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Bridging the Gap: Effective Strategies for Student Funding Beyond Financial Aid

In today’s education landscape, many students find themselves facing a financial gap between tuition costs and available financial aid. Join Stephanie Aponte, Director of Financial Services at Eagle Gate College, for a comprehensive session on GAP funding. Explore alternative loan options, institutional lending, and best practices for creating a student budget. Delve into the challenges students encounter when financial aid is insufficient, and learn how to effectively plan expenses and manage loans. Together, let’s ensure every student can access their educational opportunities without financial barriers.

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Bridging the Gap: Effective Strategies for Student Funding Beyond Financial Aid

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Presentation Transcript

  1. GAP Funding Stephanie Aponte-Director of Financial Services Eagle Gate College UASFAA Conference 2013

  2. Topic: GAP Funding when FA isn’t enough • Alternative Loan Lenders • Institutional Lending • Creating a student budget • Discuss Best Practices/Challenges • GAP FUNDING: The difference between tuition cost/fees and Title IV or other agency funding Welcome and Introduction

  3. Title IV student is eligible for not enough • Student not Eligible for FA • Increased Cost of Education • Close to Undergraduate Loan Limits • Max Undergraduate Loan Limits Why is there a GAP?

  4. Mountain America Credit Union • Sallie Mae • Wells Fargo Student Loans • Discover Student Loans • Lenders available are limited based on school eligibility check Alternative Loan Lenders

  5. No or Low Origination Fees • Interest Rates based on Credit • Interest Only Payments or No Payment While in School • Deferment Option (check w/lenders) • Interest Rate Reduction for Auto Pay • No Pre-Payment Penalty (check w/lender) • Higher Aggregate/Loan Max Limits Alternative Loan Info

  6. Student Not Denied for Private Loan • Student Unable to Payoff Balance within required timeframe • Low Monthly Payments While in School • Higher Interest Rates • 3rd Party Servicers: Tuition Options • Collections, Billing, Payment Processing Institutional Lending

  7. Budget Planning Worksheet • Discussing Expenses/Income • Talk up Investment Contribution towards their Education vs. Payment for a bill • Reducing Loan Debt/Interest • Cash Payments Improve 90/10 Creating a Student Budget

  8. Open for Discussion/Questions Best Practices/Challenges

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