Paying for College Financial Aid Overview

1. Paying for College Financial Aid Overview North Dakota Association of Student Financial Aid Administrators

2. College Expenses It’s not free Tuition & Fees Room & Board Books & Supplies Transportation Miscellaneous Personal Expenses

3. Plan & Save It’s never too late! RUReadyND.com Choices Explorer Choices Planner testGEAR for ACT College SAVE State tax deduction Tax free growth Matching grant program Upromise Rewards program

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

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

6. Internet Addresses www.nd-can.com www.fastweb.com www.finaid.org www.scholarships.com www.collegenet.com www.srnexpress.com www.cashe.com www.winscholarships.com

7. Assistance Programs ND Job Corps Vocational Rehabilitation Employee Assistance Military Tuition Benefits Individual Development Accounts North Dakota Community Action Partnership Call 701-232-2452 or visit www.capnd.org

8. State Programs STEM Loan Forgiveness Program Teacher Shortage Loan Forgiveness Program NDUS Tuition Waivers www.ndus.edu

9. State Grants Academic or Career/Tech Ed Scholarship: $1,500 Indian Scholarship: $800 Scholars Program State Grant: $1,200 Complete FAFSA by March 15 www.ndus.edu Amounts are subject to change!

10. How much federal financial aid will be awarded this year?

11. FAFSA Free Application for Federal Student Aid Basic application for federal student aid Collects student and family information School determines financial aid eligibility Completed online fafsa.gov

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

14. IRS Data Retrieval Tool Simplify application Increase accuracy Participation is voluntary Reduce documents requested by financial aid office Available January 30, 2011

15. Frequent FAFSA Questions Who is a parent? Who is included in household size? What assets to report?

16. How many FAFSAs are processed each year?

17. FAFSA Tips Complete as soon as possible after January 1 By March 1 for best results. Gather documents you need Complete a FAFSA on the Web Worksheet Follow up with the financial aid office Must submit a FAFSA each year

18. Get FAFSA Help February 13, 2011 Receive hands-on assistance Eleven North Dakota locations: Belcourt, Bismarck, Dickinson, Fargo, Fort Yates, Fort Totten, Grafton, Grand Forks, Minot, New Town & Williston Chance to win prizes www.collegegoalnd.org

19. Financial Aid Process

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

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

22. Federal Work Study Say “yes” on FAFSA Employment may be on or off campus Eligible employers: School Federal, state, or local public agencies Private nonprofit and for-profit organizations

23. Federal Student Loans Federal Perkins Federal Stafford Federal PLUS

24. Can all students get a loan?

25. 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

26. Federal Stafford Loans Student is the borrower Must be enrolled at least half-time School determines loan eligibility Must sign Master Promissory Note (MPN) Fixed interest rate (2010-11) 4.5% subsidized loans 6.8% unsubsidized loans 1% loan fee (.5% rebate for Subsidized)

27. Federal Stafford Loan Limits Dependent Students $5,500 – Year 1 $6,500 – Year 2 $7,500 – Years 3-5 Aggregate Sub & Unsub Limits $31,000 ($23,000 Sub) – Dependent Undergraduate $57,500 ($23,000 Sub) – Independent Undergraduate $138,000 ($65,500 Sub) – Graduate/Professional Repayment Begins 6 months after student graduates, withdraws or drops below half-time enrollment • Independent Students • $ 9,500 – Year 1 • $10,500 – Year 2 • $12,500 – Years 3-5 • $20,500 – Graduates

28. Federal PLUS Loans Loan in parent’s name Parent responsible for repaying loan Credit application required Fixed rate = 7.9% 4% loan fees Maximum loan amount is cost of education less other financial aid Repayment begins 60 days after final disbursement Must sign Master Promissory Note (MPN)

29. State DEAL Loan Dakota Education Alternative Loan FAFSA required Low interest rate Fixed or variable No tiers Cosigner if under 24 Deferment options

30. Alternative Loans Variable interest rates Tiers based on credit Cosigner needed Terms vary among private lenders Wells Fargo US Bank Citi Bank

31. What is the average student loan debt in North Dakota?

32. Reduce Student Loans Graduate in 4 years Take advantage of free credits Work & save Buy your own books Trim expenses Avoid credit cards Pay interest as it accrues Don’t borrow the max

33. Tax Benefits Hope Tax Credit Lifetime Learning Credit Deduction for Student Loan Interest Tuition and Fees Deduction Coverdell ESA (Education Savings Account) 529 Savings Plans (College SAVE) You generally cannot claim more than one benefit for the same education expense. www.irs.gov

34. Who Can Help High School Counselor College Financial Aid Office College Goal Sunday North Dakota College Access Network (NDCAN) www.nd-can.com 1-800-554-2717

35. www.nd-can.com1-800-554-2717