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Money Management for High School Students

Money Management for High School Students. December 2015. Apply for Financial Aid. Financial aid exists to help ALL students pay for college. Merit vs. Need-Based Aid Applying for Need-Based Aid All schools required the Free Application for Federal Student Aid (FAFSA).

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Money Management for High School Students

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  1. Money Management for High School Students December 2015

  2. Apply for Financial Aid • Financial aid exists to help ALL students pay for college. • Merit vs. Need-Based Aid • Applying for Need-Based Aid • All schools required the Free Application for Federal Student Aid (FAFSA). • Some schools require a supplemental form - like the CSS Profile.

  3. Apply ON TIME • Make sure you apply on-time every year! Do you know your financial aid deadlines? • Visit the Financial Aid webpage for each school: • What is the FAFSA deadline? • Supplemental form (i.e Profile) required? • If yes, what is the deadline?

  4. Get Ready! • Get your FSA ID – Now! • Your FSA ID is a username and password needed to access all Federal Student Aid websites, including the FAFSA. • All students need an FSA ID. • Dependentstudents - one parent will need their own FSA ID. • Get one at fsaid.ed.gov • Research and start applying for scholarships!

  5. Take Charge! • Don’t let your parents complete your FAFSA, scholarship applications, student loan forms, or online counseling. • Read and respond to ALL notices and emails from your school or billing companies. • Get a checking or savings account and monitor your transactions. • Follow up on questions yourself!

  6. Know Your Salary • Do you know your expected salary? • Check with career or alumni offices or at: • www.careerinfonet.org • www.salary.com • FAME Student Loan Debt/Salary Calculator www.famemaine.com/education.

  7. Track Your Spending • Track every penny that you spend for an entire month. • Categorize and add up your total expenses. • Small purchases add up over time and become big budget drains.

  8. Save – Pay Yourself First! • Make a commitment to save every month, even just a little. • Savings lessens your dependency on credit cards and student loans. • Emergencies happen - open a saving and checking account. • Consider a savings account that is NOT tied to your debit card.

  9. Know What You Owe • Review your credit report annually at: www.annualcreditreport.com. • Review your student loan history at least once annually at: studentaid.gov (login) • Understand the difference between Federal and Private Loans. • Review all credit card, bank and billing statements regularly.

  10. Ask for Help! • Contact your financial aid office for financing options. • Contact your loan servicer if you are struggling with your student loan payment. • Meet with your bank or credit union to discuss billing and financial strategies

  11. Questions? Finance Authority of Maine 5 Community Drive P.O. Box 949 Augusta, ME 04332 1-800-228-3734 education@FAMEmaine.com FAMEmaine.com

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