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Paying for College Financial Aid Overview

Paying for College Financial Aid Overview. Plan for Success. College Planning Center Banknd.nd.gov Discover your interests RUReadyND.com Find a School College Navigator Save for college College SAVE. How Americans Pay for College. College Expenses. Tuition & Fees Room & Board

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Paying for College Financial Aid Overview

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  1. Paying for College Financial Aid Overview

  2. Plan for Success • College Planning Center • Banknd.nd.gov • Discover your interests • RUReadyND.com • Find a School • College Navigator • Save for college • College SAVE

  3. How Americans Pay for College

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

  5. What is Financial Aid • Scholarships • Assistance Programs • State Grants • Federal Grants • Federal Work Study • Federal Student Loans • Non-Federal Student Loans

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

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

  8. 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

  9. State Grants • Scholars Program • Indian Scholarship: $2,000 • Academic or Career &Tech Ed Scholarship: $1,500 • State Student Incentive Grant: $1,650

  10. FAFSAFree Application for Federal Student Aid • Basic application for student aid • Collects student and family info • School determines financial aid • Completed online • fafsa.gov

  11. Documents for FAFSA • Social Security Number • 2014 Federal Income Tax Return • 2014 Untaxed income records • Veterans noneducation benefit records • Child support received • Worker's compensation • Balance of cash, savings and investments • Alien registration or permanent resident card (if not a U.S. citizen)

  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. Financial Aid Process

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

  17. Federal Grants • Pell Grant: • Up to $5,730 • FSEOG: • Up to $4,000 • TEACH Grant: • $4,000

  18. Pell Grants2008-09 Pell Grant Recipients by Family Income

  19. Student Loans • Federal Perkins • Federal Direct • Federal PLUS • State DEAL Loan Program • Alternative Loans

  20. Federal Direct 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

  21. Federal Direct 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

  22. Federal Direct Loan Details • Student is the borrower • Must be enrolled at least half-time • Sign Master Promissory Note (MPN) • Fixed interest rate (2014-15) • 4.66% undergraduate loans • 1% loan fee • Repayment begins after out of school for 6 months

  23. Federal PLUS Loan • Loan in parent’s name • Parent responsible for repaying • Credit application required • Fixed rate = 7.21% • 4% loan fees • Repayment begins after 60 days • Must sign Master Promissory Note (MPN)

  24. 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

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

  26. What is the average student loan debt in North Dakota? • $27,400 • $37,400 • $47,400

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

  28. Who Can Help • High School Counselor • College Financial Aid Office • BND College Planning Center

  29. 800.554.2717 banknd.nd.gov

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