N AV I G A T I N G Y O U R F I N A N C I A L F U T U R E | F L O R I D A D E PA R T M E N T O F E D U C AT I O N

NAVIGATING YOUR

FINANCIAL FUTURE

Published by the Florida Department of Education, Office of Student Financial Assistance

NOVEMBER 2018

Stay, Stop, or Drop?

By this time you should have an idea of what your grades will be and if you are on track for your chosen degree path. Some of you may have to make tough decisions about your spring semester based on the fall semester’s performance. Will you stay? Do you need to temporarily stop? Or should you drop altogether?

There are many issues to consider when making this decision. Suggestions for questions to ask your academic advisor, student service counselor and financial aid staff before deciding:

Stay: Are there supportive services available to help me stay in school? Are there additional scholarships available to help me pay for school? What transportation or child care options are available?

Stop: I need to take time off to take care of a family member; I’m deployed by the armed forces; or I need to work a semester to save up money to return to school— How does this impact my financial aid?

Drop: How does this affect my financial aid? Will I need to repay anything? How do I submit formal withdrawal paperwork?

We hope that none of you have to face these tough decision s but sometimes life happens and it becomes necessary.

Take time to read through the Stay, Stop, or Drop brochure to help you with the process of deciding.

N AV I G A T I N G Y O U R F I N A N C I A L F U T U R E | F L O R I D A D E PA R T M E N T O F E D U C AT I O N

CONTACT US

Need assistance with financial aid information?

Contact OSFA’s Outreach Services.

Pete Hernandez

Pedro.Hernandez@fldoe.org 850-245-1821

The holiday season is upon us and soon we will be visiting with family and friends. Take a moment to look at those who attend your holiday gathering. Who do you see? A remarkable resemblance to the Griswolds in “Christmas Vacation?” A family from the Hallmark Channel’s holiday movies? Or a scene from “Bad Santa?” In any case, the older and wiser relatives often share unsolicited advice about money management. Friends and family who have gone down the road

before you truly want you to avoid the painful mistakes they have made in life and with money. If that doesn’t get your attention, then maybe this guy will. David Weliver created a blog called “Money Under 30,” (www.MoneyUnder30.com) to inform young adults what he wished someone had told him in his 20’s. A former editorial assistant for Smart Money Magazine, David found himself $80K in debt at the age of 26 with no financial plan in sight. When you visit the blog, be sure to read David’s story (especially the “More About Me” section). In the meantime, hug all of those advice givers and be thankful that you have people in your life who care about YOU and your financial journey!

Debt/Salary Wizard: Decide how much you can borrow

Use this interactive calculator to determine the following: How much you can afford to borrow in student loan funds based on

your future expected earnings. The salary you will need in order to afford your student loan

payments. If you enter the salary you anticipate earning upon graduation, the calculator will calculate the maximum amount of student loan debt you should borrow. If you enter the current amount borrowed in student loans and the amount you anticipate borrowing throughout your college career, the calculator will return the salary required to make payments on this debt. You can update the interest rate to reflect the interest rate of your loans, if it is not 6.8 percent. Click here for a chart with Direct Loan interest rates (https://mappingyourfuture.org/paying/debtwizard/).

There are many opportunities for volunteer/service scholarships for

postsecondary students. Check your institution for service scholarships.

You may also research these websites for additional scholarship

opportunities:

http://www.finaid.org

http://www.Fastweb.com

http://www.gmsp.org