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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. College Expenses. Tuition & Fees Room & Board Books & Supplies Transportation

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slide1

Paying for College

Financial Aid Overview

plan for success
Plan for Success
  • College Planning Center
    • Banknd.nd.gov
  • Discover your interests
    • RUReadyND.com
  • Find a School
    • College Navigator
  • Save for college
    • College SAVE
college expenses
College Expenses
  • Tuition & Fees
  • Room & Board
  • Books & Supplies
  • Transportation
  • Miscellaneous Personal Expenses
what is financial aid
What is Financial Aid
  • Scholarships
  • Assistance Programs
  • State Grants
  • Federal Grants
  • Federal Work Study
  • Student Loans
where to find scholarships
Where to Find Scholarships
  • Local businesses & organizations
  • Library
  • Colleges/Universities
  • Religious Organizations
  • Fraternal Organizations
  • Employers
  • Tribal Agencies
  • State Agencies
  • Large Corporations
  • Internet
internet addresses
Internet Addresses
  • nddfs.org
  • fastweb.com
  • finaid.org
  • scholarships.com
  • collegenet.com
  • cashe.com
  • winscholarships.com
assistance programs
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
state grants
State Grants
  • Scholars Program
  • Indian Scholarship: $2,000
  • Academic or Career &Tech Ed Scholarship: $1,500/yr
  • State Student Incentive Grant: $1,648
fafsa free application for federal student aid
FAFSAFree Application for Federal Student Aid
  • Basic application for student aid
  • Collects student and family info
  • School determines financial aid
  • Completed online
    • fafsa.gov
fafsa tips
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
frequent fafsa questions
Frequent FAFSA Questions
  • Who is a parent?
  • Who to include in household?
  • What assets to report?
fafsa4caster ed gov
FAFSA4caster.ed.gov
  • Federal aid estimator
  • Any student of any age
  • Reminder to fill out the FAFSA
  • Won’t have to retype
federal work study
Federal Work Study
  • Say “yes” on FAFSA
  • Jobs may be on or off campus
  • Eligible employers:
    • School
    • Agencies
    • Organizations
federal grants
Federal Grants
  • Pell Grant:
    • Up to $5,645
  • FSEOG:
    • Up to $4,000
  • TEACH Grant:
    • $4,000
student loans
Student Loans
  • Federal Perkins
  • Federal Direct
  • Federal PLUS
  • State DEAL Loan Program
  • Alternative Loans
federal direct loans
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
federal direct loan limits
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
federal direct loan details
Federal Direct Loan Details
  • Student is the borrower
  • Must be enrolled at least half-time
  • Sign Master Promissory Note (MPN)
  • Fixed interest rate (2013-14)
    • 3.86% undergraduate loans
  • 1% loan fee
  • Repayment begins after out of school for 6 months
federal plus loan
Federal PLUS Loan
  • Loan in parent’s name
  • Parent responsible for repaying
  • Credit application required
  • Fixed rate = 6.41%
  • 4% loan fees
  • Repayment begins after 60 days
  • Must sign Master Promissory Note (MPN)
state deal loan
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
alternative loans
Alternative Loans
  • Variable interest rates
  • Tiers based on credit
  • Cosigner may be required
  • Terms vary among lenders
    • Wells Fargo
    • Discover
    • Sallie Mae
slide26

What is the average

student loan debt

in North Dakota?

  • $27,400
  • $37,400
  • $47,400
how much should i borrow
How much should I borrow?
  • 10% of anticipated gross income
  • Example
    • $30,000 – Anticipated annual income
    • $2500 – Monthly income
    • $250 – Monthly student loan payment
who can help
Who Can Help
  • High School Counselor
  • College Financial Aid Office
  • BND College Planning Center
slide31

800.554.2717

banknd.nd.gov