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FINANCIAL LITERACY. Resources for Every Stage of Federal Student Aid. U.S. Department of Education 2014. Agenda. Introduction What is Financial Literacy? The knowledge gap: What students don ’ t know Financial literacy tools and resources Comparison shopping Applying for aid

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FINANCIAL LITERACY

Resources for Every Stage of Federal Student Aid

U.S. Department of Education

2014

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Agenda
  • Introduction
  • What is Financial Literacy?
  • The knowledge gap: What students don’t know
  • Financial literacy tools and resources
      • Comparison shopping
      • Applying for aid
      • Budgeting
      • Managing debt
      • Staying informed
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Workers who get an education beyond high school are more likely to be employed, earn higher wages, and rise up the economic ladder. Whether it’s getting a technical certificate or four-year degree, higher education is critical to today’s economy.

- Treasury Secretary Jacob Lew, FLEC meeting, October 23, 2013

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The Knowledge Gap

84,372

84,372 high school students registered for the Financial Capability challenge

AND

69%

received a national average score of 69% on the exam

Results of the U.S. Department of Education and the U.S. Department of the Treasury 2011 National Financial Capability Challenge

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College Navigator
  • College Scorecard
  • Net Price Calculator

Comparison Shop

  • Free Application for Federal Student Aid (FAFSA.gov)
  • Financial Aid Shopping Sheet

Apply for aid

Budgeting &

Borrowing

  • StudentAid.gov
  • Financial Awareness Counseling Tool (FACT)
  • Entrance and Exit Counseling
  • Repayment Estimator

Manage Debt

Stay Informed

  • StudentAid.gov
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Comparison Shop: College Navigator

Resources on this website are also available in Spanish.

AVAILABLE AT: http://nces.ed.gov/collegenavigator/

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Comparison Shop: College Scorecard

AVAILABLE AT: http://collegecost.ed.gov/scorecard/

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Comparison Shop: Net Price Calculator

AVAILABLE AT: http://collegecost.ed.gov/netpricecenter.aspx

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Apply for Aid: FAFSA

Resources on this website are also available in Spanish.

  • Takes less than 30 minutes to complete online at https://fafsa.ed.gov
  • Real-time help is availableby phone at 1-800-4FED-AID , or via on-line chat
  • IRS Data Retrieval Tool pre-populates tax information: http://studentaid.ed.gov/fafsa/filling-out#financial-info
  • Determines families’ ability to contribute to cost of attendance

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Comparison Shop: Financial Aid Shopping Sheet

More information on the financial aid shopping sheet is available at: http://collegecost.ed.gov/shopping_sheet.pdf

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Have You Ever Heard?

“I hardly make enough to cover my expenses”

“I can’t budget, I’m bad at math”

“I’ll figure it out, eventually…”

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Budgeting & Borrowing: FACT Tool

Expenses

Funds

Financial Awareness Counseling Tool (FACT) direct link: https://studentloans.gov/myDirectLoan/financialAwarenessCounseling.action?execution=e1s1

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Additional Borrowing Resources

Federal Loans First

Understand differences between federal and private loans

http://StudentAid.ed.gov/types/loans/federal-vs-private

Borrow Smart

Free money first; consider accepting less loans than offered

http://StudentAid.ed.gov/types/loans

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Manage Debt: Entrance and Exit Counseling

NOTE: Exit Counseling does not include “Manage Your Spending While in School.”

AVAILABLE AT: https://studentloans.gov/myDirectLoan/counselingInstructions.action

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Repayment Strategies

Make sure borrowers understand the various repayment plans and other options:

Deferments/Forbearance

Forgiveness/Discharges

Consolidation

Make sure borrowers understand that they MUST repay their loans, regardless if they complete their education.

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Manage Debt: Estimate Repayment Amount

Repayment plans and loan payment calculators are available at:

https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action

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Stay Informed: StudentAid.gov

StudentAid.gov DESKTOPandMOBILE DEVICE browsing available

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Stay Informed: Social Media

https://www.facebook.com/FederalStudentAid

https://twitter.com/fafsa

http://www.youtube.com/user/FederalStudentAid

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Publications

The office of Federal Student Aid provides publications, fact sheets, online tools, and other resources

StudentAid.gov/resources

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Federal Financial Literacy Information

http://www.fdic.gov/consumers/consumer/moneysmart/

http://www.mymoney.gov/Pages/default.aspx

http://www.consumer.gov

http://www.federalreserveeducation.org

http://www.treasury.gov/Pages/default.aspx

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