1 / 21

Financing Your College Education Miss Buehrle

Financing Your College Education Miss Buehrle. How to?. How to Responsibly Finance Your College Education Video. Investing in your Future. Financial Aide available:

fawzi
Download Presentation

Financing Your College Education Miss Buehrle

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Financing Your College EducationMiss Buehrle

  2. How to? • How to Responsibly Finance Your College Education • Video

  3. Investing in your Future • Financial Aide available: • The government has financial aide programs, each state has their own financial aid, colleges offer aid packages, private organizations offer money as well through scholarships. • Helpful Tip: • Limit your debt to TWO-THIRDS of the annual salary you expect to make in your first year of work. If it’s getting to high consider a work study (library, rec, etc.) or an outside job. Ex. $26,000 debt for a job that pays $40,000 a year.

  4. Consider the Cost • Tuition and fees • Books and supplies • Room and board • Transportation • Personal expenses • Net Price Calculator - U of Akron

  5. How Will I Pay for College? • Hearing/thinking about college funding can be overwhelming, so how in the world will I afford it?

  6. How to Apply for Financial Aid • The FAFSA can be filled out online or in paper form. • Some schools may want you to also fill out the financial aid profile. This provides more information than FAFSA. • Keep copies of your records • Take your time when filling it out. • Submit the FAFSA after January 1st. (So start working on it in December!) The deadline is May 1st. • Wait for your student aid report (SAR) this shows your estimated family contribution (EFC). Check to make sure it is correct.

  7. FAFSA • Remember you must fill out a new FAFSA every year. • Call the financial aid department of your prospective school for expert advice. • Mr. Endress and Mr. Rotunda will be hosting a FAFSA information session night. • Financial Aid Night – January 21 – 7:00 PM in Rm. 256 • FAFSA Website

  8. Award Letters • Each college that accepts you will send a letter telling you how much aid and what type of aid you’ve been offered (usually in March). • Evaluate your offers and ask yourself: how much of each aid package is gift aid ( doesn’t need repaid) how much is a loan?

  9. Award Letters Continued • Sign the award letter and complete the forms. Let the other schools know of your decision. • If you’re not happy with your award, ask the financial aid office to review your application again.

  10. Sample Award Letter Dear Student: Congratulations on your acceptance to Pine Manor College! We are pleased to offer you the following financial assistance for the 2010-2011 academic year based on your status as a full-time student living On Campus.

  11. What does all this mean? • Do I have to accept all the aid that has been given to me? • How do you know what loans/aids to choose from?

  12. Types of Loans/Grants • Pell Grant • These grants, which do not have to be repaid, help eligible undergrad students. There has to be a high need to receive this grant. • Federal Supplemental Educational Opportunity Grant (FSEOG) • Need based grants administered by individual schools. Awards vary from year to year. Students should apply as early as possible.

  13. Loans/Grants Continued • Stafford Loans • Low interest loans for undergraduates and graduate students. Students in approved vocational, technical and trade schools are also eligible. • Two Types • Subsidized • Unsubsidized

  14. Stafford Loans • Subsidized Stafford Loans • Need based loans. The borrower doesn’t pay interest on the loan while in school. He or she usually begins paying on the loan 6 months after finishing college. • Unsubsidized Stafford Loans<--- Stay away! • Available to students regardless of family income. Borrower will accrue interest while in school and during any deferments.

  15. Loans/Grants Continued • Parent Plus Loans • Given by individual schools to parents who fit the need-based requirements. This is a loan the PARENT takes on. • Federal Work Study • Provides on campus and off campus jobs to qualified students. Individual colleges provide these programs. • ROTC Scholarships • Joining Reserve Officer Training and receive full tuition in return for military service after graduation. • The Montgomery G.I. Bill • The government contributes to the educational fund of military service members. Contributions can be as much as 10,000 dollars.

  16. Loans to Avoid • Unsubsidized Loans • Interest begins to accrue DURING college. • Accrue: the ability for something to accumulate/grow over time. • Private Loans (Banks) • Often have VERY high interest rates. • These loans are also hard to consolidate once you begin repaying them.

  17. Requirements for Federal Aid You must: • Have financial need • Have a high school diploma or GED • Be enrolled at least half-time in an eligible program • Be a U.S. citizen or eligible noncitizen • Have a valid Social Security number • Progress satisfactorily in your studies • Not have defaulted on a federal loan

  18. Institution Programs • Some schools offer several payment plans or installment plans. This allows you and your family to spread college costs over a longer period. These also allow families to purchase future tuition at a discounted price. • Americorps • Federal program allowing students to work in exchange for college funds • Cooperative Educational Program (Co-Ops) • Students alternate full time work with full time study

  19. Borrowing for College • If you accept the loans be sure you understand: • Loan application procedure • Interest rate and total amount you will owe • Any additional fees you must pay • When you must begin repaying • Deferment or grace period stipulations/terms *Some colleges will hold loan exit interviews, either individually or in a large group, to go over this information with you before you graduate.

  20. Tips: • The last loan you ever want to default on is a school loan. • One of the only types of loans the government/courts WILL NOT forgive! • Watch your credit card and any other debt. • Working while in school is a great way to lower any college or other debt • Continue to look for outside scholarships: STVM guidance website

  21. In Conclusion: • Be a smart consumer: make sure the education your paying for will get you the job you want. • Go to collegeboard.org to research more information on how to “Pay for College”

More Related