PayingforYourFuture 8 TipsforFinancialWisdom PRESENTED BY GREENPATH Financing Your Future Troy Public Library
The TRUTH About Paying for College Unsubsidized Loans Personal Savings Grants Parent Loans Federal Loans Gifts Student Loans Private Loans Scholarships Subsidized Loans Work Study
The BEST Way to Pay for College: Grants Need Scholarships Merit FREE MONEY Applying
1 Start Searching (and applying) for Scholarships NOW!
www.Fastweb.com Answer the optional questions Apply for everything that you are eligible for Reuse and tailor your essays Beware of scholarship scams
2 Clean Up Your Online Presence
3 File the Free Application for Federal Student Aid (FAFSA)
DON’T LEAVE MONEY ON THE TABLE… • Fill it out ASAP • Use the IRS Data Retrieval Tool • Apply for financial aid every year
4 Too much of a good thing can hurt you
TOTAL STUDENT LOAN DEBT ANNUAL INCOME ANNUAL STUDENT LOAN AMOUNT $10,000 A YEAR PRIVATE LOANS DROWNING IN DEBT
The average college student graduates with how much in student debt? About $15,000 About $22,000 About $29, 000
5 Always borrow federal first.
The TRUTH About Paying for College: Loans Federal Loans Eligible for income based repayment Private Loans Not eligible Student Loans Parent Loans Subsidized Loans -Need Based -Government pays the interest while you’re in school Unsubsidized Loans -Not need based -Interest accrues while you’re in school.
6 Ask for a professional judgment review
job loss salary reductions death of a wage-earner high dependent care expenses high unreimbursed medical or dental expenses Unusual financial circumstances may include anything that has changed from last year to this year or anything that differentiates your family from the typical family.
7 Live like a student
$4,000 of your money by the time you pay off the loan $10 of student loan money today…
8 Start Saving Immediately!
Pop Quiz! What was the average cost for Public, Four-Year, In-State institution? $15,023 $18,391 $20, 977
Pop Quiz! What was the average cost for Privatea private Four-Year institution? $40,917 $30,817 $22,811
The TRUTH About the Cost of College 2013-2014 four-year public colleges and universities out-of-state $31,701/year four-year public colleges and universities in-state $18,391/year average cost of college increases about 5%-8% a year four-year private non-profit colleges and universities $40,917/year two-year public community colleges $10,730/year this includes tuition and fees, room and board
Steps to Saving For College 20113-2014 SAVE AS MUCH AS YOU CAN Direct deposit paychecks Maintain a budget Don’t be a social spender Set SMART goals
Start Searching (and applying) for Scholarships NOW! Clean Up Your Online Presence File the (FAFSA) Too much student loan debt can hurt you Ask for a professional judgment review Live like a student Start Saving Immediately!
THANK YOU Amy Parten NFCC Certified Financial Educator Certified Financial Education Instructor Consumer Credit Counselor email@example.com www.greenpath.org/university