Paying for College Financial Aid Overview North Dakota Association of Student Financial Aid...
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Paying for CollegeFinancial Aid Overview
North Dakota Associationof Student Financial Aid Administrators
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Plan & Save
• RUReadyND.com– Choices Explorer– Choices Planner– testGEAR for ACT
• College SAVE– State tax deduction– Matching grant program– Upromise Rewards program
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College ExpensesIt’s not free
• Tuition & Fees• Room & Board• Books & Supplies• Transportation• Miscellaneous Personal Expenses
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What is Financial Aid
• Scholarships• Assistance Programs• State Grants• Federal Grants• Federal Work Study• Student Loans
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Where to Find Scholarships
• Local businesses & organizations• Library• Colleges/Universities• Religious Organizations• Fraternal Organizations• Employers• Tribal Agencies• State Agencies• Large Corporations• Internet
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Internet Addresses
• www.nd-can.com• www.nddfs.org• www.fastweb.com• www.finaid.org• www.scholarships.com• www.collegenet.com• www.cashe.com• www.winscholarships.com
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Assistance Programs
• ND Job Corps• Vocational Rehabilitation• Employee Assistance• Military Tuition Benefits• Tribal Higher Education • Individual Development Accounts
− North Dakota Community Action Partnership− Call 701-232-2452 or visit www.capnd.org
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State Grants
• Scholars Program• Indian Scholarship: $800• Academic or Career/Tech Ed Scholarship:
$1,500• State Student Incentive Grant: $1,500– Complete FAFSA by April 15
www.ndus.edu Amounts are subject to change!
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FAFSAFree Application for Federal Student Aid
• Basic application for federal student aid• Collects student and family information• School determines financial aid• Completed online– fafsa.gov
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FAFSA4caster.ed.gov
• Federal aid estimator• Any student of any age• Reminder to fill out the FAFSA• Won’t have to retype
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Frequent FAFSA Questions
• Who is a parent?• Who is included in household size?• What assets to report?
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FAFSA Tips
• Complete as soon as possible after January 1–By April 1 for best results.
• Complete taxes 1 month prior
• Follow up with the financial aid office
• Must submit a FAFSA each year
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Get FAFSA Help
• March 25, 2012• Receive hands-on assistance• Eleven North Dakota locations:–Belcourt, Bismarck, Dickinson, Fargo,
Fort Yates, Fort Totten, Grafton, Grand Forks, Minot, New Town & Williston
• Chance to win prizes• www.collegegoalnd.org
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Financial Aid Process
Apply to Schools
Complete FAFSA
Review SAR
Receive Award Letter
• Choose School
Sign MPN
Money sent to school
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Federal Work Study
• Say “yes” on FAFSA• Employment may be on or off campus• Eligible employers:– School– Federal, state, or local public agencies– Private nonprofit and for-profit organizations
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Federal Grants
• Pell Grant: – Up to $5,550
• FSEOG: – Up to $4,000
• TEACH Grant: – $4,000
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Student Loans
• Federal Perkins• Federal Stafford• Federal PLUS• State Loan Program• Alternative Loans
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Federal Stafford Loans
• Subsidized: Government pays interest for student while in-school, grace or deferment status
• Unsubsidized: Government does not pay interest for student; the interest is billed quarterly
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Federal Stafford Loans
• Student is the borrower• Must be enrolled at least half-time• School determines loan eligibility• Must sign Master Promissory Note (MPN)• Fixed interest rate (2011-12)– 3.4% subsidized loans–6.8% unsubsidized loans
• 1% loan fee
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Federal Stafford Loan LimitsDependent Students• $5,500 – Year 1• $6,500 – Year 2• $7,500 – Years 3-5
Aggregate Sub & Unsub Limits• $31,000 ($23,000 Sub) – Dependent Undergraduate• $57,500 ($23,000 Sub) – Independent Undergraduate• $138,000 ($65,500 Sub) – Graduate/Professional
Repayment• Begins 6 months after student graduates, withdraws or
drops below half-time enrollment
Independent Students• $ 9,500 – Year 1• $10,500 – Year 2• $12,500 – Years 3-5• $20,500 – Graduates
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Federal PLUS Loans
• Loan in parent’s name• Parent responsible for repaying loan• Credit application required• Fixed rate = 7.9%• 4% loan fees• Repayment begins after 60 days •Must sign Master Promissory Note
(MPN)
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State DEAL Loan
• Dakota Education Alternative Loan• FAFSA required• Low interest rate• Fixed or variable• No tiers
• Credit worthy cosigner if under 24• Deferment options
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Alternative Loans
• Variable interest rates• Tiers based on credit• Cosigner may be required• Terms vary among private lenders• Wells Fargo• US Bank• Citi Bank
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How much should I borrow?
• 10% of anticipated gross income
• Example• $30,000 – Anticipated annual income • $2500 – Monthly income• $250 – Monthly student loan payment
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Who Can Help
• High School Counselor• College Financial Aid Office• College Goal Sunday• North Dakota College Access Network
(NDCAN)