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Paying For College 202

Paying For College 202. School Name. January 25, 2011. Presented by…. Student Financial Services. Applying for Financial Aid. Federal Aid PIN www.pin.ed.gov FAFSA www.fafsa.ed.gov Institutional Forms Note : Communicate with each college to inquire about

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Paying For College 202

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  1. Paying For College 202 School Name January 25, 2011

  2. Presented by… Student Financial Services

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

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

  5. U.S. Department of Education Pell Grant* $5,550 Supplemental Education Opportunity Grant* $4,000 (AU Max. = $1,000) * FAFSA Required Federal Financial Aid Programs

  6. U.S. Department of Education Perkins Loan 5% fixed, 9 month grace period (AU Max .= $1,500) Stafford Loans 5.6% fixed, Subsidized, 6 month grace period 6.8% fixed, Unsubsidized, 6 month grace period PLUS Loan 7.9 % fixed, within 60 days after last 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 Federal Loan Programs

  7. IRS Data Retrieval • While completing FAFSA, applicant may submit real-time request to IRS for tax data • IRS will authenticate taxpayer’s identity • If match found, IRS sends real-time results to applicant in new window • Applicant chooses whether or not to transfer data to FAFSA • Available after refund process has been completed for taxes. • Participation is voluntary but suggested. • Will reduce documents requested by financial aid office • Not available to certain applicants • IRS Transcript Request (www.irs.gov)

  8. IF JOINT USE PRIMARY SSN EXACTLY THE SAME AS THE 1040 ADDRESS

  9. SELECT OPTIONS ON DROP DOWN MENU

  10. Frequent FAFSA Errors • Parent and student Social Security Numbers • Date of Birth • Divorced/remarried parental information • Household/members in college number • Real estate and investment net worth • Dependency Status Questions • Applicant/Parent Signatures

  11. Steps for Students • Start planning for the future now • Complete the admission process • Apply for PIN and complete FAFSA • 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!

  12. Student Financial Services

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