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How to Responsibly Finance Your College Education Video
Financial Aide available: The government has financial aide programs,
each state has their own financial aid, colleges offer aid packages, private organizations offer money as well through scholarships.
Helpful Tip: Limit your debt to TWO-THIRDS of the
annual salary you expect to make in your first year of work. If it’s getting to high consider a work study (library, rec, etc.) or an outside job. Ex. $26,000 debt for a job that pays $40,000 a year.
Tuition and feesBooks and suppliesRoom and boardTransportationPersonal expenses
Net Price Calculator - U of Akron
Hearing/thinking about college funding can be overwhelming, so how in the world will I afford it?
The FAFSA can be filled out online or in paper form.
Some schools may want you to also fill out the financial aid profile. This provides more information than FAFSA.
Keep copies of your records Take your time when filling it out. Submit the FAFSA after January 1st. (So start
working on it in December!) The deadline is May 1st.
Wait for your student aid report (SAR) this shows your estimated family contribution (EFC). Check to make sure it is correct.
Remember you must fill out a new FAFSA every year.
Call the financial aid department of your prospective school for expert advice.
Mr. Endress and Mr. Rotunda will be hosting a FAFSA information session night. Financial Aid Night – January 21 – 7:00 PM in
Rm. 256 FAFSA Website
Each college that accepts you will send a letter telling you how much aid and what type of aid you’ve been offered (usually in March).
Evaluate your offers and ask yourself: how much of each aid package is gift aid ( doesn’t need repaid) how much is a loan?
Sign the award letter and complete the forms. Let the other schools know of your decision.
If you’re not happy with your award, ask the financial aid office to review your application again.
Source Fall Spring Total
PMC Resident Student Grant $6,250 $6,250 $12,500
Federal Pell Grant $2,775 $2,775 $5,500
Matching Grant $250 $250 $500
State Grant $950 $950 $1,900
Federal Work-Study Eligibility $900 $900 $1,800
Federal Direct Subsidized Loan $1,750 $1,750 $3,500
Federal Direct Unsubsidized Loan $1,000 $1,000 $2,000
Academic Promise Grant $1,000 $1,000 $2,000
Total Awards $14,875 $14,875 $29,750
Dear Student:Congratulations on your acceptance to Pine Manor College! We are pleased to offer you the following financial assistance for the 2010-2011 academic year based on your status as a full-time student living On Campus.
Do I have to accept all the aid that has been given to me?
How do you know what loans/aids to choose from?
Pell Grant These grants, which do not have to be
repaid, help eligible undergrad students. There has to be a high need to receive this grant.
Federal Supplemental Educational Opportunity Grant (FSEOG) Need based grants administered by
individual schools. Awards vary from year to year. Students should apply as early as possible.
Stafford Loans Low interest loans for undergraduates
and graduate students. Students in approved vocational, technical and trade schools are also eligible.
Two Types1. Subsidized2. Unsubsidized
Subsidized Stafford Loans Need based loans. The borrower doesn’t
pay interest on the loan while in school. He or she usually begins paying on the loan 6 months after finishing college.
Unsubsidized Stafford Loans <--- Stay away! Available to students regardless of family
income. Borrower will accrue interest while in school and during any deferments.
Parent Plus Loans Given by individual schools to parents who fit the
need-based requirements. This is a loan the PARENT takes on.
Federal Work Study Provides on campus and off campus jobs to qualified
students. Individual colleges provide these programs.
ROTC Scholarships Joining Reserve Officer Training and receive full
tuition in return for military service after graduation.
The Montgomery G.I. Bill The government contributes to the educational fund
of military service members. Contributions can be as much as 10,000 dollars.
Unsubsidized Loans Interest begins to accrue DURING
college.▪ Accrue: the ability for something to
accumulate/grow over time.
Private Loans (Banks) Often have VERY high interest rates. These loans are also hard to consolidate
once you begin repaying them.
You must:Have financial needHave a high school diploma or GEDBe enrolled at least half-time in an eligible programBe a U.S. citizen or eligible noncitizenHave a valid Social Security numberProgress satisfactorily in your studiesNot have defaulted on a federal loan
Some schools offer several payment plans or installment plans. This allows you and your family to spread college costs over a longer period. These also allow families to purchase future tuition at a discounted price.
Americorps Federal program allowing students to work in
exchange for college funds
Cooperative Educational Program (Co-Ops) Students alternate full time work with full time
study
If you accept the loans be sure you understand: Loan application procedure Interest rate and total amount you will owe Any additional fees you must pay When you must begin repaying Deferment or grace period stipulations/terms *Some colleges will hold loan exit interviews,
either individually or in a large group, to go over this information with you before you graduate.
The last loan you ever want to default on is a school loan. One of the only types of loans the
government/courts WILL NOT forgive! Watch your credit card and any other
debt. Working while in school is a great way to
lower any college or other debt Continue to look for outside scholarships:STVM guidance website
Be a smart consumer: make sure the education your paying for will get you the job you want.
Go to collegeboard.org to research more information on how to “Pay for College”