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Paying For College 101

Paying For College 101. Financing College. Can I afford it? How much will it cost? What is financial aid? FAFSA, when do I apply? Where can I get it? Who can help me?. The Power of Education. Ways to Pay for College. Financial Aid Programs 529 Savings & Prepaid Tuition Programs

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Paying For College 101

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  1. Paying For College 101

  2. Financing College • Can I afford it? • How much will it cost? • What is financial aid? • FAFSA, when do I apply? • Where can I get it? • Who can help me?

  3. The Power of Education

  4. Ways to Pay for College • Financial Aid Programs • 529 Savings & Prepaid Tuition Programs • Employer Tuition Reimbursement Plan • Tuition Benefits • Tuition Payment Plans Start early

  5. Saving for College • Do your research to make an informed decision • Project your costs • Determine what you can afford • Get started The earlier you start, the easier it will be to achieve your educational goals.

  6. Types of Financial Aid Free Money Grants & Scholarships Earned Money Work-Study(Student Labor) Borrowed Money Loans

  7. Sources of Financial Aid Financial aid comes from a variety of sources. • Federal Government • State Government • College (Institutional Aid) • Outside/Private Sources

  8. U.S. Department of Education Federal Financial Aid Programs Federal Pell Grant* $5,645 Federal Supplemental Education Opportunity Grant* $4,000 (AU Max. = $1000) * FAFSA Required

  9. U.S. Department of Education Federal Loan Programs Perkins Loan 5% fixed, 9 month grace period (AU Max .= $1500) Stafford Loans 3.86% fixed, Subsidized, 6 month grace period 3.86% fixed, Unsubsidized, 6 month grace period 5.41% fixed, Graduate Unsubsidized, 6 month grace period PLUS Loan 6.41 % fixed, within 60 days after disbursement, unless a deferment is requested • CONSIDER • Subsidized vs. Unsubsidized • Interest Rate • Grace Period • KNOW • Borrowers Rights & Responsibilities • Loan Repayment • Deferment & Forbearance • Entrance & Exit Counseling

  10. Insitutional Aid & Private Sources College • Andrews Partnership Scholarship • FAFSA Not Required • Student Financial Services Web Site—www.andrews.edu/sf • Academic Department Private • Local, state and national agencies, associations and organizations • Employers Trusted sources of information • U.S. Department of Education—www.studentaid.ed.gov • FAFSA on the Web—www.fafsa.ed.gov

  11. Applying for Financial Aid • Federal Aid PINwww.pin.ed.gov • FAFSAwww.fafsa.ed.gov • FAFSA Forecastwww.fafsa.ed.gov • Institutional Forms Note: Communicate with each college to inquire about steps you need to take to have a complete application.

  12. Do the Math • Don’t underestimate your options. • Never assume you’re too poor to attend college or too rich to receive some type of financial aid. • Don’t become overwhelmed by the price of attending college, it may not be what it seems.

  13. Steps for Students • Start planning for the future now • Complete the admission process • Apply for PIN and complete FAFSA, upload IRS data • Receive, revise and edit the Student Aid Report (SAR) • Consider award letters • Respond to college offers • Advise school(s) of external scholarships • Renew the FAFSA every year!

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