Paying for Higher Education - PowerPoint PPT Presentation

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Paying for Higher Education

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  1. Advanced Level Paying for Higher Education

  2. Receiving a Higher Education Plan Ahead! Eight times as many students drop out of degree and certificate programs due to finances and debt than grades! What are other pros and cons of higher education?

  3. Reduce Costs by Planning Ahead What are ways you can reduce the total cost of higher education?

  4. Three Types of Higher Education Financial Aid Higher Cost Money you do not have to repay

  5. Money You Do Not Have to Repay

  6. Scholarships Typically an application process May have requirements before, during, and after the scholarship is awarded Can be based on…

  7. Scholarship Sources You should never have to pay for a scholarship - watch for scams! What are sources of scholarships in your community?

  8. Grants Tax-exempt financial aid

  9. Federal Student Grants • Examples: • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant • Teacher Education Assistance

  10. Work-Study

  11. Low-Cost Financial Aid Federal Student Loans Characteristics include: Eligibility determined by FAFSA application

  12. Types of Federal Loans Highest Interest Rates Lowest Interest Rates

  13. High-Cost Consumer LoansPrivate Loans You pay 100% of the interest – often a higher rate than a federal loan

  14. Free Application for Federal Student Aid (FAFSA)

  15. Why Everyone Should Complete the FAFSA… Gives you access to the largest source of financial aid!

  16. To Receive Federal Student Aid, You Must… Age, race and field of study do not impact eligibility

  17. When Do I Fill Out the FAFSA? As soon as it is available! Some aid is awarded on a first come, first served basis The FAFSA Form must be completed each academic year!

  18. Who Decides How Much Aid I Will Receive?

  19. Need-Based Aid Awarded if you have financial need and meet other criteria Expected Family Contribution – estimate of the parents’ and/or student's ability to contribute to post-secondary expenses Cost of Attendance – amount it will cost you to go to school Financial Need Does not change between post-secondary institutions

  20. Non-Need-Based Aid Examples: Direct Unsubsidized Loan and Federal PLUS Loan

  21. FAFSA Application ProcessDetermine Dependency Status FAFSA website has a checklist to help you determine your dependency status

  22. FAFSA Application ProcessCreate a Personal Identification Number (PIN) If filing as a dependent – student and parent/guardian need a PIN

  23. FAFSA Application Process Gather Required Documents If filing as a dependent - documents are needed for student and parent/guardian

  24. FAFSA Application ProcessComplete the FAFSA Organize information in advance by completing the “FAFSA on the Web” worksheet

  25. FAFSA Application ProcessSign and Submit

  26. FAFSA Application ProcessReview Your Student Aid Report

  27. FAFSA Application ProcessDetermine Your Aid Eligibility

  28. FAFSA Application ProcessCompare Aid Packages Evaluate aid offered by each school to determine which is the most affordable 1. Determine the Net Price 2. Evaluate student loans 3. Only accept what you really need Understand what you are responsible for paying and by when

  29. FAFSA Application ProcessSupport is available!

  30. When It’s Not Free Money! Student loans must be repaid!

  31. If You Default on Your Student Loan…

  32. If You Find Yourself in Trouble…

  33. Your Goals: