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www.studentaid.ed.go
Expected Family
Contribution is determined by a
formula created by Congress (FAFSA results). Will NOT vary.
Estimated Financial
Assistance total of all sources of
assistance (grants, scholarships, loans, FWS).
2012 W2 Forms 2012 Tax Forms Other Financial Info School Codes
Helpful Hints:
Read the form carefully. Double check your answers. If you have questions, ask your Financial Aid Professional.
To electronically sign the FAFSA, you and your parent, must request a PIN from the Department of Education.
www.pin.ed.gov
Were you born before 1-1-90? Are you a grad or professional student? As of today, are you married? Do you have dependents who receive more than 50% of their support from you? Are you currently serving in the Armed Forces? Are you a veteran of the U.S. Armed Forces? Are you an orphan or ward of the court or in foster care or in legal guardianship? Are you a legally emancipated minor? Are you an unaccompanied, homeless youth?
IF YOU CANT ANSWER YES to one, or more, of these questions, you are a dependent student and must include parents financial information.
Dont provide an email address get your SAR via snail mail.
Using FAFSA Corrections on the Web; By the Financial Aid Staff; or On the paper SAR.
Loss or reduction of family income. Unusual medical or dental expenses not covered by insurance. Death or illness. Other unusual circumstances.
The Department of Education randomly selects around 30-35% of FAFSA filers to participate in a mandatory quality-control process called Verification.
FAFSA results determine eligibility. Award is based on your Expected Family Contribution (EFC). Maximum award for 20132014 is $5,550 per year.
Awarded
Awards
Must Must
Must
complete the FAFSA by the Priority Deadline. Compensation is at least the current minimum wage.
There is an assumption that you have to be brilliant, or athletically talented, or gifted musically, to earn scholarships for college.
Where do I look?
Local Churches Local Businesses Military Sources College Websites Parents Employer Civic Organizations High School Counselor Local Library Resources Professional Organizations
Searching Online
Ever wonder what the people who award the scholarships want to see?
Who is the borrower of a Federal student loan? Who is NOT the borrower? Who is responsible for repaying the loan?
The Federal government sets limits on the amount of money students may borrow to help fund their education.
3.4% 6.8%
Unsubsidize d Stafford Loans It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay.
If possiblemake the interest payments on unsubsidized loans while you are in school.
Freshman Year
Sophomore Year Junior Year Senior Year
$5,500
$6,500 $7,500 $7,500
$5,500
$12,000 $19,500 $27,000
If you borrow $27,000 in a 6.8 percent interest rate Stafford Loan, you'll have to pay $311 every month for 120 months - 10 years.
Borrowing money to fund your education could be the best investment you ever make
or the WORST!
Go to Class After allyou paid for it. Only Pay for a Class One Time
Do your work and be prepared for tests. If you are struggling, GET HELP! Stick to Your Academic Plan
Take only courses that are REQUIRED for completion of your degree program. Borrow Only What You Need Learn the difference between NEED and WANT.
Use Loan Funds for Educational Expenses ONLY!!
In other words
You can lose your eligibility to receive Federal financial assistance (Pell, Stafford Loans, etc.).
Would you borrow that much money to buy a car and then
Money Tip #1
You should always have a plan for spending your money.
Know where your money goes. Avoid overspending. Stay out of debt. Be ready for the unexpected. Allow for saving and investing.
Money Tip #2
Understand that small purchases add up to big money.
When you look at your spending, you may see that you buy a latte every day. True, a latte only costs about $3, but if you buy one every day, that's $21 a week.
Money Tip #3
Understand your credit report and score.
Money Tip #4
Understand the miracle of compounding interest?
Sally begins investing $1,000 a year in a tax-deferred IRA at age 22 and stops putting money in the IRA after 10 years, at age 32. She leaves her money so it will grow through compounding until she reaches age 65. Joe begins investing $1,000 a year in a tax-deferred IRA at age 30 and continues to do so for 35 years until he reaches age 65. Sallys IRA Interest Rate Number of years of contributions Total amount contributed Value at age 65 9 percent Joes IRA 9 percent
10
$1,000 per year for 10 years ($10,000) $310,148
34
$1,000 per year for 34 years ($34,000) $215,711
Money Tip #5
Watch out for credit card debt.