Follow up with financial aid office Must do FAFSA each year

13. Frequent FAFSA Questions Who is a parent? Who to include in household? What assets to report?

14. FAFSA4caster.ed.gov Federal aid estimator Any student of any age Reminder to fill out the FAFSA Won’t have to retype

15. How many FAFSAs are processed each year? A.1 million B.5 million C.14 million

16. Financial Aid Process Apply to Schools Complete FAFSA Review SAR Receive Award Letter Choose School Sign MPN Money sent to school

17. Federal Work Study Say “yes” on FAFSA Jobs may be on or off campus Eligible employers: – School – Agencies – Organizations

18. Federal Grants Pell Grant: – Up to $5,550 FSEOG: – Up to $4,000 TEACH Grant: – $4,000

19. Pell Grants 2008-09 Pell Grant Recipients by Family Income

20. Student Loans Federal Perkins Federal Stafford Federal PLUS State DEAL Loan Program Alternative Loans

21. Can all students get a loan?

22. Federal Stafford Loans Subsidized: – Government pays interest for student while in-school, grace or deferment status Unsubsidized: – Government does not pay interest for student; the interest is billed quarterly

23. Federal Stafford Loan Limits Dependent Students $5,500 – Year 1 $6,500 – Year 2 $7,500 – Years 3-5 Independent Students $ 9,500 – Year 1 $10,500 – Year 2 $12,500 – Years 3-5 $20,500 – Graduates

24. Federal Stafford Loan Details Student is the borrower Must be enrolled at least half-time Sign Master Promissory Note (MPN) Fixed interest rate (2012-13) – 3.4% subsidized loans – 6.8% unsubsidized loans 1% loan fee Repayment begins after out of school for 6 months

25. Federal PLUS Loan Loan in parent’s name Parent responsible for repaying Credit application required Fixed rate = 7.9% 4% loan fees Repayment begins after 60 days Must sign Master Promissory Note (MPN)

26. State DEAL Loan Dakota Education Alternative Loan FAFSA required Low interest rate Fixed or variable No tiers Credit worthy cosigner if under 24 Deferment options

27. Alternative Loans Variable interest rates Tiers based on credit Cosigner may be required Terms vary among lenders Wells Fargo Discover Sallie Mae

28. What is the average student loan debt in North Dakota? A.$25,000 B.$35,000 C.$45,000

29. How much should I borrow? 10% of anticipated gross income Example $30,000 – Anticipated annual income $2500 – Monthly income $250 – Monthly student loan payment

30. Who Can Help High School Counselor College Financial Aid Office College Goal Sunday

31. 800.554.2717 banknd.nd.gov