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Paying For College 101

Paying For College 101. Andrews Academy. October 27, 2010. Presented by…. Student Financial Services. Financing College. Can I afford it? How much will it cost? What is financial aid? FAFSA, when do I apply? Where can I get it? Who can help me?. The Power of Education.

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Paying For College 101

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  1. Paying For College 101 Andrews Academy October 27, 2010

  2. Presented by… Student Financial Services

  3. Financing College • Can I afford it? • How much will it cost? • What is financial aid? • FAFSA, when do I apply? • Where can I get it? • Who can help me?

  4. The Power of Education Median Weekly Earnings in 2009 Unemployment Rate in 2009 Bachelor’s Degree and Higher Some College, No Degree High School Graduate Less than a High School Diploma Federal Minimum Wage $ 7.25 hr = $290 week =$1160 month = $13,920 year Source: Bureau of the Census; Bureau of Labor Statistics (2009).

  5. Ways to Pay for College • Financial Aid Programs • 529 Savings & Prepaid Tuition Programs • Employer Tuition Reimbursement Plan • Tuition Benefits • Tuition Payment Plans Start early

  6. What is Financial Aid Cost of Attendance (COA) Estimated Family Contribution (EFC) Financial Need

  7. Types of Financial Aid Free Money Grants & Scholarships Earned Money Work-Study(Student Labor) Borrowed Money Loans

  8. Sources of Financial Aid Financial aid comes from a variety of sources. Federal Government State Government College (Institutional Aid) Outside/Private Sources

  9. U.S. Department of Education Federal Pell Grant* $5,550 Supplemental Education Opportunity Grant* $4,000 (AU Max. = $1000) * FAFSA Required Federal Financial Aid Programs

  10. U.S. Department of Education Perkins Loan 5% fixed, 9 month grace period (AU Max .= $1500) Stafford Loans 4.5% fixed, Subsidized, 6 month grace period 6.8% fixed, Unsubsidized, 6 month grace period PLUS Loan 7.9 % fixed, within 60 days after disbursement, unless a deferment is requested • Consider • Subsidized vs. Unsubsidized • Interest Rate • Grace Period • Know • Borrowers Rights & Responsibilities • Loan Repayment • Deferment & Forbearance • Entrance & Exit Counseling Federal Loan Programs

  11. Institutional Aid & Private Sources College • Andrews Partnership Scholarship • Student Financial Services Web Site –www.andrews.edu/sf • Academic Department Private • Local, state and national agencies, associations and organizations • Employers Trusted sources of information • U.S. Department of Education – www.ed.gov • FAFSA on the Web – www.fafsa.ed.gov

  12. Applying for Financial Aid • Federal Aid PIN • FAFSA • Institutional Forms • Other Note: Communicate with each college to inquire about steps you need to take to have a complete application.

  13. Do the Math • Don’t underestimate your options. • Never assume you’re too poor to attend college or too rich to receive some type of financial aid. • Don’t become overwhelmed by the price of attending college, it may not be what it seems.

  14. Steps for Students • Start planning for the future now • Complete the admission process • Apply for PIN and complete FAFSA • Receive, revise and edit the Student Aid Report (SAR) • Consider award letters • Respond to college offers • Advise school(s) of external scholarships • Renew the FAFSA every year!

  15. Student Financial Services

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