1. Conquering Financial Aid If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the highest return. – Benjamin Franklin

2. Financial Aid Tips Be an informed consumer Start early! File FAFSA : Keep copies of everything Consider a combination of options

3. Required Applications Admissions applications FAFSA: Institutional Aid Application of the CSS Profile

4. Calculating the EFC (Estimated Family Contribution) Parent Contribution Student Contribution

5. Calculating Need Cost of Education EFC

6. Different Types of Financial Aid Scholarships Grants Pell Grant: Federal supplemental Educational Opportunity Grant: Federal work study on or off-campus jobs At least minimum wage

7. Different Types of Financial Aid Student loans Perkins Loan: Direct Stafford Loan (Subsidized):

8. Different Types of Financial Aid Direct Stafford Loan (Unsubsidized): Direct PLUS Loan:

9. Family Responsibility Direct Costs Tuition Fees On campus housing Meal plan Financial aid offered

10. Is this college affordable? A candid review of family resources is essential Parents Students Savings or investments Summer or academic year earnings Other resources

11. Is this college affordable? To estimate your student loan payments, go to http://studentaid.ed.gov/repay- loans/understand/plans/standard/comparison-calculator Amount borrowed per year Total amount borrowed for 4 year degree Interest rate (average) 10 year repayment: Monthly minimum Total cost $5,500 (subsidized) $22,0003.4%$216.52$25982.38 $5,500 (unsubsidized $22,0006.8%$253.18$30381.21 $15,000$60,0006.0%$666.12$79934.76

12. Completing the FAFSA online 1.) Paper Form or Electronically @ www.fafsa.ed.gov www.fafsa.ed.gov 2.) Get a PIN (personal identification number) at www.pin.ed.gov: electronic signature for both student and guardian www.pin.ed.gov

13. Completing the FAFSA online 2.) What you need: - Student driver’s license & social security card

14. Completing the FAFSA online - Current bank statements - Business records - Record of assets (homes) - Records of investments stocks, bonds, CDs, Mutual Funds, Educational savings accounts, properties you don't live in, Trust funds NOT life insurance, tax deferred retirement plans (401K or IRAs or pensions), Farm you live on, small business of 100 or less employees

15. Completing the FAFSA online 3.) Who is considered a parent on the FAFSA? Both parents are living and married to each other, answer for both Parent is widowed or single, answer for that parent only Parents divorced, answer for parent whom you live with the most or the one who provided the most financial support Parent remarried, answer for both

16. Online Steps Step 1: Biographical Data Step 2: Student Financial Information Step 3: Student’s Dependency Status

17. Online Steps Step 4: Parent Data Step 5: College Information Up to 10 schools to receive your information Step 6: Certifications and Signatures Use PIN

18. Online Steps Step 7: Submit Print a copy for yourself If you used the previous year’s tax info, don't forget to file a correction form after your guardians’ have filed their taxes for this year

19. Financial Aid References College Board: www.collegeboard.org Financial aid information: www.finaid.org Largest Free Scholarship Search: www.fastweb.com FAFSA on the web: www.fafsa.ed.gov Department of Education: www.ed.gov/studentaidwww.ed.gov/studentaid

20. Ways to reduce student debt 1.) Pay more than the minimum monthly payments- 10% of income 2.)Sign up for automatic online payments; you could get lower interest rates 3.) Be realistic about your spending 4.) Consolidate Federal loans into one monthly payment

21. Ways to reduce student debt 5.) Forbearance: 6.) Deferment:

22. Ways to reduce student debt Look into loan forgiveness Save during your loan grace period Change payment plans according to your income Pay off loans early