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November 13,2013

Paying for College: What You need to know before They go!. November 13,2013. Presented by: Jay London, JD ZAPS Learning Company. Topics:. Completing the FAFSA Different types of Federal Aid Common Mistakes when completing the FAFSA Scholarships Alternative Student Loans.

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November 13,2013

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  1. Paying for College: What You need to know before They go! November 13,2013 Presented by: Jay London, JD ZAPS Learning Company

  2. Topics: • Completing the FAFSA • Different types of Federal Aid • Common Mistakes when completing the FAFSA • Scholarships • Alternative Student Loans

  3. Applying for Federal Aid Free Application for Federal Student Aid FAFSA To be eligible for “financial aid” a student must first file the FAFSA

  4. Applying for Federal Aid The earliest a student can complete the FAFSA for the 2014-2015 academic year is January 1, 2014 * The earlier the FAFSA is completed the better chance the student has of receiving all aid for which they are eligible. * Each college/university will also have there own deadlines for FAFSA to be completed. * Students must re-apply for aid each year. Website: http://www.fafsa.ed.gov

  5. Applying for Federal Aid

  6. Completing the FAFSA Before a student begins filling out their FAFSA they will need to gather the following items: • Student Social Security Number • Drivers License • Student’s W-2’s • Student and Spouse’s Income Tax Return for prior year • Parents Tax Returns for the prior year (if a dependent) • Most Recent Bank Statements • Resident Alien card or Permanent Resident Card

  7. Common Mistakes when Completing the FAFSA • Filing too Late • Failure to provide accurate information • Filing Independent vs. Dependent

  8. Current Federal Loan Options Stafford Loans Subsidized/Unsubsidized Parent Plus Perkins Loan Work Study Grants

  9. Grants • Amount awarded is based on the Student’s and/or Parent’s income. • The student becomes eligible by filing the FAFSA • Grants can be awarded through 3 different sources: • School • The State the School is located in • The Federal Government • Receiving grants is a very competitive process but there are more then 100 grant programs available to students.

  10. Scholarships • Free money • Never has to be paid back • Awarded to students for a variety of programs • Ways to Qualify: • Knowledge • Community involvement • Athleticism • Organization involvement • Leadership

  11. Scholarships • Where to look: • Local Businesses • Local Clubs and Organizations • Financial Institutions • Employer • On-line • Great Websites that I recommend are: • www.fastweb.com • www.scholarships.com

  12. Scholarship Scams • Tips to avoid Scams: • Be careful of on-line scholarships • Can you find the scholarship on other sites? • Guarantee • Never give out personal account information • Never pay a fee • Scholarships are free money, you should never have to pay to get them

  13. When Federal Loans are not Enough • Given the strict limits the government has set, the aid they award is often not enough to cover the cost of tuition, books, and room and board. • Alternative/Private Student loans are designed as a solution to this problem.

  14. Alternative Student Loans • Places to look for alternative student loans: • local credit unions and banks • On-line • Guidance Counselors office at the High School • Financial Aid offices at Prospective Colleges and Universities

  15. Commonly Used Websites Completing the FAFSA: www.fafsa.ed.gov Monitoring Federal Loans: www.mygreatlakes.com Scholarships: www.fastweb.com www.scholarships.com

  16. What questions do you have?

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