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### Comprehensive Guide to Financial Aid for College Students ###

Navigating college finances can be overwhelming, but understanding financial aid options can ease the burden. This guide covers essential aspects of paying for college, including tuition, room and board, books, and other expenses. Learn about various forms of financial aid, such as scholarships, state and federal grants, work-study programs, and student loans. We provide helpful resources for finding scholarships and assistance programs, alongside valuable tips for completing your FAFSA. Equip yourself with knowledge to make informed financial decisions for your college education. ###

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### Comprehensive Guide to Financial Aid for College Students ###

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  1. Paying for College Financial Aid Overview

  2. College Expenses • Tuition & Fees • Room & Board • Books & Supplies • Transportation • Miscellaneous Personal Expenses

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

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

  5. Internet Addresses • nddfs.org • fastweb.com • finaid.org • scholarships.com • collegenet.com • cashe.com • winscholarships.com

  6. 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

  7. State Grants • Scholars Program • Indian Scholarship: $1,200 • Academic or Career/Tech Ed Scholarship: $1,500 • State Student Incentive Grant: $1,500

  8. How much federal financial aid will be awarded this year? • $156 million • $156 billion • $156 trillion

  9. FAFSAFree Application for Federal Student Aid • Basic application for student aid • Collects student and family info • School determines financial aid • Completed online • fafsa.gov

  10. 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

  11. Frequent FAFSA Questions • Who is a parent? • Who to include in household? • What assets to report?

  12. FAFSA4caster.ed.gov • Federal aid estimator • Any student of any age • Reminder to fill out the FAFSA • Won’t have to retype

  13. How many FAFSAs are processed each year? • 1 million • 5 million • 14 million

  14. Financial Aid Process

  15. Federal Work Study • Say “yes” on FAFSA • Jobs may be on or off campus • Eligible employers: • School • Agencies • Organizations

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

  17. Pell Grants2008-09 Pell Grant Recipients by Family Income

  18. Student Loans • Federal Perkins • Federal Stafford • Federal PLUS • State DEAL Loan Program • Alternative Loans

  19. Can all students get a loan?

  20. 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

  21. Federal Stafford 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

  22. Federal Stafford Loan Details • Student is the borrower • Must be enrolled at least half-time • Sign Master Promissory Note (MPN) • Fixed interest rate (2012-13) • 3.4% subsidized loans • 6.8% unsubsidized loans • 1% loan fee • Repayment begins after out of school for 6 months

  23. Federal PLUS Loan • Loan in parent’s name • Parent responsible for repaying • Credit application required • Fixed rate = 7.9% • 4% loan fees • Repayment begins after 60 days • Must sign Master Promissory Note (MPN)

  24. 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

  25. Alternative Loans • Variable interest rates • Tiers based on credit • Cosigner may be required • Terms vary among lenders • Wells Fargo • Discover • Sallie Mae

  26. What is the average student loan debt in North Dakota? • $25,000 • $35,000 • $45,000

  27. How much should I borrow? • 10% of anticipated gross income • Example • $30,000 – Anticipated annual income • $2500 – Monthly income • $250 – Monthly student loan payment

  28. Who Can Help • High School Counselor • College Financial Aid Office • College Goal Sunday

  29. 800.554.2717 banknd.nd.gov

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